Global financial crisis?!

What's up with the Global financial Crisis?
What is causing it and why is it so important?

its caused by the people that borrowed money from the banks and couldnt affroad to pay back.. and I guess thats what it is...

and its importance .. not sure.. but I think smalll business will have to close .. prices increase people wont have money to buy stuff. check on the web 4 more.

Thank Congress who pressured lending institutions to grant mostgages/loans to lower income people (white, black, green, red) knowing they didn't qualify or have the means to make the payments - that started the snowball rolling, it exploded and now 'the chickens have come home to roost' with every one having to pay severely in Taxes for years to come to keep the economy afloat - it's important because the end result is pennies in my pocket, not dollars - Congress also ignored warnings years prior that Fannie Mae and Freddy Mac were in trouble.

Congress also ignored warnings years prior that Fannie Mae and Freddy Mac were in trouble.

To be clear, it's a couple of years. More than 2, in fact

Yes, ignore the fact that Bush gave tax incentives to homeowners to encourage buying instead of renting. Lets ignore the trillions of dollars he spent in Iraq (for no good reason) putting the U.S. in debt which then effected the global market...
There were a lot of reasons this is happening, books have been written on the subject, and it's a little hard to summarize it all... however, why is it important, because people are losing jobs, prices are going up, businesses are shutting down (try googling great depression and you'll understand why everyone's scared)

It's caused by the Congress and people Borrowing money.

It's important to keep in mind that the crisis was caused here in the US and then spread. The immediate cause was skyrocketing mortgage forclosures. This in turn was caused by a combination of laws which undermined financial prudence in the mortgage industry in the US, with artificially low interest rates under Greenspan.

Greenspan retired because he realized the looming disaster he helped to create.