The global economic crisis

This is the worst global economic crisis since the Great Depression in the 1930's. Many governments around the world have taken money out of the countries reserves to help tide the country over the recession and also stop the current situation from being worse. Hopefully they will be able to pull the world out of the ressecion soon.
How did this ressesion come about in the first place? This started in september 2008 when the housing bubble was broken. Many people had borrowed money from the banks to buy houses to earn through the property market. They hoped to earn hudred thousands at a time buy reselling it. As the demand increased, the prices of the houses increased and developers started building more and more houses. Due to the amount of money people in the property market were earning, yet more people joined in the market. Then there were more houses than buyers and people could not sell of the houses they bought. Then they could not return the depts they borrowed from the banks. After that they brcame bad debts but the banks had already sold it to the other banks so they had a credit crisis.