Before revision:  The Minimal Spanning Tree analysis of those time-varying networks of stocks demonstrates that the crisis drove the market from a star-like random network in the pre-crisis period, to a highly clustered community structure during theGreat Recession .
After revision:  The Minimal Spanning Tree analysis of those time-varying networks of stocks demonstrates that the crises of 2007-2008 and 2010-2011 drove the market from a star-like random network in the pre-crisis period, to a highly clustered community structure during theGreat Recession .