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Tag Archives: crisis
2008 Economic breakdown
Recent crisis begun in the USA early fall of 2008, but the first warning we got when Lehman Brothers declared bankruptcy. In the fall of 2008 most of big financial institution experienced huge financial problems. Many small banks bankrupted, but large institutions like Bank of America, or City Bank needed help in from of bailouts. All these problems were caused by too loose credit policy. Banks were giving credits very easily to people who weren’t able to pay them of.
I’m attaching a link to a website with several articles about crisis where you can also find a short movie which in a interesting way illustrates the reasons of crisis.
http://www.globalissues.org/article/768/global-financial-crisis
Although it’s gotten a little better we still see people struggling with the consequences of the whole economic situation. I hope people take this lesson and we will never have to experience anything like this again.
Posted in 2001-present, Economic History, June 7 assignment, June 8 assignment
Tagged crisis, Wall Street
2 Comments
Subprime Mortage Crisis
This image is from NYTimes.com
On April 2007, Subprime mortgage company went into bankruptcy with trillions dollars of consumer’s credit debt in mortgage program. It caused huge financial crisis of 2008 not only in U.S.A, as much as in global market.
This crisis brough the consecutive collapses of all kinds of financial companies such as banks, funds, insurance companies and other businesses. It affect high inflation of all goods, unstability of the price, high unemployment, and the decrease of productive capacity and a downfall of real estate market. The government economy also shrank up from financial damage and moreover, the entire world seemed to become a great depression as a whole.
Posted in 2001-present, Economic History, June 7 assignment
Tagged crisis, finance, subprime
Comments Off on Subprime Mortage Crisis
