Question

At some point during the financial crisis of 2008–2009, people with uninsured deposits at financial institutions withdrew money from their accounts at those institutions. This phenomenon characterized which element of the financial crisis?

Answer 1

Answer:the decline in confidence in financial institutions

Step-by-step explanation:

When there are financial crisis people never really know what is going to happen with financial institutions, they may shut down improperly and people may lose a lot of money and find themselves hustling lawsuit trying to get it back , only to find that financial institutions are bankrupt and can't refund them so there is always that fear and people will choose to take their money out.