Which statement best describes the relationship between United States and other countries in the global economy during the financial crisis of 2008?

The 2008 crisis began in the United States housing and mortgage markets, but financial institutions around the world held investments tied to U.S. mortgage debt. Because banks and markets were globally connected, losses and reduced lending spread to other countries. So the best description is that the crisis spread through the global financial industry, not a global housing industry alone.

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