1. The rise and fall of each world leading powers prior to the United States is recorded in the Bible.2. Subprime mortgage defaults greatly impacted the housing market boom and bust cycle.
 the rise and fall of something boom and bustThe rise and fall of each world leading powers = 世界各強國的興衰the housing market boom and bust cycle = 房市的興衰週期
The thesis of your essay is completely obscured by your floery language.