The global financial crisis has gone through five stages, starting with the subprime mortgage meltdown and leading to the demise of investment banking in the U.S. The crisis was worsened by unstable global savings allocations, creating a wandering asset-price bubble. This bubble has caused over-pricing of various assets, increasing market, credit, and liquidity risks. The crisis began with the subprime mortgage market collapse in the U.S. and spread to other credit areas and global financial institutions.