Abstract
The end of the first decade of the new century was a disaster for many people around the globe financially. The fall in the housing market in the summer of 2007 caused a series of chain reactions that would eventually cause a financial breakdown that led to the Great Recession in 2008. The causes of the Great Recession in 2008 was very complicated and hard to understand. But the basis of those causes was human greed that made people unaware of the real situation and over-optimistic about their capacity of handling the situation.