Why did the bursting of the US housing bubble in 2008 turn into a global financial crisis?

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Order Details
please answer the question below and follow the instruction and use eight scholarly sources, I will uploaded 12 sources which you use them before for the preparation for this assessment. please use eight scholarly sources from these resources. . if you do not find the scholarly sources from the 12 sources , please use the new scholarly sources.
please read the instruction, requirement and question carefully.
The question: (( Why did the bursting of the US housing bubble in 2008 turn into a global financial crisis?
How does this relate to broader processes of globalization?)).
Requirements
•It should be 1,500 – 2,000 words in length (including any quotations, but excluding the reference list).
•It should cite a minimum of eight (8) scholarly (peer-reviewed) sources.
•The essay should have a standard three-part structure, as follows:
a. It should begin with a one-paragraph introduction, which clearly states your thesis (your answer to the essay question), and outlines the structure of the argument the essay will use to support that thesis.
Assessment Criteria
Your essay will be graded holistically by the extent to which it meets the following criteria:
1. It provides a logically-structured and well-written argument that addresses the chosen topic within the set word count, and in a way that is clear, concise, effective, and imaginative.
2. It demonstrates a critical grasp of the key arguments contained in the relevant literature.
3. It supports its claims with good quality evidence and reasoning (citing a minimum of eight (8) peer-reviewed sources).
4. It makes adequate and consistent use of scholarly apparatus (such as citations and reference list), in correct APA (6th edition) format.
b. It should then have a body (divided into paragraphs) which contains the reasoning and evidence which supports your thesis.
c. It should end with a one-paragraph conclusion, drawing together your overall argument.
•It should use the APA (6th edition) system of referencing correctly and consistently, and should include (at the end) a reference list of every source cited in the text, and no sources that were not cited. Sources should be listed in alphabetical order (by author surname), with no bullet points or numbering.
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