The global financial crisis of 2007-2008 was caused by the bursting of the housing bubble in the US, which was made worse by the near collapse of financial markets connected to mortgage-backed securities and derivatives. The crisis revived debates around regulating financial markets and using Keynesian policies to prevent deep recessions. Factors that contributed to the bubble included subprime mortgages, predatory lending practices, low interest rates, flawed credit ratings, and insufficient regulation of markets for mortgages and derivatives. Governments responded with bank bailouts and stimulus spending, while also implementing new regulations and international capital standards.