The Financial Crisis of 2007-2008 halted the consolidation in the U. S. financial industry that had caused a declining number but increasing size of firms in the industry prior to the crisis. True / False.

Question

Baldwin

Social Studies

24 August, 16:23

The Financial Crisis of 2007-2008 halted the consolidation in the U. S. financial industry that had caused a declining number but increasing size of firms in the industry prior to the crisis. True / False.

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Answers (1)

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Krista Gallegos · Answer 1

This statement is false.

Explanation:

In 2007-2008, which was an era of financial unrest, effected the whole world. It was a time of financial depression During this time, the financial industries undergone a declining number of firms but resulted in the increase of size of firms. The consolidation in the financial industry didn't halted but it progressed into fewer and larger number and larger firm sizes. Because it became very difficult for smaller companies to keep their business moving so these companies were sold and it resulted in fewer numbers.