2832:
4989:, IndyMac Federal Bank, FSB, was established to assume control of IndyMac Bank's assets, its secured liabilities, and its insured deposit accounts. The FDIC announced plans to open IndyMac Federal Bank, FSB on July 14, 2008. Until then, depositors would have access to their insured deposits through ATMs, their existing checks, and their existing debit cards. Telephone and Internet account access was restored when the bank reopened. The FDIC guarantees the funds of all insured accounts up to US$ 100,000, and declared a special advance dividend to the roughly 10,000 depositors with funds in excess of the insured amount, guaranteeing 50% of any amounts in excess of $ 100,000. Yet, even with the pending sale of Indymac to IMB Management Holdings, an estimated 10,000 uninsured depositors of Indymac are still at a loss of over $ 270 million.
3461:
1799:
1867:. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007 ... While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $ 6 trillion in housing wealth and an even larger amount of stock wealth.
3384:(CRA)-covered lenders into low and mid-level income (LMI) borrowers and neighborhoods, representing 10% of all U.S. mortgage lending during the period. The majority of these were prime loans. Sub-prime loans made by CRA-covered institutions constituted a 3% market share of LMI loans in 1998, but in the run-up to the crisis, fully 25% of all subprime lending occurred at CRA-covered institutions and another 25% of subprime loans had some connection with CRA. However, most sub-prime loans were not made to the LMI borrowers targeted by the CRA, especially in the years 2005–2006 leading up to the crisis, nor did it find any evidence that lending under the CRA rules increased delinquency rates or that the CRA indirectly influenced independent mortgage lenders to ramp up sub-prime lending.
4222:. There is, therefore, an incentive for asset managers to expand their assets under management in order to maximize their compensation. As the glut in global investment capital caused the yields on credit assets to decline, asset managers were faced with the choice of either investing in assets where returns did not reflect true credit risk or returning funds to clients. Many asset managers continued to invest client funds in over-priced (under-yielding) investments, to the detriment of their clients, so they could maintain their assets under management. They supported this choice with a "plausible deniability" of the risks associated with subprime-based credit assets because the loss experience with early "vintages" of subprime loans was so low.
2041:... the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable
4034:
more than a year. A process of balance sheet deleveraging has spread to nearly every corner of the economy. Consumers are pulling back on purchases, especially on durable goods, to build their savings. Businesses are cancelling planned investments and laying off workers to preserve cash. And financial institutions are shrinking assets to bolster capital and improve their chances of weathering the current storm. Once again, Minsky understood this dynamic. He spoke of the paradox of deleveraging, in which precautions that may be smart for individuals and firms—and indeed essential to return the economy to a normal state—nevertheless magnify the distress of the economy as a whole.
3922:
4916:(MBS) bonds—including $ 160 million (~$ 222 million in 2023) issued by IndyMac that the bank retained in its MBS portfolio. IndyMac concluded that these downgrades would have harmed its risk-based capital ratio as of June 30, 2008. Had these lowered ratings been in effect on March 31, 2008, IndyMac concluded that the bank's capital ratio would have been 9.27% total risk-based. IndyMac warned that if its regulators found its capital position to have fallen below "well capitalized" (minimum 10% risk-based capital ratio) to "adequately capitalized" (8–10% risk-based capital ratio) the bank might no longer be able to use brokered deposits as a source of funds.
4731:, Rajan delivered a controversial paper that was critical of the financial sector. In that paper, Rajan "argued that disaster might loom". Rajan argued that financial sector managers were encouraged to "take risks that generate severe adverse consequences with small probability but, in return, offer generous compensation the rest of the time. These risks are known as tail risks. But perhaps the most important concern is whether banks will be able to provide liquidity to financial markets so that if the tail risk does materialize, financial positions can be unwound and losses allocated so that the consequences to the real economy are minimized."
3272:
751:. Several businesses failed. From its peak in the second quarter of 2007 at $ 61.4 trillion, household wealth in the United States fell $ 11 trillion, to $ 50.4 trillion by the end of the first quarter of 2009, resulting in a decline in consumption, then a decline in business investment. In the fourth quarter of 2008, the quarter-over-quarter decline in real GDP in the U.S. was 8.4%. The U.S. unemployment rate peaked at 11.0% in October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964.
4085:
31:
3568:
3914:
2310:
63:
4152:. The basic CDS transaction involved AIG receiving a premium in exchange for a promise to pay money to party A in the event party B defaulted. However, AIG did not have the financial strength to support its many CDS commitments as the crisis progressed and was taken over by the government in September 2008. U.S. taxpayers provided over $ 180 billion in government loans and investments in AIG during 2008 and early 2009, through which the money flowed to various counterparties to CDS transactions, including many large global financial institutions.
3297:(GSEs) policed mortgage originators and maintained relatively high underwriting standards prior to 2003. However, as market power shifted from securitizers to originators, and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated. The riskiest loans were originated in 2004–2007, the years of the most intense competition between securitizers and the lowest market share for the GSEs. The GSEs eventually relaxed their standards to try to catch up with the private banks.
4093:
investors, insurances and providers of repo funding). With increasing distance from the underlying asset these actors relied more and more on indirect information (including FICO scores on creditworthiness, appraisals and due diligence checks by third party organizations, and most importantly the computer models of rating agencies and risk management desks). Instead of spreading risk this provided the ground for fraudulent acts, misjudgments and finally market collapse. Economists have studied the crisis as an instance of
2722:
4243:
3388:
initiated by the
Federal Reserve after the terrorist attack on September 11, 2001. Both causes had to be in place before the crisis could take place. Critics also point out that publicly announced CRA loan commitments were massive, totaling $ 4.5 trillion in the years between 1994 and 2007. They also argue that the Federal Reserve's classification of CRA loans as "prime" is based on the faulty and self-serving assumption that high-interest-rate loans (3 percentage points over average) equal "subprime" loans.
4927:(FDIC) whether it had considered ordering IndyMac to reduce its reliance on these deposits. With $ 18.9 billion in total deposits reported on March 31, Senator Schumer would have been referring to a little over $ 7 billion in brokered deposits. While the breakout of maturities of these deposits is not known exactly, a simple averaging would have put the threat of brokered deposits loss to IndyMac at $ 500 million a month, had the regulator disallowed IndyMac from acquiring new brokered deposits on June 30.
4118:
979:
4044:
2625:
2796:
2359:
660:
3135:(CRA), a 1977 U.S. federal law designed to help low- and moderate-income Americans get mortgage loans required banks to grant mortgages to higher risk families. Granted, in 2009, Federal Reserve economists found that, "only a small portion of subprime mortgage originations to the CRA", and that "CRA-related loans appear to perform comparably to other types of subprime loans". These findings "run counter to the contention that the CRA contributed in any substantive way to the ."
4353:
1689:
3373:(OFHEO) that had uncovered accounting discrepancies within the two entities. The hearings never resulted in new legislation or formal investigation of Fannie Mae and Freddie Mac, as many of the committee members refused to accept the report and instead rebuked OFHEO for their attempt at regulation. Some, such as Wallison, believe this was an early warning to the systemic risk that the growing market in subprime mortgages posed to the U.S. financial system that went unheeded.
4289:
Assets held in hedge funds grew to roughly $ 1.8 trillion. The combined balance sheets of the five largest investment banks totaled $ 4 trillion. In comparison, the total assets of the top five bank holding companies in the United States at that point were just over $ 6 trillion, and total assets of the entire banking system were about $ 10 trillion. The combined effect of these factors was a financial system vulnerable to self-reinforcing asset price and credit cycles.
2874:
2600:
819:" to the "lender of only resort" for a significant portion of the economy. In some cases the Fed was considered the "buyer of last resort". During the fourth quarter of 2008, these central banks purchased US$ 2.5 (~$ 3.47 trillion in 2023) trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action in world history. Following a model initiated by the
21208:
2551:
916:
21148:
21112:
4134:
overvaluation of mortgage and asset-backed products and their derivatives by originators, securitizers, broker-dealers, rating-agencies, insurance underwriters and the vast majority of investors (with the exception of certain hedge funds). While financial derivatives and structured products helped partition and shift risk between financial participants, it was the underestimation of falling housing prices and the resultant losses that led to aggregate risk.
4361:
2851:. In this case, the major problem among the market is the lack of free cash reserves and flows to secure the loans. The Federal Reserve took a number of steps to deal with worries about liquidity in the financial markets. One of these steps was a credit line for major traders, who act as the Fed's partners in open market activities. Also, loan programs were set up to make the money market mutual funds and commercial paper market more flexible. Also, the
672:
2406:
1907:
1159:
21158:
4744:, spent years warning against the breakdown of the banking system in particular and the economy in general owing to their use of and reliance on bad risk models and reliance on forecasting, and framed the problem as part of "robustness and fragility". He also took action against the establishment view by making a big financial bet on banking stocks and making a fortune from the crisis ("They didn't listen, so I took their money"). According to
2771:
21196:
2673:
2924:
2431:
2575:
2382:
2698:
2478:
21184:
2746:
4792:
policies; and institutional and geographic features. Despite the fact that we use a wide number of possible causes in a flexible statistical framework, we are unable to link most of the commonly cited causes of the crisis to its incidence across countries. This negative finding in the cross-section makes us skeptical of the accuracy of 'early warning' systems of potential crises, which must also predict their timing."
2527:
2649:
2502:
3693:, officers of Clayton Holdings, the largest residential loan due diligence and securitization surveillance company in the United States and Europe, testified that Clayton's review of over 900,000 mortgages issued from January 2006 to June 2007 revealed that scarcely 54% of the loans met their originators' underwriting standards. The analysis (conducted on behalf of 23 investment and commercial banks, including 7 "
2455:
2335:
4109:, wrote in June 2009 that certain financial innovations enabled firms to circumvent regulations, such as off-balance sheet financing that affects the leverage or capital cushion reported by major banks, stating: "an enormous part of what banks did in the early part of this decade—the off-balance-sheet vehicles, the derivatives and the 'shadow banking system' itself—was to find a way round regulation."
2885:, which added more than $ 4 trillion to the financial system and got banks to start lending again, both to each other and to people. Many homeowners who were trying to keep their homes from going into default got housing credits. A package of policies was passed that let borrowers refinance their loans even though the value of their homes was less than what they still owed on their
4515:
was potential for greater return on investment. The speculative frenzy of the late 1990s and 2000s was, in this view, a consequence of a rising organic composition of capital, expressed through the fall in the rate of profit. According to
Michael Roberts, the fall in the rate of profit "eventually triggered the credit crunch of 2007 when credit could no longer support profits".
3358:(HUD) in the 1990s and to massive risky loan purchases by government-sponsored entities Fannie Mae and Freddie Mac. Based upon information in the SEC's December 2011 securities fraud case against six former executives of Fannie and Freddie, Peter Wallison and Edward Pinto estimated that, in 2008, Fannie and Freddie held 13 million substandard loans totaling over $ 2 trillion.
3564:. As early as 2002, it was apparent that credit was fueling housing instead of business investment as some economists went so far as to advocate that the Fed "needs to create a housing bubble to replace the Nasdaq bubble". Moreover, empirical studies using data from advanced countries show that excessive credit growth contributed greatly to the severity of the crisis.
1629:. In response, the DJIA dropped 777.68 points, or 6.98%, then the largest point drop in history. The S&P 500 Index fell 8.8% and the Nasdaq Composite fell 9.1%. Several stock market indices worldwide fell 10%. Gold prices soared to $ 900/ounce. The Federal Reserve doubled its credit swaps with foreign central banks as they all needed to provide liquidity.
3892:(CDS) can be used to hedge or speculate against particular credit risks without necessarily owning the underlying debt instruments. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$ 33 to $ 47 trillion. Total over-the-counter (OTC) derivative
3641:(ARM) rates, making ARM interest rate resets more expensive for homeowners. This may have also contributed to the deflating of the housing bubble, as asset prices generally move inversely to interest rates, and it became riskier to speculate in housing. U.S. housing and financial assets dramatically declined in value after the housing bubble burst.
4426:– nearly 100 percent in just a matter of months and on the face of recessionary shocks – was the result of a speculative response to the financial crisis itself, in an attempt to rebuild asset supply. That is, the global economy was subject to one shock with multiple implications rather than to two separate shocks (financial and oil)."
4234:, summarizes a 2006 conference held by Merrill Lynch in London where several practitioners attempted to propose models rectifying some of the copula limitations. See also the article by Donnelly and Embrechts and the book by Brigo, Pallavicini and Torresetti, that reports relevant warnings and research on CDOs appeared in 2006.
4631:'s online business journal examined why economists failed to predict a major global financial crisis and concluded that economists used mathematical models that failed to account for the critical roles that banks and other financial institutions, as opposed to producers and consumers of goods and services, play in the economy.
4442:, the demand for safe assets following the Asian Financial Crisis coupled with the lack of circulating treasuries created an unmet demand for "risk free" assets. Thus, institutional investors like sovereign wealth funds and pension funds began purchasing synthetic safe assets like Triple-A Mortgage Backed Securities.
2859:
2008, the
Federal Reserve was granted the power to provide banks with interest payments on their surplus reserves. This created a motivation for banks to retain their reserves instead of disbursing them, so reducing the need for the Federal Reserve to hedge its increased lending by decreases in alternative assets.
4138:
into the system. Banks estimated that $ 450 billion of CDO were sold between "late 2005 to the middle of 2007"; among the $ 102 billion of those that had been liquidated, JPMorgan estimated that the average recovery rate for "high quality" CDOs was approximately 32 cents on the dollar, while the recovery rate for
924:
whose value can fluctuate. The
Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63% of all Americans declined in that period and 77% of the richest families had a decrease in total wealth, while only 50% of those on the bottom of the pyramid suffered a decrease.
4168:
AIG's failure was possible because of the sweeping deregulation of over-the-counter (OTC) derivatives, including credit default swaps, which effectively eliminated federal and state regulation of these products, including capital and margin requirements that would have lessened the likelihood of AIG's failure.
3512:, from the mortgage broker selling the loans to small banks that funded the brokers and the large investment banks behind them. By approximately 2003, the supply of mortgages originated at traditional lending standards had been exhausted, and continued strong demand began to drive down lending standards.
4284:, meaning that they borrowed short-term in liquid markets to purchase long-term, illiquid and risky assets. This meant that disruptions in credit markets would force them to engage in rapid deleveraging, selling their long-term assets at depressed prices. He described the significance of these entities:
4575:, "played a pivotal role" in the financial crisis. Roeder suggested that "recent technological advances, such as computer-driven trading programs, together with the increasingly interconnected nature of markets, has magnified the momentum effect. This has made the financial sector inherently unstable."
3650:
assets were de-emphasized. Loans at first required full documentation, then low documentation, then no documentation. One subprime mortgage product that gained wide acceptance was the no income, no job, no asset verification required (NINJA) mortgage. Informally, these loans were aptly referred to as "
4429:
Long-only commodity index funds became popular – by one estimate investment increased from $ 90 billion in 2006 to $ 200 billion at the end of 2007, while commodity prices increased 71% – which raised concern as to whether these index funds caused the commodity bubble. The empirical research has been
4337:
in June 2009, the traditional banking system did not have the capital to close this gap: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume" and some forms of securitization are "likely to vanish forever, having been an artifact
4172:
The limitations of a widely used financial model also were not properly understood. This formula assumed that the price of CDS was correlated with and could predict the correct price of mortgage-backed securities. Because it was highly tractable, it rapidly came to be used by a huge percentage of CDO
3515:
The collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages or other debt obligations
3211:
be valued according to their current market value rather than their historic cost or some future expected value. When the market for such securities became volatile and collapsed, the resulting loss of value had a major financial effect upon the institutions holding them even if they had no immediate
4862:
loans on a large scale. This strategy resulted in rapid growth and a high concentration of risky assets. From its inception as a savings association in 2000, IndyMac grew to the seventh largest savings and loan and ninth largest originator of mortgage loans in the United States. During 2006, IndyMac
4610:
institutions were less likely to fail than their competitors during the crisis. The cooperative banking sector had 20% market share of the
European banking sector, but accounted for only 7% of all the write-downs and losses between the third quarter of 2007 and first quarter of 2011. In 2008, in the
4514:
to fall as the underlying cause of crises generally. From this point of view, the problem was the inability of capital to grow or accumulate at sufficient rates through productive investment alone. Low rates of profit in productive sectors led to speculative investment in riskier assets, where there
4425:
argued that the financial crisis was attributable to "global asset scarcity, which led to large capital flows toward the United States and to the creation of asset bubbles that eventually burst". Caballero, Farhi, and
Gourinchas argued "that the sharp rise in oil prices following the subprime crisis
4288:
In early 2007, asset-backed commercial paper conduits, in structured investment vehicles, in auction-rate preferred securities, tender option bonds and variable rate demand notes, had a combined asset size of roughly $ 2.2 trillion. Assets financed overnight in tri-party repo grew to $ 2.5 trillion.
4075:
CDO issuance grew from an estimated $ 20 billion in Q1 2004 to its peak of over $ 180 billion by Q1 2007, then declined back under $ 20 billion by Q1 2008. Further, the credit quality of CDO's declined from 2000 to 2007, as the level of subprime and other non-prime mortgage debt increased from 5% to
3932:
Prior to the crisis, financial institutions became highly leveraged, increasing their appetite for risky investments and reducing their resilience in case of losses. Much of this leverage was achieved using complex financial instruments such as off-balance sheet securitization and derivatives, which
3523:
could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2007, lenders began foreclosure proceedings on nearly 1.3 million properties, a 79% increase over 2006. This increased to 2.3 million in 2008, an 81% increase vs. 2007. By August 2008,
3419:
argued in
January 2010 that the simultaneous growth of the residential and commercial real estate pricing bubbles and the global nature of the crisis undermines the case made by those who argue that Fannie Mae, Freddie Mac, CRA, or predatory lending were primary causes of the crisis. In other words,
3308:
led the way to relaxed underwriting standards, starting in 1995, by advocating the use of easy-to-qualify automated underwriting and appraisal systems, by designing no-down-payment products issued by lenders, by the promotion of thousands of small mortgage brokers, and by their close relationship to
2858:
Before the crisis, the
Federal Reserve's stocks of Treasury securities were sold to pay for the increase in credit. This method was meant to keep banks from trying to give out their extra savings, which could cause the federal funds rate to drop below where it was supposed to be. However, in October
4938:
When home prices declined in the latter half of 2007 and the secondary mortgage market collapsed, IndyMac was forced to hold $ 10.7 billion (~$ 15.2 billion in 2023) of loans it could not sell in the secondary market. Its reduced liquidity was further exacerbated in late June 2008 when account
4697:
that measures home prices, wrote an article a year before the collapse of Lehman
Brothers in which he predicted that a slowing U.S. housing market would cause the housing bubble to burst, leading to financial collapse. Peter Schiff regularly appeared on television in the years before the crisis and
4033:
Once this massive credit crunch hit, it didn't take long before we were in a recession. The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed, we have been in the grips of precisely this adverse feedback loop for
3904:
A 2011 paper suggested that Canada's avoidance of a banking crisis in 2008 (as well as in prior eras) could be attributed to Canada possessing a single, powerful, overarching regulator, while the United States had a weak, crisis prone and fragmented banking system with multiple competing regulatory
3726:
for "unfair business practices" and "false advertising", alleging that
Countrywide used "deceptive tactics to push homeowners into complicated, risky, and expensive loans so that the company could sell as many loans as possible to third-party investors". In May 2009, Bank of America modified 64,000
3516:
into a single pool from which specific securities draw in a specific sequence of priority. Those securities first in line received investment-grade ratings from rating agencies. Securities with lower priority had lower credit ratings but theoretically a higher rate of return on the amount invested.
3431:
Krugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anthony B. Sanders reported
3399:
spoke with one trader who noted that "There weren't enough Americans with credit taking out to satisfy investors' appetite for the end product." Essentially, investment banks and hedge funds used financial innovation to enable large wagers to be made, far beyond the actual value of the underlying
3257:
Financial institutions such as investment banks and hedge funds, as well as certain, differently regulated banks, assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or losses. These losses affected
1676:
October 6–10, 2008: From October 6–10, 2008, the Dow Jones Industrial Average (DJIA) closed lower in all five sessions. Volume levels were record-breaking. The DJIA fell 1,874.19 points, or 18.2%, in its worst weekly decline ever on both a points and percentage basis. The S&P 500 fell more than
4943:
on the thrift followed the public release of a letter from Senator Charles Schumer to the FDIC and OTS. The letter outlined the Senator's concerns with IndyMac. While the run was a contributing factor in the timing of IndyMac's demise, the underlying cause of the failure was the unsafe and unsound
4885:
IndyMac often made loans without verification of the borrower's income or assets, and to borrowers with poor credit histories. Appraisals obtained by IndyMac on underlying collateral were often questionable as well. As an Alt-A lender, IndyMac's business model was to offer loan products to fit the
4167:
failed and was rescued by the government primarily because its enormous sales of credit default swaps were made without putting up the initial collateral, setting aside capital reserves, or hedging its exposure—a profound failure in corporate governance, particularly its risk management practices.
3760:
According to Barry Eichengreen, the roots of the financial crisis lay in the deregulation of financial markets. A 2012 OECD study suggest that bank regulation based on the Basel accords encourage unconventional business practices and contributed to or even reinforced the financial crisis. In other
3488:
correspondents argued that a "Giant Pool of Money" (represented by $ 70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively
3223:
of the 1997–1998 period, led to a housing construction boom and facilitated debt-financed consumer spending. As banks began to give out more loans to potential home owners, housing prices began to rise. Lax lending standards and rising real estate prices also contributed to the real estate bubble.
4930:
IndyMac was taking new measures to preserve capital, such as deferring interest payments on some preferred securities. Dividends on common shares had already been suspended for the first quarter of 2008, after being cut in half the previous quarter. The company still had not secured a significant
4137:
For a variety of reasons, market participants did not accurately measure the risk inherent with financial innovation such as MBS and CDOs or understand its effect on the overall stability of the financial system. The pricing model for CDOs clearly did not reflect the level of risk they introduced
4092:
This boom in innovative financial products went hand in hand with more complexity. It multiplied the number of actors connected to a single mortgage (including mortgage brokers, specialized originators, the securitizers and their due diligence firms, managing agents and trading desks, and finally
4080:
enabled a theoretically infinite amount to be wagered on the finite value of housing loans outstanding, provided that buyers and sellers of the derivatives could be found. For example, buying a CDS to insure a CDO ended up giving the seller the same risk as if they owned the CDO, when those CDO's
3387:
To other analysts the delay between CRA rule changes in 1995 and the explosion of subprime lending is not surprising, and does not exonerate the CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the ultra-low interest rates
3261:
Some critics contend that government mandates forced banks to extend loans to borrowers previously considered uncreditworthy, leading to increasingly lax underwriting standards and high mortgage approval rates. These, in turn, led to an increase in the number of homebuyers, which drove up housing
2141:
regulations for banks, which increased capital ratios, limits on leverage, narrowed the definition of capital to exclude subordinated debt, limited counter-party risk, and added liquidity requirements. Critics argued that Basel III didn't address the problem of faulty risk-weightings. Major banks
4202:
commented that "The super-boom got out of hand when the new products became so complicated that the authorities could no longer calculate the risks and started relying on the risk management methods of the banks themselves. Similarly, the rating agencies relied on the information provided by the
923:
Typical American families did not fare well, nor did the "wealthy-but-not-wealthiest" families just beneath the pyramid's top. However, half of the poorest families in the United States did not have wealth declines at all during the crisis because they generally did not own financial investments
4791:
across countries. The authors concluded: "We include over sixty potential causes of the crisis, covering such categories as: financial system policies and conditions; asset price appreciation in real estate and equity markets; international imbalances and foreign reserve adequacy; macroeconomic
3943:
Free cash used by consumers from home equity extraction doubled from $ 627 billion in 2001 to $ 1,428 billion in 2005 as the housing bubble built, a total of nearly $ 5 trillion over the period, contributing to economic growth worldwide. U.S. home mortgage debt relative to GDP increased from an
3649:
Subprime lending standards declined in the U.S.: in early 2000, a subprime borrower had a FICO score of 660 or less. By 2005, many lenders dropped the required FICO score to 620, making it much easier to qualify for prime loans and making subprime lending a riskier business. Proof of income and
3586:
Bernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $ 650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were mainly the emerging
4008:
Behavior that may be optimal for an individual, such as saving more during adverse economic conditions, can be detrimental if too many individuals pursue the same behavior, as ultimately one person's consumption is another person's income. Too many consumers attempting to save or pay down debt
4133:
Mortgage risks were underestimated by almost all institutions in the chain from originator to investor by underweighting the possibility of falling housing prices based on historical trends of the past 50 years. Limitations of default and prepayment models, the heart of pricing models, led to
754:
The economic crisis started in the U.S. but spread to the rest of the world. U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007 and the rest of the world depended on the U.S. consumer as a source of demand. Toxic securities were owned by
3106:
The high delinquency and default rates by homeowners, particularly those with subprime credit, led to a rapid devaluation of mortgage-backed securities including bundled loan portfolios, derivatives and credit default swaps. As the value of these assets plummeted, buyers for these securities
3340:
policy was not the primary cause of the financial crisis. Although they concede that governmental policies had some role in causing the crisis, they contend that GSE loans performed better than loans securitized by private investment banks, and performed better than some loans originated by
3818:
from owning other financial companies. The repeal effectively removed the separation that previously existed between Wall Street investment banks and depository banks, providing a government stamp of approval for a universal risk-taking banking model. Investment banks such as Lehman became
3677:
from some 1,600 mortgage companies were "defective" (were not underwritten to policy, or did not contain all policy-required documents)—this, despite the fact that each of these 1,600 originators was contractually responsible (certified via representations and warrantees) that its mortgage
3292:
Due to competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view of some analysts, the relatively
3423:
Countering Krugman, Wallison wrote: "It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates." Wallison notes that other developed countries had "large bubbles during the 1997–2007 period" but "the losses associated with mortgage
3160:
Government policies that encouraged home ownership, providing easier access to loans for subprime borrowers; overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate; questionable trading practices on behalf of both buyers and sellers;
3411:
By March 2011, the FDIC had paid out $ 9 billion (c. $ 12 billion in 2023) to cover losses on bad loans at 165 failed financial institutions. The Congressional Budget Office estimated, in June 2011, that the bailout to Fannie Mae and Freddie Mac exceeds $ 300 billion (c. $
3605:
All of this created demand for various types of financial assets, raising the prices of those assets while lowering interest rates. Foreign investors had these funds to lend either because they had very high personal savings rates (as high as 40% in China) or because of high oil prices.
3440:
the crisis in residential real estate. Business journalist Kimberly Amadeo reported: "The first signs of decline in residential real estate occurred in 2006. Three years later, commercial real estate started feeling the effects." Denice A. Gierach, a real estate attorney and CPA, wrote:
703:
and, relative to the size of its economy, was the largest economic collapse suffered by any country in history. It was among the five worst financial crises the world had experienced and led to a loss of more than $ 2 trillion from the global economy. U.S. home mortgage debt relative to
3727:
Countrywide loans as a result. When housing prices decreased, homeowners in ARMs then had little incentive to pay their monthly payments, since their home equity had disappeared. This caused Countrywide's financial condition to deteriorate, ultimately resulting in a decision by the
3860:
estimated that the top four U.S. banks will have to return between $ 500 billion and $ 1 trillion to their balance sheets during 2009. This increased uncertainty during the crisis regarding the financial position of the major banks. Off-balance sheet entities were also used in the
4328:
were "likely to vanish forever, having been an artifact of excessively loose credit conditions". While traditional banks raised their lending standards, it was the collapse of the shadow banking system that was the primary cause of the reduction in funds available for borrowing.
3536:, all of which have shared the blame for the Great Depression." Instead, Quiggin lays the blame for the 2008 near-meltdown on financial markets, on political decisions to lightly regulate them, and on rating agencies which had self-interested incentives to give good ratings.
4055:
refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the
4072:; and a form of credit insurance called credit default swaps (CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions.
4959:
and the third-ranking Democrat in the Senate, released several letters he had sent to regulators, in which he was"concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers." Some worried depositors began to withdraw money.
4225:
Despite the dominance of the above formula, there are documented attempts of the financial industry, occurring before the crisis, to address the formula limitations, specifically the lack of dependence dynamics and the poor representation of extreme events. The volume
3468:
Between 1998 and 2006, the price of the typical American house increased by 124%. During the 1980s and 1990s, the national median home price ranged from 2.9 to 3.1 times median household income. By contrast, this ratio increased to 4.0 in 2004, and 4.6 in 2006. This
4934:
IndyMac reported that the bank's risk-based capital was only $ 47 million above the minimum required for this 10% mark. But it did not reveal some of that $ 47 million (~$ 65.3 million in 2023) capital it claimed it had, as of March 31, 2008, was fabricated.
4890:(option ARMs), subprime loans, 80/20 loans, and other nontraditional products. Ultimately, loans were made to many borrowers who simply could not afford to make their payments. The thrift remained profitable only as long as it was able to sell those loans in the
4332:
The securitization markets supported by the shadow banking system started to close down in the spring of 2007 and nearly shut-down in the fall of 2008. More than a third of the private credit markets thus became unavailable as a source of funds. According to the
3830:, which enabled investment banks to substantially increase the level of debt they were taking on, fueling the growth in mortgage-backed securities supporting subprime mortgages. The SEC conceded that self-regulation of investment banks contributed to the crisis.
4324:, at that time the traditional banking system did not have the capital to close this gap: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume." The authors also indicate that some forms of
865:
capital and liquidity standards were adopted worldwide. Since the 2008 financial crisis, consumer regulators in America have more closely supervised sellers of credit cards and home mortgages in order to deter anticompetitive practices that led to the crisis.
3819:
competitors with commercial banks. Some analysts say that this repeal directly contributed to the severity of the crisis, while others downplay its impact since the institutions that were greatly affected did not fall under the jurisdiction of the act itself.
4479:
produces speculative bubbles that burst and result in depression and major political changes. He also suggested that a "demand gap" related to differing wage and productivity growth explains deficit and debt dynamics important to stock market developments.
3242:
Falling prices also resulted in homes worth less than the mortgage loans, providing borrowers with a financial incentive to enter foreclosure. Foreclosure levels were elevated until early 2014. drained significant wealth from consumers, losing up to $ 4.2
4445:
As a consequence, the demand for so-called safe assets fueled the free flow of capital into housing in the United States. This greatly worsened the crisis as banks and other financial institutions were incentivized to issue more mortgages than before.
3161:
compensation structures by banks and mortgage originators that prioritize short-term deal flow over long-term value creation; and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making.
2146:(which creates apparently risk-free assets out of high risk collateral) that required less capital according to Basel II. Lending to AA-rated sovereigns has a risk-weight of zero, thus increasing lending to governments and leading to the next crisis.
2855:(TALF) was put in place thanks to a joint effort with the US Department of the Treasury. This plan was meant to make it easier for consumers and businesses to get credit by giving Americans who owned high-quality asset-backed securities more credit.
5316:
2843:'s provision of aid to individual financial institutions. The Federal Reserve has also conducted a number of innovative lending programs with the goal of improving liquidity and strengthening different financial institutions and markets, such as
1640:
addressed the country, saying "Congress must act. ... Our economy is depending on decisive action from the government. The sooner we address the problem, the sooner we can get back on the path of growth and job creation". The DJIA rebounded
1518:
issued by corporations to fund their operations and payrolls, causing the short-term lending market to freeze. The withdrawal compared to $ 7.1 billion in withdrawals the week prior. This interrupted the ability of corporations to rollover their
763:
of financial institutions, as assets were sold to pay back obligations that could not be refinanced in frozen credit markets, further accelerated the solvency crisis and caused a decrease in international trade. Reductions in the growth rates of
3742:, which was United States' leading wholesale lender, described a system in which they were pushed to falsify mortgage documents and then sell the mortgages to Wall Street banks eager to make fast profits. There is growing evidence that such
3629:
and thus avoided much of the direct effect of the crisis. U.S. households, used funds borrowed from foreigners to finance consumption or to bid up the prices of housing and financial assets. Financial institutions invested foreign funds in
4185:
formula hadn't expected. The cracks became full-fledged canyons in 2008—when ruptures in the financial system's foundation swallowed up trillions of dollars and put the survival of the global banking system in serious peril ... Li's
1975:
rose 38% after the CEO said that the company was profitable in the first two months of the year and expressed optimism about its capital position going forward. Major stock market indices rose 5–7%, marking the bottom of the stock market
5668:
4787:, Andrew K. Rose and Mark M. Spiegel used a Multiple Indicator Multiple Cause (MIMIC) model on a cross-section of 107 countries to evaluate potential causes of the 2008 crisis. The authors examined various economic indicators, ignoring
4593:
argued that the financial crisis and the response to it revealed a crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession.
4581:
attributed the economic downturn to the stagnation of wages in the United States, particularly those of the hourly workers who comprise 80% of the workforce. This stagnation forced the population to borrow to meet the cost of living.
3958:
each significantly increased their financial leverage, which increased their vulnerability to a financial shock. Changes in capital requirements, intended to keep U.S. banks competitive with their European counterparts, allowed lower
5186:
describes how liberal norms in the West was replaced by populism as a consequence of the 2007–08 financial crisis, as well as neoliberal policies that had emerged in previous decades which hollowed out government and changed voter
1371:
assets that had not been written down and $ 10 trillion in total assets, faced bankruptcy; instead, in its first emergency meeting in 30 years, the Federal Reserve agreed to guarantee its bad loans to facilitate its acquisition by
3102:
concluded that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall
74:
in the general economy, increased significantly during the financial crisis. The TED spread spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008, reaching a record 4.65% on October 10,
3967:
to AAA-rated tranches was seen by regulators as a risk reduction that compensated the higher leverage. These five institutions reported over $ 4.1 trillion in debt for fiscal year 2007, about 30% of U.S. nominal GDP for 2007.
1719:, closing at 678.4, which was about 77% lower than the 3,004.6 at the close on October 8, after the value of the three big banks, which had formed 73.2% of the value of the OMX Iceland 15, had been set to zero, leading to the
1409:
Late June 2008: Despite the U.S. stock market falling to a 20% drop off its highs, commodity-related stocks soared as oil traded above $ 140/barrel for the first time and steel prices rose above $ 1,000 per ton. Worries about
900:
who was sentenced to 30 months in jail and returned $ 24.6 million in compensation for manipulating bond prices to hide $ 1 billion of losses. No individuals in the United Kingdom were convicted as a result of the crisis.
3531:
wrote, "And, unlike the Great Depression, this crisis was entirely the product of financial markets. There was nothing like the postwar turmoil of the 1920s, the struggles over gold convertibility and reparations, or the
1745:
October 24, 2008: Many of the world's stock exchanges experienced the worst declines in their history, with drops of around 10% in most indices. In the U.S., the DJIA fell 3.6%, although not as much as other markets. The
4017:
also described a "paradox of deleveraging" as financial institutions that have too much leverage (debt relative to equity) cannot all de-leverage simultaneously without significant declines in the value of their assets.
1862:
There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the
1551:
and warned that the credit markets were close to a complete meltdown. Bernanke requested a $ 700 billion fund to acquire toxic mortgages and reportedly told them: "If we don't do this, we may not have an economy on
4218:, combined with a global glut in investment capital, led to bad investments by asset managers in over-priced credit assets. Professional investment managers generally are compensated based on the volume of client
2183:
of the crisis, many stock market indices were 75% above their lows set in March 2009. Nevertheless, the lack of fundamental changes in banking and financial markets worried many market participants, including the
712:, as home values rose, fueled an increase in consumption that could no longer be sustained when home prices declined. Many financial institutions owned investments whose value was based on home mortgages such as
10355:
823:, the governments of European nations and the United States guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $ 1.5 trillion newly issued
16379:
874:
4757:
Popular articles published in the mass media have led the general public to believe that the majority of economists have failed in their obligation to predict the financial crisis. For example, an article in
3247:
Defaults and losses on other loan types also increased significantly as the crisis expanded from the housing market to other parts of the economy. Total losses were estimated in the trillions of U.S. dollars
8004:
4854:
loans too big to be sold to Freddie Mac and Fannie Mae. In 1997, Countrywide spun off IndyMac as an independent company run by Mike Perry, who remained its CEO until the downfall of the bank in July 2008.
5014:. The financial institution crisis hit its peak in September and October 2008. Several major institutions either failed, were acquired under duress, or were subject to government takeover. These included
1990:
First quarter of 2009: For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico.
9280:
2866:
said that it would briefly cover the assets of the fund. Both of these things helped get the fund market back to normal, which helped the commercial paper market, which most businesses use to run. The
7897:
5196:
is a movie that follows traders through a sleepless 24 hours as they try to contain the damage after an analyst discovers information that is likely to ruin their firm, and possibly the whole economy.
7810:
3316:
Depending on how "subprime" mortgages are defined, they remained below 10% of all mortgage originations until 2004, when they rose to nearly 20% and remained there through the 2005–2006 peak of the
17979:
854:
was bailed-out. Instead of financing more domestic loans, some banks instead spent some of the stimulus money in more profitable areas such as investing in emerging markets and foreign currencies.
4280:. These entities became critical to the credit markets underpinning the financial system, but were not subject to the same regulatory controls. Further, these entities were vulnerable because of
3837:
are not subject to the same regulation as depository banks, allowing them to assume additional debt obligations relative to their financial cushion or capital base. This was the case despite the
3153:
Mortgage guarantees by Fannie Mae and Freddie Mac, quasi-government agencies, which purchased many subprime loan securitizations. The implicit guarantee by the U.S. federal government created a
3062:"a combination of excessive borrowing, risky investments, and lack of transparency" by financial institutions and by households that put the financial system on a collision course with crisis.
4894:. IndyMac resisted efforts to regulate its involvement in those loans or tighten their issuing criteria: see the comment by Ruthann Melbourne, Chief Risk Officer, to the regulating agencies.
3697:" banks) additionally showed that 28% of the sampled loans did not meet the minimal standards of any issuer. Clayton's analysis further showed that 39% of these loans (i.e. those not meeting
3424:
delinquencies and defaults when these bubbles deflated were far lower than the losses suffered in the United States when the 1997–2007 deflated." According to Wallison, the reason the U.S.
6229:
3095:
878:
2831:
1923:
January 6, 2009: Citi claimed that Singapore would experience "the most severe recession in Singapore's history" in 2009. In the end the economy grew in 2009 by 0.1% and in 2010 by 14.5%.
838:
Bailouts came in the form of trillions of dollars of loans, asset purchases, guarantees, and direct spending. Significant controversy accompanied the bailouts, such as in the case of the
11743:
5112:, describes how the financial crisis came about and how the solutions that have been applied by many governments are setting the stage for the next crisis. The film is based on the book
11538:
8474:
5177:. One point raised is to what extent those outside of the markets themselves (i.e., not working for a mainstream investment bank) could forecast the events and be generally less myopic.
2013:
April 29, 2009: The Federal Reserve projected GDP growth of 2.5–3% in 2010; an unemployment plateau in 2009 and 2010 around 10% with moderation in 2011; and inflation rates around 1–2%.
15190:
8738:
4615:, and almost five times the credit union rate in 2010. Credit unions increased their lending to small- and medium-sized businesses while overall lending to those businesses decreased.
3445:... most of the commercial real estate loans were good loans destroyed by a really bad economy. In other words, the borrowers did not cause the loans to go bad-it was the economy.
3065:
ill preparation and inconsistent action by government and key policy makers lacking a full understanding of the financial system they oversaw that "added to the uncertainty and panic".
7953:
2282:
to pay a combined $ 1.435 billion in civil penalties to settle a legacy matter from 2006–2007 related to the issuance, underwriting and sale of residential mortgage-backed securities.
636:
which resulted in increases in unemployment and suicide, and decreases in institutional trust and fertility, among other metrics. The recession was a significant precondition for the
562:
were complex and multi-faceted. Almost two decades prior, the U.S. government had passed legislation permitting looser financing to promote affordable housing. In 1999, parts of the
1010:. Due to increasingly lax underwriting standards, one-third of all mortgages in 2006 were subprime or no-documentation loans, which comprised 17 percent of home purchases that year.
3940:
during the years preceding the crisis. This increased their vulnerability to the collapse of the housing bubble and worsened the ensuing economic downturn. Key statistics include:
14363:
1277:
December 31, 2007: Despite volatility through the last part of the year, markets close above where they started the year, with the DJIA closing at 13,264.82, up 6.4% for the year.
11763:
1562:
September 20, 2008: Paulson requested the U.S. Congress authorize a $ 700 billion fund to acquire toxic mortgages, telling Congress "If it doesn't pass, then heaven help us all".
17216:
16870:
10687:
6079:
Eigner, Peter; Umlauft, Thomas S. (July 1, 2015). "The Great Depression(s) of 1929–1933 and 2007–2009? Parallels, Differences and Policy Lessons". Hungarian Academy of Science.
5311:
2862:
Money market funds also went through runs when people lost faith in the market. To keep it from getting worse, the Fed said it would give money to mutual fund companies. Also,
1376:
for $ 2/share. A week earlier, the stock was trading at $ 60/share and a year earlier it traded for $ 178/share. The buyout price was increased to $ 10/share the following week.
332:
2226:
September 13, 2012: To improve lower interest rates, support mortgage markets, and make financial conditions more accommodative, the Federal Reserve announced another round of
772:
sent from migrant workers (example: Armenia). States with fragile political systems feared that investors from Western states would withdraw their money because of the crisis.
1968:
March 6, 2009: The Dow Jones hit its lowest level of 6,469.95, a drop of 54% from its peak of 14,164 on October 9, 2007, over a span of 17 months, before beginning to recover.
4866:
IndyMac's aggressive growth strategy, use of Alt-A and other nontraditional loan products, insufficient underwriting, credit concentrations in residential real estate in the
1715:
October 14, 2008: Having been suspended for three successive trading days (October 9, 10 and 13), the Icelandic stock market reopened on October 14, with the main index, the
1306:
company, was downgraded. Meanwhile, an increase in the amount of withdrawals causes Scottish Equitable to implement up to 12 month delays on people wanting to withdraw money.
17211:
16736:
5306:
4526:
wrote that "Corporate America went astray largely because the power of managers went virtually unchecked by our gatekeepers for far too long". Echoing the central thesis of
3769:
3428:
bubble (as opposed to other types of bubbles) led to financial crisis was that it was supported by a huge number of substandard loans—generally with low or no downpayments.
2131:
2117:
2078:
957:
858:
644:
134:
1705:
stock market halted trading after a 10% drop in one day. Global central banks held emergency meetings and coordinated interest rate cuts before the US stock markets opened.
12788:
912:
With fewer resources to risk in creative destruction, the number of patent applications was flat, compared to exponential increases in patent application in prior years.
17241:
16687:
8347:
5326:
283:
7737:
4005:
These seven entities were highly leveraged and had $ 9 trillion in debt or guarantee obligations; yet they were not subject to the same regulation as depository banks.
3117:, allowed for shifting of risk and lax underwriting standards. These bundles could be sold as (ostensibly) low-risk securities partly because they were often backed by
743:. Economies worldwide slowed during this period since credit tightened and international trade declined. Housing markets suffered and unemployment soared, resulting in
8513:
6777:
1782:, suggested that "This is a once in a lifetime crisis, and possibly the largest financial crisis of its kind in human history". In a transaction pushed by regulators,
11373:
6470:
20375:
19554:
17178:
14867:
11056:
8786:
6898:
3355:
2910:
2124:
6711:
3991:
became commercial banks, subjecting themselves to more stringent regulation. With the exception of Lehman, these companies required or received government support.
16148:
15624:
12727:
10738:
7994:
5006:, as they could no longer obtain financing through the credit markets. Over 100 mortgage lenders went bankrupt during 2007 and 2008. Concerns that investment bank
1328:
January 22, 2008: The US Federal Reserve cut interest rates by 0.75% to stimulate the economy, the largest drop in 25 years and the first emergency cut since 2001.
3365:
called numerous times for investigations into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003, the
892:
of Iceland became the only politician to be convicted as a result of the crisis. Only one banker in the United States served jail time as a result of the crisis,
17261:
13988:
11155:
9269:
5404:
4540:
that "manager's capitalism" replaced "owner's capitalism", meaning management runs the firm for its benefit rather than for the shareholders, a variation on the
10023:
6342:
3436:
loan underwriting occurred prior to the crisis." Other analysts support the contention that the crisis in commercial real estate and related lending took place
1146:, due to "a complete evaporation of liquidity", making valuation of the funds impossible – a clear sign that banks were refusing to do business with each other.
20237:
20056:
16847:
4305:" and argued that regulation should have been imposed on all banking-like activity. Without the ability to obtain investor funds in exchange for most types of
3196:
3121:
insurance. Because mortgage lenders could pass these mortgages (and the associated risks) on in this way, they could and did adopt loose underwriting criteria.
776:
298:
16371:
12053:
11561:
10116:
9000:"Board approves, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies"
2223:
August 2012: In the United States, many homeowners still faced foreclosure and could not refinance or modify their mortgages. Foreclosure rates remained high.
20678:
13279:
9540:
8111:
7887:
6537:
2286:
In the table, the names of emerging and developing economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.
1545:
12536:
11995:
8666:
7814:
1770:
developed, with investors transferring vast capital resources into stronger currencies, leading many governments of emerging economies to seek aid from the
18214:
17145:
16174:
15109:
12748:
5301:
3755:
1556:
176:
15802:
15605:
10716:
8691:
20401:
20391:
4740:
3366:
3009:
While the causes of the bubble and subsequent crash are disputed, the precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the
999:
valued at $ 60 million – the first such CDS. He projected they would become volatile within two years of the low "teaser rate" of the mortgages expiring.
15351:
842:, leading to the development of a variety of "decision making frameworks", to help balance competing policy interests during times of financial crisis.
20197:
20044:
18749:
17083:
16252:
Patterson, Laura A., & Koller, Cynthia A. Koller (2011). "Diffusion of Fraud Through Subprime Lending: The Perfect Storm." In Mathieu Deflem (ed.)
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7448:
5331:
5047:
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prices. This appreciation in value led many homeowners to borrow against the equity in their homes as an apparent windfall, leading to over-leveraging.
10759:
1149:
August 16, 2007: The DJIA closes at 12,945.78 after falling 12 out of the previous 20 trading days following its peak. It had fallen 1,164.63 or 8.3%.
21115:
18734:
16726:
11262:
9887:
7847:
6986:
216:
16434:
magazine, September 21, 2009. pp. 58–81. Summarizing September 15–23, 2008, with interviews of Paulson, Bernanke, and Geithner by James Stewart
11344:
5642:
3998:, owned or guaranteed nearly $ 5 trillion (c. $ 6.95 trillion in 2023) trillion in mortgage obligations at the time they were placed into
20597:
20222:
20171:
18711:
17231:
15247:
11160:
6582:"Americans' wealth drops $ 1.3 trillion: Fed report shows a decline of home values and the stock market cut the nation's wealth to $ 50.4 trillion"
4628:
3796:
3508:
In effect, Wall Street connected this pool of money to the mortgage market in the US, with enormous fees accruing to those throughout the mortgage
1872:
December 1, 2008: The NBER announced the US was in a recession and had been since December 2007. The Dow tumbled 679.95 points or 7.8% on the news.
468:
278:
166:
16170:
21293:
20232:
20050:
19945:
19483:
8599:
7525:
Wolff, Edward N. (2010). "Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze – An Update to 2007".
6835:
5150:
4198:
agencies and bank regulators accepted as valid some complex mathematical models that showed the risks were much smaller than they actually were.
3888:. Written by Congress with lobbying from the financial industry, it banned the further regulation of the derivatives market. Derivatives such as
3712:
refers to the practice of unscrupulous lenders, enticing borrowers to enter into "unsafe" or "unsound" secured loans for inappropriate purposes.
3602:(investment) surplus of the same amount. Hence large and growing amounts of foreign funds (capital) flowed into the U.S. to finance its imports.
3239:
enabled institutions and investors to invest in the U.S. housing market. As housing prices declined, these investors reported significant losses.
17:
12769:
10903:
3637:
The Fed then raised the Fed funds rate significantly between July 2004 and July 2006. This contributed to an increase in one-year and five-year
708:
increased from an average of 46% during the 1990s to 73% during 2008, reaching $ 10.5 (~$ 14.6 trillion in 2023) trillion. The increase in
21268:
20367:
18946:
17236:
17140:
16817:
16682:
10644:
7784:
4659:
3583:
explained how trade deficits required the U.S. to borrow money from abroad, in the process bidding up bond prices and lowering interest rates.
3502:
3370:
1934:
1911:
1450:
970:
The following is a timeline of the major events of the financial crisis, including government responses, and the subsequent economic recovery.
625:
253:
171:
15152:
4301:, described the run on the shadow banking system as the "core of what happened" to cause the crisis. He referred to this lack of controls as "
3354:
stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by the
21273:
20354:
18814:
18696:
18635:
18598:
18432:
15198:
8255:
3464:
A graph showing the median and average sales prices of new homes sold in the United States between 1963 and 2016 (not adjusted for inflation)
119:
15170:
13819:
11498:
9331:
9295:"Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $ 100,000 to $ 250,000 Per Depositor"
7943:
6061:
4768:
warned of such crisis as early as September 2006, and stated that the profession of economics is bad at predicting recessions. According to
2110:
January 27, 2010: President Obama declared on "the markets are now stabilized, and we've recovered most of the money we spent on the banks".
1621:
September 29, 2008: By a vote of 225–208, with most Democrats in support and Republicans against, the House of Representatives rejected the
20262:
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20101:
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19776:
19677:
19588:
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18295:
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16741:
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6021:
1666:
1659:
1652:
1622:
621:
273:
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10800:
6041:
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safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with products such as the
1669:
and the $ 700 billion Troubled Asset Relief Program. Bush signed the legislation that same day. Wachovia reached a deal to be acquired by
21033:
20381:
20143:
19958:
17276:
17266:
17246:
16787:
16548:
15696:
11266:
10598:
7125:
5744:
4190:
formula will go down in history as instrumental in causing the unfathomable losses that brought the world financial system to its knees.
3885:
3524:
approximately 9% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%.
961:
303:
14371:
14115:
7924:
5516:
3951:
was 127% at the end of 2007, versus 77% in 1990. In 1981, U.S. private debt was 123% of GDP; by the third quarter of 2008, it was 290%.
20724:
20670:
20634:
20207:
19596:
18680:
18540:
18439:
17360:
17286:
16832:
16756:
12599:
8449:
2852:
2024:
1849:
953:
313:
13329:
10697:
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4320:
This meant that nearly one-third of the U.S. lending mechanism was frozen and continued to be frozen into June 2009. According to the
3460:
807:
to offset the decline in consumption and lending capacity, avoid a further collapse, encourage lending, restore faith in the integral
20280:
20217:
20212:
20165:
19574:
19126:
19086:
18547:
18390:
18023:
17201:
17173:
17100:
17012:
16842:
16470:
15243:
11519:
7390:
7099:
Wafa, Tim (October 4, 2010). "When Policies Collide: A Decision Making Framework for Financial System Overhaul in the 21st Century".
6759:
6741:
5717:
5174:
5090:
Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and the Government Bailout Will Make Things Worse
4298:
3519:
By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with
2906:
1433:
965:
933:
664:
308:
293:
15965:
4705:
regarded the crisis as a vindication and classic example of a predictable credit-fueled bubble caused by laxity in monetary supply.
3224:
Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain and consumers assumed an unprecedented debt load.
3207:(FASB)—delegated by the SEC with the task of establishing financial reporting standards. This required that tradable assets such as
1658:
October 2, 2008: Stock market indices fell 4% as investors were nervous ahead of a vote in the U.S. House of Representatives on the
20639:
20551:
20537:
20396:
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16672:
16525:
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13841:
13826:
13820:"Over-the-Counter Derivatives Markets and the Commodity Exchange Act: Report of The President's Working Group on Financial Markets"
12113:
10362:
10278:
7872:
4978:
IndyMac announced the closure of both its retail lending and wholesale divisions, halted new loan submissions, and cut 3,800 jobs.
4467:
3377:
2863:
2252:
found that white home-owning households recovered from the financial crisis faster than black home-owning households, widening the
1927:
1720:
1077:
945:
941:
692:
129:
5002:
Initially the companies affected were those directly involved in home construction and mortgage lending such as Northern Rock and
3412:
401 billion in 2023) (calculated by adding the fair value deficits of the entities to the direct bailout funds at the time).
1965:
March 3, 2009: President Obama stated that "Buying stocks is a potentially good deal if you've got a long-term perspective on it".
1798:
21023:
20683:
20629:
20227:
20186:
20157:
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standards. Moreover, during 2007, "defective mortgages (from mortgage originators contractually bound to perform underwriting to
3003:
1531:
937:
820:
598:
15277:
9733:
8402:
8091:
3369:
held a hearing, at the urging of the administration, to assess safety and soundness issues and to review a recent report by the
3332:, written by the six Democratic appointees, the minority report, written by three of the four Republican appointees, studies by
815:, and provide banks with enough funds to allow customers to make withdrawals. In effect, the central banks went from being the "
632:
credit, saw economic indicators reverse and stabilize less than a month after its February 17 enactment. The crisis sparked the
21258:
20290:
20129:
20114:
20039:
20022:
18584:
18488:
18453:
18310:
18148:
17643:
17256:
17108:
17076:
16553:
15884:
12638:
11033:
6581:
6099:
3190:-related financial products, and governments did not adjust their regulatory practices to address changes in financial markets.
2898:
2242:
2237:
2014: A report showed that the distribution of household incomes in the United States became more unequal during the post-2008
2214:
2074:
1940:
February 20, 2009: The DJIA closed at a 6-year low amidst worries that the largest banks in the United States would have to be
1633:
reached a deal to sell itself to Citigroup; however, the deal would have made shares worthless and required government funding.
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12017:
9142:
8979:
8357:
593:
was the rapid development in financial products which targeted low-income, low-information homebuyers who largely belonged to
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20108:
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14178:
14052:
13992:
13700:
13576:
13544:
13513:
13482:
13414:
13170:
11954:
Fisher, Graham (June 29, 2001). "Housing in the New Millennium: A Home without Equity Is Just a Rental with debt". Ssrn.com.
11862:
10453:
9411:
9298:
8232:
7980:
7509:
7298:
7126:"'It sent a tremor down my back': Alistair Darling reveals how Britain came within hours of the 'breakdown of law and order'"
7015:
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5500:
5444:
5276:
5265:
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Others have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in
2867:
1728:
1724:
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1611:
1041:
February 27, 2007: Stock prices in China and the U.S. fell by the most since 2003 as reports of a decline in home prices and
258:
20061:
13612:
10225:
6790:
6459:
6062:"Three Top Economists Agree 2009 Worst Financial Crisis Since Great Depression; Risks Increase if Right Steps are Not Taken"
3665:, on events during his tenure as the Business Chief Underwriter for Correspondent Lending in the Consumer Lending Group for
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16503:
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1232:
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55:
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12707:
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An example of a developing country which suffered decreases in these fields is Armenia. According to World Bank data, the
5038:. On October 6, 2008, three weeks after Lehman Brothers filed the largest bankruptcy in U.S. history, Lehman's former CEO
4181:
Then the model fell apart. Cracks started appearing early on, when financial markets began behaving in ways that users of
3473:
resulted in many homeowners refinancing their homes at lower interest rates, or financing consumer spending by taking out
21278:
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19861:
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As financial assets became more complex and harder to value, investors were reassured by the fact that the international
4156:
3788:
limit from $ 40,000 to $ 100,000 (thereby potentially lessening depositor scrutiny of lenders' risk management policies).
3690:
3655:
3329:
3030:
2279:
2104:
870:
13112:
10335:
5212:
Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System – and Themselves
3772:
of 1980 (DIDMCA) phased out several restrictions on banks' financial practices, broadened their lending powers, allowed
3285:
The relaxing of credit lending standards by investment banks and commercial banks allowed for a significant increase in
850:
at the time of the crisis, stated in 2018 that Britain came within hours of "a breakdown of law and order" the day that
21233:
21136:
20623:
20386:
20247:
20179:
20119:
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13015:
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12869:
12849:
12153:
11439:
11219:
11200:
10993:
10962:
9651:
9204:
9003:
8333:
7194:
6302:
6006:
5271:
5074:
3877:
3455:
3317:
3010:
2995:
1007:
518:
248:
161:
114:
14975:
13375:
9908:
6437:
4832:. IndyMac Bank's parent corporation was IndyMac Bancorp until the FDIC seized IndyMac Bank. IndyMac Bancorp filed for
1955:
to 36%, raising further fears of nationalization and a report showed that GDP shrank at the sharpest pace in 26 years.
1696:
experienced a sharp decline. It dropped from over 21,000 points in January 2008 to below 8,000 points in October 2008.
21243:
21238:
20285:
20275:
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19448:
19285:
18868:
18771:
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16807:
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15330:
15287:
15222:
14509:
14482:
14449:
12916:
12690:
12492:
12378:
12351:
12324:
12035:
11938:
10058:
9753:
Chen, Xiaoping; Shao, Yuchen (September 11, 2017). "Trade policies for a small open economy: The case of Singapore".
8865:
6203:
5686:
5341:
4858:
The primary causes of its failure were largely associated with its business strategy of originating and securitizing
4603:
3944:
average of 46% during the 1990s to 73% during 2008, reaching $ 10.5 trillion (c. $ 14.6 trillion in 2023).
3841:
debacle in 1998, in which a highly leveraged shadow institution failed with systemic implications and was bailed out.
2195:
1391:
to buy $ 200 billion in subprime mortgages from banks. Officials thought this would contain the possible crisis. The
263:
243:
16002:
15763:
14095:
11584:
10435:"Bill Summary & Status – 111th Congress (2009–2010) – H.R.4173 – All Information – THOMAS (Library of Congress)"
10307:
9797:
8494:
6612:
4258:
may have pressured more traditional institutions to lower their underwriting standards and originate riskier loans.
1331:
January 2008: U.S. stocks had the worst January since 2000 over concerns about the exposure of companies that issue
20584:
19838:
19667:
19500:
19460:
19339:
18873:
18016:
17628:
17050:
16677:
16508:
16368:
15676:
14786:
13186:
11977:
11097:
10124:
8070:
6964:
6839:
5773:
5050:. Fuld said he was a victim of the collapse, blaming a "crisis of confidence" in the markets for dooming his firm.
4262:
3669:, where he was responsible for over 220 professional underwriters, suggests that by 2006 and 2007, the collapse of
3654:" because they encouraged borrowers to be less than honest in the loan application process. Testimony given to the
3380:
study of lending trends for 305 cities from 1993 to 1998 showed that $ 467 billion of mortgage lending was made by
2206:. The bank was acquitted in 2015. Abacus was the only bank prosecuted for misbehavior that precipitated the crisis.
1346:
410:
15648:
11656:
Young, M. R.; Miller, P. B. W. (May 2008). "The role of fair value accounting in the subprime mortgage meltdown".
9312:
8692:"World Economic Situation And Prospects: March 2018 Briefing, No. 112 | Department of Economic and Social Affairs"
4553:
the failure of gatekeepers, including auditors, boards of directors, Wall Street analysts, and career politicians.
3420:
bubbles in both markets developed even though only the residential market was affected by these potential causes.
888:, where the crisis was the most severe and led to the collapse of all three major Icelandic banks. In April 2012,
20785:
20519:
20475:
19871:
19369:
19225:
18418:
18192:
17679:
17113:
17005:
16498:
16129:
15554:
12958:
Babecký, Jan; Havránek, Tomáš; Matějů, Jakub; Rusnák, Marek; Šmídková, Kateřina; Vašíček, Bořek (July 11, 2017).
12659:
12421:
11973:
10977:"Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States"
10763:
7257:
7101:
6806:). The poverty headcount ratio at $ 1.90 (~$ 3.00 in 2023) a day increased after 2007/08, from 0.9% to 1.2% (see
5376:
5220:
3995:
3294:
2902:
2231:
2166:
1998:
949:
739:
prices in late 2008 and early 2009. The crisis rapidly spread into a global economic shock, resulting in several
647:
was enacted in the US as a response to the crisis to "promote the financial stability of the United States". The
454:
444:
405:
14194:
13716:
12218:
10434:
10207:
10001:
9351:
9039:
8578:
7277:
6899:"Government Support for Financial Assets and Liabilities Announced in 2008 and Soon Thereafter ($ in billions)"
2870:
also did a number of things, like raise the insurance cap from $ 100,000 to $ 250,000, to boost customer trust.
2150:
argued that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see
20255:
20124:
19891:
18606:
18570:
18481:
17353:
17271:
16922:
16657:
16652:
15809:
15606:"IndyMac Bancorp Announces Earnings Webcast & Teleconference Call for First Quarter 2008 Financial Results"
13946:. International Journal of Information Management: The Journal for Information Professionals. pp. 497–506.
13315:
13070:
12106:
12057:
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10767:
10666:
10187:
9866:
9122:
7081:
6785:
6668:
5961:
4923:(D-NY) later pointed out that brokered deposits made up more than 37% of IndyMac's total deposits, and ask the
4438:
The cause of the global asset bubble can be partially attributable to the global savings glut. As theorized by
4126:
4094:
4065:
3933:
made it difficult for creditors and regulators to monitor and try to reduce financial institution risk levels.
3849:
3811:
3494:
3232:
2249:
1468:
for $ 50 billion in a transaction facilitated by the government. Lehman had been in talks to be sold to either
1096:
919:
Share of income going to the top 1% of earners, one measure of economic inequality in the US from 1913 to 2008.
839:
567:
563:
16026:
13862:
13011:
10166:
5081:
was published in 2009, which included a "2009 update" addendum at the end of each chapter. It was featured on
1456:
September 15, 2008: After the Federal Reserve declined to guarantee its loans as it did for Bear Stearns, the
21298:
21188:
20970:
20579:
20564:
20499:
20489:
20460:
20450:
19988:
18807:
18742:
18446:
18317:
18258:
18111:
17291:
17196:
17188:
16827:
16761:
16662:
16463:
16315:
15194:
14099:
12540:
12021:
11999:
10380:
8999:
6636:
5336:
4828:
history up until the crisis precipitated even larger failures, and the second largest failure of a regulated
4310:
3972:
3345:
3216:
3033:(FCIC, a committee of U.S. congressmen) concluded that the financial crisis was avoidable and was caused by:
2241:, a first for the United States but in line with the trend over the last ten economic recoveries since 1949.
2035:
1886:
1626:
1457:
1339:
1236:
1195:
548:
318:
268:
153:
15921:
13134:
9976:
7714:"Quarterly Homeownership Rates and Seasonally Adjusted Homeownership Rates for the United States: 1997–2014"
6937:
6268:
3921:
687:
since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in
20569:
20543:
20529:
20504:
20494:
20445:
20361:
19968:
19478:
19252:
19146:
18931:
18857:
18509:
18353:
18346:
18303:
18251:
18185:
17783:
17155:
17131:
16746:
16558:
15371:
14218:
13961:
13091:
12440:
11140:
10377:"Delinquency Rate on Single-Family Residential Mortgages, Booked in Domestic Offices, All Commercial Banks"
8640:
7061:
5142:
4875:
4829:
4809:
4702:
4281:
4164:
3848:
to move significant amounts of assets and liabilities off-balance sheet into complex legal entities called
3838:
3728:
3362:
3113:, a process in which many mortgages were bundled together and formed into new financial instruments called
1948:
1538:
1484:
1103:
1065:
340:
17123:
15716:
15575:
14526:
11799:
11270:
11261:
Reid, Carolina; Seidman, Ellen; Ratcliffe, Janneke; Silver, Josh; Ding, Lei; Willis, Mark (January 2013).
10491:
9493:
7837:
7760:
7177:
6416:
5814:
5077:, and warns of the impending decline. After many of the predictions came to pass, a second edition titled
4974:
Had been notified by bank and thrift regulators that IndyMac Bank was no longer deemed "well-capitalized";
3128:
in the private sector, especially after the federal government overrode anti-predatory state laws in 2004.
1242:
November 26, 2007: US markets enter a correction as worries about the financial sector continued to mount.
20999:
20895:
20465:
19734:
19111:
19076:
18665:
18657:
18331:
18324:
18244:
18171:
18163:
18155:
18133:
17532:
16442:
13297:
13033:
12071:
11729:
10958:
10829:
10785:
10028:
9514:
9387:
9080:
7696:
7303:
6046:
5615:
5371:
4986:
4939:
holders withdrew $ 1.55 billion (~$ 2.15 billion in 2023) or about 7.5% of IndyMac's deposits. This
4800:
The first visible institution to run into trouble in the United States was the Southern California–based
4783:
4720:
4541:
3761:
cases, laws were changed or enforcement weakened in parts of the financial system. Key examples include:
3720:
3220:
2260:
2199:
2185:
2070:, and enhanced authority for the Federal Reserve to safely wind down systemically important institutions.
1838:
1771:
1709:
1260:
1113:, the first banking casualty of the crisis, announces its bailout by German public financial institution
847:
721:
370:
204:
16111:
14804:
12617:
9244:
5897:
4550:
the management of earnings, mainly a focus on share price rather than the creation of genuine value; and
4076:
36% of CDO assets. As described in the section on subprime lending, the CDS and portfolio of CDS called
21174:
20589:
20574:
20439:
19953:
19295:
19071:
19041:
19006:
18649:
18554:
18360:
18038:
17801:
17221:
16532:
16425:
15504:
15352:"Austrian Business Cycle Theory and the Global Financial Crisis: Confessions of a Mainstream Economist"
13275:
12865:
12841:
11672:
11431:
10877:
10692:
10551:
10146:
9712:
9519:
9447:
7165:
6675:
6654:
4774:, Roubini was ridiculed for predicting a collapse of the housing market and worldwide recession, while
4745:
4655:
4532:
3948:
3881:
3381:
3310:
3132:
3114:
3075:
1460:
led to a 504.48-point (4.42%) drop in the DJIA, its worst decline in seven years. To avoid bankruptcy,
1310:
1292:
1110:
432:
13791:
12512:
11821:
11241:
10844:
10825:
10781:
9822:
9352:"FOMC statement: Federal Reserve and other central banks announce reductions in policy interest rates"
4820:
originator in the United States. The failure of IndyMac Bank on July 11, 2008, was the fourth largest
3107:
evaporated and banks who were heavily invested in these assets began to experience a liquidity crisis.
21263:
21248:
21079:
21064:
21054:
21013:
20935:
20900:
20470:
19537:
19364:
19334:
19103:
18764:
18688:
18460:
17943:
17346:
17322:
16942:
16852:
16520:
16493:
16273:
Calming the storms : the carry trade, the banking school and British financial crises since 1825
14782:
14340:
14170:
13532:
Where Deregulation Went Wrong: A Look at the Causes Behind the Savings and Loan Failures in the 1980s
12937:
11012:
10926:
10271:
10096:
10075:
9955:
9468:
9228:
9184:
9060:
8822:
7692:
7636:
6853:
6736:
6295:
5346:
4891:
4422:
3271:
2191:
2011: Median household wealth fell 35% in the U.S., from $ 106,591 to $ 68,839 between 2005 and 2011.
427:
400:
17935:
16207:, "The Invention of Money: How the heresies of two bankers became the basis of our modern economy",
15444:
14648:
14628:
12580:
11292:
11196:
10576:
9426:
9163:
8157:
8048:
7595:
7572:
7549:
6182:
4992:
With $ 32 billion in assets, IndyMac Bank was one of the largest bank failures in American history.
3235:(CDO), which derived their value from mortgage payments and housing prices, greatly increased. Such
3176:
and depository banks in the United States and increased speculation on the part of depository banks.
3142:
unit was increasingly incentivized and even mandated by government regulation. This may have caused
21228:
21084:
21059:
20975:
20880:
20840:
20432:
19978:
19821:
19806:
19707:
19655:
19613:
19601:
19438:
19240:
18841:
18425:
18088:
18060:
17897:
17226:
17092:
16937:
16692:
16568:
16456:
16411:
16257:
16190:
14916:
11503:
11479:
9566:
9249:
7319:
4956:
4952:
4913:
4887:
4455:
4306:
4061:
4057:
3800:
3638:
3631:
3520:
3490:
3280:
3228:
3208:
3022:
3014:
1779:
1081:
713:
544:
532:
104:
51:
19515:
14603:
14313:
14007:
12036:"Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs"
11778:
10619:
8801:
8423:
7662:
7341:
7174:
7146:
6367:
4084:
1983:
said it was profitable in January and February and would likely not need more government funding.
1815:
November 6, 2008: The IMF predicted a worldwide recession of −0.3% for 2009. On the same day, the
30:
21074:
21069:
21049:
20940:
20930:
20925:
20905:
20455:
19983:
19300:
19245:
19046:
18800:
18718:
18222:
18125:
17726:
16647:
16515:
16048:"FDIC: Failed Bank Information - Bank Closing Information for IndyMac Bank, F.S.B., Pasadena, CA"
15948:
15745:
15538:
15532:
15428:
14213:
12461:
12446:
11722:
11225:
10509:
10192:
9844:
9607:
8942:
8893:
8870:
8479:
7007:
5774:"Fiscal Spending Jobs Multipliers: Evidence from the 2009 American Recovery and Reinvestment Act"
5321:
4909:
4848:
4219:
3804:
2268:
1143:
617:
422:
222:
50:
in September 2008. The collapse of Lehman Brothers is often cited as both the culmination of the
18991:
16341:
14474:
14254:
14044:
12128:
11548:
10976:
10688:"This Chart Shows Just How (Un)Equal Things Are During A 'Champion' Of The 99%'s Administration"
10394:
8762:
6808:
4882:(FHLB) and from brokered deposits, led to its demise when the mortgage market declined in 2007.
4250:
There is strong evidence that the riskiest, worst performing mortgages were funded through the "
3567:
2271:) growth while emerging and developing economies accounted for 73.5% of global GDP (PPP) growth.
861:
was enacted in the United States to "promote the financial stability of the United States". The
21303:
21105:
21089:
21028:
20855:
20770:
20714:
19998:
19930:
19866:
19794:
19559:
19312:
19257:
19168:
19091:
18996:
18981:
18793:
18495:
17890:
17741:
17734:
17686:
17672:
17388:
16667:
16096:
15228:
14643:
14577:
13536:
13530:
12883:
11456:
10474:"Group of Governors and Heads of Supervision announces higher global minimum capital standards"
10327:
10292:
7501:
7491:
7383:
6510:
5465:
5317:
List of banks acquired or bankrupted in the United States during the 2007–2008 financial crisis
5286:
5211:
5201:
5146:
5137:
4879:
4694:
4651:
4347:
4215:
4097:, where institutions' instability destabilized other institutions and led to knock-on effects.
3344:
In his dissent to the majority report of the Financial Crisis Inquiry Commission, conservative
3244:
3165:
3056:
2264:
2059:
1783:
1712:(IMF) warned that the world financial system was teetering on the "brink of systemic meltdown".
1419:
1128:
869:
At least two major reports on the causes of the crisis were produced by the U.S. Congress: the
851:
705:
16437:
15308:
15191:"How Did Bank Lending to Small Business in the United States Fare After the Financial Crisis?"
15081:
14954:
14692:
14680:
14499:
14439:
12813:
12680:
12565:
12555:
11959:
9647:
8329:
7913:
7534:
7110:
6775:). This led to a dramatic rise in the number of households living below the poverty line (see
6489:
6084:
3701:
issuer's minimal underwriting standards) were subsequently securitized and sold to investors.
909:
charges after allegedly anticipating the crisis and selling toxic investments to its clients.
884:
In total, 47 bankers served jail time as a result of the crisis, over half of which were from
20890:
20885:
20760:
20483:
20034:
20017:
19993:
19886:
19881:
19828:
19650:
19618:
19426:
19411:
19001:
18976:
18961:
18725:
18118:
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17544:
17523:
17017:
16964:
16917:
15019:
13568:
13497:
13380:
13212:
13162:
12902:
12835:
12466:
12133:
12105:
Litan, Robert E.; Retsinas, Nicolas P.; Belsky, Eric S.; White Haag, Susan (April 15, 2000).
12088:
11854:
11425:
11176:
10495:
9671:
9294:
8207:
8186:
7363:
7001:
6957:
6854:"The Federal Reserve's Policy Actions during the Financial Crisis and Lessons for the Future"
6542:
5923:
5492:
5436:
5281:
5089:
5003:
4851:
4805:
4735:
4712:
4334:
4321:
4277:
4255:
4251:
4211:
3913:
3834:
3716:
3670:
3139:
2839:
The expansion of central bank lending in response to the crisis was not only confined to the
2161:
November 3, 2010: To improve economic growth, the Federal Reserve announced another round of
2155:
2143:
2063:
2017:
1820:
1274:
rating agency downgrades the ratings of many monoline insurers which pay out bonds that fail.
1271:
1253:
1061:
816:
784:
510:
15862:
15483:
14141:
13658:
13635:
12959:
11906:
11698:
9934:
8913:
8844:
7235:
Noonan, Laura; Tilford, Cale; Milne, Richard; Mount, Ian; Wise, Peter (September 20, 2018).
7036:
6979:
6393:
4492:, believed that the decrease in GDP growth rates since the early 1970s is due to increasing
3731:
to seize the lender. One Countrywide employee—who would later plead guilty to two counts of
1559:
to temporarily insure money market funds and allow the credit markets to continue operating.
21161:
20980:
20945:
20850:
20825:
20514:
20011:
19963:
19903:
19739:
19660:
19520:
19443:
19401:
19280:
19230:
19215:
19198:
19098:
18986:
18956:
18672:
18502:
18046:
17658:
17563:
17555:
17467:
17040:
16047:
15509:
14758:
Credit Models and the Crisis: A Journey into CDOs, Copulas, Correlations and dynamic Models
14266:
9686:
7721:
7713:
7189:
6538:"The U.S. Financial and Economic Crisis: Where Does It Stand and Where Do We Go From Here?"
6020:
Confer Thomas Philippon: "The future of the financial industry", Finance Department of the
6001:
5242:
5170:
4624:
4476:
4414:
4370:
4207:
4052:
3889:
3815:
3662:
3557:
3401:
3336:
economists, and the work of several independent scholars generally contend that government
3236:
3179:
3099:
3079:
3048:
3037:
2936:
2918:
2210:
2151:
2067:
1831:
1747:
1578:
1488:
1392:
1322:
796:
709:
637:
540:
139:
15116:
15101:
9586:
8556:
7617:
7467:
4590:
3900:
famously referred to derivatives as "financial weapons of mass destruction" in early 2003.
3215:
Easy availability of credit in the US, fueled by large inflows of foreign funds after the
1937:, a $ 787 billion economic stimulus package. President Barack Obama signed it February 17.
8:
20965:
20915:
20870:
20860:
20845:
20835:
20820:
20800:
20775:
20765:
20755:
20509:
20329:
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19761:
19510:
19203:
19121:
19116:
19066:
18966:
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18001:
17853:
17771:
17605:
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17327:
17000:
16932:
16362:
16358:
15784:
15086:
14778:
14394:
14198:
14070:
13193:
11880:
11041:
10743:
10438:
10340:
10256:
9407:
9275:
9101:
8934:
Solomon, Deborah; Rappaport, Liz; Paletta, Damian; Hilsenrath, Jon (September 20, 2008).
7742:
6465:
6234:
6025:
5182:
5154:
5039:
4968:
4788:
4635:
4607:
4483:
4149:
3591:
3588:
3533:
3118:
3083:
2882:
2227:
2162:
2096:
2055:
1787:
1527:
via a temporary guarantee and with Federal Reserve programs to purchase commercial paper.
992:
812:
756:
579:
575:
109:
14335:
14270:
13475:
7862:
7430:
7210:
5073:. The book describes various features of the economy and housing market that led to the
4675:
3673:
standards was endemic. His testimony stated that by 2006, 60% of mortgages purchased by
1680:
October 7, 2008: In the U.S., per the Emergency Economic Stabilization Act of 2008, the
20985:
20960:
20865:
20805:
20780:
20750:
20740:
20339:
20334:
20324:
20314:
20027:
20005:
19525:
19384:
19359:
19329:
19290:
19173:
19016:
17511:
17296:
17281:
16982:
16958:
16616:
16589:
16220:
16073:
15868:
15515:
15489:
14848:
14738:
14661:
14583:
14467:
14290:
14147:
14076:
14033:
13924:
13664:
13641:
13618:
13607:
13428:
13420:
13218:
13207:
13051:
12989:
12943:
12819:
12643:
12517:
12268:
12199:
11912:
11886:
11704:
11678:
11603:
11116:
11018:
10722:
10711:
10650:
10639:
10582:
10419:
10331:
10312:
10007:
9850:
9778:
9525:
9499:
8964:
8919:
8850:
8562:
8551:
8212:
8192:
7919:
7368:
7042:
6495:
6422:
6399:
6388:
6373:
6163:
6128:
5873:
5840:
5692:
5572:
5470:
5235:
5206:
5098:
4760:
4750:
4379:
3955:
3937:
3853:
3625:) reached the U.S. financial markets. Foreign governments supplied funds by purchasing
3549:
3337:
3169:
2932:
1596:
1574:
1380:
1199:
1180:
765:
760:
583:
62:
12286:
Demyank, Y.; Hemert, V. O. (June 2011). "Understanding the subprime mortgage crisis".
9666:
5976:
3579:
deficit, which peaked along with the housing bubble in 2006. Federal Reserve chairman
1842:
1823:, respectively, reduced their interest rates from 4.5% to 3%, and from 3.75% to 3.25%.
547:. Financial institutions worldwide suffered severe damage, reaching a climax with the
21157:
20920:
20875:
20815:
20790:
20745:
20688:
19925:
19756:
19569:
19156:
18951:
18912:
17597:
17580:
17481:
17251:
17027:
16401:
16319:
16293:
16261:
16242:
16194:
16032:
15857:
15722:
15314:
15303:
15283:
15279:
Columbia University Press, Rational Investing Book, Page 61-62 What Can Be Forecasted
15132:
15057:
15023:
14930:
14761:
14688:
14624:
14505:
14478:
14445:
14367:
14282:
14235:
14174:
14091:
14048:
13928:
13696:
13690:
13572:
13540:
13509:
13432:
13410:
13347:
13187:"Hearing on Subprime Lending And Securitization And Government Sponsored Enterprises"
13166:
12912:
12845:
12686:
12561:
12532:
12488:
12374:
12347:
12320:
12260:
12191:
12085:
12013:
11991:
11955:
11934:
11858:
11544:
11435:
11156:"Victimizing the Borrowers: Predatory Lending's Role in the Subprime Mortgage Crisis"
11120:
10852:
10535:
10530:
10054:
10046:
Evolutions in Corporate Governance: Towards an Ethical Framework for Business Conduct
9782:
9770:
8177:
7530:
7505:
7497:
7493:
Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America
7106:
7011:
6980:"Fixing Global Finance: A Developing Country Perspective on Global Financial Reforms"
6632:
6565:
6239:
6155:
6080:
5943:
5878:
5860:
5796:
5696:
5682:
5576:
5564:
5496:
5440:
5405:"Victimizing the Borrowers: Predatory Lending's Role in the Subprime Mortgage Crisis"
5070:
5023:
4559:
4499:
4493:
4139:
4010:
3785:
3781:
3735:
and spent 18 months in prison—stated that, "If you had a pulse, we gave you a loan."
3709:
3618:
3552:
target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the
3351:
3125:
2253:
2238:
1607:
1524:
1523:. The U.S. government extended insurance for money market accounts analogous to bank
1511:
1503:
1461:
1399:
1353:
893:
717:
613:
502:
15942:
15739:
15422:
15263:""No One Saw This Coming": Understanding Financial Crisis Through Accounting Models"
14742:
14665:
13293:
12993:
11399:
8936:
8887:
8380:
8276:
6167:
5841:"Impact of 2008 global economic crisis on suicide: time trend study in 54 countries"
5228:
4203:
originators of synthetic products. It was a shocking abdication of responsibility."
4159:(FCIC) made the major government study of the crisis. It concluded in January 2011:
1731:
to guarantee the senior debt of all FDIC-insured institutions through June 30, 2009.
20950:
20830:
20795:
20693:
20608:
20603:
20094:
19532:
19495:
19421:
19379:
19275:
19235:
19036:
19031:
18562:
18077:
18072:
17488:
17460:
17437:
17369:
16421:
16311:
16010:
15970:
15656:
15587:
15464:
15400:
15012:
14898:
14875:
14840:
14730:
14722:
14708:"The devil is in the tails: actuarial mathematics and the subprime mortgage crisis"
14653:
14557:
14531:
14294:
14274:
14259:
Proceedings of the Royal Society A: Mathematical, Physical and Engineering Sciences
14227:
13916:
13807:
13769:
13505:
13455:
13402:
12979:
12975:
12971:
12808:
12770:"Delinquencies and Foreclosures Increase in Latest MBA National Delinquency Survey"
12295:
12252:
12183:
11637:
11246:
11242:"Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending"
11106:
10247:
10243:
9762:
9561:
9336:
9254:
8604:
8352:
8217:
8181:
7130:
6778:"The global financial crisis and developing countries: taking stock, taking action"
6145:
6137:
5935:
5868:
5852:
5788:
5674:
5590:
5554:
5366:
5249:
4265:
4231:
3827:
3777:
3286:
3251:
3059:" including too many financial firms acting recklessly and taking on too much risk.
1959:
1876:
1864:
1827:
1515:
1069:
1050:
843:
808:
684:
559:
506:
498:
494:
39:
14707:
13883:
9627:
7970:
7447:
Stone, Chad; Trisi, Danilo; Sherman, Arloc; Beltrán, Jennifer (January 13, 2020).
6878:
5924:"The Great Recession, Fertility, and Uncertainty: Evidence From the United States"
3880:, the U.S. Congress and President Bill Clinton allowed the self-regulation of the
3289:. Subprime had not become less risky; Wall Street just accepted this higher risk.
21018:
20955:
20910:
20810:
19816:
19749:
19645:
19606:
19490:
19433:
19305:
19208:
19106:
19026:
19021:
18971:
18522:
18372:
18207:
18053:
18009:
17908:
17409:
17168:
16976:
16479:
16375:
16283:
16204:
16149:"5 movies that explain what caused the financial crisis, and what happened after"
15740:"Crisis Deepens as Big Bank Fails: IndyMac Seized In Largest Bust In Two Decades"
15591:
15356:
15175:
15047:
14920:
14609:
14319:
14013:
13740:
13562:
13156:
13075:
13029:
12482:
12368:
12341:
12314:
11928:
11848:
11784:
10211:
10151:
10120:
10044:
8118:
7347:
7241:
7151:
7057:
6617:
6362:
5839:
Chang, Shu-Sen; Stuckler, David; Yip, Paul; Gunnell, David (September 17, 2013).
5486:
5430:
5356:
5296:
5043:
5015:
5011:
4982:
4948:
4920:
4765:
4728:
4679:
4667:
4242:
4187:
4105:
4022:
3999:
3969:
3917:
Leverage ratios of investment banks increased significantly between 2003 and 2007
3694:
3599:
3545:
3474:
3333:
3173:
3071:"collapsing mortgage-lending standards and the mortgage securitization pipeline".
3052:
2928:
2914:
2840:
2042:
2006:
1994:
1980:
1951:
closed its lowest value since 1997 as the U.S. government increased its stake in
1941:
1816:
1775:
1767:
1763:
1496:
1480:
1469:
1465:
1288:
1249:
1224:
1184:
828:
824:
804:
788:
780:
680:
651:
capital and liquidity standards were also adopted by countries around the world.
633:
571:
526:
190:
89:
43:
17061:
15764:"Audit Report - SAFETY AND SOUNDNESS: Material Loss Review of IndyMac Bank, FSB"
14827:
Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Olivier (Fall 2008).
12402:
10376:
8717:
8023:
6809:"Poverty headcount ratio at $ 1.90 a day (2011 PPP) (% of population) – Armenia"
6757:). Moreover, the remittances also decreased after 2007/08, then fluctuated (see
4510:
school represented by Foster, pointed to capitalism's long-term tendency of the
3432:(in December 2010): "We find limited evidence that substantial deterioration in
2818:
The twenty largest economies contributing to global GDP (PPP) growth (2007–2017)
720:
used to insure them against failure, which declined in value significantly. The
20698:
19766:
19744:
19722:
19700:
19695:
19220:
19151:
19081:
18826:
18287:
18199:
18104:
17474:
17453:
16891:
16837:
16621:
16430:
16380:
United States Senate Homeland Security Permanent Subcommittee on Investigations
16209:
16115:
14980:
14435:
14420:
14399:
14121:
13905:"Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or...)?"
13811:
13787:
13773:
13745:
13721:
13118:
12407:
11901:
11464:
10801:"UBS to pay $ 1.4 billion over fraud in residential mortgage-backed securities"
8743:
8498:
8304:
7278:"Mixed verdict for ex-PM of Iceland in trial tied to banking system's collapse"
6291:
6029:
5361:
5129:
5125:
5121:
4724:
4716:
4687:
4511:
4488:
4439:
4418:
4397:
4325:
4314:
4302:
4117:
4069:
3988:
3925:
3897:
3893:
3873:
3857:
3743:
3553:
3481:
3470:
3183:
3110:
2220:
announced that "The ECB is ready to do whatever it takes to preserve the euro".
2127:. The Volcker Rule against proprietary trading was not part of the legislation.
1890:
1807:
1759:
1716:
1637:
1589:
1570:
1492:
1373:
1332:
1318:
1314:
1303:
1264:
1228:
1167:
1073:
1046:
1014:
875:
United States Senate Homeland Security Permanent Subcommittee on Investigations
832:
594:
365:
288:
210:
198:
16440:– audio interviews with Timothy Geithner, Ben Bernanke and Henry Paulson from
14734:
14657:
11374:"Government Policies Caused The Financial Crisis And Made the Recession Worse"
6958:"Federal Reserve Liquidity Provision during the Financial Crisis of 2007–2009"
6650:
5745:"Paulson: Why I bailed out the banks and what would have happened if I hadn't"
5678:
4754:, "Taleb not only has an explanation for what's happening, he saw it coming."
3040:
and supervision", including the Federal Reserve's failure to stem the tide of
2290:
The top twenty growing economies (by increase in GDP (PPP) from 2007 to 2017)
1002:
2006: After years of above-average price increases, housing prices peaked and
21222:
19908:
19685:
17950:
17875:
17868:
17861:
17839:
17823:
17815:
17808:
17794:
17764:
17757:
17750:
17708:
17701:
17694:
17665:
17504:
17497:
17423:
17395:
17312:
16606:
16601:
16584:
16418:
documentation including additional background article and in-depth interviews
16408:
documentation including additional background article and in-depth interviews
15889:
15839:
15700:
15681:
15609:
15376:
15128:
14726:
14286:
14239:
14162:
14040:
14028:
13967:
13868:
13815:
13736:
13140:
12622:
12537:"Dissent from the Majority Report of the Financial Crisis Inquiry Commission"
12264:
12195:
11996:"Dissent from the Majority Report of the Financial Crisis Inquiry Commission"
10856:
10760:"Impact of the US Housing Crisis on the Racial Wealth Gap Across Generations"
10514:
9774:
8537:
8136:
7406:"Analysis: American inequality is rising despite higher wages | CNN Business"
7066:
6689:
6324:
6243:
6188:
6159:
6065:
5947:
5864:
5800:
5568:
5351:
5291:
5165:
5160:
5117:
5019:
4844:
4840:
4825:
4817:
4527:
4523:
4503:
4077:
4043:
3984:
3980:
3862:
3792:
3659:
3626:
3498:
3405:
3396:
3187:
3018:
2962:
2953:
2886:
2263:, from 2007 to 2017, "advanced" economies accounted for only 26.5% of global
2147:
1984:
1739:
1600:
1566:
1534:
1298:
January 18, 2008: Stock markets fell to a yearly low as the credit rating of
1202:
from its peak of 5.25% in response to worries about liquidity and confidence.
1176:
1163:
1003:
996:
988:
902:
897:
800:
609:
522:
375:
15985:
14879:
14231:
13460:
13447:
10395:"S.3217: Restoring American Financial Stability Act of 2010 – U.S. Congress"
4981:
On July 11, 2008, citing liquidity concerns, the FDIC put IndyMac Bank into
3844:
Regulators and accounting standard-setters allowed depository banks such as
2113:
First quarter 2010: Delinquency rates in the United States peaked at 11.54%.
2054:
and key advisers introduced a series of regulatory proposals that addressed
978:
724:
estimated that large U.S. and European banks lost more than $ 1 trillion on
597:. This market development went unattended by regulators and thus caught the
21212:
21200:
19897:
19833:
19374:
18279:
18030:
17831:
17402:
16289:
16238:
15559:
15077:
15053:
14809:
14598:
14572:
14278:
14136:
13686:
13424:
13396:
13351:
13007:
12960:"Leading indicators of crisis incidence: Evidence from developed countries"
12932:
12508:
11693:
10954:
10571:
10398:
10183:
9996:
9488:
9431:
9392:
8782:
8096:
7262:
7031:
6608:
6484:
5882:
5382:
5060:
5007:
4770:
4683:
4647:
4639:
4612:
4578:
4352:
4294:
4199:
4148:
insured obligations of various financial institutions through the usage of
4026:
4014:
3976:
3936:
U.S. households and financial institutions became increasingly indebted or
3773:
3765:
3607:
3580:
3528:
3509:
3416:
3154:
2217:
2100:
2092:
2051:
2010:
magazine declared "More Quickly Than It Began, The Banking Crisis Is Over".
1751:
1548:
1541:
1520:
1364:
1357:
1210:
1121:
1092:
1042:
831:
created then-significant amounts of new currency as a method to combat the
740:
696:
570:, permitting financial institutions to commingle low-risk operations, like
16218:
Deepening neoliberalism, austerity, and crisis: Europe's treasure Ireland,
15465:"The Black Swan: Quotes & Warnings that the Imbeciles Chose to Ignore"
14552:
13920:
13355:
10414:"New York Times-Major Parts of the Financial Regulation Overhaul-May 2010"
3876:
fought to keep the derivatives market unregulated. With the advice of the
3575:
Additional downward pressure on interest rates was created by rising U.S.
3017:, which occurred due to a high default rate and resulting foreclosures of
659:
19789:
19717:
19633:
19453:
19178:
18533:
17990:
17589:
17446:
17416:
16970:
16611:
16224:
15576:"Cross-country causes and consequences of the 2008 crisis: Early warning"
15262:
15120:
15105:
15043:
14926:
14895:
Getting up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide
14308:
12299:
12256:
12187:
12039:
11907:"The Reckoning-Pressured to Take More Risk, Fannie Reached Tipping Point"
11588:
11007:
10458:
10229:
9452:
9316:
9208:
8583:
7487:
6141:
5192:
5065:
4863:
originated over $ 90 billion (~$ 131 billion in 2023) of mortgages.
4813:
4719:, had predicted the crisis in 2005 when he became chief economist at the
4586:
4564:
4388:
4317:
system could not provide funds to mortgage firms and other corporations.
4195:
4182:
4122:
4100:
3803:
loans, began the process of banking deregulation, and contributed to the
3723:
3611:
3305:
3258:
the ability of financial institutions to lend, slowing economic activity.
3147:
3041:
2873:
2844:
1915:
1755:
1688:
1670:
1557:
Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility
1388:
1135:
1088:
1054:
1031:
sounded "the alarm about an impending crisis in the U.S. housing market"
1021:
889:
748:
725:
629:
536:
514:
360:
71:
35:
16165:
The initial articles and some subsequent material were adapted from the
14852:
14828:
13406:
12984:
12272:
12240:
12203:
12171:
11345:"How government regulation—not free markets—caused the financial crisis"
11111:
11092:
10878:"Financial crisis of 2007–08 | Definition, Causes, Effects, & Facts"
6150:
6042:"The Great Lockdown: Worst Economic Downturn Since the Great Depression"
5792:
5559:
5542:
3814:, which repealed provisions of the Glass-Steagall Act that prohibited a
2165:, dubbed QE2, which included the purchase of $ 600 billion in long-term
19876:
19784:
19690:
19623:
19396:
16279:
16230:
15478:
14950:
14844:
13760:
Healy, Paul M.; Palepu, Krishna G. (Spring 2003). "The Fall of Enron".
11744:"2014 Foreclosure Filings Hit Lowest Level Since 2006, RealtyTrac Says"
11214:
11060:
10473:
9766:
9687:"It's official: U.S. in a recession since December 2007 – Dec. 1, 2008"
8908:
5939:
5224:
produced several episodes investigating various aspects of the crisis:
4905:
4878:
was most pronounced—and heavy reliance on costly funds borrowed from a
4867:
4839:
IndyMac Bank was founded as Countrywide Mortgage Investment in 1985 by
4663:
4643:
4572:
4506:, Michael Roberts, and Guglielmo Carchedi, in contradistinction to the
4472:
4459:
3739:
3732:
3651:
3301:
3143:
2848:
2230:, dubbed QE3, which included the purchase of $ 40 billion in long-term
2203:
1979:
March 12, 2009: Stock market indices in the U.S. rose another 4% after
1958:
Early March 2009: The drop in stock prices was compared to that of the
1856:
1841:
after the failure of banks in Iceland resulted in a devaluation of the
1693:
1384:
1139:
769:
671:
355:
67:
47:
19712:
15697:"David S. Loeb, Former Chairman of IndyMac Bancorp, Inc., Passes Away"
11602:
Chari, V. V.; Christiano, Lawrence; Kehoe, Patrick J. (October 2008).
11585:"Declaration of the Summit on Financial Markets and the World Economy"
10739:"Income inequality seems to be rising in more than 2 in 3 metro areas"
10531:"Financial Crisis II: European governments fail to learn from history"
8475:"Stocks erase early losses, rise as concerns about bond insurers ease"
5856:
2103:, who publicly argued for the proposed changes. Obama also proposed a
2016:
May 1, 2009: People protested economic conditions globally during the
1906:
1882:
December 16, 2008: The federal funds rate was lowered to zero percent.
1414:
combined with strong demand from China encouraged people to invest in
1379:
March 18, 2008: In a contentious meeting, the Federal Reserve cut the
1158:
915:
19542:
19161:
19011:
16369:
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse
16153:
14756:
Brigo, Damiano; Pallavicini, Andrea; Torresetti, Roberto (May 2010).
13904:
13498:"Some Hope for the Future After a Failed National Policy for Thrifts"
13260:
12908:
11627:
10603:
10293:"H.R.4173: Dodd-Frank Wall Street Reform and Consumer Protection Act"
10050:
10024:"Obama Says Buy Stocks Now: Good Deals There for Long-Term Investors"
9571:
8761:
Poirier, John; Wutkowski, Karey; Younglai, Rachelle (July 11, 2008).
8600:"The Bear Stearns Books Still Don't Answer The Interesting Questions"
7948:
7324:
6104:
5964:(Act of Congress 111-203). The United States Congress. July 21, 2010.
5094:
5031:
4671:
4611:
U.S., the rate of commercial bank failures was almost triple that of
4360:
3845:
3683:
3679:
3674:
3666:
3622:
3561:
3096:
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse
2944:
2940:
2138:
2034:(NBER) declared June 2009 as the end date of the U.S. recession. The
1972:
1952:
1702:
1585:
1415:
1411:
1220:
879:
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse
862:
759:
also increased the linkage between large financial institutions. The
736:
648:
350:
14894:
8534:"Carlyle Capital Corporation Limited Issues Update on Its Liquidity"
8381:"Nasdaq Ends Year on a Down Note But Finishes 2007 With a 9.8% Gain"
7738:"10 years later: How the housing market has changed since the crash"
7236:
5163:
authored a best-selling non-fiction book about the crisis, entitled
3852:, masking the weakness of the capital base of the firm or degree of
3150:
to lose market share and to respond by lowering their own standards.
755:
corporate and institutional investors globally. Derivatives such as
19918:
19856:
19628:
19547:
17381:
17338:
16886:
16006:
15652:
15449:
15405:
15392:
14959:
14902:
13888:
13398:
Globalizing Capital: A History of the International Monetary System
13360:
11642:
10599:"Middle class households' wealth fell 35 percent from 2005 to 2011"
9632:
9085:
8495:"President Bush Signs H.R. 5140, the Economic Stimulus Act of 2008"
8141:
7975:
7472:
6883:
5616:"Don't blame the affordable housing goals for the financial crisis"
5027:
4940:
4821:
4597:
4273:
3964:
3200:
1894:
1630:
1615:
1507:
1473:
1368:
1188:
1095:
bailed out two of its hedge funds with $ 20 billion of exposure to
744:
732:
590:
552:
345:
16448:
15573:
13234:"All Clayton Trending Reports 1st quarter 2006 – 2nd quarter 2007"
10717:"Fed Says Growth Lifts the Affluent, Leaving Behind Everyone Else"
4276:
on the entities in the "parallel" banking system, also called the
4272:—placed significant blame for the freezing of credit markets on a
4173:
and CDS investors, issuers, and rating agencies. According to one
3810:
In November 1999, U.S. President Bill Clinton signed into law the
3544:
Lower interest rates encouraged borrowing. From 2000 to 2003, the
3068:
a "systemic breakdown in accountability and ethics" at all levels.
3025:. Some or all of the following factors contributed to the crisis:
2923:
2245:
grew from 2005 to 2012 in more than 2 out of 3 metropolitan areas.
1216:
October 9, 2007: The DJIA hit its peak closing price of 14,164.53.
16166:
15629:
14868:"The Impact of Index and Swap Funds on Commodity Futures Markets"
12793:
12753:
12732:
12584:
10117:"Untold Stories: Latvia: Sobering Lessons in Unregulated Lending"
9892:
9545:
9371:
8933:
8767:
8518:
8260:
8240:
8075:
7999:
7892:
7867:
7603:
7580:
7557:
7449:"A Guide to Statistics on Historical Trends in Income Inequality"
6442:
6347:
4898:
4871:
4801:
4237:
3404:
called credit default swaps, collateralized debt obligations and
3089:"the failures of credit rating agencies" to correctly price risk.
1803:
1426:
1206:
885:
792:
700:
605:
589:
Arguably the largest contributor to the conditions necessary for
509:
targeting low-income homebuyers, excessive risk-taking by global
16350:
13448:"Systemically Important Banks and Capital Regulation Challenges"
11562:"Alan Greenspan: 'Die Ratingagenturen wissen nicht was sie tun'"
9270:"Financial crisis: US stock markets suffer worst week on record"
8112:"News Release: Liquidity Support Facility for Northern Rock plc"
7550:"Here's How They Missed the Early Clues of the Financial Crisis"
5670:
Predatory Lending Practices Prior to the Global Financial Crisis
4963:
On July 7, 2008, IndyMac announced on the company blog that it:
1684:
increased deposit insurance coverage to $ 250,000 per depositor.
1618:
in which panicked depositors withdrew $ 16.7 billion in 10 days.
1024:
inverted, signaling a recession was likely within a year or two.
735:
and declines in credit availability led to plummeting stock and
21183:
16871:
List of banks acquired or bankrupted during the Great Recession
14897:(Report). Cambridge, MA: National Bureau of Economic Research.
14629:"The Subprime Turmoil: What's Old, What's New, and What's Next"
14212:
Elliott, Matthew; Golub, Benjamin; Jackson, Matthew O. (2014).
13846:
13240:
12018:"Why the Left Is Losing the Argument over the Financial Crisis"
11748:
11181:
9738:
9143:"The Financial Crisis: This Day – One Year Ago, Sept. 30, 2008"
9023:
8980:"The Financial Crisis: This Day – One Year Ago, Sept. 21, 2008"
7621:
7299:"Why Only One Top Banker Went to Jail for the Financial Crisis"
7211:"Helping Buyers Beware: The Need for Supervision of Big Retail"
6942:
5312:
List of banks acquired or bankrupted during the Great Recession
4708:
There were other economists that did warn of a pending crisis.
3348:
1837:
November 20, 2008: Iceland obtained an emergency loan from the
1502:
September 17, 2008: Investors withdrew $ 144 billion from U.S.
688:
624:
failed to slow the economic free-fall, but the similarly sized
15785:"FDIC Board Approves Letter of Intent to Sell IndyMac Federal"
15171:"In Pictures: Banks vs. Credit Unions in the Financial Crisis"
15125:
Counting on Marilyn Waring: New Advances in Feminist Economics
13596:. Economics papers: A journal of applied economics and policy.
13502:
The Savings and Loan Crisis: Lessons from a Regulatory Failure
12600:"Waiting for the other shoe to drop in commercial real estate"
12107:"The Community Reinvestment Act After Financial Modernization"
10782:"International Monetary Fund, World Economic Outlook Database"
9562:"PNC will buy troubled National City Corp. for $ 5.58 billion"
7618:"Federal Reserve Bank of St. Louis' Financial Crisis Timeline"
1256:
to supply short-term credit to banks with sub-prime mortgages.
1049:
predicting a recession. Due to increased delinquency rates in
17217:
Acquired or bankrupt banks in the late 2000s financial crisis
13500:. In Barth, James R.; Trimbath, Susanne; Yago, Glenn (eds.).
12241:"The Subprime Crisis: Is Government Housing Policy to Blame?"
12104:
11629:
Did Fair-Value Accounting Contribute to the Financial Crisis?
8024:"Dow Jones Industrial Average (^DJI) Charts, Data & News"
7003:
Liquidity Lost: The Governance of the Global Financial Crisis
6742:"Foreign direct investment, net inflows (% of GDP) - Armenia"
4859:
3866:
3770:
Depository Institutions Deregulation and Monetary Control Act
3644:
2180:
1879:
began, sparked in part by economic conditions in the country.
1734:
October 16, 2008: A rescue plan was unveiled for Swiss banks
1383:
by 75 basis points, its 6th cut in 6 months. It also allowed
1299:
906:
768:
were due to falls in trade, commodity prices, investment and
16706:
16426:
Eight Days: the battle to save the American financial system
15966:"IndyMac stops new mortgage loans, to cut workforce by half"
15110:"Advances in Feminist Economics in Times of Economic Crisis"
14501:
Corporate Social Responsibility in the Global Business World
13806:
12789:"Update 4—One in 7 U.S. mortgages foreclosing or delinquent"
11933:. New York City: Algora Publishing. pp. 16–42, 67–119.
6560:"Euro crisis imperils recovering global economy, OECD warns"
5066:
Crash Proof: How to Profit From the Coming Economic Collapse
4901:
revealed that it may not be well capitalized in the future.
4897:
On May 12, 2008, in the "Capital" section of its last 10-Q,
1321:
tumbled 323.5 points or 5.5% in its largest crash since the
1057:
said that it would stop investing in certain subprime loans.
608:
of financial institutions and other palliative monetary and
604:
After the onset of the crisis, governments deployed massive
16285:
Crashed: How a Decade of Financial Crises Changed the World
15905:"Robert C. Daniels, et al. v. IndyMac Bancorp, Inc., et al"
15423:"Mr Rajan Was Unpopular (But Prescient) at Greenspan Party"
14393:
Harrington, Shannon D.; Moses, Abigail (November 6, 2008).
14195:"Financial Crisis Inquiry Commission – story of a security"
12957:
11497:
Keller, Christopher; Stocker, Michael (November 18, 2008).
11057:"Financial Meltdown Was Avoidable, Crisis Commission Finds"
9981:
9147:
8984:
8783:"Housing and Economic Recovery Act of 2008 (HERA) Programs"
7342:"Who was convicted because of the global financial crisis?"
6651:"Labor Force Statistics from the Current Population Survey"
4886:
borrower's needs, using an extensive array of risky option-
4406:
3433:
284:
Government intervention during the subprime mortgage crisis
16068:"IndyMac one of the largest bank failures in U.S. history"
14755:
14553:"Recipe for Disaster: The Formula That Killed Wall Street"
14116:"U.S. Considers Bringing Fannie & Freddie Onto Budget"
13942:
Chang, V.; Newman, R.; Walters, R.J.; Wills, G.B. (2016).
11293:"Federal Reserve Board – Community Reinvestment Act (CRA)"
11260:
10272:"Treasury Department Report – Financial Regulatory Reform"
7237:"Who went to jail for their role in the financial crisis?"
6100:"A tale of two depressions: What do the new data tell us?"
5517:"Why Didn't Bank Regulators Prevent the Financial Crisis?"
5010:
would collapse in March 2008 resulted in its fire-sale to
4458:
suggested that a financial crisis is a systemic crisis of
3908:
3686:
standards) increased ... to over 80% of production".
1400:
17212:
Dodd–Frank Wall Street Reform and Consumer Protection Act
16737:
Dodd–Frank Wall Street Reform and Consumer Protection Act
15926:
15335:
14829:"Financial Crash, Commodity Prices and Global Imbalances"
14469:
The Concise Encyclopedia of The Great Recession 2007–2012
13903:
Bordo, Michael D.; Redish, Angela; Rockoff, Hugh (2015).
13692:
The Return of Depression Economics and the Crisis of 2008
13401:(3rd ed.). Princeton University Press. p. 216.
13096:
13012:"The Global Saving Glut and U.S. Current Account Deficit"
12664:
11520:"Reflections on Glass-Steagall and Maniacal Deregulation"
11483:
10671:
10624:
10556:
10101:
10080:
9960:
9939:
9871:
9798:"Singapore recession deepens, government cuts 09 outlook"
9717:
9612:
9591:
9473:
9189:
9168:
9127:
9106:
9065:
9044:
8827:
8806:
8787:
United States Department of Housing and Urban Development
8722:
8625:
8428:
8407:
8162:
7842:
7765:
7282:
7085:
6586:
6536:
Baily, Martin Neil; Elliott, Douglas J. (June 15, 2009).
6511:"World Economic Outlook: Crisis and Recovery, April 2009"
6273:
5962:
Dodd-Frank Wall Street Reform and Consumer Protection Act
5307:
List of bank failures in the United States (2008–present)
5035:
4568:
4145:
3485:
3356:
United States Department of Housing and Urban Development
2911:
Indirect economic effects of the subprime mortgage crisis
2275:
2132:
Dodd–Frank Wall Street Reform and Consumer Protection Act
2125:
Dodd-Frank Wall Street Reform and Consumer Protection Act
2079:
Dodd–Frank Wall Street Reform and Consumer Protection Act
1735:
1665:
October 3, 2008: The House of Representatives passed the
1114:
1028:
958:
Dodd–Frank Wall Street Reform and Consumer Protection Act
859:
Dodd–Frank Wall Street Reform and Consumer Protection Act
645:
Dodd–Frank Wall Street Reform and Consumer Protection Act
380:
135:
Dodd–Frank Wall Street Reform and Consumer Protection Act
14826:
14706:
Donnelly, Catherine; Embrechts, Paul (January 4, 2010).
14071:"Agency's '04 Rule Let Banks Pile Up New Debt, and Risk"
14008:"Japan's lessons for a world of balance-sheet deflation"
12462:"US banking regulator's tab for failed banks nears $ 9B"
11263:"UNC Center Study Debunks Role of CRA in Housing Crisis"
11034:"Conclusions of the Financial Crisis Inquiry Commission"
10336:"Obama's 'Volcker Rule' shifts power away from Geithner"
10147:"More Quickly Than It Began, The Banking Crisis Is Over"
9365:
Wroughton, Lesley; Murphy, Francois (October 11, 2008).
9332:"Trading halted for first time since 2008 over pandemic"
8760:
8514:"Bush signs stimulus bill and cites economic resilience"
8450:"The Global Economic & Financial Crisis: A Timeline"
7446:
7362:
Morgenson, Gretchen; Story, Louise (December 24, 2009).
7062:"New $ 600B Fed Stimulus Fuels Fears of US Currency War"
6438:"Factbox–U.S., European bank write-downs, credit losses"
4874:
markets—states, alongside Nevada and Arizona, where the
3254:– the increased use of leverage in the financial system.
2062:, bank capital requirements, expanded regulation of the
1758:
soared against other major currencies, particularly the
1017:
warns clients of housing downturn, especially sub-prime.
728:
and from bad loans from January 2007 to September 2009.
15445:"Why Nassim Taleb is the True Predictor of this Crisis"
15244:"Why Economists Failed to Predict the Financial Crisis"
13941:
11499:"Executive Compensation's Role in the Financial Crisis"
10356:"Troubled Asset Relief Program: Two Year Retrospective"
9541:"Financial crisis may be worst in history – BoE's Bean"
8403:"Looking Back On Bank Of America's Countrywide Debacle"
8069:
Kar-Gupta, Sudip; Guernigou, Yann Le (August 9, 2007).
7809:
Haubrich, Joseph G.; Cherny, Kent (December 18, 2008).
7234:
7145:
Wheatley, Jonathan; Garnham, Peter (November 5, 2010).
6097:
5838:
5327:
List of entities involved in 2007–2008 financial crises
3227:
As part of the housing and credit booms, the number of
16848:
National fiscal policy response to the Great Recession
16130:"Oscars 2011: Inside Job banks best documentary award"
14783:"Reducing Systemic Risk in a Dynamic Financial System"
14527:"New theories attempt to explain the financial crisis"
13034:"Global Imbalances: Recent Developments and Prospects"
11881:"The Reckoning-Agency 04 Rule Lets Banks Pile on Debt"
10994:"Financial Crisis Inquiry Commission – Get the Report"
9205:"Congress Passes Emergency Economic Stabilization Act"
8187:"Markets Soar After Fed Cuts Key Rate by a Half Point"
7258:"Iceland ex-PM Geir Haarde cleared of bank negligence"
6417:"Lloyds Bank Is Discussing Purchase of British Lender"
6320:"Home Equity Extraction: The Real Cost of 'Free Cash'"
5135:
In October 2010, a documentary film about the crisis,
4246:
Securitization markets were impaired during the crisis
4038:
3749:
3341:
institutions that held loans in their own portfolios.
3323:
3138:
Reckless lending by lenders such as Bank of America's
2077:
passed bill H.R. 4173, a precursor to what became the
1476:
but neither bank wanted to acquire the entire company.
791:, provided then-unprecedented trillions of dollars in
777:
national fiscal policy response to the Great Recession
551:
on September 15, 2008, and a subsequent international
299:
National fiscal policy response to the Great Recession
21172:
17687:
Post-Napoleonic Irish grain price and land use shocks
16003:"Federal Regulators Close California Mortgage Lender"
14395:"Credit Swap Disclosure Obscures True Financial Risk"
13280:
Washington State Department of Financial Institutions
13213:"Raters Ignored Proof of Unsafe Loans, Panel Is Told"
12554:
Sanders, Anthony B.; An, Xudong (November 29, 2010).
12228:– via Levy Economics Institute of Bard College.
9886:
Cowan, Richard; Cornwell, Susan (February 15, 2009).
8667:"Commodity prices to rise more than expected in 2018"
7995:"Bear Stearns hedge funds near shutting down: report"
6760:"Personal remittances, received (% of GDP) – Armenia"
2202:
and 19 employees for selling fraudulent mortgages to
1546:
Speaker of the United States House of Representatives
1170:
to withdraw their savings during the financial crisis
15276:
Langlois, Hugues; Lussier, Jacques (March 7, 2017).
14866:
Irwin, Scott H.; Sanders, Dwight R. (June 1, 2010).
13982:
13980:
13978:
12837:
Zombie Economics: How Dead Ideas Still Walk among Us
12637:
Steverman, Ben; Bogoslaw, David (October 18, 2008).
12441:"FDIC's Tab For Failed U.S. Banks Nears $ 9 Billion"
11604:"Facts and Myths about the Financial Crisis of 2008"
11601:
11427:
Zombie Economics: How Dead Ideas Still Walk among Us
8557:"Search JP Morgan Pays $ 2 a Share for Bear Stearns"
6204:"5 of the World's Most Devastating Financial Crises"
5302:
List of acronyms associated with the eurozone crisis
3963:
for AAA-rated securities. The shift from first-loss
3756:
Government policies and the subprime mortgage crisis
2116:
April 15, 2010: U.S. Senate introduced bill S.3217,
1581:
to increase their protection by the Federal Reserve.
1555:
September 19, 2008: The Federal Reserve created the
1106:
closed above 14,000 for the first time at 14,000.41.
177:
Government policies and the subprime mortgage crisis
17262:
Public–Private Investment Program for Legacy Assets
15574:Andrew K. Rose and Mark M. Spiegel (January 2012).
15393:"Has Financial Development Made the World Riskier?"
14211:
12396:
12394:
12392:
12390:
11560:Kuls, Norbert; Tigges, Claus (September 22, 2007).
11457:"Fannie, Freddie, and the Subprime Mortgage Market"
11400:"How Government Failure Caused the Great Recession"
11013:"Financial Crisis Was Avoidable, Inquiry Concludes"
7938:
7936:
7934:
7431:"Wealth Inequality in the United States since 1913"
6690:"What China's economic problems mean for the world"
4808:. Before its failure, IndyMac Bank was the largest
4142:CDO was approximately five cents for every dollar.
3594:requires that a country (such as the US) running a
3367:
United States House Committee on Financial Services
3275:
US subprime lending expanded dramatically 2004–2006
2137:September 12, 2010: European regulators introduced
1930:
intensified and the Icelandic government collapsed.
1213:
and filed bankruptcy due to exposure to home loans.
982:
Cost of housing by State from the year 2000 to 2022
873:report, released January 2011, and a report by the
16967:(Europe, Middle East and North Africa, Asia; 2009)
16256:(Sociology of Crime Law and Deviance, Volume 16),
16112:"Overdose: A Film about the Next Financial Crisis"
16089:
16066:
16025:
15964:
15941:
15861:
15738:
15715:
15531:
15508:
15482:
15421:
15307:
15221:
15011:
14602:
14578:"News Analysis: Another Crisis, Another Guarantee"
14576:
14466:
14312:
14140:
14114:
14069:
14032:
14006:
13960:
13902:
13861:
13657:
13634:
13613:"Reinstating an Old Rule Is Not a Cure for Crisis"
13611:
13476:"History of the Eighties – Lessons for the Future"
13211:
13133:
13111:
12936:
12812:
12706:
12439:
12400:
12169:
11905:
11879:
11822:"Altruism: The Moral Root of the Financial Crisis"
11777:
11697:
11671:
11218:
11134:McArthur, Colin; Edelman, Sarah (April 13, 2017).
11011:
10715:
10643:
10575:
10412:
10000:
9843:
9518:
9494:"West Is in Talks on Credit to Aid Poorer Nations"
9492:
9268:
8959:"As Goldman and Morgan Shift, a Wall St. Era Ends"
8957:
8935:
8912:
8886:
8843:
8555:
8185:
8068:
7912:
7340:
7166:
7035:
6558:
6488:
6458:
6415:
6392:
6366:
6343:"Spending boosted by home equity loans: Greenspan"
6230:"A guide to the financial crisis – 10 years later"
6181:
5332:List of largest bank failures in the United States
5048:House Committee on Oversight and Government Reform
4971:since its May 12, 2008, quarterly earnings report;
4912:downgraded the ratings on a significant number of
4642:credits 12 economists with predicting the crisis:
2943:prices down, that usually puts the economy into a
2118:Restoring American Financial Stability Act of 2010
2091:January 22, 2010: President Obama introduced "The
1673:in a deal that did not require government funding.
1487:with $ 85 billion in debt and equity funding. The
17091:
14859:
14705:
13975:
12814:"U.S. Mortgage Delinquencies Reach a Record High"
12728:"Foreclosure rate almost doubled in 2007: report"
12636:
11398:Perry, Mark J.; Dell, Robert (January 18, 2011).
11319:"Did the CRA cause the mortgage market meltdown?"
10188:"It's Dippy to Fret About a Double-Dip Recession"
9330:Rahman, Riska; Wirayani, Prima (March 13, 2020).
8845:"U.S. Gives Banks Urgent Warning to Solve Crisis"
8579:"J.P. Morgan to buy Bear Stearns for $ 2 a share"
8577:Barr, Alistair; Morcroft, Greg (March 17, 2008).
7785:"The 2007 All-America Fixed-Income Research Team"
7573:"37 Critical Events of the 2008 Financial Crisis"
7339:Scannell, Kara; Milne, Richard (August 9, 2017).
6987:Centre for Research on Multinational Corporations
6296:"Sources and Uses of Equity Extracted from Homes"
3587:economies in Asia and oil-exporting nations. The
21220:
18856:
16775:
16091:"How Much Did Lehman CEO Dick Fuld Really Make?"
15737:Paletta, Damian; Enrich, David (July 12, 2008).
15717:"David Loeb, 79; Founded Mortgage Banking Firms"
15248:Wharton School of the University of Pennsylvania
14976:"The Financialization of Capital and the Crisis"
14253:Gai, Prasanna; Kapadia, Sujit (August 8, 2010).
13989:"A Minsky Meltdown: Lessons for Central Bankers"
13681:
13679:
13677:
13675:
13535:. U.S. League of Savings Institutions. pp.
12387:
11317:Bhutta, Neil; Canner, Glenn B. (March 1, 2009).
11297:Board of Governors of the Federal Reserve System
11161:Wharton School of the University of Pennsylvania
10758:Burd-Sharps, Sarah; Rasch, Rebecca (June 2015).
10757:
9977:"Dow Jones decline rate mimics Great Depression"
9888:"Congress sends $ 787 billion stimulus to Obama"
9123:"Citigroup buys Wachovia bank assets for $ 2.2B"
8888:"Bailout of Money Funds Seems to Stanch Outflow"
8756:
8754:
8130:
8128:
7931:
7863:"Fannie, Freddie tout limited subprime exposure"
7708:
7706:
7364:"Banks Bundled Bad Debt, Bet Against It and Won"
6858:Board of Governors of the Federal Reserve System
6290:
6121:"The Great Recession & the Great Depression"
5543:"Prone to Fail: The Pre-crisis Financial System"
5110:Overdose: A Film about the Next Financial Crisis
4629:Wharton School of the University of Pennsylvania
4598:Wrong banking model: resilience of credit unions
4486:, a political economy analyst and editor of the
4449:
4261:In a June 2008 speech, President and CEO of the
1309:January 21, 2008: As US markets were closed for
675:Share in GDP of U.S. financial sector since 1860
279:Federal Reserve responses to the subprime crisis
167:Causes of the 2000s United States housing bubble
16235:Collusion: How Central Bankers Rigged the World
15649:"Government shuts down mortgage lender IndyMac"
15275:
14874:. OECD Food, Agriculture and Fisheries Papers.
14392:
13717:"Banks' Hidden Junk Menaces $ 1 Trillion Purge"
13346:
13312:"Brown Sues Countrywide For Mortgage Deception"
12401:Johnston, Louis; Williamson, Samuel H. (2023).
12239:Avery, Robert B.; Brevoort, Kenneth P. (2015).
11579:
11577:
11220:"The Clinton-Era Roots of the Financial Crisis"
11177:"Lest We Forget: Why We Had A Financial Crisis"
11133:
10645:"Cautious Moves on Foreclosures Haunting Obama"
10242:
10226:"Remarks of the President on Regulatory Reform"
9408:"FDIC Announces Plan to Free Up Bank Liquidity"
9364:
7965:
7963:
7663:"The Outsiders Who Foresaw The Subprime Crisis"
7596:"How They Stopped the Financial Crisis in 2009"
7144:
6456:
5815:"Chart Book: The Legacy of the Great Recession"
5643:"Consequences of The Glass-Steagall Act Repeal"
4013:and can cause or deepen a recession. Economist
3449:
779:, governments and central banks, including the
667:for 2009 (countries in brown were in recession)
17237:Federal takeover of Fannie Mae and Freddie Mac
16818:American Recovery and Reinvestment Act of 2009
16683:Office of Federal Housing Enterprise Oversight
15834:
15832:
15830:
15758:
15756:
15100:
14893:Gorton, Gary; Metrick, Andrew (January 2012).
14498:Mermod, Asli Yüksel; Idowu, Samuel O. (2013).
13793:Government regulation and derivative contracts
13376:"Road to Ruin: Mortgage Fraud Scandal Brewing"
13068:
10949:
10947:
10845:"What We've Learned from the Financial Crisis"
10167:"Minutes of the Federal Open Market Committee"
9329:
9245:"Wells Fargo Buys Wachovia for $ 15.1 Billion"
9040:"Morgan Stanley to sell stake to Japan's MUFG"
8233:"Dow High of 26,828.39 Set on October 3, 2018"
8092:"Three myths that sustain the economic crisis"
8071:"BNP freezes $ 2.2 bln of funds over subprime"
7808:
7782:
7693:"Median and Average Sale Price of Houses Sold"
7527:Levy Economics Institute Working Papers Series
7361:
6394:"Lehman Files for Bankruptcy; Merrill Is Sold"
4698:warned of the impending real estate collapse.
4638:predicted the crisis, with varying arguments.
4571:Bank, suggested that large-scale momentum, or
4238:Boom and collapse of the shadow banking system
3947:U.S. household debt as a percentage of annual
3371:Office of Federal Housing Enterprise Oversight
2826:
1935:American Recovery and Reinvestment Act of 2009
1912:American Recovery and Reinvestment Act of 2009
1845:and threatened the government with bankruptcy.
1451:Federal takeover of Fannie Mae and Freddie Mac
626:American Recovery and Reinvestment Act of 2009
254:American Recovery and Reinvestment Act of 2009
172:Credit rating agencies and the subprime crisis
19127:Drafting and ratification of the Constitution
18842:
18815:List of stock market crashes and bear markets
17354:
17077:
16464:
15922:"Schumer: Don't blame me for IndyMac failure"
15736:
15670:
15668:
15666:
15642:
15640:
14892:
14822:
14820:
14364:"Lessons Not Learned From the Housing Crisis"
13955:
13953:
13672:
13253:
12682:Banking and Finance: Theory, Law and Practice
12285:
12238:
12012:
11800:"How Government Created the Financial Crisis"
11496:
9885:
9102:"Bailout plan rejected – supporters scramble"
9061:"Buffett's Berkshire invests $ 5B in Goldman"
8751:
8716:Rooney, Ben; Goldman, David (June 27, 2008).
8715:
8176:
8137:"The collapse of Northern Rock: Ten years on"
8134:
8125:
7888:"New Century files for Chapter 11 bankruptcy"
7761:"New Century files for Chapter 11 bankruptcy"
7755:
7753:
7703:
7687:
7685:
7683:
7338:
6603:
6601:
6599:
6597:
6531:
6529:
6527:
6525:
6523:
6078:
4727:, who was about to retire as chairman of the
4313:, investment banks and other entities in the
3527:After the bubble burst, Australian economist
3182:and investors failed to accurately price the
3172:, effectively removed the separation between
2095:" limiting the ability of banks to engage in
1774:. Later that day, the deputy governor of the
1692:During the 2008 global financial crisis, the
1245:December 2007: Unemployment in the US hit 5%.
462:
120:2000s United States housing market correction
20051:Dobbs v. Jackson Women's Health Organization
17207:Emergency Economic Stabilization Act of 2008
16742:Emergency Economic Stabilization Act of 2008
15049:The Big Mo: Why Momentum Now Rules Our World
14865:
14798:
14796:
14773:
14771:
14678:
12484:Who Really Drove the Economy into the Ditch?
12370:Who Really Drove the Economy into the Ditch?
12343:Who Really Drove the Economy into the Ditch?
12316:Who Really Drove the Economy into the Ditch?
12172:"Understanding the Subprime Mortgage Crisis"
11930:Who Really Drove the Economy into the Ditch?
11574:
11316:
11093:"Credit Default Swaps and the Credit Crisis"
10326:
8576:
7960:
6535:
6460:"Dollar tumbles as huge credit crunch looms"
6286:
6284:
6022:New York University Stern School of Business
4112:
3797:Garn–St. Germain Depository Institutions Act
3098:" (known as the Levin–Coburn Report) by the
1997:and bonuses paid to bankers resulted in the
1667:Emergency Economic Stabilization Act of 2008
1660:Emergency Economic Stabilization Act of 2008
1653:Emergency Economic Stabilization Act of 2008
1651:October 1, 2008: The U.S. Senate passed the
1623:Emergency Economic Stabilization Act of 2008
1153:
622:Emergency Economic Stabilization Act of 2008
620:. In the U.S., the October 3, $ 800 billion
274:Emergency Economic Stabilization Act of 2008
17277:2009 Supervisory Capital Assessment Program
17247:Homeowners Affordability and Stability Plan
15863:"Irregularity Is Uncovered at IndyMac Bank"
15827:
15753:
15328:
14997:"Carchedi, Foster and the causes of crisis"
14497:
14357:
14355:
13759:
13594:The global financial crisis and its effects
13394:
12373:. New York City: Algora. pp. 140–141.
12170:Demyanyk, Yuliya; Van Hemert, Otto (2011).
11717:
11715:
11655:
11536:
11267:University of North Carolina at Chapel Hill
10959:"Four Questions About the Financial Crisis"
10944:
10590:
9867:"Senate passes $ 787 billion stimulus bill"
8597:
8208:"Online Bank Fails, and Regulators Shut It"
7465:
6993:
6368:"Pain Spreads as Credit Vise Grows Tighter"
6314:
6312:
6262:
6260:
5767:
5765:
5667:Sarra, Janis; Wade, Cheryl L. (July 2020).
5460:
5458:
5456:
5053:
4627:, mostly failed to predict the crisis. The
4618:
4433:
3886:Commodity Futures Modernization Act of 2000
3872:As early as 1997, Federal Reserve chairman
3560:, as well as to combat a perceived risk of
3157:and contributed to a glut of risky lending.
1793:
1766:, as world investors sought safe havens. A
1530:September 18, 2008: In a dramatic meeting,
1439:August 2008: Unemployment hit 6% in the US.
962:Regulatory responses to the subprime crisis
304:Regulatory responses to the subprime crisis
18849:
18835:
17361:
17347:
17287:Term Asset-Backed Securities Loan Facility
17084:
17070:
16879:
16833:Fraud Enforcement and Recovery Act of 2009
16757:Term Asset-Backed Securities Loan Facility
16471:
16457:
16187:The Rise and Fall of Neoliberal Capitalism
16175:GNU Free Documentation License Version 1.2
15840:"Indymac Bancorp Inc – '10-Q' for 3/31/08"
15663:
15637:
15622:
14817:
14679:Lipton, Alexander; Rennie, Andrew (2007).
14546:
14544:
14542:
14252:
13950:
13741:"Citigroup SIV Accounting Tough to Defend"
13528:
13069:Mastrobattista, John (February 17, 2009).
12964:Journal of International Money and Finance
12807:
12768:Pacifici, Sabrina I. (September 6, 2008).
12129:"Did Liberals Cause the Sub-Prime Crisis?"
11559:
11213:
10927:"How The 2008 Financial Crisis Was Solved"
10596:
9081:"Washington Mutual Falls To Subprime Mess"
8884:
7944:"Timeline: Key events in financial crisis"
7750:
7680:
6594:
6520:
6457:Evans-Pritchard, Ambrose (July 25, 2007).
6337:
6335:
5781:American Economic Journal: Economic Policy
5190:Set on the night before the crisis broke,
5151:Academy Award for Best Documentary Feature
5069:, which was published in February 2007 by
5046:, the California Democrat who chaired the
4931:capital infusion nor found a ready buyer.
4060:; the bundling of subprime mortgages into
4002:by the U.S. government in September 2008.
3645:Weak and fraudulent underwriting practices
2853:Term Asset-Backed Securities Loan Facility
2158:pursues even more lending as the solution.
2142:suffered losses from AAA-rated created by
2025:Fraud Enforcement and Recovery Act of 2009
1850:Term Asset-Backed Securities Loan Facility
683:, which, at the time, was the most severe
469:
455:
314:Term Asset-Backed Securities Loan Facility
19575:Atomic bombings of Hiroshima and Nagasaki
18636:2015–2016 Chinese stock market turbulence
17202:Housing and Economic Recovery Act of 2008
17013:Effects of the Great Recession on museums
16843:Housing and Economic Recovery Act of 2008
16727:China–Japan–South Korea trilateral summit
16216:Julien Mercille & Enda Murphy, 2015,
16213:, August 5 & 12, 2019, pp. 28–31
16146:
16087:
15882:
15623:Shalal-Esa, Andrea (September 25, 2008).
15404:
15349:
14793:
14768:
14647:
14623:
14464:
14434:
14416:"Who's Who on AIG List of Counterparties"
14333:
14090:
13884:"Buffett warns on investment 'time bomb'"
13839:
13786:
13459:
13206:
13022:
12983:
12553:
12074:. United States House of Representatives.
11641:
11397:
11110:
10685:
10638:
10305:
9731:
9224:"Economic rescue swiftly signed into law"
9221:
8914:"As Crisis Spiraled, Alarm Led to Action"
8156:La Monica, Paul R. (September 18, 2007).
8155:
8135:O'Connell, Dominic (September 12, 2017).
7778:
7776:
7391:United States Patent and Trademark Office
6413:
6361:
6281:
6149:
5921:
5872:
5742:
5718:"Predatory lending: A decade of warnings"
5666:
5558:
5175:Academy Award for Best Adapted Screenplay
4904:IndyMac reported that during April 2008,
4734:Stock trader and financial risk engineer
4338:of excessively loose credit conditions".
4299:Nobel Memorial Prize in Economic Sciences
3884:derivatives market when they enacted the
3539:
2907:Subprime mortgage crisis solutions debate
2023:May 20, 2009: President Obama signed the
1933:February 13, 2009: Congress approved the
1434:Housing and Economic Recovery Act of 2008
1342:was enacted, which included a tax rebate.
966:Subprime mortgage crisis solutions debate
934:Global financial crisis in September 2008
309:Subprime mortgage crisis solutions debate
294:Housing and Economic Recovery Act of 2008
217:China–Japan–South Korea trilateral summit
16707:Government policy and spending responses
16673:Government National Mortgage Association
16147:Wilkinson, Alissa (September 15, 2018).
15771:United States Department of the Treasury
15730:
14777:
14681:"Credit Correlation: Life after Copulas"
14352:
13842:"Forbes-Geithner's Plan for Derivatives"
13827:United States Department of the Treasury
13560:
13452:OECD Economics Department Working Papers
13356:"If you had a pulse, we gave you a loan"
13330:"BofA Modifies 64,000 Countrywide Loans"
13154:
13028:
13006:
12904:China's Role in Global Economic Recovery
12767:
12678:
12581:"Commercial Real Estate and the Economy"
12531:
12114:United States Department of the Treasury
11990:
11974:"The State of the Nation's Housing 2008"
11846:
11712:
11517:
11454:
10953:
10710:
10597:Kurtzleben, Danielle (August 23, 2014).
10363:United States Department of the Treasury
10279:United States Department of the Treasury
10021:
9974:
9823:"GDP growth (annual %) – Singapore"
9752:
9608:"AmEx becomes bank to stabilize funding"
9427:"Switzerland unveils bank bail-out plan"
8718:"Oil settles at record high above $ 140"
8511:
8378:
8348:"Ex-Delta chief starts mortgage company"
8274:
8253:
8158:"Interest rates slashed to help economy"
7910:
7403:
7296:
7190:"Monitoring adoption of Basel standards"
7056:
6910:. Summer 2009. p. 7. Archived from
6556:
6309:
6257:
6039:
6002:"RCAP on timeliness: monitoring reports"
5762:
5743:Sakelaris, Nicholas (February 5, 2014).
5640:
5484:
5453:
5428:
4567:, a former executive at the Swiss-based
4468:The Downfall of Capitalism and Communism
4359:
4351:
4241:
4116:
4083:
4042:
3920:
3912:
3566:
3459:
3378:United States Department of the Treasury
3270:
2922:
2872:
2830:
1928:2009 Icelandic financial crisis protests
1905:
1797:
1687:
1281:
1183:British bank, received support from the
1157:
1035:
977:
946:Global financial crisis in December 2008
942:Global financial crisis in November 2008
914:
670:
658:
237:Government response and policy proposals
61:
29:
19730:Assassination of Martin Luther King Jr.
17318:Financial position of the United States
16767:2008 United Kingdom bank rescue package
16027:"IndyMac's shuffle ran over depositors"
15856:
15844:U.S. Securities and Exchange Commission
15713:
15675:LaCapra, Lauren Tara (August 1, 2008).
15674:
15552:
15302:
15260:
14994:
14915:
14802:
14565:
14539:
14524:
14361:
14135:
14112:
14067:
13685:
13655:
13633:Labaton, Stephen (September 27, 2008).
13632:
13495:
12931:
12833:
12560:. 46th Annual AREUEA Conference Paper.
12557:Default of CMBS Loans During the Crisis
12507:
11877:
11779:"We Need a Better Cushion Against Risk"
11692:
11423:
11174:
10798:
10736:
10528:
10492:"Basel III, the Banks, and the Economy"
10489:
10182:
10042:
9710:
9584:
9513:
9487:
9385:
9313:"The Sensex journey: From 2008 to 2013"
9099:
8885:Gullapalli, Diya (September 20, 2008).
8866:"The Federal Reserve's Crisis Response"
8820:
8736:
8618:
8472:
8400:
8089:
7885:
7230:
7228:
7208:
7030:
6999:
6935:
6414:Werdigier, Julia (September 17, 2008).
6332:
6098:Eichengreen; O'Rourke (March 8, 2010).
5895:
4270:United States Secretary of the Treasury
4068:(CDO) for sale to investors, a type of
3909:Increased debt burden or overleveraging
3824:U.S. Securities and Exchange Commission
3199:was issued as U.S. accounting standard
2248:June 2015: A study commissioned by the
1885:December 20, 2008: Financing under the
1810:advertising cheap "Credit Crunch Lunch"
1532:United States Secretary of the Treasury
1104:The Dow Jones Industrial Average (DJIA)
938:Global financial crisis in October 2008
821:2008 United Kingdom bank rescue package
14:
21294:September 2008 events in North America
21221:
18541:Venezuelan banking crisis of 2009–2010
18311:South American economic crisis of 2002
18208:Black Wednesday (1992 Sterling crisis)
16378:, Majority and Minority Staff Report,
16275:. Cham, Switzerland, pp. 295−305.
16023:
15983:
15503:
15477:
15442:
15419:
15042:
14974:Foster, John Bellamy (April 1, 2008).
14973:
14571:
14550:
14413:
14027:
13986:
13606:
13445:
12749:"Foreclosures soar 81 percent in 2008"
12579:Amadeo, Kimberly (February 28, 2019).
12578:
12346:. New York City: Algora. p. 148.
12245:The Review of Economics and Statistics
12165:
12163:
12147:
12126:
11953:
11900:
11543:Nr. 1, 1999. Munich, St. Gallen 1999,
11518:Weissman, Robert (November 12, 2009).
11480:"Money, Power and Wall Street, Part 1"
11367:
11365:
11342:
11338:
11336:
11239:
11197:"The Fed – Community Reinvestment Act"
11075:"Senate Financial Crisis Report, 2011"
10665:Censky, Annalyn (September 13, 2012).
10664:
10617:
10577:"Crisis Is Over, but Where's the Fix?"
10570:
10549:
10097:"A three-peat for Wall Street's bulls"
9995:
9906:
9864:
9667:"It's Not the Credit Crisis, Damn It!"
9283:from the original on January 10, 2022.
9222:Collinson, Stephen (October 4, 2008).
9161:
8907:
8550:
8512:Pelofsky, Jeremy (February 13, 2008).
8443:
8441:
8439:
8379:LaVallee, Andrew (December 31, 2007).
8299:
8297:
8230:
8018:
8016:
8014:
8007:from the original on December 7, 2022.
7983:from the original on December 1, 2023.
7875:from the original on December 7, 2022.
7860:
7773:
7735:
7593:
7571:Amadeo, Kimberly (November 20, 2019).
7570:
7547:
7486:
7123:
6607:
6483:
6473:from the original on January 10, 2022.
6387:
5819:Center on Budget and Policy Priorities
5771:
5540:
4623:Economists, particularly followers of
4547:the burgeoning executive compensation;
4228:Credit Correlation: Life After Copulas
2899:Subprime crisis background information
2243:Income inequality in the United States
2215:President of the European Central Bank
2075:United States House of Representatives
1138:blocked withdrawals from three of its
954:United States bear market of 2007–2009
578:, with higher-risk operations such as
517:within banks, and the bursting of the
21269:Great Recession in the United Kingdom
20658:
20420:
20082:
18886:
18830:
18592:2013 Chinese banking liquidity crisis
18548:2010–2014 Portuguese financial crisis
18024:Secondary banking crisis of 1973–1975
17342:
17065:
16752:Temporary Liquidity Guarantee Program
16722:Banking (Special Provisions) Act 2008
16705:
16643:Federal Deposit Insurance Corporation
16452:
16278:
16064:
16052:Federal Deposit Insurance Corporation
16024:Heisel, William (February 28, 2009).
15962:
15789:Federal Deposit Insurance Corporation
15646:
15625:"FACTBOX: Top ten U.S. bank failures"
15467:. fooledbyrandomness.com. April 2007.
15390:
15168:
15076:
15014:The Battle for the Soul of Capitalism
15009:
14949:
14833:Brookings Papers on Economic Activity
14604:"The worst market crisis in 60 years"
14597:
14314:"Reform of Regulation and Incentives"
14161:
14096:"The Last Trillion Dollar Commitment"
13993:Federal Reserve Bank of San Francisco
13483:Federal Deposit Insurance Corporation
13113:"Is a Housing Bubble About to Burst?"
12786:
12746:
12679:Clifford, Gomez (November 30, 2011).
12657:
12487:. New York City: Algora. p. 75.
12480:
12437:
12431:
12366:
12339:
12312:
12150:Fiscal Aspects of Aviation Management
12016:; Pinto, Edward (December 27, 2011).
11926:
11321:. Federal Reserve Bank of Minneapolis
11090:
10924:
10686:Tcherneva, Pavlina R. (August 2014).
10564:
10490:Elliott, Douglas J. (July 26, 2010).
10452:Orol, Ronald D. (December 29, 2010).
10308:"Glass-Steagall vs. the Volcker Rule"
10306:Uchitelle, Louis (January 22, 2010).
9954:Twin, Alexandra (February 27, 2009).
9933:Twin, Alexandra (February 20, 2009).
9732:Gutierrez, Carl (December 20, 2008).
9664:
9605:
9559:
9445:
9412:Federal Deposit Insurance Corporation
9299:Federal Deposit Insurance Corporation
9242:
9120:
9100:Isidore, Chris (September 29, 2008).
9058:
9037:
9019:"Say Goodbye To The Investment Banks"
9016:
8821:Isidore, Chris (September 15, 2008).
8799:
7971:"Timeline: Credit crunch to downturn"
7861:Rucker, Patrick (February 27, 2007).
7836:Twin, Alexandra (February 27, 2007).
7783:Pam Abramowitz (September 16, 2007).
7634:
7524:
7404:Goodkind, Nicole (November 1, 2023).
7255:
7215:University of Pennsylvania Law Review
6977:
6907:Federal Deposit Insurance Corporation
6579:
6118:
5277:2010 United States foreclosure crisis
5266:Banking (Special Provisions) Act 2008
4925:Federal Deposit Insurance Corporation
4723:. In 2005, at a celebration honoring
4670:& Jens Kjaer Sørensen (Denmark),
4520:The Battle for the Soul of Capitalism
4103:, chief economics commentator at the
3994:Fannie Mae and Freddie Mac, two U.S.
3954:From 2004 to 2007, the top five U.S.
3928:relative to disposable income and GDP
3896:rose to $ 683 trillion by June 2008.
2939:to slow inflation and get prices and
2123:May 2010: The U.S. Senate passed the
1729:Temporary Liquidity Guarantee Program
1725:Federal Deposit Insurance Corporation
1682:Federal Deposit Insurance Corporation
1612:Federal Deposit Insurance Corporation
1429:failed. Oil prices peaked at $ 147.50
1395:weakened and commodity prices soared.
1239:. The plan was abandoned in December.
1231:announced plans for the $ 80 billion
995:against subprime mortgage bonds with
259:Banking (Special Provisions) Act 2008
21274:Great Recession in the United States
18622:Russian financial crisis (2014–2016)
18475:2008–2011 Icelandic financial crisis
18468:2008–2009 Ukrainian financial crisis
18433:2000s U.S. housing market correction
18273:1998–2002 Argentine great depression
17368:
16638:Consumer Financial Protection Bureau
15995:
15986:"FDIC Notification to All Employees"
15529:
15331:"Peter Schiff: Oh, he saw it coming"
15158:. International Labour Organisation.
14307:
14113:Kopecki, Dawn (September 11, 2008).
14068:Labaton, Stephen (October 3, 2008).
13735:
13656:Labaton, Stephen (October 3, 2008).
13591:
13388:
13052:"Fed Historical Data-Fed Funds Rate"
12725:
12319:. New York City: Algora. p. 5.
12219:"Lessons from the Subprime Meltdown"
12216:
12084:
11878:Labaton, Stephen (October 2, 2008).
11673:"President Bush's Address to Nation"
11634:National Bureau of Economic Research
11625:
11175:Denning, Steve (November 22, 2011).
11006:
10925:Novik, Vitaliy (November 15, 2020).
10918:
10550:Censky, Annalyn (November 3, 2010).
10451:
10094:
10073:
9953:
9932:
9907:Sahadi, Jeanne (February 17, 2009).
9865:Sahadi, Jeanne (February 15, 2009).
9746:
9711:Isidore, Chris (December 16, 2008).
9467:Twin, Alexandra (October 24, 2008).
9466:
9448:"Indexes fall hard on bloody Friday"
9446:Kumar, V. Phani (October 24, 2008).
9182:
8841:
8641:"Commodities Prices to Rise in 2018"
8422:Twin, Alexandra (January 18, 2008).
8421:
8275:Gongloff, Mark (November 26, 2007).
7956:from the original on March 24, 2023.
7927:from the original on April 20, 2023.
7835:
7466:Schlesinger, Jill (March 25, 2011).
7320:"Why have no bankers been arrested?"
7317:
7225:
7098:
6833:
6739:decreased from 2008 until 2021 (see
6266:
5097:, was published in February 2009 by
5042:found himself before Representative
4475:suggests that growing inequality of
3704:
3205:Financial Accounting Standards Board
3193:Variations in the cost of borrowing.
2032:National Bureau of Economic Research
1721:2008–2011 Icelandic financial crisis
1610:went bankrupt and was seized by the
1233:Master Liquidity Enhancement Conduit
731:Lack of investor confidence in bank
693:2008–2011 Icelandic financial crisis
130:2008–2010 automotive industry crisis
56:Great Recession in the United States
18779:2023–2024 Egyptian financial crisis
18614:Puerto Rican government-debt crisis
18607:2014–2016 Brazilian economic crisis
17980:1963–1965 Indonesian hyperinflation
17883:Shanghai rubber stock market crisis
17572:Dutch Republic stock market crashes
16928:Collateralized mortgage obligations
16478:
16355:Financial Crisis Inquiry Commission
16346:Financial Crisis Inquiry Commission
16088:Sterngold, James (April 29, 2010).
15885:"Indymac Seeks to Preserve Capital"
15329:O'Keefe, Brian (January 23, 2009).
15219:
14551:Salmon, Felix (February 23, 2009).
13987:Yellen, Janet L. (April 16, 2009).
13840:Figlewski, Stephen (May 18, 2009).
13818:; Ranier, William (November 1999).
13089:
12597:
12160:
11814:
11792:
11764:"Estimate of Household Wealth Lost"
11612:Federal Reserve Bank of Minneapolis
11362:
11333:
10842:
10022:Mcauliff, Michael (March 4, 2009).
9795:
9713:"Fed slashes key rate to near zero"
9628:"IMF approves $ 2.1bn Iceland loan"
9560:Gogoi, Pallavi (October 24, 2008).
9424:
9386:Kollewe, Julia (October 14, 2008).
9183:Twin, Alexandra (October 2, 2008).
9121:Ellis, David (September 29, 2008).
9038:Ellis, David (September 22, 2008).
8447:
8436:
8294:
8254:Wilchins, Dan (December 21, 2007).
8231:Amadeo, Kimberly (March 20, 2020).
8011:
7886:Stempel, Jonathan (April 2, 2007).
7850:from the original on April 1, 2023.
7736:Lerner, Michele (October 4, 2018).
6557:Williams, Carol J. (May 22, 2012).
6269:"The $ 4 trillion housing headache"
5772:Wilson, Daniel J (August 1, 2012).
5641:Maverick, J.B. (October 22, 2019).
5103:The New York Times Best Seller list
5083:The New York Times Best Seller list
4341:
4157:Financial Crisis Inquiry Commission
4039:Financial innovation and complexity
3983:were sold at fire-sale prices, and
3750:Deregulation and lack of regulation
3691:Financial Crisis Inquiry Commission
3656:Financial Crisis Inquiry Commission
3477:secured by the price appreciation.
3330:Financial Crisis Inquiry Commission
3324:Role of affordable housing programs
3266:
3031:Financial Crisis Inquiry Commission
2988: Effective Federal Funds Rate
2280:United States Department of Justice
2105:Financial Crisis Responsibility Fee
1625:, which included the $ 700 billion
1443:
1187:. This led to investor panic and a
871:Financial Crisis Inquiry Commission
699:of all three of the major banks in
24:
19417:Pendleton Civil Service Reform Act
19407:Assassination of James A. Garfield
18585:2012–2013 Cypriot financial crisis
18489:2008–2014 Spanish financial crisis
18461:2008–2009 Russian financial crisis
18454:2008–2009 Belgian financial crisis
18149:1988–1992 Norwegian banking crisis
17644:British credit crisis of 1772–1773
16179:
15883:VAN DOORN, PHILIP (May 13, 2008).
15553:Brockes, Emma (January 24, 2009).
15420:Lahart, Justin (January 2, 2009).
15350:Tempelman, Jerry (July 30, 2014).
15223:"What Good Are Economists Anyway?"
14525:Regnier, Pat (February 27, 2009).
14414:Byrnes, Nanette (March 17, 2009).
14214:"Financial Networks and Contagion"
13056:Federal Reserve Board of Governors
13038:Federal Reserve Board of Governors
13016:Federal Reserve Board of Governors
12900:
12888:Federal Reserve Board of Governors
12870:Federal Reserve Board of Governors
12787:Haviv, Julie (November 19, 2009).
12658:Eavis, Peter (November 25, 2007).
12154:Southern Illinois University Press
11371:
11201:Federal Reserve Board of Governors
10963:Federal Reserve Board of Governors
10904:"Visualizing the Financial Crisis"
10799:Goswami, Rohan (August 14, 2023).
10737:Chokshi, Niraj (August 11, 2014).
10095:Twin, Alexandra (March 12, 2009).
10074:Twin, Alexandra (March 10, 2009).
9909:"Stimulus: How to measure success"
9652:Federal Reserve Board of Governors
9585:Isidore, Chris (October 8, 2008).
9162:Sahadi, Jeanne (October 2, 2008).
9059:Luhby, Tami (September 23, 2008).
9004:Federal Reserve Board of Governors
8800:Ellis, David (September 7, 2008).
8763:"IndyMac Taken Over By Regulators"
8739:"Marcial: U.S. Steel Is on a Roll"
8737:Marcial, Gene G. (June 27, 2008).
8621:"Fed cuts rates by 3/4 of a point"
8598:Falkenstein, Eric (May 18, 2009).
8334:Federal Reserve Board of Governors
8256:"Banks abandon plan for Super-SIV"
7914:"New Century Files for Bankruptcy"
7900:from the original on May 16, 2023.
7297:Eisinger, Jesse (April 30, 2014).
7195:Bank for International Settlements
7171:Tooltip Public Law (United States)
6879:"US Congress passes stimulus plan"
6303:Federal Reserve Board of Governors
6007:Bank for International Settlements
5898:"Mistrust and the Great Recession"
3878:Working Group on Financial Markets
3456:2000s United States housing bubble
3309:subprime loan aggregators such as
1708:October 11, 2008: The head of the
1263:filed bankruptcy after failing to
162:Causes of the European debt crisis
115:2000s United States housing bubble
25:
21315:
19449:Assassination of William McKinley
18772:2023 United States banking crisis
18578:2011 Bangladesh share market scam
18266:1998–1999 Ecuador economic crisis
18230:Venezuelan banking crisis of 1994
18156:Japanese asset price bubble crash
18097:Souk Al-Manakh stock market crash
17847:Australian banking crisis of 1893
17651:Dutch Republic financial collapse
17023:2007–2008 world food price crisis
16823:Chinese economic stimulus program
16808:2008 European Union stimulus plan
16732:Commercial Paper Funding Facility
16390:Federal Reserve Bank of St. Louis
16330:
15530:Mihm, Stephen (August 15, 2008).
15443:Triana, Pablo (August 19, 2009).
15391:Rajan, Raghuram (November 2005).
15169:Cropp, Matt (November 22, 2011).
14995:Roberts, Michael (July 3, 2011).
14362:Kourlas, James (April 12, 2012).
14255:"Contagion in financial networks"
13762:Journal of Economics Perspectives
13561:Williams, Mark (April 12, 2010).
13496:Leibold, Arthur (July 29, 2004).
13155:Williams, Mark (April 12, 2010).
12639:"The Financial Crisis Blame Game"
11847:Williams, Mark (April 12, 2010).
11626:Laux, Christian (November 2009),
11539:Strategische Unternehmensfuehrung
11217:; Solon, Mike (August 12, 2013).
10826:"World Economic Outlook Database"
9734:"GM And Chrysler Covered By TARP"
9665:Baker, Dean (November 29, 2008).
9606:Luhby, Tami (November 10, 2008).
9367:"IMF warns of financial meltdown"
9017:Moyer, Liz (September 21, 2008).
8842:Dash, Eric (September 12, 2008).
8619:Isidore, Chris (March 18, 2008).
8473:Paradis, Tim (January 31, 2008).
8401:Zarroli, Jim (January 11, 2013).
8305:"U.S. Bureau of Labor Statistics"
8090:Elliott, Larry (August 5, 2012).
7911:Creswell, Julie (April 2, 2007).
7660:
6836:"Exceedingly high interest rates"
6227:
6040:Gopinath, Gita (April 14, 2020).
5974:
5896:Wolfers, Justin (March 9, 2011).
5541:Duffie, Darrell (February 2019).
5342:Low-Income Countries Under Stress
5169:. In 2015, it was adapted into a
4781:In a 2012 article in the journal
4604:International Labour Organization
4536:, Bogle cites issues, including:
2299:Incremental GDP (billions in USD)
1645:
1599:made a $ 5 billion investment in
1495:" as a result of its exposure to
1142:with a total of $ 2.2 billion in
1045:orders stoked growth fears, with
1006:delinquency rose, leading to the
493:), was the most severe worldwide
264:Chinese economic stimulus program
244:2008 European Union stimulus plan
21206:
21194:
21182:
21156:
21147:
21146:
21111:
21110:
19668:Assassination of John F. Kennedy
19461:Nadir of American race relations
19340:Assassination of Abraham Lincoln
17629:Amsterdam banking crisis of 1763
17051:List of countries by public debt
16678:National Asset Management Agency
16412:"Money, Power & Wall Street"
16388:: A collection of papers at the
16140:
16122:
16104:
16081:
16058:
16040:
16017:
15977:
15956:
15934:
15914:
15897:
15876:
15850:
15795:
15777:
15707:
15689:
15616:
15598:
15567:
15546:
15523:
15497:
15471:
15457:
15436:
15413:
15384:
15364:
15343:
15322:
15296:
15269:
15265:. Munich Personal RePEc Archive.
15254:
15236:
15213:
15183:
15162:
15145:
15094:
15082:"The Heart of the Economic Mess"
15070:
15036:
15003:
14988:
14967:
14943:
14909:
14886:
14805:"Can the Fed's Uncrunch Credit?"
14787:Federal Reserve Bank of New York
14749:
14699:
14672:
14617:
14591:
14518:
14491:
14458:
14428:
14407:
14386:
14327:
14301:
14246:
14205:
14187:
14155:
14129:
14106:
14084:
14061:
14021:
13999:
13935:
13896:
13876:
13854:
13833:
13800:
13796:(Speech). Coral Gables, Florida.
13780:
13753:
13729:
13709:
13695:. W. W. Norton Company Limited.
13649:
13626:
13600:
13585:
13554:
13522:
13489:
13468:
13439:
13368:
13340:
13322:
13304:
13286:
13268:
13254:O'Connell, Brian (May 9, 2019).
13247:
13226:
13200:
13179:
13148:
13126:
13104:
13083:
13062:
13044:
13000:
12951:
12925:
12894:
12876:
12866:"Open Market Operations Archive"
12858:
12827:
12801:
12780:
12761:
12747:Adler, Lynn (January 15, 2009).
12740:
12719:
12699:
12672:
12651:
12630:
12610:
12591:
12572:
12547:
12525:
12501:
12474:
12454:
12360:
12333:
12306:
12279:
12232:
12210:
12141:
12127:Gordon, Robert (April 7, 2008).
12120:
12098:
12078:
12064:
12046:
12028:
12006:
11984:
11978:Joint Center for Housing Studies
11966:
11947:
11920:
11894:
11871:
11840:
11770:
11756:
11736:
11686:
11664:
11649:
11619:
11595:
11553:
11530:
11511:
11490:
11472:
11455:Calabria, Mark (March 7, 2011).
11448:
11417:
11391:
11310:
11285:
11254:
11233:
11207:
11189:
11168:
11148:
11127:
11098:Journal of Economic Perspectives
11084:
11067:
11049:
11026:
11000:
10986:
10969:
10896:
10870:
10843:Fox, Justin (November 1, 2013).
10836:
10818:
10792:
10774:
10751:
10730:
10704:
10679:
10658:
10632:
10611:
10543:
10522:
10502:
10483:
10466:
10454:"Bank-reform bill sent to Obama"
10445:
10427:
10405:
10387:
10369:
10348:
10320:
10299:
10285:
10264:
10236:
10218:
10200:
10176:
10159:
10139:
10109:
10088:
10067:
10036:
10015:
10002:"Plunging Markets, Then and Now"
9989:
9975:Kawamoto, Dawn (March 2, 2009).
9968:
9947:
9926:
9900:
9879:
9858:
9845:"Iceland's Government Collapses"
9836:
9815:
9789:
9725:
9704:
9679:
9658:
9640:
9620:
9599:
9578:
9553:
9533:
9507:
9481:
9460:
9439:
9418:
9400:
9379:
9358:
9344:
9323:
9305:
9287:
9261:
9236:
9215:
9197:
9176:
9155:
9135:
9114:
9093:
9073:
9052:
9031:
9010:
8992:
8972:
8950:
8927:
8901:
8878:
8858:
8835:
8823:"Bank of America to buy Merrill"
8814:
8802:"U.S. seizes Fannie and Freddie"
8793:
8775:
8730:
8709:
8684:
8659:
8633:
8612:
8591:
8570:
8544:
8526:
8505:
8487:
8466:
8415:
8394:
8372:
8340:
8322:
8268:
8247:
8224:
8200:
8170:
8149:
8104:
8083:
8062:
8041:
7987:
7811:"The Yield Curve, December 2008"
7594:Amadeo, Kimberly (May 4, 2020).
7548:Amadeo, Kimberly (May 4, 2020).
7318:Snow, Jon (September 13, 2011).
7256:Neate, Rupert (April 23, 2012).
7147:"Brazil in 'currency war' alert"
7082:"CNNMoney.com's bailout tracker"
6965:Federal Reserve Bank of New York
6789:. September 2009. Archived from
5547:Journal of Economic Perspectives
4263:Federal Reserve Bank of New York
4254:" and that competition from the
3996:government-sponsored enterprises
3973:went bankrupt and was liquidated
3791:In October 1982, U.S. President
3361:In the early and mid-2000s, the
3295:government-sponsored enterprises
3029:In its January 2011 report, the
2794:
2769:
2744:
2720:
2696:
2671:
2647:
2623:
2598:
2573:
2549:
2525:
2500:
2476:
2453:
2429:
2404:
2380:
2357:
2333:
2308:
2179:March 2011: Two years after the
2169:over the following eight months.
2045:in a context of price stability.
1347:nationalisation of Northern Rock
1078:Chapter 11 bankruptcy protection
19370:First transcontinental railroad
18354:2007 Chinese stock bubble crash
17680:Danish state bankruptcy of 1813
17006:2008 Central Asia energy crisis
16923:Collateralized debt obligations
16065:Story, Louise (July 13, 2008).
15714:Vincent, Roger (July 3, 2003).
14955:"Weapons of Mass Exploitation?"
14803:Gelinas, Nicole (Winter 2009).
14441:Financial Crisis Inquiry Report
12438:Sidel, Robin (March 16, 2011).
12422:Gross Domestic Product deflator
12176:The Review of Financial Studies
12072:"House Hearing on OFHEO Report"
12054:"OFHEO Report on Systemic Risk"
10764:Social Science Research Council
10295:. U.S. Congress. July 21, 2010.
9425:Gow, David (October 16, 2008).
9243:Lepro, Sara (October 3, 2008).
7904:
7879:
7854:
7829:
7802:
7729:
7654:
7628:
7610:
7587:
7564:
7541:
7518:
7480:
7459:
7440:
7423:
7397:
7376:
7355:
7332:
7311:
7290:
7270:
7249:
7209:Van Loo, Rory (April 1, 2015).
7202:
7182:
7159:
7138:
7117:
7102:Social Science Research Network
7092:
7074:
7050:
7024:
6971:
6950:
6936:Collins, Mike (July 14, 2015).
6929:
6891:
6871:
6846:
6840:D+C Development and Cooperation
6827:
6729:
6704:
6682:
6661:
6643:
6625:
6573:
6550:
6503:
6477:
6450:
6430:
6407:
6381:
6355:
6294:; Kennedy, James (March 2007).
6221:
6196:
6174:
6112:
6091:
6072:
6054:
6033:
6014:
5994:
5968:
5954:
5915:
5889:
5832:
5807:
5736:
5710:
5660:
5377:Subprime crisis impact timeline
4816:market and the seventh largest
4066:collateralized debt obligations
3233:collateralized debt obligations
3168:, which partially repealed the
3055:at many systemically important
2903:Subprime crisis impact timeline
1999:2009 G20 London summit protests
1124:liquidated the two hedge funds.
1097:collateralized debt obligations
1087:June 20, 2007: After receiving
950:Global financial crisis in 2009
628:, which included a substantial
18735:Chinese property sector crisis
18643:2015–2016 stock market selloff
18571:August 2011 stock markets fall
18482:2008–2011 Irish banking crisis
18179:1990s Swedish financial crisis
17928:Weimar Republic hyperinflation
17272:Primary Dealer Credit Facility
17141:Role of credit rating agencies
17101:Background / timeline
16813:2008–2009 Keynesian resurgence
16658:Federal Housing Finance Agency
16653:Federal Housing Administration
15984:Wagner, Evan (July 11, 2008).
15677:"IndyMac Bancorp to Liquidate"
14922:The Cancer Stage of Capitalism
13636:"SEC Concedes Oversight Flaws"
13316:Attorney General of California
12976:10.1016/j.jimonfin.2013.01.001
12901:Fu, Xiaolan (March 12, 2012).
12708:"A Helping Hand to Homeowners"
12058:Federal Housing Finance Agency
11567:Frankfurter Allgemeine Zeitung
11240:Carney, John (June 27, 2009).
11091:Stulz, René M. (Winter 2010).
10667:"Federal Reserve launches QE3"
10208:"FOMC Statement June 24, 2009"
10123:. May 18, 2009. Archived from
10076:"Stocks: Biggest gains of '09"
9796:Lim, Kevin (January 2, 2009).
9469:"Stocks can't shake the blues"
8424:"Disastrous Dow tumbles again"
8356:. May 20, 2008. Archived from
7468:"Fed Survey: We're 45% Poorer"
6786:Overseas Development Institute
5928:Journal of Marriage and Family
5634:
5608:
5583:
5534:
5509:
5478:
5422:
5397:
5272:2008–2009 Keynesian resurgence
4127:AIG bonus payments controversy
4095:cascades in financial networks
3850:structured investment vehicles
3833:Financial institutions in the
3807:of the late 1980s/early 1990s.
3746:may be a cause of the crisis.
3495:collateralized debt obligation
2278:reaches an agreement with the
2152:European sovereign-debt crisis
1636:September 30, 2008: President
1237:structured investment vehicles
840:AIG bonus payments controversy
249:2008–2009 Keynesian resurgence
13:
1:
21259:Economy of the United Kingdom
18808:List of sovereign debt crises
18750:2022 Russian financial crisis
18447:2008 Latvian financial crisis
18440:U.S. bear market of 2007–2009
18318:Stock market downturn of 2002
18259:1998 Russian financial crisis
18112:1983 Israel bank stock crisis
17292:Troubled Asset Relief Program
17197:Economic Stimulus Act of 2008
17093:U.S. subprime mortgage crisis
16828:Economic Stimulus Act of 2008
16762:Troubled Asset Relief Program
16688:Office of Financial Stability
16663:Federal Housing Finance Board
16597:Société Générale trading loss
16316:American Enterprise Institute
16171:Financial crisis of 2007–2008
15647:Veiga, Alex (July 12, 2008).
15282:. Columbia University Press.
15261:Bezemer, Dirk J (June 2009).
15220:Coy, Peter (April 16, 2009).
15195:Small Business Administration
14636:Journal of Structured Finance
14334:Samuelson, Robert J. (2011).
14100:American Enterprise Institute
13135:"When a Flow Becomes a Flood"
12726:Yoon, Al (January 29, 2008).
12541:American Enterprise Institute
12403:"What Was the U.S. GDP Then?"
12022:American Enterprise Institute
12000:American Enterprise Institute
11343:Carter, Joe (July 31, 2017).
10618:Rooney, Ben (July 26, 2012).
10381:Federal Reserve Economic Data
8937:"Shock Forced Paulson's Hand"
7635:Lewis, Michael (March 2010).
7124:Martin, Will (May 28, 2018).
6637:Federal Reserve Economic Data
6633:"Real Gross Domestic Product"
6580:Luhby, Tami (June 11, 2009).
5390:
5337:Stock market crashes in India
5180:Simon Reid-Henry's 2019 book
4450:Systemic crisis of capitalism
4311:asset-backed commercial paper
4129:is interviewed by news media.
4009:simultaneously is called the
3689:In separate testimony to the
3346:American Enterprise Institute
3217:1998 Russian financial crisis
3203:in 2006 by the privately run
2036:Federal Open Market Committee
1918:credit repealed in late 2010.
1887:Troubled Asset Relief Program
1855:November 29, 2008: Economist
1627:Troubled Asset Relief Program
1514:, which frequently invest in
1458:Bankruptcy of Lehman Brothers
1340:Economic Stimulus Act of 2008
1196:Federal Open Market Committee
1099:including subprime mortgages.
905:paid $ 550 million to settle
811:markets, avoid the risk of a
654:
549:bankruptcy of Lehman Brothers
319:Troubled Asset Relief Program
269:Economic Stimulus Act of 2008
46:ultimately led to the firm's
21284:Presidency of George W. Bush
21254:Economy of the United States
20538:Hispanic and Latino American
19392:Second Industrial Revolution
19226:Nat Turner's slave rebellion
18932:Exploration of North America
18858:History of the United States
18510:Greek government-debt crisis
18347:2004 Argentine energy crisis
18304:2001 Turkish economic crisis
18193:1990s Armenian energy crisis
18186:1990s Finnish banking crisis
18047:1976 British currency crisis
18017:1973–1974 stock market crash
17132:United States housing bubble
16747:Irish emergency budget, 2009
15963:Veiga, Alex (July 7, 2008).
15592:10.1016/j.japwor.2011.11.001
15397:NBER Working Paper No. 11728
14465:Rosenberg, Jerry M. (2012).
14219:The American Economic Review
13256:"What Is Predatory Lending?"
13090:Max, Sarah (July 27, 2004).
12094:. The International Economy.
11141:Center for American Progress
10552:"QE2: Fed pulls the trigger"
10252:"A New Financial Foundation"
10029:U.S. News & World Report
9956:"Stocks end at 12-year lows"
6834:Wenn, Bruno (January 2013).
6669:"The Recession of 2007–2009"
6267:Barr, Colin (May 27, 2009).
5595:Council on Foreign Relations
5075:United States housing bubble
4810:savings and loan association
3839:Long-Term Capital Management
3729:Office of Thrift Supervision
3450:Growth of the housing bubble
3318:United States housing bubble
3011:United States housing bubble
2982: 3 month Treasury Bond
2970: 10 Year Treasury Bond
2173:
2038:release in June 2009 stated:
1539:Chair of the Federal Reserve
1485:American International Group
1179:, a medium-sized and highly
1066:real estate investment trust
1008:United States housing bubble
519:United States housing bubble
376:Royal Bank of Scotland Group
341:American International Group
70:, an indicator of perceived
7:
21289:Premiership of Gordon Brown
20062:Indictments of Donald Trump
19253:First Industrial Revolution
19087:Declaration of Independence
19077:Second Continental Congress
18666:2017 Sri Lankan fuel crisis
18332:2003 Myanmar banking crisis
18325:2002 Uruguay banking crisis
18245:1997 Asian financial crisis
18172:1991 Indian economic crisis
18164:Rhode Island banking crisis
18134:Cameroonian economic crisis
17920:Early Soviet hyperinflation
17533:Crisis of the Third Century
15580:Japan and the World Economy
15510:"The Behavioral Revolution"
14561:. Vol. 17, no. 3.
14473:. Scarecrow Press. p.
13909:The Economic History Review
13395:Eichengreen, Barry (2019).
13298:Legal Information Institute
12288:Review of Financial Studies
11730:International Monetary Fund
10906:. Yale School of Management
10830:International Monetary Fund
10786:International Monetary Fund
10529:Norberg, Johan (May 2012).
10043:Dempsey, Alison L. (2017).
9185:"Bailout fears sink stocks"
7838:"Brutal day on Wall Street"
7697:United States Census Bureau
7637:"Betting on the Blind Side"
7304:The New York Times Magazine
6047:International Monetary Fund
5845:BMJ (Clinical Research Ed.)
5722:Center for Public Integrity
5591:"The U.S. Financial Crisis"
5372:Private equity in the 2000s
5258:
5245:" (Season 2009: Episode 15)
5218:The US documentary program
5022:, Fannie Mae, Freddie Mac,
4784:Japan and the World Economy
4721:International Monetary Fund
4711:The former Governor of the
4088:Diagram of CMLTI 2006 – NC2
4047:IMF Diagram of CDO and RMBS
4029:discussed these paradoxes:
3721:California Attorney General
3328:The majority report of the
3221:1997 Asian financial crisis
2976: 2 Year Treasury Bond
2835:Housing Finance Reform Bill
2827:Fed's action towards crisis
2261:International Monetary Fund
2200:Abacus Federal Savings Bank
2196:Manhattan District Attorney
2186:International Monetary Fund
1993:April 2, 2009: Unrest over
1839:International Monetary Fund
1772:International Monetary Fund
1710:International Monetary Fund
1261:Delta Financial Corporation
987:May 19, 2005: Fund manager
973:
927:
848:Chancellor of the Exchequer
722:International Monetary Fund
539:, as well as a vast web of
54:, and the catalyst for the
18:Financial crisis of 2007–08
10:
21320:
21279:Presidency of Barack Obama
20659:
20421:
20083:
19954:Killing of Osama bin Laden
19042:First Continental Congress
18887:
18697:Sri Lankan economic crisis
18555:Energy crisis in Venezuela
18534:2009 Dubai debt standstill
18384:2007–2008 financial crisis
18039:Latin American debt crisis
17802:Paris Bourse crash of 1882
17222:Capital Assistance Program
17164:2007–2008 financial crisis
17046:2007–2008 financial crisis
16938:Mortgage-backed securities
16549:Automotive industry crisis
15153:"Resilience in a downturn"
14171:W. W. Norton & Company
13944:Review of economic bubbles
13774:10.1257/089533003765888403
12996:– via RePEc – IDEAS.
12842:Princeton University Press
11432:Princeton University Press
10693:Independent Journal Review
9935:"Dow closes at 6-year low"
8056:IKB Deutsche Industriebank
6676:Bureau of Labor Statistics
6655:Bureau of Labor Statistics
5922:Schneider, Daniel (2015).
5383:The Chicago Plan Revisited
5252:" (Season 2009: Episode 2)
5238:" (Season 2009: Episode 9)
5231:" (Season 2009: Episode 8)
4995:IndyMac Bancorp filed for
4947:On June 26, 2008, Senator
4795:
4738:, author of the 2007 book
4693:Shiller, a founder of the
4345:
4307:mortgage-backed securities
4062:mortgage-backed securities
3949:disposable personal income
3753:
3632:mortgage-backed securities
3571:US current account deficit
3453:
3382:Community Reinvestment Act
3300:A contrarian view is that
3278:
3229:mortgage-backed securities
3133:Community Reinvestment Act
3115:mortgage-backed securities
2896:
2815:
2209:July 26, 2012: During the
1971:March 10, 2009: Shares of
1360:on its mortgage bond fund.
1311:Martin Luther King Jr. Day
1111:IKB Deutsche Industriebank
931:
714:mortgage-backed securities
564:Glass-Steagall legislation
558:The preconditions for the
533:Mortgage-backed securities
513:, a continuous buildup of
483:2007–2008 financial crisis
125:2007–2008 financial crisis
21234:2000s in economic history
21132:
21098:
21042:
21006:
20994:
20733:
20707:
20669:
20665:
20654:
20427:
20416:
20089:
20078:
19944:
19847:
19775:
19676:
19587:
19538:Wall Street Crash of 1929
19469:
19350:
19335:Emancipation Proclamation
19266:
19189:
19137:
19104:Articles of Confederation
19057:
18942:Native American epidemics
18922:
18897:
18893:
18882:
18864:
18788:
18765:2022 stock market decline
18757:Pakistani economic crisis
18743:2021–2023 inflation surge
18689:Lebanese liquidity crisis
18658:Venezuelan hyperinflation
18650:Brexit stock market crash
18599:Venezuela economic crisis
18521:
18371:
18361:Zimbabwean hyperinflation
18071:
17989:
17960:
17944:Wall Street Crash of 1929
17907:
17784:2nd Industrial Revolution
17782:
17718:
17618:1st Industrial Revolution
17616:
17543:
17521:
17376:
17323:Foreclosure rescue scheme
17305:
17232:Federal Reserve responses
17187:
17179:Indirect economic effects
17154:
17136:housing market correction
17122:
17099:
17036:
16993:
16951:
16943:Secondary mortgage market
16908:
16864:rescues, and acquisitions
16862:Government interventions,
16861:
16853:Zero interest-rate policy
16800:
16712:
16701:
16630:
16577:
16564:Housing market correction
16541:
16486:
16396:Journalism and interviews
16308:Bad History, Worse Policy
16254:Economic Crisis and Crime
15943:"The $ 4 Billion Senator"
14658:10.3905/JSF.2009.15.1.006
14504:. Springer. p. 127.
14341:Claremont Review of Books
12217:Wray, Randall L. (2007).
11349:Acton Institute PowerBlog
11136:"The 2008 Housing Crisis"
10510:"Third time's the charm?"
9520:"Trouble Without Borders"
9388:"Iceland markets plummet"
9229:The Sydney Morning Herald
8277:"Credit Woes Slam Stocks"
6737:foreign direct investment
6613:"The Great Crash of 2008"
5679:10.1017/9781108865715.004
5466:"The Giant Pool of Money"
5347:Mark-to-market accounting
5236:Ten Trillion and Counting
5209:'s 2009 non-fiction book
5108:A 2010 documentary film,
4892:secondary mortgage market
4888:adjustable-rate mortgages
4778:labelled him "Dr. Doom".
4533:The Managerial Revolution
4423:Pierre-Olivier Gourinchas
4163:The Commission concludes
4113:Incorrect pricing of risk
3521:adjustable-rate mortgages
3023:adjustable-rate mortgages
2892:
2790:
2765:
2740:
2717:
2692:
2667:
2644:
2619:
2594:
2569:
2546:
2521:
2496:
2473:
2450:
2425:
2400:
2377:
2354:
2329:
2304:
2297:
2294:
1926:January 20–26, 2009: The
1295:for $ 4 billion in stock.
1162:People queuing outside a
1154:2007 (September–December)
27:Worldwide economic crisis
21244:2008 in economic history
21239:2007 in economic history
21024:Northern Mariana Islands
19597:Strike wave of 1945–1946
18426:Subprime mortgage crisis
18089:Brazilian hyperinflation
18061:Brazilian hyperinflation
17898:Financial crisis of 1914
17606:Mississippi bubble crash
17227:Capital Purchase Program
16961:(United States; c. 2009)
16693:UK Financial Investments
16578:Banking losses and fraud
16569:Subprime mortgage crisis
16554:California budget crisis
16258:Emerald Group Publishing
16191:Harvard University Press
14727:10.2143/AST.40.1.2049222
13446:Slovik, Patrick (2012).
12884:"Open Market Operations"
11632:, Working Paper Series,
11504:The National Law Journal
7384:"U.S. Patent Statistics"
6978:Singh, Kavaljit (2010).
5124:, with funding from the
5054:Notable books and movies
4957:Joint Economic Committee
4955:, chairman of Congress'
4953:Senate Banking Committee
4951:(D-NY), a member of the
4914:Mortgage-backed security
4619:Prediction by economists
4434:The Globals Savings Glut
4282:asset–liability mismatch
4058:adjustable-rate mortgage
3801:adjustable-rate mortgage
3639:adjustable-rate mortgage
3497:that were assigned safe
3491:mortgage-backed security
3281:Subprime mortgage crisis
3036:"widespread failures in
3015:subprime mortgage crisis
2954:30 year mortgage average
1794:2008 (November–December)
1479:September 16, 2008: The
1235:to provide liquidity to
1194:September 18, 2007: The
1082:subprime mortgage crisis
105:Subprime mortgage crisis
52:subprime mortgage crisis
34:A continuous buildup of
20559:Middle Eastern American
20376:Technology and industry
19246:Seneca Falls Convention
19047:Continental Association
18947:Settlement of Jamestown
18801:List of economic crises
18719:2020 stock market crash
18712:Financial market impact
18681:Turkish economic crisis
18296:9/11 stock market crash
18252:October 1997 mini-crash
18223:1994 bond market crisis
18215:Yugoslav hyperinflation
18126:Savings and loan crisis
17727:European potato failure
17242:Government intervention
16979:(worldwide; 2011–2012)
16918:Auction rate securities
16648:Federal Home Loan Banks
16438:Panic, Fear, and Regret
16374:April 18, 2011, at the
16185:Kotz, David M. (2015).
15949:The Wall Street Journal
15746:The Wall Street Journal
15539:New York Times Magazine
15429:The Wall Street Journal
14880:10.1787/5kmd40wl1t5f-en
14232:10.1257/aer.104.10.3115
14035:Unintended Consequences
13962:"The End of the Affair"
13461:10.1787/5kg0ps8cq8q6-en
12513:"CRE-ative destruction"
12447:The Wall Street Journal
11226:The Wall Street Journal
10849:Harvard Business Review
9164:"Senate passes bailout"
8943:The Wall Street Journal
8894:The Wall Street Journal
8871:American Action Network
8480:Pittsburgh Post-Gazette
7008:Oxford University Press
6208:Encyclopedia Britannica
5749:Dallas Business Journal
5485:Williams, Mark (2010).
5429:Williams, Mark (2010).
5322:List of economic crises
5063:authored a book titled
4542:principal–agent problem
4230:, published in 2007 by
4220:assets under management
4216:institutional investors
3805:savings and loan crisis
3610:referred to this as a "
3124:Lax regulation allowed
2085:
1947:February 27, 2009: The
1901:
1848:November 25, 2008: The
1449:September 7, 2008: The
1367:, with $ 46 billion of
1345:February 22, 2008: The
1338:February 13, 2008: The
1270:December 19, 2007: the
1248:December 12, 2007: The
1144:assets under management
881:, released April 2011.
679:The crisis sparked the
618:global financial system
535:(MBS) tied to American
487:global financial crisis
84:Part of a series on the
21189:Business and economics
20679:Admission to the Union
20045:Afghanistan withdrawal
20040:January 6 insurrection
19959:Rise in mass shootings
19931:Virginia Tech shooting
19484:Paris Peace Conference
19258:Second Great Awakening
18997:American Enlightenment
18794:List of banking crises
18563:Syrian economic crisis
18496:Blue Monday Crash 2009
18105:Chilean crisis of 1982
17936:Shōwa financial crisis
17742:Highland Potato Famine
17598:South Sea bubble crash
17389:Commodity price shocks
17109:Background information
16668:Federal Reserve System
16542:United States-specific
16386:What Caused the Crisis
16271:Read, Charles (2022).
16097:Bloomberg Businessweek
15372:"Recession in America"
15306:(September 17, 2007).
15229:Bloomberg Businessweek
14444:. DIANE. p. 352.
14279:10.1098/rspa.2009.0410
14142:"Financial Reform 101"
14094:(September 30, 2008).
13210:(September 26, 2010).
13032:(September 11, 2007).
12834:Quiggin, John (2010).
12481:Fried, Joseph (2012).
12367:Fried, Joseph (2012).
12340:Fried, Joseph (2012).
12313:Fried, Joseph (2012).
12148:Robert, W. K. (2000).
11927:Fried, Joseph (2012).
11826:The Objective Standard
11658:Journal of Accountancy
11537:
11424:Quiggin, John (2010).
10700:on September 13, 2014.
10620:"Draghi to the rescue"
8184:(September 18, 2007).
7789:Institutional Investor
7000:Langley, Paul (2015).
6938:"The Big Bank Bailout"
6391:(September 14, 2008).
6365:(September 18, 2008).
5287:2000s commodities boom
5149:. In 2011, it won the
5147:Sony Pictures Classics
4880:Federal Home Loan Bank
4668:Jakob Broechner Madsen
4530:'s 1941 seminal book,
4410:
4357:
4348:2000s commodities boom
4291:
4247:
4192:
4170:
4130:
4089:
4048:
4036:
3929:
3918:
3812:Gramm–Leach–Bliley Act
3738:Former employees from
3572:
3540:Easy credit conditions
3503:credit rating agencies
3465:
3447:
3400:mortgage loans, using
3276:
3180:Credit rating agencies
3166:Gramm-Leach-Bliley Act
3057:financial institutions
3047:"dramatic failures of
3006:
2878:
2877:Federal Reserve System
2864:Department of Treasury
2836:
2047:
1919:
1889:was made available to
1875:December 6, 2008: The
1869:
1811:
1784:PNC Financial Services
1697:
1579:bank holding companies
1506:, the equivalent of a
1420:2000s commodities boom
1171:
1129:American Home Mortgage
1080:. This propagated the
983:
920:
852:Royal Bank of Scotland
799:, including expansive
691:in late 2009, and the
676:
668:
511:financial institutions
205:G-20 Washington summit
76:
59:
20671:Territorial evolution
20035:George Floyd Protests
20018:Unite the Right rally
19887:Oklahoma City bombing
19882:Republican Revolution
19829:Space Shuttle program
19651:Civil Rights Movement
19619:North Atlantic Treaty
19427:Sherman Antitrust Act
19412:Chinese Exclusion Act
19002:French and Indian War
18992:Prelude to Revolution
18977:First Great Awakening
18937:European colonization
18119:Black Saturday (1983)
17973:Kennedy Slide of 1962
17545:Commercial revolution
17018:Decline of newspapers
16965:2009 May Day protests
16911:and financial markets
16801:Stimulus and recovery
15860:(December 22, 2008).
15803:"Letter from IndyMac"
15020:Yale University Press
14919:(December 10, 1998).
14575:(November 24, 2008).
14092:Calomiris, Charles W.
13921:10.1111/1468-0289.665
13872:. September 18, 2008.
13790:(February 21, 1997).
13569:McGraw-Hill Education
13529:Strunk; Case (1988).
13381:American News Project
13163:McGraw-Hill Education
13092:"The Bubble Question"
12938:"Dubya's Double Dip?"
12811:(November 20, 2009).
12467:The Portsmouth Herald
12226:Working Paper No. 522
12134:The American Prospect
12042:. September 19, 2008.
11855:McGraw-Hill Education
11699:"Revenge of the Glut"
11682:. September 24, 2008.
10714:(September 4, 2014).
10518:. September 13, 2010.
10496:Brookings Institution
10479:. September 12, 2010.
9672:The American Prospect
9151:. September 30, 2009.
9089:. September 26, 2008.
9006:. September 21, 2008.
8988:. September 18, 2009.
8968:. September 21, 2008.
8874:. September 12, 2013.
8789:. September 20, 2017.
8220:. September 29, 2007.
8121:. September 14, 2007.
7952:. September 8, 2013.
6543:Brookings Institution
6183:"Cracks in the crust"
6119:Temin, Peter (2010).
5493:McGraw-Hill Education
5437:McGraw-Hill Education
5282:2012 May Day protests
5171:film of the same name
5101:. It was featured on
5004:Countrywide Financial
4944:way it was operated.
4910:Standard & Poor's
4852:Countrywide Financial
4806:Countrywide Financial
4764:noted that economist
4736:Nassim Nicholas Taleb
4713:Reserve Bank of India
4634:Several followers of
4398:Triple Superphosphate
4363:
4355:
4335:Brookings Institution
4322:Brookings Institution
4286:
4278:shadow banking system
4256:shadow banking system
4252:shadow banking system
4245:
4212:investment management
4179:
4161:
4120:
4087:
4046:
4031:
3924:
3916:
3865:, which brought down
3835:shadow banking system
3799:, which provided for
3754:Further information:
3717:Countrywide Financial
3671:mortgage underwriting
3570:
3463:
3443:
3274:
3197:Fair value accounting
3140:Countrywide Financial
2963:30 Year Treasury Bond
2926:
2876:
2834:
2156:European Central Bank
2144:financial engineering
2064:shadow banking system
2039:
2018:2009 May Day protests
1909:
1860:
1821:European Central Bank
1801:
1701:October 8, 2008: The
1691:
1293:Countrywide Financial
1282:2008 (January–August)
1254:Term auction facility
1161:
1036:2007 (January–August)
981:
918:
817:lender of last resort
785:European Central Bank
710:cash out refinancings
695:, which involved the
674:
665:real GDP growth rates
662:
543:linked to those MBS,
65:
33:
21299:Stock market crashes
20585:Palestinian American
20012:Obergefell v. Hodges
19904:September 11 attacks
19740:Second-wave feminism
19661:Cuban Missile Crisis
19521:Bath School disaster
19439:Spanish–American War
19402:The Gospel of Wealth
19281:California Gold Rush
19241:Mexican–American War
19231:Nullification crisis
19199:Era of Good Feelings
19099:Confederation period
19007:Proclamation of 1763
18957:Atlantic slave trade
18673:Ghana banking crisis
18503:European debt crisis
18288:Dot-com bubble crash
18200:Cuban Special Period
17659:Copper Panic of 1789
17564:The Great Debasement
17556:Great Bullion Famine
17328:Property derivatives
17267:Regulatory responses
17041:European debt crisis
16933:Credit default swaps
16909:Securities involved
16715:stability and reform
16136:. February 28, 2011.
15815:on February 16, 2012
15773:. February 26, 2009.
15507:(October 28, 2008).
15484:"Risk Mismanagement"
15380:. November 15, 2007.
15010:Bogle, John (2005).
14779:Geithner, Timothy F.
14601:(January 22, 2008).
14017:. February 17, 2009.
13739:(October 24, 2007).
12618:"CSI: credit crunch"
12257:10.1162/REST_a_00491
11994:(December 9, 2008).
11802:. Hoover Institution
11723:"IMF Loss Estimates"
11591:. November 15, 2008.
11164:. February 20, 2008.
11010:(January 25, 2011).
10334:(January 22, 2010).
10172:. April 28–29, 2009.
9654:. November 25, 2008.
9636:. November 20, 2008.
9587:"Fed: Emergency cut"
9517:(October 23, 2008).
9491:(October 23, 2008).
9279:. October 10, 2008.
8501:. February 13, 2008.
8360:on September 3, 2020
8336:. December 12, 2007.
7722:United States Census
7060:(November 5, 2010).
7034:(October 12, 2008).
6887:. February 14, 2009.
6692:. September 28, 2023
6487:(October 24, 2008).
6192:. December 11, 2008.
6142:10.1162/DAED_a_00048
6068:. February 13, 2009.
4997:Chapter 7 bankruptcy
4967:Had failed to raise
4834:Chapter 7 bankruptcy
4625:mainstream economics
4477:financial capitalism
4415:Ricardo J. Caballero
4356:Global copper prices
4268:—who in 2009 became
4208:conflict of interest
4150:credit default swaps
4053:financial innovation
3890:credit default swaps
3816:bank holding company
3795:signed into law the
3663:Richard M. Bowen III
3598:deficit also have a
3558:September 11 attacks
3237:financial innovation
3100:United States Senate
3084:credit default swaps
3049:corporate governance
3038:financial regulation
2937:Inverted yield curve
2919:Inverted yield curve
2211:European debt crisis
1832:bank holding company
1748:United States dollar
1606:September 26, 2008:
1595:September 23, 2008:
1584:September 22, 2008:
1565:September 21, 2008:
1489:Reserve Primary Fund
1323:September 11 attacks
1205:September 28, 2007:
1175:September 14, 2007:
827:in major banks. The
766:developing countries
757:credit default swaps
638:European debt crisis
525:", which led to the
140:European debt crisis
21034:U.S. Virgin Islands
20520:Lithuanian American
20476:Vietnamese American
19822:End of the Cold War
19812:Invasion of Grenada
19762:Iran hostage crisis
19511:Tulsa race massacre
19318:Election of Lincoln
19313:Dred Scott decision
19301:Kansas–Nebraska Act
19204:Missouri Compromise
19122:Northwest Ordinance
19112:Pennsylvania Mutiny
19107:and Perpetual Union
19067:American Revolution
18982:War of Jenkins' Ear
18629:2015 Nepal blockade
18339:2000s energy crisis
18237:Mexican peso crisis
18142:Black Monday (1987)
18002:1970s energy crisis
17962:Post–WWII expansion
17636:Bengal bubble crash
17431:Financial contagion
17146:Government policies
17001:2000s energy crisis
16713:Banking and finance
16631:Government entities
16402:Inside the Meltdown
16363:Stanford Law School
16359:Stanford University
16357:(maintained by the
16173:released under the
15481:(January 4, 2009).
14336:"Reckless Optimism"
14271:2010RSPSA.466.2401G
14265:(2120): 2401–2423.
14199:Stanford University
13971:. October 30, 2008.
13863:"A Nuclear Winter?"
13608:Sorkin, Andrew Ross
13407:10.2307/j.ctvd58rxg
13294:"predatory lending"
13276:"Predatory Lending"
13208:Morgenson, Gretchen
13194:Stanford University
13144:. January 22, 2009.
12715:. October 23, 2008.
12626:. October 18, 2007.
12598:Gierach, Denice A.
12511:(January 7, 2010).
12424:figures follow the
12060:. February 4, 2003.
11904:(October 4, 2008).
11828:. February 20, 2009
11752:. January 15, 2015.
11112:10.1257/jep.24.1.73
11042:Stanford University
10744:The Washington Post
10712:Binyamin, Appelbaum
10642:(August 19, 2012).
10640:Appelbaum, Binyamin
10439:Library of Congress
10341:The Washington Post
10332:Appelbaum, Binyamin
10257:The Washington Post
9854:. January 26, 2009.
9549:. October 24, 2008.
9414:. October 14, 2008.
9319:. November 1, 2013.
9276:The Daily Telegraph
8911:(October 1, 2008).
8645:blogs.worldbank.org
8552:Sorkin, Andrew Ross
8281:Wall Street Journal
7743:The Washington Post
7198:. October 18, 2017.
6466:The Daily Telegraph
6446:. November 5, 2009.
6389:Sorkin, Andrew Ross
6235:The Washington Post
6026:New York University
6010:. October 18, 2017.
5793:10.1257/pol.4.3.251
5560:10.1257/jep.33.1.81
5229:Inside the Meltdown
5183:Empire of Democracy
5155:83rd Academy Awards
5040:Richard S. Fuld Jr.
4636:heterodox economics
4608:cooperative banking
4484:John Bellamy Foster
4125:in the wake of the
3589:balance of payments
3534:Smoot-Hawley tariff
3426:residential housing
3363:Bush administration
3212:plans to sell them.
3209:mortgage securities
3119:credit default swap
3013:and the subsequent
2883:Quantitative Easing
2291:
2228:quantitative easing
2163:quantitative easing
2097:proprietary trading
2073:December 11, 2009:
2056:consumer protection
1826:November 10, 2008:
1788:National City Corp.
1432:July 30, 2008: The
1272:Standard and Poor's
1259:December 17, 2007:
1198:began reducing the
993:credit default swap
813:deflationary spiral
580:proprietary trading
110:2000s energy crisis
20684:Historical regions
20640:Transgender people
20198:Capital punishment
20057:Support of Ukraine
20006:Black Lives Matter
19914:War in Afghanistan
19839:Invasion of Panama
19795:Iran–Contra affair
19656:Early–mid Cold War
19526:Harlem Renaissance
19385:Compromise of 1877
19360:Reconstruction era
19296:Fugitive Slave Act
19291:Compromise of 1850
19236:Westward expansion
19174:Louisiana Purchase
19017:Stamp Act Congress
18962:King William's War
17891:Panic of 1910–1911
17735:Great Irish Famine
17673:Panic of 1796–1797
17512:Stock market crash
17297:Wall Street reform
17282:Tea Party protests
16983:Occupy Wall Street
16959:Tea Party protests
16617:Scott W. Rothstein
16260:, pp. 25–45.
16221:Palgrave Macmillan
16074:The New York Times
15869:The New York Times
15858:Andrews, Edmund L.
15791:. January 2, 2009.
15516:The New York Times
15490:The New York Times
15304:Shiller, Robert J.
15201:on August 28, 2019
15117:Bjørnholt, Margunn
15102:Bjørnholt, Margunn
14872:OECD Working Paper
14845:10.1353/eca.0.0013
14735:20.500.11850/20517
14625:Calomiris, Charles
14584:The New York Times
14165:(March 15, 2010).
14148:The New York Times
14077:The New York Times
13665:The New York Times
13642:The New York Times
13619:The New York Times
13508:. pp. 58–59.
13354:(March 22, 2009).
13348:Greenberg, Richard
13219:The New York Times
13071:"Fixing Mortgages"
13010:(April 14, 2005).
12944:The New York Times
12935:(August 2, 2002).
12844:. pp. 63–64.
12820:The New York Times
12644:The Economic Times
12533:Wallison, Peter J.
12518:The New York Times
12300:10.1093/rfs/hhp033
12188:10.1093/rfs/hhp033
12086:Wallison, Peter J.
12014:Wallison, Peter J.
11992:Wallison, Peter J.
11913:The New York Times
11887:The New York Times
11705:The New York Times
11679:The New York Times
11273:on August 17, 2020
11019:The New York Times
10957:(April 14, 2009).
10723:The New York Times
10651:The New York Times
10583:The New York Times
10574:(March 10, 2011).
10420:The New York Times
10313:The New York Times
10008:The New York Times
9851:The New York Times
9767:10.1111/twec.12555
9526:The New York Times
9500:The New York Times
9301:. October 7, 2008.
9211:. October 3, 2008.
8965:The New York Times
8920:The New York Times
8851:The New York Times
8563:The New York Times
8554:(March 17, 2008).
8213:The New York Times
8193:The New York Times
8178:Andrews, Edmund L.
7979:. August 7, 2009.
7920:The New York Times
7498:Spiegel & Grau
7369:The New York Times
7043:The New York Times
7037:"Gordon Does Good"
7010:. pp. 83–86.
6813:data.worldbank.org
6764:data.worldbank.org
6746:data.worldbank.org
6496:The New York Times
6423:The New York Times
6400:The New York Times
6374:The New York Times
5940:10.1111/jomf.12212
5673:. pp. 23–68.
5622:. January 24, 2018
5521:www.stlouisfed.org
5471:This American Life
5207:Andrew Ross Sorkin
5145:, was released by
5099:Regnery Publishing
4999:on July 31, 2008.
4776:The New York Times
4761:The New York Times
4751:The New York Times
4729:US Federal Reserve
4695:Case–Shiller index
4465:In his 1978 book,
4411:
4380:Potassium chloride
4364:Fertilizer prices
4358:
4297:, laureate of the
4248:
4131:
4090:
4081:became worthless.
4049:
3930:
3919:
3782:checkable deposits
3617:A flood of funds (
3573:
3550:federal funds rate
3484:-winning program,
3466:
3338:affordable housing
3277:
3170:Glass-Steagall Act
3007:
2933:Federal funds rate
2879:
2837:
2289:
1920:
1812:
1786:agreed to acquire
1698:
1597:Berkshire Hathaway
1512:money market funds
1504:money market funds
1381:federal funds rate
1287:January 11, 2008:
1219:October 15, 2007:
1200:federal funds rate
1172:
984:
921:
857:In July 2010, the
718:credit derivatives
677:
669:
663:World map showing
591:financial collapse
584:investment banking
572:commercial banking
545:collapsed in value
507:subprime mortgages
223:G-20 London Summit
77:
60:
40:subprime mortgages
21170:
21169:
21128:
21127:
21124:
21123:
20689:American frontier
20650:
20649:
20580:Lebanese American
20565:Egyptian American
20500:Estonian American
20490:Albanian American
20484:European American
20461:Japanese American
20451:Filipino American
20412:
20411:
20074:
20073:
20070:
20069:
20023:COVID-19 pandemic
19926:Hurricane Katrina
19867:Los Angeles riots
19757:Watergate scandal
19602:Start of Cold War
19570:Manhattan Project
19157:Whiskey Rebellion
18987:King George's War
18952:Thirteen Colonies
18913:Pre-Columbian Era
18824:
18823:
18705:COVID-19 pandemic
17590:Tulip mania crash
17581:Kipper und Wipper
17558:(c. 1400–c. 1500)
17336:
17335:
17257:Loan modification
17252:Hope Now Alliance
17059:
17058:
17028:Retail apocalypse
16973:(MENA; 2010–2012)
16904:
16903:
16900:
16899:
16796:
16795:
16776:Bank stress tests
16422:Stewart, James B.
16336:Reports on causes
16324:978-0-8447-7238-7
16306:Wallison, Peter,
16033:Los Angeles Times
15787:(Press release).
15723:Los Angeles Times
15699:(Press release).
15612:. August 8, 2008.
15608:(Press release).
15315:Project Syndicate
15138:978-1-927335-27-7
15131:. pp. 7–20.
15080:(July 25, 2008).
15063:978-0-7535-3937-8
15029:978-0-300-11971-8
14936:978-0-7453-1347-4
14368:The Atlas Society
14311:(June 23, 2009).
14226:(10): 3115–3153.
14180:978-0-393-07223-5
14139:(April 1, 2010).
14054:978-1-4708-2357-3
13808:Summers, Lawrence
13702:978-0-393-07101-6
13592:Edey, M. (2009).
13578:978-0-07-163829-6
13564:Uncontrolled Risk
13546:978-0-929097-32-9
13515:978-1-4020-7871-2
13416:978-0-691-19390-8
13314:(Press release).
13172:978-0-07-163829-6
13158:Uncontrolled Risk
12809:Streitfeld, David
12470:. March 17, 2011.
11864:978-0-07-163829-6
11850:Uncontrolled Risk
11788:. March 26, 2009.
11696:(March 2, 2009).
11372:Michel, Norbert.
11080:. April 13, 2011.
10884:. August 14, 2023
10250:(June 14, 2009).
10248:Summers, Lawrence
10244:Geithner, Timothy
10228:(Press release).
10186:(July 15, 2010).
10155:. April 10, 2009.
9999:(March 5, 2009).
9761:(11): 2500–2511.
9755:The World Economy
9650:(Press release).
9410:(Press release).
9297:(Press release).
9207:(Press release).
9002:(Press release).
8536:(Press release).
8497:(Press release).
8332:(Press release).
8182:Peters, Jeremy W.
8117:(Press release).
8003:. June 20, 2007.
7817:on August 8, 2022
7511:978-0-385-52995-2
7286:. April 23, 2012.
7017:978-0-19-968378-9
6716:Deloitte Insights
6712:"ConsumerSignals"
6566:Los Angeles Times
6351:. April 23, 2007.
6328:. April 25, 2007.
6064:(Press release).
5975:James, Margaret.
5857:10.1136/bmj.f5239
5502:978-0-07-163829-6
5488:Uncontrolled Risk
5446:978-0-07-163829-6
5432:Uncontrolled Risk
5409:Knowledge@Wharton
5243:Breaking the Bank
5024:Washington Mutual
4789:contagion effects
4591:Margunn Bjørnholt
4500:Marxian economics
4494:market saturation
4413:In a 2008 paper,
4214:professional and
4140:mezzanine capital
4011:paradox of thrift
3786:deposit insurance
3784:, and raised the
3778:savings and loans
3719:was sued by then
3710:Predatory lending
3705:Predatory lending
3678:originations met
3352:Peter J. Wallison
3126:predatory lending
3074:deregulation of '
2824:
2823:
2254:racial wealth gap
2239:economic recovery
1608:Washington Mutual
1525:deposit insurance
1354:The Carlyle Group
1131:filed bankruptcy.
1020:August 2006: The
894:Kareem Serageldin
595:racial minorities
521:culminated in a "
503:Predatory lending
479:
478:
333:Business failures
16:(Redirected from
21311:
21264:Financial crises
21249:Economic bubbles
21211:
21210:
21209:
21199:
21198:
21197:
21187:
21186:
21178:
21160:
21150:
21149:
21114:
21113:
21043:Outlying islands
21000:Washington, D.C.
20995:Federal District
20694:Manifest destiny
20667:
20666:
20656:
20655:
20598:Native Americans
20570:Iranian American
20544:Mexican American
20530:Serbian American
20515:Italian American
20505:Finnish American
20495:English American
20446:Chinese American
20433:African American
20418:
20417:
20223:Direct democracy
20213:The Constitution
20172:Higher education
20095:American Century
20080:
20079:
19533:Great Depression
19506:Women's suffrage
19496:Roaring Twenties
19422:Haymarket affair
19380:Enforcement Acts
19169:Jeffersonian era
19117:Shays' Rebellion
19037:Intolerable Acts
19032:Boston Tea Party
18967:Queen Anne's War
18895:
18894:
18884:
18883:
18851:
18844:
18837:
18828:
18827:
18817:
18810:
18803:
18796:
18781:
18774:
18767:
18760:
18752:
18745:
18738:
18728:
18721:
18714:
18707:
18700:
18692:
18684:
18676:
18668:
18661:
18653:
18645:
18638:
18631:
18624:
18617:
18609:
18602:
18594:
18587:
18580:
18573:
18566:
18558:
18550:
18543:
18536:
18512:
18505:
18498:
18491:
18484:
18477:
18470:
18463:
18456:
18449:
18442:
18435:
18428:
18421:
18414:
18407:
18400:
18393:
18386:
18364:
18356:
18349:
18342:
18334:
18327:
18320:
18313:
18306:
18299:
18291:
18283:
18275:
18268:
18261:
18254:
18247:
18240:
18232:
18225:
18218:
18210:
18203:
18195:
18188:
18181:
18174:
18167:
18159:
18151:
18144:
18137:
18129:
18121:
18114:
18107:
18100:
18092:
18078:Great Regression
18073:Great Moderation
18064:
18056:
18049:
18042:
18034:
18026:
18019:
18012:
18005:
17982:
17975:
17953:
17946:
17939:
17931:
17923:
17900:
17893:
17886:
17878:
17871:
17864:
17857:
17849:
17842:
17835:
17827:
17819:
17811:
17804:
17797:
17775:
17767:
17760:
17753:
17744:
17737:
17730:
17711:
17704:
17697:
17690:
17682:
17675:
17668:
17661:
17654:
17646:
17639:
17631:
17609:
17601:
17593:
17585:
17575:
17567:
17559:
17536:
17514:
17507:
17500:
17491:
17484:
17477:
17470:
17463:
17461:Liquidity crisis
17456:
17449:
17440:
17438:Social contagion
17433:
17426:
17419:
17412:
17405:
17398:
17391:
17384:
17370:Financial crises
17363:
17356:
17349:
17340:
17339:
17086:
17079:
17072:
17063:
17062:
16952:Social responses
16877:
16876:
16773:
16772:
16703:
16702:
16473:
16466:
16459:
16450:
16449:
16382:, April 13, 2011
16351:Archived website
16312:Washington, D.C.
16303:
16205:Lanchester, John
16159:
16158:
16144:
16138:
16137:
16126:
16120:
16119:
16108:
16102:
16101:
16093:
16085:
16079:
16078:
16070:
16062:
16056:
16055:
16044:
16038:
16037:
16029:
16021:
16015:
16014:
16013:. July 11, 2008.
16011:Associated Press
15999:
15993:
15992:
15990:
15981:
15975:
15974:
15971:Associated Press
15969:. Mercury News.
15968:
15960:
15954:
15953:
15952:. July 15, 2008.
15945:
15938:
15932:
15931:
15930:. July 13, 2008.
15918:
15912:
15911:
15909:
15901:
15895:
15894:
15880:
15874:
15873:
15865:
15854:
15848:
15847:
15836:
15825:
15824:
15822:
15820:
15814:
15808:. Archived from
15807:
15799:
15793:
15792:
15781:
15775:
15774:
15768:
15760:
15751:
15750:
15742:
15734:
15728:
15727:
15719:
15711:
15705:
15704:
15693:
15687:
15686:
15672:
15661:
15660:
15657:Associated Press
15644:
15635:
15634:
15620:
15614:
15613:
15602:
15596:
15595:
15571:
15565:
15564:
15550:
15544:
15543:
15535:
15527:
15521:
15520:
15512:
15501:
15495:
15494:
15486:
15475:
15469:
15468:
15461:
15455:
15454:
15440:
15434:
15433:
15425:
15417:
15411:
15410:
15408:
15388:
15382:
15381:
15368:
15362:
15361:
15347:
15341:
15340:
15326:
15320:
15319:
15311:
15309:"Bubble Trouble"
15300:
15294:
15293:
15273:
15267:
15266:
15258:
15252:
15251:
15240:
15234:
15233:
15225:
15217:
15211:
15210:
15208:
15206:
15197:. Archived from
15187:
15181:
15180:
15166:
15160:
15159:
15157:
15149:
15143:
15142:
15114:
15098:
15092:
15091:
15074:
15068:
15067:
15040:
15034:
15033:
15017:
15007:
15001:
15000:
14992:
14986:
14985:
14971:
14965:
14964:
14947:
14941:
14940:
14913:
14907:
14906:
14890:
14884:
14883:
14863:
14857:
14856:
14824:
14815:
14814:
14800:
14791:
14790:
14781:(June 9, 2008).
14775:
14766:
14765:
14753:
14747:
14746:
14712:
14703:
14697:
14696:
14685:World Scientific
14676:
14670:
14669:
14651:
14633:
14621:
14615:
14614:
14606:
14595:
14589:
14588:
14580:
14569:
14563:
14562:
14548:
14537:
14536:
14522:
14516:
14515:
14495:
14489:
14488:
14472:
14462:
14456:
14455:
14432:
14426:
14425:
14411:
14405:
14404:
14390:
14384:
14383:
14381:
14379:
14370:. Archived from
14359:
14350:
14349:
14331:
14325:
14324:
14316:
14305:
14299:
14298:
14250:
14244:
14243:
14209:
14203:
14202:
14191:
14185:
14184:
14159:
14153:
14152:
14144:
14133:
14127:
14126:
14118:
14110:
14104:
14103:
14088:
14082:
14081:
14073:
14065:
14059:
14058:
14038:
14025:
14019:
14018:
14010:
14003:
13997:
13996:
13984:
13973:
13972:
13964:
13957:
13948:
13947:
13939:
13933:
13932:
13900:
13894:
13893:
13892:. March 4, 2003.
13880:
13874:
13873:
13865:
13858:
13852:
13851:
13837:
13831:
13830:
13824:
13804:
13798:
13797:
13784:
13778:
13777:
13757:
13751:
13750:
13733:
13727:
13726:
13713:
13707:
13706:
13683:
13670:
13669:
13661:
13653:
13647:
13646:
13638:
13630:
13624:
13623:
13615:
13610:(May 22, 2012).
13604:
13598:
13597:
13589:
13583:
13582:
13558:
13552:
13550:
13526:
13520:
13519:
13506:Milken Institute
13493:
13487:
13486:
13485:. December 1997.
13480:
13472:
13466:
13465:
13463:
13443:
13437:
13436:
13392:
13386:
13385:
13372:
13366:
13365:
13344:
13338:
13337:
13326:
13320:
13319:
13318:. June 25, 2008.
13308:
13302:
13301:
13290:
13284:
13283:
13272:
13266:
13265:
13251:
13245:
13244:
13238:
13230:
13224:
13223:
13215:
13204:
13198:
13197:
13196:. April 7, 2010.
13191:
13183:
13177:
13176:
13152:
13146:
13145:
13137:
13130:
13124:
13123:
13122:. July 19, 2004.
13115:
13108:
13102:
13101:
13087:
13081:
13080:
13066:
13060:
13059:
13048:
13042:
13041:
13030:Bernanke, Ben S.
13026:
13020:
13019:
13004:
12998:
12997:
12987:
12955:
12949:
12948:
12940:
12929:
12923:
12922:
12898:
12892:
12891:
12880:
12874:
12873:
12862:
12856:
12855:
12831:
12825:
12824:
12816:
12805:
12799:
12798:
12784:
12778:
12777:
12765:
12759:
12758:
12744:
12738:
12737:
12723:
12717:
12716:
12710:
12703:
12697:
12696:
12685:. PHI Learning.
12676:
12670:
12669:
12655:
12649:
12648:
12634:
12628:
12627:
12614:
12608:
12607:
12595:
12589:
12588:
12576:
12570:
12569:
12551:
12545:
12544:
12535:(January 2011).
12529:
12523:
12522:
12505:
12499:
12498:
12478:
12472:
12471:
12458:
12452:
12451:
12443:
12435:
12429:
12419:
12417:
12415:
12398:
12385:
12384:
12364:
12358:
12357:
12337:
12331:
12330:
12310:
12304:
12303:
12294:(6): 1848–1880.
12283:
12277:
12276:
12236:
12230:
12229:
12223:
12214:
12208:
12207:
12182:(6): 1848–1880.
12167:
12158:
12157:
12145:
12139:
12138:
12124:
12118:
12117:
12111:
12102:
12096:
12095:
12093:
12082:
12076:
12075:
12068:
12062:
12061:
12050:
12044:
12043:
12032:
12026:
12025:
12010:
12004:
12003:
11988:
11982:
11981:
11980:. June 23, 2008.
11970:
11964:
11963:
11951:
11945:
11944:
11924:
11918:
11917:
11909:
11898:
11892:
11891:
11883:
11875:
11869:
11868:
11844:
11838:
11837:
11835:
11833:
11818:
11812:
11811:
11809:
11807:
11796:
11790:
11789:
11781:
11774:
11768:
11767:
11760:
11754:
11753:
11740:
11734:
11733:
11727:
11719:
11710:
11709:
11701:
11690:
11684:
11683:
11675:
11668:
11662:
11661:
11653:
11647:
11646:
11645:
11623:
11617:
11616:
11608:
11599:
11593:
11592:
11581:
11572:
11571:
11557:
11551:
11542:
11534:
11528:
11527:
11515:
11509:
11508:
11494:
11488:
11487:
11476:
11470:
11469:
11461:
11452:
11446:
11445:
11421:
11415:
11414:
11412:
11410:
11395:
11389:
11388:
11386:
11384:
11369:
11360:
11359:
11357:
11355:
11340:
11331:
11330:
11328:
11326:
11314:
11308:
11307:
11305:
11303:
11289:
11283:
11282:
11280:
11278:
11269:. Archived from
11258:
11252:
11251:
11247:Business Insider
11237:
11231:
11230:
11222:
11211:
11205:
11204:
11193:
11187:
11186:
11172:
11166:
11165:
11152:
11146:
11145:
11131:
11125:
11124:
11114:
11088:
11082:
11081:
11079:
11071:
11065:
11064:
11053:
11047:
11046:
11038:
11030:
11024:
11023:
11015:
11004:
10998:
10997:
10990:
10984:
10983:
10981:
10973:
10967:
10966:
10955:Bernanke, Ben S.
10951:
10942:
10941:
10939:
10937:
10922:
10916:
10915:
10913:
10911:
10900:
10894:
10893:
10891:
10889:
10882:Britannica Money
10874:
10868:
10867:
10865:
10863:
10840:
10834:
10833:
10822:
10816:
10815:
10813:
10811:
10796:
10790:
10789:
10778:
10772:
10771:
10755:
10749:
10748:
10734:
10728:
10727:
10719:
10708:
10702:
10701:
10696:. Archived from
10683:
10677:
10676:
10662:
10656:
10655:
10647:
10636:
10630:
10629:
10615:
10609:
10608:
10594:
10588:
10587:
10579:
10568:
10562:
10561:
10547:
10541:
10540:
10526:
10520:
10519:
10506:
10500:
10499:
10487:
10481:
10480:
10478:
10470:
10464:
10463:
10449:
10443:
10442:
10441:. July 21, 2010.
10431:
10425:
10424:
10416:
10409:
10403:
10402:
10401:. July 21, 2010.
10391:
10385:
10384:
10373:
10367:
10366:
10360:
10352:
10346:
10345:
10324:
10318:
10317:
10303:
10297:
10296:
10289:
10283:
10282:
10276:
10268:
10262:
10261:
10240:
10234:
10233:
10232:. June 17, 2009.
10222:
10216:
10215:
10214:. June 24, 2009.
10204:
10198:
10197:
10180:
10174:
10173:
10171:
10163:
10157:
10156:
10143:
10137:
10136:
10134:
10132:
10113:
10107:
10106:
10092:
10086:
10085:
10071:
10065:
10064:
10040:
10034:
10033:
10019:
10013:
10012:
10004:
9993:
9987:
9986:
9972:
9966:
9965:
9951:
9945:
9944:
9930:
9924:
9923:
9921:
9919:
9904:
9898:
9897:
9883:
9877:
9876:
9862:
9856:
9855:
9847:
9840:
9834:
9833:
9831:
9829:
9819:
9813:
9812:
9810:
9808:
9793:
9787:
9786:
9750:
9744:
9743:
9729:
9723:
9722:
9708:
9702:
9701:
9699:
9697:
9683:
9677:
9676:
9662:
9656:
9655:
9644:
9638:
9637:
9624:
9618:
9617:
9603:
9597:
9596:
9582:
9576:
9575:
9557:
9551:
9550:
9537:
9531:
9530:
9522:
9511:
9505:
9504:
9496:
9485:
9479:
9478:
9464:
9458:
9457:
9443:
9437:
9436:
9422:
9416:
9415:
9404:
9398:
9397:
9383:
9377:
9376:
9362:
9356:
9355:
9348:
9342:
9341:
9337:The Jakarta Post
9327:
9321:
9320:
9309:
9303:
9302:
9291:
9285:
9284:
9272:
9265:
9259:
9258:
9255:Associated Press
9240:
9234:
9233:
9219:
9213:
9212:
9201:
9195:
9194:
9180:
9174:
9173:
9159:
9153:
9152:
9139:
9133:
9132:
9118:
9112:
9111:
9097:
9091:
9090:
9077:
9071:
9070:
9056:
9050:
9049:
9035:
9029:
9028:
9014:
9008:
9007:
8996:
8990:
8989:
8976:
8970:
8969:
8961:
8954:
8948:
8947:
8939:
8931:
8925:
8924:
8916:
8905:
8899:
8898:
8890:
8882:
8876:
8875:
8862:
8856:
8855:
8847:
8839:
8833:
8832:
8818:
8812:
8811:
8797:
8791:
8790:
8779:
8773:
8772:
8758:
8749:
8748:
8734:
8728:
8727:
8713:
8707:
8706:
8704:
8702:
8688:
8682:
8681:
8679:
8677:
8663:
8657:
8656:
8654:
8652:
8647:. April 27, 2018
8637:
8631:
8630:
8616:
8610:
8609:
8605:Business Insider
8595:
8589:
8588:
8574:
8568:
8567:
8559:
8548:
8542:
8541:
8540:. March 5, 2008.
8530:
8524:
8523:
8509:
8503:
8502:
8491:
8485:
8484:
8470:
8464:
8463:
8461:
8459:
8454:
8448:Guillén, Mauro.
8445:
8434:
8433:
8419:
8413:
8412:
8398:
8392:
8391:
8389:
8387:
8376:
8370:
8369:
8367:
8365:
8353:New York Newsday
8344:
8338:
8337:
8326:
8320:
8319:
8317:
8315:
8301:
8292:
8291:
8289:
8287:
8272:
8266:
8265:
8251:
8245:
8244:
8228:
8222:
8221:
8218:Associated Press
8204:
8198:
8197:
8189:
8174:
8168:
8167:
8153:
8147:
8146:
8132:
8123:
8122:
8116:
8108:
8102:
8101:
8087:
8081:
8080:
8066:
8060:
8059:
8053:
8045:
8039:
8038:
8036:
8034:
8020:
8009:
8008:
7991:
7985:
7984:
7967:
7958:
7957:
7940:
7929:
7928:
7916:
7908:
7902:
7901:
7883:
7877:
7876:
7858:
7852:
7851:
7833:
7827:
7826:
7824:
7822:
7813:. Archived from
7806:
7800:
7799:
7797:
7795:
7780:
7771:
7770:
7769:. April 3, 2007.
7757:
7748:
7747:
7733:
7727:
7726:
7718:
7710:
7701:
7700:
7689:
7678:
7677:
7675:
7673:
7661:Lewis, Michael.
7658:
7652:
7651:
7649:
7647:
7632:
7626:
7625:
7614:
7608:
7607:
7591:
7585:
7584:
7568:
7562:
7561:
7545:
7539:
7538:
7522:
7516:
7515:
7484:
7478:
7477:
7463:
7457:
7456:
7444:
7438:
7437:
7435:
7427:
7421:
7420:
7418:
7416:
7401:
7395:
7394:
7388:
7380:
7374:
7373:
7359:
7353:
7352:
7344:
7336:
7330:
7329:
7315:
7309:
7308:
7294:
7288:
7287:
7274:
7268:
7267:
7253:
7247:
7246:
7232:
7223:
7222:
7206:
7200:
7199:
7186:
7180:
7172:
7168:
7163:
7157:
7156:
7142:
7136:
7135:
7131:Business Insider
7121:
7115:
7114:
7096:
7090:
7089:
7078:
7072:
7071:
7058:Stiglitz, Joseph
7054:
7048:
7047:
7039:
7028:
7022:
7021:
6997:
6991:
6990:
6984:
6975:
6969:
6968:
6962:
6954:
6948:
6947:
6933:
6927:
6926:
6924:
6922:
6917:on July 31, 2020
6916:
6903:
6895:
6889:
6888:
6875:
6869:
6868:
6866:
6864:
6850:
6844:
6843:
6831:
6825:
6823:
6821:
6819:
6805:
6803:
6801:
6796:on July 12, 2020
6795:
6782:
6774:
6772:
6770:
6756:
6754:
6752:
6733:
6727:
6726:
6724:
6722:
6708:
6702:
6701:
6699:
6697:
6686:
6680:
6679:
6678:. February 2012.
6673:
6665:
6659:
6658:
6647:
6641:
6640:
6629:
6623:
6622:
6611:(January 2009).
6609:Altman, Roger C.
6605:
6592:
6591:
6577:
6571:
6570:
6562:
6554:
6548:
6547:
6533:
6518:
6517:
6515:
6507:
6501:
6500:
6492:
6481:
6475:
6474:
6462:
6454:
6448:
6447:
6434:
6428:
6427:
6419:
6411:
6405:
6404:
6396:
6385:
6379:
6378:
6370:
6363:Uchitelle, Louis
6359:
6353:
6352:
6339:
6330:
6329:
6316:
6307:
6306:
6300:
6288:
6279:
6278:
6264:
6255:
6254:
6252:
6250:
6225:
6219:
6218:
6216:
6214:
6200:
6194:
6193:
6185:
6178:
6172:
6171:
6153:
6125:
6116:
6110:
6109:
6095:
6089:
6088:
6076:
6070:
6069:
6058:
6052:
6051:
6037:
6031:
6018:
6012:
6011:
5998:
5992:
5991:
5989:
5987:
5972:
5966:
5965:
5958:
5952:
5951:
5934:(5): 1144–1156.
5919:
5913:
5912:
5910:
5908:
5893:
5887:
5886:
5876:
5836:
5830:
5829:
5827:
5825:
5811:
5805:
5804:
5778:
5769:
5760:
5759:
5757:
5755:
5740:
5734:
5733:
5731:
5729:
5714:
5708:
5707:
5705:
5703:
5664:
5658:
5657:
5655:
5653:
5638:
5632:
5631:
5629:
5627:
5612:
5606:
5605:
5603:
5601:
5587:
5581:
5580:
5562:
5538:
5532:
5531:
5529:
5527:
5513:
5507:
5506:
5482:
5476:
5475:
5462:
5451:
5450:
5426:
5420:
5419:
5417:
5415:
5401:
5367:PIGS (economics)
5268:(United Kingdom)
5173:, which won the
5143:Charles Ferguson
5114:Financial Fiasco
4804:, a spin-off of
4676:Kurt Richebächer
4602:A report by the
4454:In a 1998 book,
4404:
4395:
4386:
4377:
4368:
4342:Commodity prices
4266:Timothy Geithner
4232:World Scientific
3956:investment banks
3882:over-the-counter
3828:net capital rule
3475:second mortgages
3287:subprime lending
3267:Subprime lending
3252:Financialization
3174:investment banks
3076:over-the-counter
3002:
2993:
2987:
2981:
2975:
2969:
2960:
2951:
2881:They engaged in
2819:
2810:
2809:
2800:
2798:
2797:
2785:
2784:
2775:
2773:
2772:
2760:
2759:
2750:
2748:
2747:
2735:
2734:
2726:
2724:
2723:
2712:
2711:
2702:
2700:
2699:
2687:
2686:
2677:
2675:
2674:
2662:
2661:
2653:
2651:
2650:
2639:
2638:
2631:
2629:
2627:
2626:
2614:
2613:
2604:
2602:
2601:
2589:
2588:
2579:
2577:
2576:
2564:
2563:
2555:
2553:
2552:
2541:
2540:
2531:
2529:
2528:
2516:
2515:
2506:
2504:
2503:
2491:
2490:
2482:
2480:
2479:
2468:
2467:
2459:
2457:
2456:
2445:
2444:
2435:
2433:
2432:
2420:
2419:
2410:
2408:
2407:
2395:
2394:
2386:
2384:
2383:
2372:
2371:
2363:
2361:
2360:
2349:
2348:
2339:
2337:
2336:
2324:
2323:
2314:
2312:
2311:
2292:
2288:
2004:April 10, 2009:
1960:Great Depression
1877:2008 Greek riots
1865:Great Depression
1828:American Express
1588:acquired 20% of
1575:investment banks
1516:commercial paper
1464:was acquired by
1453:was implemented.
1444:2008 (September)
1406:
1402:
1363:March 17, 2008:
1134:August 9, 2007:
1127:August 6, 2007:
1070:subprime lending
1068:specializing in
1051:subprime lending
844:Alistair Darling
809:commercial paper
685:global recession
560:financial crisis
499:Great Depression
471:
464:
457:
81:
80:
21:
21319:
21318:
21314:
21313:
21312:
21310:
21309:
21308:
21229:Great Recession
21219:
21218:
21217:
21207:
21205:
21195:
21193:
21181:
21173:
21171:
21166:
21120:
21094:
21038:
21002:
20990:
20729:
20703:
20661:
20646:
20552:Jewish American
20525:Polish American
20466:Korean American
20456:Indian American
20423:
20408:
20263:Merchant Marine
20233:Law enforcement
20085:
20066:
19940:
19936:Great Recession
19843:
19817:Reagan Doctrine
19771:
19750:Stonewall riots
19672:
19646:Project Mercury
19607:Truman Doctrine
19583:
19491:First Red Scare
19465:
19434:Progressive Era
19346:
19306:Bleeding Kansas
19262:
19209:Monroe Doctrine
19185:
19133:
19092:Treaty of Paris
19053:
19027:Boston Massacre
19022:Sons of Liberty
18918:
18889:
18878:
18860:
18855:
18825:
18820:
18813:
18806:
18799:
18792:
18784:
18777:
18770:
18763:
18755:
18748:
18741:
18733:
18724:
18717:
18710:
18703:
18695:
18687:
18679:
18671:
18664:
18656:
18648:
18641:
18634:
18627:
18620:
18612:
18605:
18597:
18590:
18583:
18576:
18569:
18561:
18553:
18546:
18539:
18532:
18525:
18523:Information Age
18517:
18508:
18501:
18494:
18487:
18480:
18473:
18466:
18459:
18452:
18445:
18438:
18431:
18424:
18417:
18410:
18403:
18396:
18389:
18382:
18375:
18373:Great Recession
18367:
18359:
18352:
18345:
18337:
18330:
18323:
18316:
18309:
18302:
18294:
18286:
18278:
18271:
18264:
18257:
18250:
18243:
18235:
18228:
18221:
18213:
18206:
18198:
18191:
18184:
18177:
18170:
18162:
18154:
18147:
18140:
18132:
18124:
18117:
18110:
18103:
18095:
18087:
18080:
18076:
18067:
18059:
18054:1979 oil crisis
18052:
18045:
18037:
18029:
18022:
18015:
18010:1973 oil crisis
18008:
18000:
17993:
17991:Great Inflation
17985:
17978:
17971:
17964:
17956:
17949:
17942:
17934:
17926:
17918:
17911:
17909:Interwar period
17903:
17896:
17889:
17881:
17874:
17867:
17860:
17852:
17845:
17838:
17830:
17822:
17814:
17807:
17800:
17793:
17786:
17778:
17770:
17763:
17756:
17749:
17740:
17733:
17725:
17714:
17707:
17700:
17693:
17685:
17678:
17671:
17664:
17657:
17649:
17642:
17634:
17627:
17620:
17612:
17604:
17596:
17588:
17578:
17570:
17562:
17554:
17547:
17539:
17531:
17517:
17510:
17503:
17496:
17487:
17480:
17473:
17466:
17459:
17452:
17445:
17436:
17429:
17422:
17415:
17410:Currency crisis
17408:
17401:
17394:
17387:
17380:
17372:
17367:
17337:
17332:
17301:
17183:
17169:Great Recession
17150:
17118:
17114:Impact timeline
17095:
17090:
17060:
17055:
17032:
16989:
16977:Occupy movement
16947:
16910:
16896:
16875:
16863:
16857:
16792:
16771:
16714:
16708:
16697:
16626:
16573:
16537:
16482:
16480:Great Recession
16477:
16376:Wayback Machine
16333:
16300:
16182:
16180:Further reading
16163:
16162:
16145:
16141:
16128:
16127:
16123:
16118:. May 17, 2010.
16110:
16109:
16105:
16086:
16082:
16063:
16059:
16046:
16045:
16041:
16022:
16018:
16001:
16000:
15996:
15991:. IndyMac Bank.
15988:
15982:
15978:
15961:
15957:
15940:
15939:
15935:
15920:
15919:
15915:
15907:
15903:
15902:
15898:
15881:
15877:
15855:
15851:
15838:
15837:
15828:
15818:
15816:
15812:
15805:
15801:
15800:
15796:
15783:
15782:
15778:
15766:
15762:
15761:
15754:
15735:
15731:
15712:
15708:
15703:. July 2, 2003.
15695:
15694:
15690:
15673:
15664:
15645:
15638:
15621:
15617:
15604:
15603:
15599:
15572:
15568:
15555:"He Told Us So"
15551:
15547:
15528:
15524:
15502:
15498:
15476:
15472:
15463:
15462:
15458:
15441:
15437:
15418:
15414:
15389:
15385:
15370:
15369:
15365:
15357:Mises Institute
15348:
15344:
15327:
15323:
15301:
15297:
15290:
15274:
15270:
15259:
15255:
15250:. May 13, 2009.
15242:
15241:
15237:
15218:
15214:
15204:
15202:
15189:
15188:
15184:
15176:The Motley Fool
15167:
15163:
15155:
15151:
15150:
15146:
15139:
15112:
15099:
15095:
15075:
15071:
15064:
15041:
15037:
15030:
15008:
15004:
14993:
14989:
14972:
14968:
14953:(May 8, 2011).
14948:
14944:
14937:
14914:
14910:
14891:
14887:
14864:
14860:
14825:
14818:
14801:
14794:
14776:
14769:
14754:
14750:
14710:
14704:
14700:
14677:
14673:
14649:10.1.1.628.2224
14631:
14627:(Spring 2009).
14622:
14618:
14610:Financial Times
14596:
14592:
14570:
14566:
14549:
14540:
14523:
14519:
14512:
14496:
14492:
14485:
14463:
14459:
14452:
14436:Angelides, Phil
14433:
14429:
14412:
14408:
14391:
14387:
14377:
14375:
14374:on June 8, 2020
14360:
14353:
14332:
14328:
14320:Financial Times
14306:
14302:
14251:
14247:
14210:
14206:
14193:
14192:
14188:
14181:
14160:
14156:
14134:
14130:
14111:
14107:
14089:
14085:
14066:
14062:
14055:
14026:
14022:
14014:Financial Times
14005:
14004:
14000:
13985:
13976:
13959:
13958:
13951:
13940:
13936:
13901:
13897:
13882:
13881:
13877:
13860:
13859:
13855:
13838:
13834:
13822:
13812:Greenspan, Alan
13805:
13801:
13788:Greenspan, Alan
13785:
13781:
13758:
13754:
13734:
13730:
13715:
13714:
13710:
13703:
13684:
13673:
13659:"The Reckoning"
13654:
13650:
13631:
13627:
13605:
13601:
13590:
13586:
13579:
13559:
13555:
13547:
13527:
13523:
13516:
13494:
13490:
13478:
13474:
13473:
13469:
13444:
13440:
13417:
13393:
13389:
13384:. May 13, 2009.
13374:
13373:
13369:
13345:
13341:
13336:. May 31, 2009.
13328:
13327:
13323:
13310:
13309:
13305:
13292:
13291:
13287:
13274:
13273:
13269:
13252:
13248:
13236:
13232:
13231:
13227:
13205:
13201:
13189:
13185:
13184:
13180:
13173:
13165:. p. 124.
13153:
13149:
13132:
13131:
13127:
13110:
13109:
13105:
13088:
13084:
13076:National Review
13067:
13063:
13050:
13049:
13045:
13027:
13023:
13005:
13001:
12956:
12952:
12930:
12926:
12919:
12899:
12895:
12882:
12881:
12877:
12864:
12863:
12859:
12852:
12832:
12828:
12806:
12802:
12785:
12781:
12766:
12762:
12745:
12741:
12724:
12720:
12705:
12704:
12700:
12693:
12677:
12673:
12660:"CDO Explained"
12656:
12652:
12635:
12631:
12616:
12615:
12611:
12596:
12592:
12577:
12573:
12552:
12548:
12530:
12526:
12506:
12502:
12495:
12479:
12475:
12460:
12459:
12455:
12436:
12432:
12413:
12411:
12399:
12388:
12381:
12365:
12361:
12354:
12338:
12334:
12327:
12311:
12307:
12284:
12280:
12237:
12233:
12221:
12215:
12211:
12168:
12161:
12146:
12142:
12125:
12121:
12109:
12103:
12099:
12091:
12089:"Ominous Signs"
12083:
12079:
12070:
12069:
12065:
12052:
12051:
12047:
12034:
12033:
12029:
12011:
12007:
11989:
11985:
11972:
11971:
11967:
11952:
11948:
11941:
11925:
11921:
11902:Duhigg, Charles
11899:
11895:
11876:
11872:
11865:
11857:. p. 125.
11845:
11841:
11831:
11829:
11820:
11819:
11815:
11805:
11803:
11798:
11797:
11793:
11785:Financial Times
11776:
11775:
11771:
11762:
11761:
11757:
11742:
11741:
11737:
11725:
11721:
11720:
11713:
11691:
11687:
11670:
11669:
11665:
11654:
11650:
11624:
11620:
11606:
11600:
11596:
11583:
11582:
11575:
11558:
11554:
11535:
11531:
11516:
11512:
11495:
11491:
11478:
11477:
11473:
11459:
11453:
11449:
11442:
11422:
11418:
11408:
11406:
11396:
11392:
11382:
11380:
11370:
11363:
11353:
11351:
11341:
11334:
11324:
11322:
11315:
11311:
11301:
11299:
11291:
11290:
11286:
11276:
11274:
11259:
11255:
11238:
11234:
11212:
11208:
11195:
11194:
11190:
11173:
11169:
11154:
11153:
11149:
11132:
11128:
11089:
11085:
11077:
11073:
11072:
11068:
11055:
11054:
11050:
11036:
11032:
11031:
11027:
11005:
11001:
10992:
10991:
10987:
10979:
10975:
10974:
10970:
10952:
10945:
10935:
10933:
10923:
10919:
10909:
10907:
10902:
10901:
10897:
10887:
10885:
10876:
10875:
10871:
10861:
10859:
10841:
10837:
10824:
10823:
10819:
10809:
10807:
10797:
10793:
10780:
10779:
10775:
10756:
10752:
10735:
10731:
10709:
10705:
10684:
10680:
10663:
10659:
10637:
10633:
10616:
10612:
10595:
10591:
10569:
10565:
10548:
10544:
10527:
10523:
10508:
10507:
10503:
10488:
10484:
10476:
10472:
10471:
10467:
10450:
10446:
10433:
10432:
10428:
10423:. May 20, 2010.
10411:
10410:
10406:
10393:
10392:
10388:
10383:. January 1991.
10375:
10374:
10370:
10358:
10354:
10353:
10349:
10325:
10321:
10304:
10300:
10291:
10290:
10286:
10274:
10270:
10269:
10265:
10241:
10237:
10224:
10223:
10219:
10212:Federal Reserve
10206:
10205:
10201:
10181:
10177:
10169:
10165:
10164:
10160:
10145:
10144:
10140:
10130:
10128:
10127:on June 8, 2020
10121:Pulitzer Center
10115:
10114:
10110:
10093:
10089:
10072:
10068:
10061:
10041:
10037:
10020:
10016:
9994:
9990:
9973:
9969:
9952:
9948:
9931:
9927:
9917:
9915:
9905:
9901:
9884:
9880:
9863:
9859:
9842:
9841:
9837:
9827:
9825:
9821:
9820:
9816:
9806:
9804:
9794:
9790:
9751:
9747:
9730:
9726:
9709:
9705:
9695:
9693:
9685:
9684:
9680:
9663:
9659:
9648:"Press Release"
9646:
9645:
9641:
9626:
9625:
9621:
9604:
9600:
9583:
9579:
9558:
9554:
9539:
9538:
9534:
9515:Fackler, Martin
9512:
9508:
9486:
9482:
9465:
9461:
9444:
9440:
9423:
9419:
9406:
9405:
9401:
9384:
9380:
9363:
9359:
9350:
9349:
9345:
9328:
9324:
9311:
9310:
9306:
9293:
9292:
9288:
9267:
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9241:
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9156:
9141:
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9119:
9115:
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9079:
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9074:
9057:
9053:
9036:
9032:
9015:
9011:
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8993:
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8973:
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8928:
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8864:
8863:
8859:
8840:
8836:
8819:
8815:
8798:
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8780:
8776:
8759:
8752:
8735:
8731:
8714:
8710:
8700:
8698:
8690:
8689:
8685:
8675:
8673:
8665:
8664:
8660:
8650:
8648:
8639:
8638:
8634:
8617:
8613:
8596:
8592:
8575:
8571:
8549:
8545:
8532:
8531:
8527:
8510:
8506:
8493:
8492:
8488:
8471:
8467:
8457:
8455:
8452:
8446:
8437:
8420:
8416:
8399:
8395:
8385:
8383:
8377:
8373:
8363:
8361:
8346:
8345:
8341:
8330:"Press Release"
8328:
8327:
8323:
8313:
8311:
8303:
8302:
8295:
8285:
8283:
8273:
8269:
8252:
8248:
8229:
8225:
8206:
8205:
8201:
8175:
8171:
8154:
8150:
8133:
8126:
8119:Bank of England
8114:
8110:
8109:
8105:
8088:
8084:
8067:
8063:
8058:, July 31, 2007
8051:
8049:"KfW backs IKB"
8047:
8046:
8042:
8032:
8030:
8022:
8021:
8012:
7993:
7992:
7988:
7969:
7968:
7961:
7942:
7941:
7932:
7909:
7905:
7884:
7880:
7859:
7855:
7834:
7830:
7820:
7818:
7807:
7803:
7793:
7791:
7781:
7774:
7759:
7758:
7751:
7734:
7730:
7716:
7712:
7711:
7704:
7691:
7690:
7681:
7671:
7669:
7659:
7655:
7645:
7643:
7633:
7629:
7616:
7615:
7611:
7592:
7588:
7569:
7565:
7546:
7542:
7523:
7519:
7512:
7485:
7481:
7464:
7460:
7445:
7441:
7433:
7429:
7428:
7424:
7414:
7412:
7402:
7398:
7386:
7382:
7381:
7377:
7360:
7356:
7348:Financial Times
7337:
7333:
7316:
7312:
7295:
7291:
7276:
7275:
7271:
7254:
7250:
7242:Financial Times
7233:
7226:
7207:
7203:
7188:
7187:
7183:
7170:
7164:
7160:
7152:Financial Times
7143:
7139:
7122:
7118:
7097:
7093:
7080:
7079:
7075:
7055:
7051:
7029:
7025:
7018:
6998:
6994:
6982:
6976:
6972:
6960:
6956:
6955:
6951:
6934:
6930:
6920:
6918:
6914:
6901:
6897:
6896:
6892:
6877:
6876:
6872:
6862:
6860:
6852:
6851:
6847:
6832:
6828:
6817:
6815:
6807:
6799:
6797:
6793:
6780:
6776:
6768:
6766:
6758:
6750:
6748:
6740:
6734:
6730:
6720:
6718:
6710:
6709:
6705:
6695:
6693:
6688:
6687:
6683:
6671:
6667:
6666:
6662:
6649:
6648:
6644:
6631:
6630:
6626:
6618:Foreign Affairs
6606:
6595:
6578:
6574:
6555:
6551:
6534:
6521:
6513:
6509:
6508:
6504:
6482:
6478:
6455:
6451:
6436:
6435:
6431:
6412:
6408:
6386:
6382:
6360:
6356:
6341:
6340:
6333:
6318:
6317:
6310:
6298:
6292:Greenspan, Alan
6289:
6282:
6265:
6258:
6248:
6246:
6226:
6222:
6212:
6210:
6202:
6201:
6197:
6180:
6179:
6175:
6123:
6117:
6113:
6096:
6092:
6077:
6073:
6060:
6059:
6055:
6038:
6034:
6028:, link to blog
6019:
6015:
6000:
5999:
5995:
5985:
5983:
5973:
5969:
5960:
5959:
5955:
5920:
5916:
5906:
5904:
5894:
5890:
5837:
5833:
5823:
5821:
5813:
5812:
5808:
5776:
5770:
5763:
5753:
5751:
5741:
5737:
5727:
5725:
5716:
5715:
5711:
5701:
5699:
5689:
5665:
5661:
5651:
5649:
5639:
5635:
5625:
5623:
5614:
5613:
5609:
5599:
5597:
5589:
5588:
5584:
5539:
5535:
5525:
5523:
5515:
5514:
5510:
5503:
5483:
5479:
5464:
5463:
5454:
5447:
5439:. p. 213.
5427:
5423:
5413:
5411:
5403:
5402:
5398:
5393:
5388:
5357:Occupy movement
5297:Kondratiev wave
5261:
5202:Too Big to Fail
5079:Crash Proof 2.0
5056:
5044:Henry A. Waxman
5016:Lehman Brothers
5012:JP Morgan Chase
4983:conservatorship
4949:Charles Schumer
4921:Charles Schumer
4849:collateralizing
4798:
4766:Nouriel Roubini
4703:Austrian School
4680:Nouriel Roubini
4621:
4606:concluded that
4600:
4452:
4436:
4409:
4402:
4400:
4393:
4391:
4384:
4382:
4375:
4373:
4366:
4350:
4344:
4240:
4188:Gaussian copula
4121:A protester on
4115:
4106:Financial Times
4041:
4023:Federal Reserve
4021:In April 2009,
4000:conservatorship
3970:Lehman Brothers
3961:risk weightings
3911:
3856:or risk taken.
3758:
3752:
3744:mortgage frauds
3707:
3695:too big to fail
3647:
3600:capital account
3596:current account
3577:current account
3546:Federal Reserve
3542:
3458:
3452:
3334:Federal Reserve
3326:
3283:
3269:
3053:risk management
3021:, particularly
3000:
2999:
2991:
2989:
2985:
2983:
2979:
2977:
2973:
2971:
2967:
2965:
2958:
2956:
2949:
2929:Federal Reserve
2921:
2915:Great Recession
2895:
2841:Federal Reserve
2829:
2817:
2811:
2807:
2806:
2795:
2793:
2786:
2782:
2781:
2770:
2768:
2761:
2757:
2756:
2745:
2743:
2736:
2732:
2731:
2721:
2719:
2713:
2709:
2708:
2697:
2695:
2688:
2684:
2683:
2672:
2670:
2663:
2659:
2658:
2648:
2646:
2640:
2636:
2635:
2624:
2622:
2620:
2615:
2611:
2610:
2599:
2597:
2590:
2586:
2585:
2574:
2572:
2565:
2561:
2560:
2550:
2548:
2542:
2538:
2537:
2526:
2524:
2517:
2513:
2512:
2501:
2499:
2492:
2488:
2487:
2477:
2475:
2469:
2465:
2464:
2454:
2452:
2446:
2442:
2441:
2430:
2428:
2421:
2417:
2416:
2405:
2403:
2396:
2392:
2391:
2387:European Union
2381:
2379:
2373:
2369:
2368:
2358:
2356:
2350:
2346:
2345:
2334:
2332:
2325:
2321:
2320:
2309:
2307:
2300:
2176:
2130:July 21, 2010:
2107:on large banks.
2088:
2050:June 17, 2009:
2043:economic growth
2030:June 2009: The
1995:economic policy
1981:Bank of America
1904:
1843:Icelandic króna
1830:converted to a
1817:Bank of England
1796:
1776:Bank of England
1768:currency crisis
1764:Canadian dollar
1648:
1573:converted from
1521:short-term debt
1497:Lehman Brothers
1481:Federal Reserve
1470:Bank of America
1466:Bank of America
1446:
1425:July 11, 2008:
1396:
1352:March 5, 2008:
1289:Bank of America
1284:
1267:subprime loans.
1252:instituted the
1250:Federal Reserve
1225:Bank of America
1185:Bank of England
1156:
1120:July 31, 2007:
1109:July 30, 2007:
1102:July 19, 2007:
1060:April 2, 2007:
1038:
1027:November 2006:
976:
968:
930:
829:Federal Reserve
825:preferred stock
805:monetary policy
789:Bank of England
781:Federal Reserve
681:Great Recession
657:
634:Great Recession
610:fiscal policies
599:U.S. government
527:Great Recession
505:in the form of
495:economic crisis
475:
439:
438:
437:
395:
387:
386:
385:
371:Lehman Brothers
335:
325:
324:
323:
238:
230:
229:
228:
219:(December 2008)
213:(November 2008)
207:(November 2008)
193:
191:Summit meetings
183:
182:
181:
156:
146:
145:
144:
99:
90:Great Recession
44:Lehman Brothers
38:in the form of
28:
23:
22:
15:
12:
11:
5:
21317:
21307:
21306:
21301:
21296:
21291:
21286:
21281:
21276:
21271:
21266:
21261:
21256:
21251:
21246:
21241:
21236:
21231:
21216:
21215:
21203:
21191:
21168:
21167:
21165:
21164:
21154:
21144:
21142:Historiography
21139:
21133:
21130:
21129:
21126:
21125:
21122:
21121:
21119:
21118:
21108:
21102:
21100:
21096:
21095:
21093:
21092:
21087:
21082:
21080:Navassa Island
21077:
21072:
21067:
21065:Johnston Atoll
21062:
21057:
21055:Howland Island
21052:
21046:
21044:
21040:
21039:
21037:
21036:
21031:
21026:
21021:
21016:
21014:American Samoa
21010:
21008:
21004:
21003:
20998:
20996:
20992:
20991:
20989:
20988:
20983:
20978:
20973:
20968:
20963:
20958:
20953:
20948:
20943:
20938:
20936:South Carolina
20933:
20928:
20923:
20918:
20913:
20908:
20903:
20901:North Carolina
20898:
20893:
20888:
20883:
20878:
20873:
20868:
20863:
20858:
20853:
20848:
20843:
20838:
20833:
20828:
20823:
20818:
20813:
20808:
20803:
20798:
20793:
20788:
20783:
20778:
20773:
20768:
20763:
20758:
20753:
20748:
20743:
20737:
20735:
20731:
20730:
20728:
20727:
20725:The West Coast
20722:
20717:
20711:
20709:
20705:
20704:
20702:
20701:
20699:Indian removal
20696:
20691:
20686:
20681:
20675:
20673:
20663:
20662:
20652:
20651:
20648:
20647:
20645:
20644:
20643:
20642:
20637:
20632:
20620:
20613:
20612:
20611:
20606:
20594:
20593:
20592:
20590:Saudi American
20587:
20582:
20577:
20575:Iraqi American
20572:
20567:
20555:
20548:
20547:
20546:
20534:
20533:
20532:
20527:
20522:
20517:
20512:
20510:Irish American
20507:
20502:
20497:
20492:
20480:
20479:
20478:
20473:
20468:
20463:
20458:
20453:
20448:
20440:Asian American
20436:
20428:
20425:
20424:
20414:
20413:
20410:
20409:
20407:
20406:
20405:
20404:
20399:
20394:
20389:
20384:
20372:
20371:
20370:
20368:Sexual slavery
20358:
20351:
20344:
20343:
20342:
20337:
20332:
20327:
20322:
20317:
20305:
20304:
20303:
20298:
20293:
20288:
20283:
20278:
20266:
20259:
20252:
20251:
20250:
20245:
20240:
20238:Postal service
20235:
20230:
20228:Foreign policy
20225:
20220:
20215:
20210:
20205:
20200:
20195:
20183:
20176:
20175:
20174:
20162:
20161:
20160:
20148:
20147:
20146:
20134:
20133:
20132:
20127:
20122:
20117:
20105:
20098:
20090:
20087:
20086:
20076:
20075:
20072:
20071:
20068:
20067:
20065:
20064:
20059:
20054:
20047:
20042:
20037:
20032:
20031:
20030:
20020:
20015:
20008:
20003:
20002:
20001:
19996:
19991:
19986:
19981:
19976:
19971:
19966:
19956:
19950:
19948:
19942:
19941:
19939:
19938:
19933:
19928:
19923:
19922:
19921:
19916:
19906:
19901:
19894:
19889:
19884:
19879:
19874:
19869:
19864:
19859:
19853:
19851:
19845:
19844:
19842:
19841:
19836:
19831:
19826:
19825:
19824:
19819:
19814:
19804:
19802:Crack epidemic
19799:
19798:
19797:
19792:
19781:
19779:
19773:
19772:
19770:
19769:
19767:Moral Majority
19764:
19759:
19754:
19753:
19752:
19745:Gay liberation
19742:
19737:
19735:Counterculture
19732:
19727:
19726:
19725:
19723:Fall of Saigon
19720:
19715:
19705:
19704:
19703:
19701:Apollo program
19698:
19696:Project Gemini
19688:
19682:
19680:
19674:
19673:
19671:
19670:
19665:
19664:
19663:
19653:
19648:
19643:
19638:
19637:
19636:
19631:
19626:
19621:
19614:Early Cold War
19611:
19610:
19609:
19599:
19593:
19591:
19585:
19584:
19582:
19581:
19580:
19579:
19578:
19577:
19567:
19562:
19552:
19551:
19550:
19545:
19540:
19530:
19529:
19528:
19523:
19518:
19513:
19508:
19503:
19493:
19488:
19487:
19486:
19475:
19473:
19467:
19466:
19464:
19463:
19458:
19457:
19456:
19451:
19446:
19441:
19431:
19430:
19429:
19424:
19419:
19414:
19409:
19404:
19394:
19389:
19388:
19387:
19382:
19377:
19372:
19367:
19356:
19354:
19348:
19347:
19345:
19344:
19343:
19342:
19337:
19327:
19326:
19325:
19320:
19315:
19310:
19309:
19308:
19298:
19293:
19286:Prelude to War
19283:
19278:
19276:Antebellum Era
19272:
19270:
19264:
19263:
19261:
19260:
19255:
19250:
19249:
19248:
19243:
19238:
19233:
19228:
19223:
19221:Trail of Tears
19216:Jacksonian era
19213:
19212:
19211:
19206:
19195:
19193:
19187:
19186:
19184:
19183:
19182:
19181:
19176:
19166:
19165:
19164:
19159:
19152:Federalist Era
19149:
19147:Bill of Rights
19143:
19141:
19135:
19134:
19132:
19131:
19130:
19129:
19124:
19119:
19114:
19109:
19096:
19095:
19094:
19089:
19084:
19082:Lee Resolution
19079:
19074:
19063:
19061:
19055:
19054:
19052:
19051:
19050:
19049:
19044:
19039:
19034:
19029:
19024:
19019:
19014:
19009:
19004:
18999:
18989:
18984:
18979:
18974:
18969:
18964:
18959:
18954:
18949:
18944:
18939:
18934:
18928:
18926:
18920:
18919:
18917:
18916:
18909:
18901:
18899:
18891:
18890:
18880:
18879:
18877:
18876:
18871:
18865:
18862:
18861:
18854:
18853:
18846:
18839:
18831:
18822:
18821:
18819:
18818:
18811:
18804:
18797:
18789:
18786:
18785:
18783:
18782:
18775:
18768:
18761:
18759:(2022–present)
18753:
18746:
18739:
18737:(2020–present)
18731:
18730:
18729:
18722:
18715:
18701:
18699:(2019–present)
18693:
18691:(2019–present)
18685:
18683:(2018–present)
18677:
18669:
18662:
18654:
18646:
18639:
18632:
18625:
18618:
18610:
18603:
18601:(2013–present)
18595:
18588:
18581:
18574:
18567:
18565:(2011–present)
18559:
18557:(2010–present)
18551:
18544:
18537:
18529:
18527:
18526:(2009–present)
18519:
18518:
18516:
18515:
18514:
18513:
18506:
18499:
18492:
18485:
18478:
18471:
18464:
18457:
18450:
18443:
18436:
18429:
18422:
18415:
18408:
18401:
18394:
18391:September 2008
18379:
18377:
18369:
18368:
18366:
18365:
18363:(2007–present)
18357:
18350:
18343:
18335:
18328:
18321:
18314:
18307:
18300:
18292:
18284:
18276:
18269:
18262:
18255:
18248:
18241:
18233:
18226:
18219:
18211:
18204:
18196:
18189:
18182:
18175:
18168:
18160:
18152:
18145:
18138:
18130:
18122:
18115:
18108:
18101:
18093:
18084:
18082:
18069:
18068:
18066:
18065:
18057:
18050:
18043:
18035:
18027:
18020:
18013:
18006:
17997:
17995:
17987:
17986:
17984:
17983:
17976:
17968:
17966:
17958:
17957:
17955:
17954:
17947:
17940:
17932:
17924:
17915:
17913:
17905:
17904:
17902:
17901:
17894:
17887:
17879:
17872:
17865:
17858:
17850:
17843:
17836:
17828:
17820:
17812:
17805:
17798:
17790:
17788:
17780:
17779:
17777:
17776:
17768:
17761:
17754:
17747:
17746:
17745:
17738:
17722:
17720:
17716:
17715:
17713:
17712:
17705:
17698:
17691:
17683:
17676:
17669:
17662:
17655:
17653:(c. 1780–1795)
17647:
17640:
17632:
17624:
17622:
17614:
17613:
17611:
17610:
17602:
17594:
17586:
17576:
17574:(c. 1600–1760)
17568:
17560:
17551:
17549:
17541:
17540:
17538:
17537:
17528:
17526:
17519:
17518:
17516:
17515:
17508:
17501:
17494:
17493:
17492:
17485:
17478:
17471:
17457:
17454:Hyperinflation
17450:
17443:
17442:
17441:
17427:
17420:
17413:
17406:
17399:
17392:
17385:
17377:
17374:
17373:
17366:
17365:
17358:
17351:
17343:
17334:
17333:
17331:
17330:
17325:
17320:
17315:
17313:Error accounts
17309:
17307:
17306:Related topics
17303:
17302:
17300:
17299:
17294:
17289:
17284:
17279:
17274:
17269:
17264:
17259:
17254:
17249:
17244:
17239:
17234:
17229:
17224:
17219:
17214:
17209:
17204:
17199:
17193:
17191:
17185:
17184:
17182:
17181:
17176:
17171:
17166:
17160:
17158:
17152:
17151:
17149:
17148:
17143:
17138:
17128:
17126:
17120:
17119:
17117:
17116:
17111:
17105:
17103:
17097:
17096:
17089:
17088:
17081:
17074:
17066:
17057:
17056:
17054:
17053:
17048:
17043:
17037:
17034:
17033:
17031:
17030:
17025:
17020:
17015:
17010:
17009:
17008:
16997:
16995:
16994:Related topics
16991:
16990:
16988:
16987:
16986:
16985:
16974:
16968:
16962:
16955:
16953:
16949:
16948:
16946:
16945:
16940:
16935:
16930:
16925:
16920:
16914:
16912:
16906:
16905:
16902:
16901:
16898:
16897:
16895:
16894:
16892:General Motors
16889:
16883:
16881:
16874:
16873:
16867:
16865:
16859:
16858:
16856:
16855:
16850:
16845:
16840:
16838:Green New Deal
16835:
16830:
16825:
16820:
16815:
16810:
16804:
16802:
16798:
16797:
16794:
16793:
16791:
16790:
16785:
16779:
16777:
16770:
16769:
16764:
16759:
16754:
16749:
16744:
16739:
16734:
16729:
16724:
16718:
16716:
16710:
16709:
16699:
16698:
16696:
16695:
16690:
16685:
16680:
16675:
16670:
16665:
16660:
16655:
16650:
16645:
16640:
16634:
16632:
16628:
16627:
16625:
16624:
16622:Allen Stanford
16619:
16614:
16609:
16604:
16599:
16594:
16593:
16592:
16581:
16579:
16575:
16574:
16572:
16571:
16566:
16561:
16559:Housing bubble
16556:
16551:
16545:
16543:
16539:
16538:
16536:
16535:
16530:
16529:
16528:
16518:
16513:
16512:
16511:
16506:
16496:
16490:
16488:
16484:
16483:
16476:
16475:
16468:
16461:
16453:
16447:
16446:
16435:
16431:The New Yorker
16419:
16409:
16393:
16392:
16383:
16366:
16348:
16332:
16331:External links
16329:
16328:
16327:
16304:
16298:
16276:
16269:
16250:
16247:978-1568585628
16228:
16214:
16210:The New Yorker
16202:
16181:
16178:
16161:
16160:
16139:
16121:
16116:Cato Institute
16103:
16080:
16057:
16039:
16016:
15994:
15976:
15955:
15933:
15913:
15896:
15875:
15849:
15826:
15794:
15776:
15752:
15729:
15706:
15688:
15662:
15636:
15615:
15597:
15566:
15545:
15522:
15496:
15470:
15456:
15435:
15412:
15406:10.3386/w11728
15383:
15363:
15342:
15321:
15295:
15288:
15268:
15253:
15235:
15212:
15182:
15161:
15144:
15137:
15093:
15069:
15062:
15035:
15028:
15002:
14987:
14981:Monthly Review
14966:
14942:
14935:
14908:
14903:10.3386/w17778
14885:
14858:
14816:
14792:
14767:
14748:
14715:ASTIN Bulletin
14698:
14671:
14616:
14590:
14564:
14538:
14517:
14510:
14490:
14483:
14457:
14450:
14427:
14421:Bloomberg News
14406:
14400:Bloomberg News
14385:
14351:
14326:
14300:
14245:
14204:
14186:
14179:
14163:Lewis, Michael
14154:
14128:
14122:Bloomberg News
14105:
14083:
14060:
14053:
14029:Conard, Edward
14020:
13998:
13974:
13949:
13934:
13915:(1): 218–243.
13895:
13875:
13853:
13832:
13816:Levitt, Arthur
13799:
13779:
13752:
13746:Bloomberg News
13737:Weil, Jonathan
13728:
13722:Bloomberg News
13708:
13701:
13671:
13648:
13625:
13599:
13584:
13577:
13571:. p. 44.
13553:
13545:
13521:
13514:
13488:
13467:
13438:
13415:
13387:
13367:
13339:
13321:
13303:
13285:
13267:
13246:
13225:
13199:
13178:
13171:
13147:
13125:
13119:Bloomberg News
13103:
13082:
13061:
13043:
13021:
12999:
12950:
12924:
12917:
12893:
12875:
12857:
12851:978-1400842087
12850:
12826:
12800:
12779:
12760:
12739:
12718:
12698:
12691:
12671:
12650:
12629:
12609:
12590:
12571:
12546:
12524:
12500:
12493:
12473:
12453:
12430:
12426:MeasuringWorth
12420:United States
12408:MeasuringWorth
12386:
12379:
12359:
12352:
12332:
12325:
12305:
12278:
12251:(2): 352–363.
12231:
12209:
12159:
12140:
12119:
12097:
12077:
12063:
12045:
12027:
12005:
11983:
11965:
11946:
11939:
11919:
11893:
11870:
11863:
11839:
11813:
11791:
11769:
11755:
11735:
11711:
11685:
11663:
11648:
11643:10.3386/w15515
11618:
11594:
11573:
11552:
11529:
11510:
11489:
11471:
11465:Cato Institute
11447:
11441:978-1400842087
11440:
11434:. p. 62.
11416:
11390:
11361:
11332:
11309:
11284:
11253:
11232:
11206:
11188:
11167:
11147:
11126:
11083:
11066:
11048:
11025:
10999:
10985:
10968:
10943:
10917:
10895:
10869:
10835:
10817:
10791:
10773:
10750:
10729:
10703:
10678:
10657:
10631:
10610:
10589:
10563:
10542:
10521:
10501:
10482:
10465:
10444:
10426:
10404:
10386:
10368:
10347:
10319:
10298:
10284:
10263:
10235:
10217:
10199:
10175:
10158:
10138:
10108:
10087:
10066:
10059:
10035:
10014:
9988:
9967:
9946:
9925:
9899:
9878:
9857:
9835:
9814:
9788:
9745:
9724:
9703:
9678:
9657:
9639:
9619:
9598:
9577:
9552:
9532:
9506:
9480:
9459:
9438:
9417:
9399:
9378:
9357:
9343:
9322:
9304:
9286:
9260:
9235:
9214:
9196:
9175:
9154:
9134:
9113:
9092:
9072:
9051:
9030:
9009:
8991:
8971:
8949:
8926:
8900:
8877:
8857:
8834:
8813:
8792:
8774:
8750:
8744:Bloomberg News
8729:
8708:
8683:
8658:
8632:
8611:
8590:
8569:
8543:
8525:
8504:
8499:whitehouse.gov
8486:
8465:
8435:
8414:
8393:
8371:
8339:
8321:
8293:
8267:
8246:
8223:
8199:
8169:
8148:
8124:
8103:
8082:
8061:
8040:
8010:
7986:
7959:
7930:
7903:
7878:
7853:
7828:
7801:
7772:
7749:
7728:
7725:. May 5, 2006.
7702:
7679:
7653:
7627:
7609:
7586:
7563:
7540:
7517:
7510:
7479:
7458:
7439:
7422:
7396:
7375:
7354:
7331:
7310:
7289:
7269:
7248:
7224:
7201:
7181:
7175:111–203 (text)
7158:
7137:
7116:
7091:
7073:
7049:
7023:
7016:
6992:
6970:
6949:
6928:
6890:
6870:
6845:
6826:
6728:
6703:
6681:
6660:
6642:
6624:
6593:
6572:
6549:
6519:
6502:
6490:"United Panic"
6476:
6449:
6429:
6406:
6380:
6354:
6331:
6308:
6280:
6256:
6228:Merle, Renae.
6220:
6195:
6173:
6136:(4): 115–124.
6111:
6090:
6071:
6053:
6032:
6013:
5993:
5967:
5953:
5914:
5888:
5831:
5806:
5787:(3): 251–282.
5761:
5735:
5709:
5687:
5659:
5633:
5607:
5582:
5533:
5508:
5501:
5477:
5474:. May 9, 2008.
5452:
5445:
5421:
5395:
5394:
5392:
5389:
5387:
5386:
5379:
5374:
5369:
5364:
5362:Pessimism porn
5359:
5354:
5349:
5344:
5339:
5334:
5329:
5324:
5319:
5314:
5309:
5304:
5299:
5294:
5289:
5284:
5279:
5274:
5269:
5262:
5260:
5257:
5256:
5255:
5254:
5253:
5246:
5239:
5232:
5216:
5199:The 2011 film
5197:
5188:
5178:
5158:
5133:
5130:Cato Institute
5122:Alan Greenspan
5106:
5086:
5055:
5052:
4976:
4975:
4972:
4876:housing bubble
4847:as a means of
4836:in July 2008.
4797:
4794:
4741:The Black Swan
4725:Alan Greenspan
4717:Raghuram Rajan
4688:Robert Shiller
4656:Michael Hudson
4620:
4617:
4599:
4596:
4555:
4554:
4551:
4548:
4545:
4518:In 2005 book,
4512:rate of profit
4508:Monthly Review
4489:Monthly Review
4451:
4448:
4440:Andrew Metrick
4435:
4432:
4419:Emmanuel Farhi
4401:
4392:
4383:
4374:
4365:
4346:Main article:
4343:
4340:
4326:securitization
4315:shadow banking
4303:malign neglect
4239:
4236:
4114:
4111:
4070:securitization
4040:
4037:
3989:Morgan Stanley
3926:Household debt
3910:
3907:
3902:
3901:
3898:Warren Buffett
3894:notional value
3874:Alan Greenspan
3870:
3858:Bloomberg News
3842:
3831:
3820:
3808:
3789:
3751:
3748:
3715:In June 2008,
3706:
3703:
3646:
3643:
3627:Treasury bonds
3554:dot-com bubble
3541:
3538:
3471:housing bubble
3454:Main article:
3451:
3448:
3406:synthetic CDOs
3325:
3322:
3279:Main article:
3268:
3265:
3264:
3263:
3259:
3255:
3249:
3240:
3225:
3213:
3194:
3191:
3186:involved with
3184:financial risk
3177:
3162:
3158:
3151:
3136:
3129:
3122:
3111:Securitization
3108:
3104:
3092:
3091:
3090:
3087:
3072:
3069:
3066:
3063:
3060:
3045:
3019:mortgage loans
2990:
2984:
2978:
2972:
2966:
2957:
2948:
2894:
2891:
2828:
2825:
2822:
2821:
2813:
2812:
2805:
2803:
2788:
2787:
2780:
2778:
2763:
2762:
2755:
2753:
2738:
2737:
2730:
2728:
2715:
2714:
2707:
2705:
2690:
2689:
2682:
2680:
2665:
2664:
2657:
2655:
2642:
2641:
2634:
2632:
2630:United Kingdom
2617:
2616:
2609:
2607:
2592:
2591:
2584:
2582:
2567:
2566:
2559:
2557:
2544:
2543:
2536:
2534:
2519:
2518:
2511:
2509:
2494:
2493:
2486:
2484:
2471:
2470:
2463:
2461:
2448:
2447:
2440:
2438:
2423:
2422:
2415:
2413:
2398:
2397:
2390:
2388:
2375:
2374:
2367:
2365:
2364:United States
2352:
2351:
2344:
2342:
2327:
2326:
2319:
2317:
2302:
2301:
2298:
2296:
2284:
2283:
2272:
2259:2017: Per the
2257:
2246:
2235:
2224:
2221:
2207:
2194:May 2012: The
2192:
2189:
2175:
2172:
2171:
2170:
2159:
2135:
2128:
2121:
2114:
2111:
2108:
2099:, named after
2087:
2084:
2083:
2082:
2071:
2048:
2028:
2021:
2014:
2011:
2002:
1991:
1988:
1987:was convicted.
1977:
1969:
1966:
1963:
1956:
1945:
1938:
1931:
1924:
1903:
1900:
1899:
1898:
1891:General Motors
1883:
1880:
1873:
1870:
1853:
1852:was announced.
1846:
1835:
1824:
1808:United Kingdom
1802:Restaurant in
1795:
1792:
1791:
1790:
1743:
1732:
1717:OMX Iceland 15
1713:
1706:
1686:
1685:
1678:
1674:
1663:
1656:
1647:
1646:2008 (October)
1644:
1643:
1642:
1638:George W. Bush
1634:
1619:
1604:
1593:
1590:Morgan Stanley
1582:
1571:Morgan Stanley
1563:
1560:
1553:
1528:
1500:
1493:broke the buck
1477:
1454:
1445:
1442:
1441:
1440:
1437:
1430:
1423:
1407:
1377:
1374:JPMorgan Chase
1361:
1350:
1349:was completed.
1343:
1336:
1333:bond insurance
1329:
1326:
1319:United Kingdom
1315:FTSE 100 Index
1307:
1304:bond insurance
1296:
1291:agreed to buy
1283:
1280:
1279:
1278:
1275:
1268:
1257:
1246:
1243:
1240:
1229:JPMorgan Chase
1217:
1214:
1209:suffered from
1203:
1192:
1168:United Kingdom
1166:branch in the
1155:
1152:
1151:
1150:
1147:
1132:
1125:
1118:
1107:
1100:
1085:
1074:securitization
1064:, an American
1058:
1047:Alan Greenspan
1037:
1034:
1033:
1032:
1025:
1018:
1011:
1000:
975:
972:
929:
926:
896:, a banker at
833:liquidity trap
656:
653:
553:banking crisis
477:
476:
474:
473:
466:
459:
451:
448:
447:
441:
440:
436:
435:
430:
425:
420:
419:
418:
413:
403:
397:
396:
393:
392:
389:
388:
384:
383:
378:
373:
368:
366:General Motors
363:
358:
353:
348:
343:
337:
336:
331:
330:
327:
326:
322:
321:
316:
311:
306:
301:
296:
291:
289:Green New Deal
286:
281:
276:
271:
266:
261:
256:
251:
246:
240:
239:
236:
235:
232:
231:
227:
226:
220:
214:
208:
202:
199:34th G8 summit
195:
194:
189:
188:
185:
184:
180:
179:
174:
169:
164:
158:
157:
152:
151:
148:
147:
143:
142:
137:
132:
127:
122:
117:
112:
107:
101:
100:
97:
96:
93:
92:
86:
85:
26:
9:
6:
4:
3:
2:
21316:
21305:
21304:Systemic risk
21302:
21300:
21297:
21295:
21292:
21290:
21287:
21285:
21282:
21280:
21277:
21275:
21272:
21270:
21267:
21265:
21262:
21260:
21257:
21255:
21252:
21250:
21247:
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21240:
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21235:
21232:
21230:
21227:
21226:
21224:
21214:
21204:
21202:
21192:
21190:
21185:
21180:
21179:
21176:
21163:
21159:
21155:
21153:
21145:
21143:
21140:
21138:
21137:List of years
21135:
21134:
21131:
21117:
21109:
21107:
21106:Urban history
21104:
21103:
21101:
21097:
21091:
21088:
21086:
21085:Palmyra Atoll
21083:
21081:
21078:
21076:
21073:
21071:
21068:
21066:
21063:
21061:
21060:Jarvis Island
21058:
21056:
21053:
21051:
21048:
21047:
21045:
21041:
21035:
21032:
21030:
21027:
21025:
21022:
21020:
21017:
21015:
21012:
21011:
21009:
21007:Insular areas
21005:
21001:
20997:
20993:
20987:
20984:
20982:
20979:
20977:
20976:West Virginia
20974:
20972:
20969:
20967:
20964:
20962:
20959:
20957:
20954:
20952:
20949:
20947:
20944:
20942:
20939:
20937:
20934:
20932:
20929:
20927:
20924:
20922:
20919:
20917:
20914:
20912:
20909:
20907:
20904:
20902:
20899:
20897:
20894:
20892:
20889:
20887:
20884:
20882:
20881:New Hampshire
20879:
20877:
20874:
20872:
20869:
20867:
20864:
20862:
20859:
20857:
20854:
20852:
20849:
20847:
20844:
20842:
20841:Massachusetts
20839:
20837:
20834:
20832:
20829:
20827:
20824:
20822:
20819:
20817:
20814:
20812:
20809:
20807:
20804:
20802:
20799:
20797:
20794:
20792:
20789:
20787:
20784:
20782:
20779:
20777:
20774:
20772:
20769:
20767:
20764:
20762:
20759:
20757:
20754:
20752:
20749:
20747:
20744:
20742:
20739:
20738:
20736:
20732:
20726:
20723:
20721:
20718:
20716:
20713:
20712:
20710:
20706:
20700:
20697:
20695:
20692:
20690:
20687:
20685:
20682:
20680:
20677:
20676:
20674:
20672:
20668:
20664:
20657:
20653:
20641:
20638:
20636:
20633:
20631:
20628:
20627:
20626:
20625:
20621:
20619:
20618:
20614:
20610:
20607:
20605:
20602:
20601:
20600:
20599:
20595:
20591:
20588:
20586:
20583:
20581:
20578:
20576:
20573:
20571:
20568:
20566:
20563:
20562:
20561:
20560:
20556:
20554:
20553:
20549:
20545:
20542:
20541:
20540:
20539:
20535:
20531:
20528:
20526:
20523:
20521:
20518:
20516:
20513:
20511:
20508:
20506:
20503:
20501:
20498:
20496:
20493:
20491:
20488:
20487:
20486:
20485:
20481:
20477:
20474:
20472:
20471:Thai American
20469:
20467:
20464:
20462:
20459:
20457:
20454:
20452:
20449:
20447:
20444:
20443:
20442:
20441:
20437:
20435:
20434:
20430:
20429:
20426:
20419:
20415:
20403:
20400:
20398:
20395:
20393:
20390:
20388:
20385:
20383:
20380:
20379:
20378:
20377:
20373:
20369:
20366:
20365:
20364:
20363:
20359:
20357:
20356:
20352:
20350:
20349:
20345:
20341:
20338:
20336:
20333:
20331:
20328:
20326:
20323:
20321:
20318:
20316:
20313:
20312:
20311:
20310:
20309:Party Systems
20306:
20302:
20299:
20297:
20294:
20292:
20289:
20287:
20284:
20282:
20279:
20277:
20274:
20273:
20272:
20271:
20267:
20265:
20264:
20260:
20258:
20257:
20253:
20249:
20248:Voting rights
20246:
20244:
20241:
20239:
20236:
20234:
20231:
20229:
20226:
20224:
20221:
20219:
20216:
20214:
20211:
20209:
20206:
20204:
20201:
20199:
20196:
20194:
20191:
20190:
20189:
20188:
20184:
20182:
20181:
20177:
20173:
20170:
20169:
20168:
20167:
20163:
20159:
20156:
20155:
20154:
20153:
20149:
20145:
20142:
20141:
20140:
20139:
20135:
20131:
20128:
20126:
20123:
20121:
20118:
20116:
20113:
20112:
20111:
20110:
20106:
20104:
20103:
20099:
20097:
20096:
20092:
20091:
20088:
20081:
20077:
20063:
20060:
20058:
20055:
20053:
20052:
20048:
20046:
20043:
20041:
20038:
20036:
20033:
20029:
20026:
20025:
20024:
20021:
20019:
20016:
20014:
20013:
20009:
20007:
20004:
20000:
19997:
19995:
19992:
19990:
19987:
19985:
19982:
19980:
19977:
19975:
19972:
19970:
19967:
19965:
19962:
19961:
19960:
19957:
19955:
19952:
19951:
19949:
19947:
19943:
19937:
19934:
19932:
19929:
19927:
19924:
19920:
19917:
19915:
19912:
19911:
19910:
19909:War on terror
19907:
19905:
19902:
19900:
19899:
19895:
19893:
19890:
19888:
19885:
19883:
19880:
19878:
19875:
19873:
19870:
19868:
19865:
19863:
19860:
19858:
19855:
19854:
19852:
19850:
19846:
19840:
19837:
19835:
19832:
19830:
19827:
19823:
19820:
19818:
19815:
19813:
19810:
19809:
19808:
19807:Late Cold War
19805:
19803:
19800:
19796:
19793:
19791:
19788:
19787:
19786:
19783:
19782:
19780:
19778:
19774:
19768:
19765:
19763:
19760:
19758:
19755:
19751:
19748:
19747:
19746:
19743:
19741:
19738:
19736:
19733:
19731:
19728:
19724:
19721:
19719:
19716:
19714:
19711:
19710:
19709:
19706:
19702:
19699:
19697:
19694:
19693:
19692:
19689:
19687:
19686:Great Society
19684:
19683:
19681:
19679:
19675:
19669:
19666:
19662:
19659:
19658:
19657:
19654:
19652:
19649:
19647:
19644:
19642:
19641:Post-war boom
19639:
19635:
19632:
19630:
19627:
19625:
19622:
19620:
19617:
19616:
19615:
19612:
19608:
19605:
19604:
19603:
19600:
19598:
19595:
19594:
19592:
19590:
19586:
19576:
19573:
19572:
19571:
19568:
19566:
19563:
19561:
19558:
19557:
19556:
19553:
19549:
19546:
19544:
19541:
19539:
19536:
19535:
19534:
19531:
19527:
19524:
19522:
19519:
19517:
19514:
19512:
19509:
19507:
19504:
19502:
19499:
19498:
19497:
19494:
19492:
19489:
19485:
19482:
19481:
19480:
19477:
19476:
19474:
19472:
19468:
19462:
19459:
19455:
19452:
19450:
19447:
19445:
19442:
19440:
19437:
19436:
19435:
19432:
19428:
19425:
19423:
19420:
19418:
19415:
19413:
19410:
19408:
19405:
19403:
19400:
19399:
19398:
19395:
19393:
19390:
19386:
19383:
19381:
19378:
19376:
19373:
19371:
19368:
19366:
19363:
19362:
19361:
19358:
19357:
19355:
19353:
19349:
19341:
19338:
19336:
19333:
19332:
19331:
19328:
19324:
19321:
19319:
19316:
19314:
19311:
19307:
19304:
19303:
19302:
19299:
19297:
19294:
19292:
19289:
19288:
19287:
19284:
19282:
19279:
19277:
19274:
19273:
19271:
19269:
19265:
19259:
19256:
19254:
19251:
19247:
19244:
19242:
19239:
19237:
19234:
19232:
19229:
19227:
19224:
19222:
19219:
19218:
19217:
19214:
19210:
19207:
19205:
19202:
19201:
19200:
19197:
19196:
19194:
19192:
19188:
19180:
19177:
19175:
19172:
19171:
19170:
19167:
19163:
19160:
19158:
19155:
19154:
19153:
19150:
19148:
19145:
19144:
19142:
19140:
19136:
19128:
19125:
19123:
19120:
19118:
19115:
19113:
19110:
19108:
19105:
19102:
19101:
19100:
19097:
19093:
19090:
19088:
19085:
19083:
19080:
19078:
19075:
19073:
19070:
19069:
19068:
19065:
19064:
19062:
19060:
19056:
19048:
19045:
19043:
19040:
19038:
19035:
19033:
19030:
19028:
19025:
19023:
19020:
19018:
19015:
19013:
19010:
19008:
19005:
19003:
19000:
18998:
18995:
18994:
18993:
18990:
18988:
18985:
18983:
18980:
18978:
18975:
18973:
18970:
18968:
18965:
18963:
18960:
18958:
18955:
18953:
18950:
18948:
18945:
18943:
18940:
18938:
18935:
18933:
18930:
18929:
18927:
18925:
18921:
18915:
18914:
18910:
18908:
18907:
18903:
18902:
18900:
18896:
18892:
18885:
18881:
18875:
18872:
18870:
18867:
18866:
18863:
18859:
18852:
18847:
18845:
18840:
18838:
18833:
18832:
18829:
18816:
18812:
18809:
18805:
18802:
18798:
18795:
18791:
18790:
18787:
18780:
18776:
18773:
18769:
18766:
18762:
18758:
18754:
18751:
18747:
18744:
18740:
18736:
18732:
18727:
18723:
18720:
18716:
18713:
18709:
18708:
18706:
18702:
18698:
18694:
18690:
18686:
18682:
18678:
18674:
18670:
18667:
18663:
18659:
18655:
18651:
18647:
18644:
18640:
18637:
18633:
18630:
18626:
18623:
18619:
18615:
18611:
18608:
18604:
18600:
18596:
18593:
18589:
18586:
18582:
18579:
18575:
18572:
18568:
18564:
18560:
18556:
18552:
18549:
18545:
18542:
18538:
18535:
18531:
18530:
18528:
18524:
18520:
18511:
18507:
18504:
18500:
18497:
18493:
18490:
18486:
18483:
18479:
18476:
18472:
18469:
18465:
18462:
18458:
18455:
18451:
18448:
18444:
18441:
18437:
18434:
18430:
18427:
18423:
18420:
18416:
18413:
18412:December 2008
18409:
18406:
18405:November 2008
18402:
18399:
18395:
18392:
18388:
18387:
18385:
18381:
18380:
18378:
18374:
18370:
18362:
18358:
18355:
18351:
18348:
18344:
18340:
18336:
18333:
18329:
18326:
18322:
18319:
18315:
18312:
18308:
18305:
18301:
18297:
18293:
18289:
18285:
18281:
18277:
18274:
18270:
18267:
18263:
18260:
18256:
18253:
18249:
18246:
18242:
18238:
18234:
18231:
18227:
18224:
18220:
18216:
18212:
18209:
18205:
18201:
18197:
18194:
18190:
18187:
18183:
18180:
18176:
18173:
18169:
18165:
18161:
18157:
18153:
18150:
18146:
18143:
18139:
18135:
18131:
18127:
18123:
18120:
18116:
18113:
18109:
18106:
18102:
18098:
18094:
18090:
18086:
18085:
18083:
18079:
18074:
18070:
18062:
18058:
18055:
18051:
18048:
18044:
18040:
18036:
18032:
18028:
18025:
18021:
18018:
18014:
18011:
18007:
18003:
17999:
17998:
17996:
17992:
17988:
17981:
17977:
17974:
17970:
17969:
17967:
17963:
17959:
17952:
17951:Panic of 1930
17948:
17945:
17941:
17937:
17933:
17929:
17925:
17921:
17917:
17916:
17914:
17910:
17906:
17899:
17895:
17892:
17888:
17884:
17880:
17877:
17876:Panic of 1907
17873:
17870:
17869:Panic of 1901
17866:
17863:
17862:Panic of 1896
17859:
17855:
17851:
17848:
17844:
17841:
17840:Panic of 1893
17837:
17833:
17829:
17825:
17824:Baring crisis
17821:
17817:
17816:Arendal crash
17813:
17810:
17809:Panic of 1884
17806:
17803:
17799:
17796:
17795:Panic of 1873
17792:
17791:
17789:
17785:
17781:
17773:
17769:
17766:
17765:Panic of 1866
17762:
17759:
17758:Panic of 1857
17755:
17752:
17751:Panic of 1847
17748:
17743:
17739:
17736:
17732:
17731:
17728:
17724:
17723:
17721:
17717:
17710:
17709:Panic of 1837
17706:
17703:
17702:Panic of 1825
17699:
17696:
17695:Panic of 1819
17692:
17688:
17684:
17681:
17677:
17674:
17670:
17667:
17666:Panic of 1792
17663:
17660:
17656:
17652:
17648:
17645:
17641:
17637:
17633:
17630:
17626:
17625:
17623:
17619:
17615:
17607:
17603:
17599:
17595:
17591:
17587:
17583:
17582:
17577:
17573:
17569:
17565:
17561:
17557:
17553:
17552:
17550:
17546:
17542:
17534:
17530:
17529:
17527:
17525:
17520:
17513:
17509:
17506:
17505:Social crisis
17502:
17499:
17498:Minsky moment
17495:
17490:
17486:
17483:
17479:
17476:
17472:
17469:
17465:
17464:
17462:
17458:
17455:
17451:
17448:
17444:
17439:
17435:
17434:
17432:
17428:
17425:
17424:Energy crisis
17421:
17418:
17414:
17411:
17407:
17404:
17400:
17397:
17396:Credit crunch
17393:
17390:
17386:
17383:
17379:
17378:
17375:
17371:
17364:
17359:
17357:
17352:
17350:
17345:
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17341:
17329:
17326:
17324:
17321:
17319:
17316:
17314:
17311:
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17106:
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17102:
17098:
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17087:
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17080:
17075:
17073:
17068:
17067:
17064:
17052:
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17047:
17044:
17042:
17039:
17038:
17035:
17029:
17026:
17024:
17021:
17019:
17016:
17014:
17011:
17007:
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17002:
16999:
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16992:
16984:
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16957:
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16913:
16907:
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16878:
16872:
16869:
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16860:
16854:
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16841:
16839:
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16816:
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16811:
16809:
16806:
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16803:
16799:
16789:
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16781:
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16774:
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16758:
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16753:
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16711:
16704:
16700:
16694:
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16689:
16686:
16684:
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16679:
16676:
16674:
16671:
16669:
16666:
16664:
16661:
16659:
16656:
16654:
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16649:
16646:
16644:
16641:
16639:
16636:
16635:
16633:
16629:
16623:
16620:
16618:
16615:
16613:
16610:
16608:
16607:Bernie Madoff
16605:
16603:
16602:Forex scandal
16600:
16598:
16595:
16591:
16588:
16587:
16586:
16585:Libor scandal
16583:
16582:
16580:
16576:
16570:
16567:
16565:
16562:
16560:
16557:
16555:
16552:
16550:
16547:
16546:
16544:
16540:
16534:
16531:
16527:
16524:
16523:
16522:
16519:
16517:
16514:
16510:
16509:South America
16507:
16505:
16504:United States
16502:
16501:
16500:
16497:
16495:
16492:
16491:
16489:
16485:
16481:
16474:
16469:
16467:
16462:
16460:
16455:
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16444:
16439:
16436:
16433:
16432:
16427:
16423:
16420:
16417:
16413:
16410:
16407:
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16400:
16399:
16398:
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16387:
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16364:
16360:
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16340:
16339:
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16337:
16325:
16321:
16317:
16313:
16309:
16305:
16301:
16299:9780670024933
16295:
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16286:
16281:
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16274:
16270:
16267:
16266:9780857248022
16263:
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16199:9780674725652
16196:
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16035:
16034:
16028:
16020:
16012:
16008:
16004:
15998:
15987:
15980:
15972:
15967:
15959:
15951:
15950:
15944:
15937:
15929:
15928:
15923:
15917:
15906:
15900:
15892:
15891:
15890:TheStreet.com
15886:
15879:
15871:
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15864:
15859:
15853:
15845:
15841:
15835:
15833:
15831:
15811:
15804:
15798:
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15772:
15765:
15759:
15757:
15748:
15747:
15741:
15733:
15725:
15724:
15718:
15710:
15702:
15701:Business Wire
15698:
15692:
15684:
15683:
15682:TheStreet.com
15678:
15671:
15669:
15667:
15658:
15654:
15650:
15643:
15641:
15632:
15631:
15626:
15619:
15611:
15610:Business Wire
15607:
15601:
15593:
15589:
15585:
15581:
15577:
15570:
15562:
15561:
15556:
15549:
15541:
15540:
15534:
15526:
15518:
15517:
15511:
15506:
15505:Brooks, David
15500:
15492:
15491:
15485:
15480:
15474:
15466:
15460:
15452:
15451:
15446:
15439:
15431:
15430:
15424:
15416:
15407:
15402:
15398:
15394:
15387:
15379:
15378:
15377:The Economist
15373:
15367:
15359:
15358:
15353:
15346:
15338:
15337:
15332:
15325:
15317:
15316:
15310:
15305:
15299:
15291:
15289:9780231543781
15285:
15281:
15280:
15272:
15264:
15257:
15249:
15245:
15239:
15231:
15230:
15224:
15216:
15200:
15196:
15192:
15186:
15178:
15177:
15172:
15165:
15154:
15148:
15140:
15134:
15130:
15129:Demeter Press
15126:
15122:
15118:
15111:
15107:
15103:
15097:
15089:
15088:
15083:
15079:
15078:Reich, Robert
15073:
15065:
15059:
15055:
15051:
15050:
15045:
15039:
15031:
15025:
15021:
15016:
15015:
15006:
14998:
14991:
14983:
14982:
14977:
14970:
14962:
14961:
14956:
14952:
14946:
14938:
14932:
14928:
14924:
14923:
14918:
14917:McMurty, John
14912:
14904:
14900:
14896:
14889:
14881:
14877:
14873:
14869:
14862:
14854:
14850:
14846:
14842:
14838:
14834:
14830:
14823:
14821:
14812:
14811:
14806:
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14797:
14788:
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14774:
14772:
14763:
14759:
14752:
14744:
14740:
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14732:
14728:
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14720:
14716:
14709:
14702:
14694:
14690:
14686:
14682:
14675:
14667:
14663:
14659:
14655:
14650:
14645:
14641:
14637:
14630:
14626:
14620:
14612:
14611:
14605:
14600:
14599:Soros, George
14594:
14586:
14585:
14579:
14574:
14573:Norris, Floyd
14568:
14560:
14559:
14554:
14547:
14545:
14543:
14534:
14533:
14528:
14521:
14513:
14511:9783642376207
14507:
14503:
14502:
14494:
14486:
14484:9780810883406
14480:
14476:
14471:
14470:
14461:
14453:
14451:9781437980721
14447:
14443:
14442:
14437:
14431:
14423:
14422:
14417:
14410:
14402:
14401:
14396:
14389:
14373:
14369:
14365:
14358:
14356:
14347:
14343:
14342:
14337:
14330:
14322:
14321:
14315:
14310:
14304:
14296:
14292:
14288:
14284:
14280:
14276:
14272:
14268:
14264:
14260:
14256:
14249:
14241:
14237:
14233:
14229:
14225:
14221:
14220:
14215:
14208:
14200:
14196:
14190:
14182:
14176:
14172:
14168:
14167:The Big Short
14164:
14158:
14150:
14149:
14143:
14138:
14137:Krugman, Paul
14132:
14124:
14123:
14117:
14109:
14101:
14097:
14093:
14087:
14079:
14078:
14072:
14064:
14056:
14050:
14046:
14042:
14041:Penguin Group
14037:
14036:
14030:
14024:
14016:
14015:
14009:
14002:
13994:
13990:
13983:
13981:
13979:
13970:
13969:
13968:The Economist
13963:
13956:
13954:
13945:
13938:
13930:
13926:
13922:
13918:
13914:
13910:
13906:
13899:
13891:
13890:
13885:
13879:
13871:
13870:
13869:The Economist
13864:
13857:
13849:
13848:
13843:
13836:
13828:
13821:
13817:
13813:
13809:
13803:
13795:
13794:
13789:
13783:
13775:
13771:
13767:
13763:
13756:
13748:
13747:
13742:
13738:
13732:
13724:
13723:
13718:
13712:
13704:
13698:
13694:
13693:
13688:
13687:Krugman, Paul
13682:
13680:
13678:
13676:
13667:
13666:
13660:
13652:
13644:
13643:
13637:
13629:
13621:
13620:
13614:
13609:
13603:
13595:
13588:
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13574:
13570:
13566:
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13557:
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13533:
13525:
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13511:
13507:
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13442:
13434:
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13422:
13418:
13412:
13408:
13404:
13400:
13399:
13391:
13383:
13382:
13377:
13371:
13363:
13362:
13357:
13353:
13352:Hansen, Chris
13349:
13343:
13335:
13331:
13325:
13317:
13313:
13307:
13299:
13295:
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13281:
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13250:
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13235:
13229:
13221:
13220:
13214:
13209:
13203:
13195:
13188:
13182:
13174:
13168:
13164:
13160:
13159:
13151:
13143:
13142:
13141:The Economist
13136:
13129:
13121:
13120:
13114:
13107:
13099:
13098:
13093:
13086:
13078:
13077:
13072:
13065:
13057:
13053:
13047:
13039:
13035:
13031:
13025:
13017:
13013:
13009:
13008:Bernanke, Ben
13003:
12995:
12991:
12986:
12981:
12977:
12973:
12969:
12965:
12961:
12954:
12946:
12945:
12939:
12934:
12933:Krugman, Paul
12928:
12920:
12918:9781136632488
12914:
12910:
12906:
12905:
12897:
12889:
12885:
12879:
12871:
12867:
12861:
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12847:
12843:
12839:
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12830:
12822:
12821:
12815:
12810:
12804:
12796:
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12783:
12775:
12771:
12764:
12756:
12755:
12750:
12743:
12735:
12734:
12729:
12722:
12714:
12713:The Economist
12709:
12702:
12694:
12692:9788120342378
12688:
12684:
12683:
12675:
12667:
12666:
12661:
12654:
12646:
12645:
12640:
12633:
12625:
12624:
12623:The Economist
12619:
12613:
12605:
12601:
12594:
12586:
12582:
12575:
12567:
12563:
12559:
12558:
12550:
12542:
12538:
12534:
12528:
12520:
12519:
12514:
12510:
12509:Krugman, Paul
12504:
12496:
12494:9780875869445
12490:
12486:
12485:
12477:
12469:
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12463:
12457:
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12434:
12427:
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12409:
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12397:
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12393:
12391:
12382:
12380:9780875869445
12376:
12372:
12371:
12363:
12355:
12353:9780875869445
12349:
12345:
12344:
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12328:
12326:9780875869445
12322:
12318:
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12023:
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12001:
11997:
11993:
11987:
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11969:
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11957:
11950:
11942:
11940:9780875869445
11936:
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11908:
11903:
11897:
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11843:
11827:
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11795:
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11780:
11773:
11765:
11759:
11751:
11750:
11745:
11739:
11732:. April 2009.
11731:
11724:
11718:
11716:
11707:
11706:
11700:
11695:
11694:Krugman, Paul
11689:
11681:
11680:
11674:
11667:
11659:
11652:
11644:
11639:
11635:
11631:
11630:
11622:
11614:
11613:
11605:
11598:
11590:
11586:
11580:
11578:
11569:
11568:
11563:
11556:
11550:
11546:
11541:
11540:
11533:
11525:
11524:Common Dreams
11521:
11514:
11506:
11505:
11500:
11493:
11485:
11481:
11475:
11467:
11466:
11458:
11451:
11443:
11437:
11433:
11429:
11428:
11420:
11405:
11401:
11394:
11379:
11375:
11368:
11366:
11350:
11346:
11339:
11337:
11320:
11313:
11298:
11294:
11288:
11272:
11268:
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11257:
11249:
11248:
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11236:
11228:
11227:
11221:
11216:
11210:
11202:
11198:
11192:
11184:
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11178:
11171:
11163:
11162:
11157:
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11143:
11142:
11137:
11130:
11122:
11118:
11113:
11108:
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11087:
11076:
11070:
11062:
11058:
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11044:
11043:
11035:
11029:
11021:
11020:
11014:
11009:
11003:
10995:
10989:
10978:
10972:
10964:
10960:
10956:
10950:
10948:
10932:
10931:Big Economics
10928:
10921:
10910:September 29,
10905:
10899:
10888:September 29,
10883:
10879:
10873:
10862:September 29,
10858:
10854:
10850:
10846:
10839:
10831:
10827:
10821:
10806:
10802:
10795:
10787:
10783:
10777:
10769:
10765:
10761:
10754:
10746:
10745:
10740:
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10725:
10724:
10718:
10713:
10707:
10699:
10695:
10694:
10689:
10682:
10674:
10673:
10668:
10661:
10653:
10652:
10646:
10641:
10635:
10627:
10626:
10621:
10614:
10606:
10605:
10600:
10593:
10585:
10584:
10578:
10573:
10572:Norris, Floyd
10567:
10559:
10558:
10553:
10546:
10538:
10537:
10532:
10525:
10517:
10516:
10515:The Economist
10511:
10505:
10497:
10493:
10486:
10475:
10469:
10461:
10460:
10455:
10448:
10440:
10436:
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10422:
10421:
10415:
10408:
10400:
10396:
10390:
10382:
10378:
10372:
10364:
10357:
10351:
10343:
10342:
10337:
10333:
10329:
10323:
10315:
10314:
10309:
10302:
10294:
10288:
10280:
10273:
10267:
10259:
10258:
10253:
10249:
10245:
10239:
10231:
10227:
10221:
10213:
10209:
10203:
10195:
10194:
10189:
10185:
10184:Hulbert, Mark
10179:
10168:
10162:
10154:
10153:
10148:
10142:
10126:
10122:
10118:
10112:
10104:
10103:
10098:
10091:
10083:
10082:
10077:
10070:
10062:
10060:9781351277389
10056:
10052:
10048:
10047:
10039:
10031:
10030:
10025:
10018:
10010:
10009:
10003:
9998:
9997:Norris, Floyd
9992:
9984:
9983:
9978:
9971:
9963:
9962:
9957:
9950:
9942:
9941:
9936:
9929:
9914:
9910:
9903:
9895:
9894:
9889:
9882:
9874:
9873:
9868:
9861:
9853:
9852:
9846:
9839:
9824:
9818:
9803:
9799:
9792:
9784:
9780:
9776:
9772:
9768:
9764:
9760:
9756:
9749:
9741:
9740:
9735:
9728:
9720:
9719:
9714:
9707:
9692:
9688:
9682:
9674:
9673:
9668:
9661:
9653:
9649:
9643:
9635:
9634:
9629:
9623:
9615:
9614:
9609:
9602:
9594:
9593:
9588:
9581:
9573:
9569:
9568:
9563:
9556:
9548:
9547:
9542:
9536:
9528:
9527:
9521:
9516:
9510:
9502:
9501:
9495:
9490:
9489:Landler, Mark
9484:
9476:
9475:
9470:
9463:
9455:
9454:
9449:
9442:
9434:
9433:
9428:
9421:
9413:
9409:
9403:
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9382:
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9333:
9326:
9318:
9314:
9308:
9300:
9296:
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9271:
9264:
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9239:
9231:
9230:
9225:
9218:
9210:
9206:
9200:
9192:
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9186:
9179:
9171:
9170:
9165:
9158:
9150:
9149:
9144:
9138:
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9129:
9124:
9117:
9109:
9108:
9103:
9096:
9088:
9087:
9082:
9076:
9068:
9067:
9062:
9055:
9047:
9046:
9041:
9034:
9026:
9025:
9020:
9013:
9005:
9001:
8995:
8987:
8986:
8981:
8975:
8967:
8966:
8960:
8953:
8945:
8944:
8938:
8930:
8922:
8921:
8915:
8910:
8904:
8896:
8895:
8889:
8881:
8873:
8872:
8867:
8861:
8853:
8852:
8846:
8838:
8830:
8829:
8824:
8817:
8809:
8808:
8803:
8796:
8788:
8784:
8778:
8770:
8769:
8764:
8757:
8755:
8746:
8745:
8740:
8733:
8725:
8724:
8719:
8712:
8697:
8693:
8687:
8672:
8668:
8662:
8646:
8642:
8636:
8628:
8627:
8622:
8615:
8607:
8606:
8601:
8594:
8586:
8585:
8580:
8573:
8565:
8564:
8558:
8553:
8547:
8539:
8538:Business Wire
8535:
8529:
8521:
8520:
8515:
8508:
8500:
8496:
8490:
8482:
8481:
8476:
8469:
8451:
8444:
8442:
8440:
8431:
8430:
8425:
8418:
8410:
8409:
8404:
8397:
8382:
8375:
8359:
8355:
8354:
8349:
8343:
8335:
8331:
8325:
8310:
8306:
8300:
8298:
8282:
8278:
8271:
8263:
8262:
8257:
8250:
8242:
8238:
8234:
8227:
8219:
8215:
8214:
8209:
8203:
8195:
8194:
8188:
8183:
8179:
8173:
8165:
8164:
8159:
8152:
8144:
8143:
8138:
8131:
8129:
8120:
8113:
8107:
8099:
8098:
8093:
8086:
8078:
8077:
8072:
8065:
8057:
8050:
8044:
8029:
8028:Yahoo Finance
8025:
8019:
8017:
8015:
8006:
8002:
8001:
7996:
7990:
7982:
7978:
7977:
7972:
7966:
7964:
7955:
7951:
7950:
7945:
7939:
7937:
7935:
7926:
7922:
7921:
7915:
7907:
7899:
7895:
7894:
7889:
7882:
7874:
7870:
7869:
7864:
7857:
7849:
7845:
7844:
7839:
7832:
7816:
7812:
7805:
7790:
7786:
7779:
7777:
7768:
7767:
7762:
7756:
7754:
7745:
7744:
7739:
7732:
7724:
7723:
7715:
7709:
7707:
7698:
7694:
7688:
7686:
7684:
7668:
7664:
7657:
7642:
7638:
7631:
7623:
7619:
7613:
7605:
7601:
7597:
7590:
7582:
7578:
7574:
7567:
7559:
7555:
7551:
7544:
7536:
7532:
7528:
7521:
7513:
7507:
7503:
7499:
7495:
7494:
7489:
7483:
7475:
7474:
7469:
7462:
7454:
7450:
7443:
7432:
7426:
7411:
7407:
7400:
7392:
7385:
7379:
7371:
7370:
7365:
7358:
7350:
7349:
7343:
7335:
7327:
7326:
7321:
7314:
7306:
7305:
7300:
7293:
7285:
7284:
7279:
7273:
7265:
7264:
7259:
7252:
7244:
7243:
7238:
7231:
7229:
7220:
7216:
7212:
7205:
7197:
7196:
7191:
7185:
7179:
7176:
7169:
7162:
7154:
7153:
7148:
7141:
7133:
7132:
7127:
7120:
7112:
7108:
7104:
7103:
7095:
7087:
7083:
7077:
7069:
7068:
7067:Democracy Now
7063:
7059:
7053:
7045:
7044:
7038:
7033:
7032:Krugman, Paul
7027:
7019:
7013:
7009:
7005:
7004:
6996:
6988:
6981:
6974:
6966:
6959:
6953:
6945:
6944:
6939:
6932:
6913:
6909:
6908:
6900:
6894:
6886:
6885:
6880:
6874:
6859:
6855:
6849:
6841:
6837:
6830:
6814:
6810:
6792:
6788:
6787:
6779:
6765:
6761:
6747:
6743:
6738:
6732:
6717:
6713:
6707:
6691:
6685:
6677:
6670:
6664:
6656:
6652:
6646:
6639:. April 1947.
6638:
6634:
6628:
6620:
6619:
6614:
6610:
6604:
6602:
6600:
6598:
6589:
6588:
6583:
6576:
6568:
6567:
6561:
6553:
6545:
6544:
6539:
6532:
6530:
6528:
6526:
6524:
6516:. April 2009.
6512:
6506:
6498:
6497:
6491:
6486:
6485:Norris, Floyd
6480:
6472:
6468:
6467:
6461:
6453:
6445:
6444:
6439:
6433:
6425:
6424:
6418:
6410:
6402:
6401:
6395:
6390:
6384:
6376:
6375:
6369:
6364:
6358:
6350:
6349:
6344:
6338:
6336:
6327:
6326:
6325:Seeking Alpha
6321:
6315:
6313:
6304:
6297:
6293:
6287:
6285:
6276:
6275:
6270:
6263:
6261:
6245:
6241:
6237:
6236:
6231:
6224:
6209:
6205:
6199:
6191:
6190:
6189:The Economist
6184:
6177:
6169:
6165:
6161:
6157:
6152:
6147:
6143:
6139:
6135:
6131:
6130:
6122:
6115:
6107:
6106:
6101:
6094:
6086:
6082:
6075:
6067:
6066:Business Wire
6063:
6057:
6049:
6048:
6043:
6036:
6030:
6027:
6023:
6017:
6009:
6008:
6003:
5997:
5982:
5978:
5971:
5963:
5957:
5949:
5945:
5941:
5937:
5933:
5929:
5925:
5918:
5903:
5899:
5892:
5884:
5880:
5875:
5870:
5866:
5862:
5858:
5854:
5850:
5846:
5842:
5835:
5820:
5816:
5810:
5802:
5798:
5794:
5790:
5786:
5782:
5775:
5768:
5766:
5750:
5746:
5739:
5724:. May 6, 2009
5723:
5719:
5713:
5698:
5694:
5690:
5688:9781108865715
5684:
5680:
5676:
5672:
5671:
5663:
5648:
5644:
5637:
5621:
5617:
5611:
5596:
5592:
5586:
5578:
5574:
5570:
5566:
5561:
5556:
5553:(1): 81–106.
5552:
5548:
5544:
5537:
5522:
5518:
5512:
5504:
5498:
5494:
5490:
5489:
5481:
5473:
5472:
5467:
5461:
5459:
5457:
5448:
5442:
5438:
5434:
5433:
5425:
5410:
5406:
5400:
5396:
5385:
5384:
5380:
5378:
5375:
5373:
5370:
5368:
5365:
5363:
5360:
5358:
5355:
5353:
5352:Neoliberalism
5350:
5348:
5345:
5343:
5340:
5338:
5335:
5333:
5330:
5328:
5325:
5323:
5320:
5318:
5315:
5313:
5310:
5308:
5305:
5303:
5300:
5298:
5295:
5293:
5292:Crisis theory
5290:
5288:
5285:
5283:
5280:
5278:
5275:
5273:
5270:
5267:
5264:
5263:
5251:
5247:
5244:
5240:
5237:
5233:
5230:
5226:
5225:
5223:
5222:
5217:
5214:
5213:
5208:
5204:
5203:
5198:
5195:
5194:
5189:
5187:expectations.
5185:
5184:
5179:
5176:
5172:
5168:
5167:
5166:The Big Short
5162:
5161:Michael Lewis
5159:
5156:
5152:
5148:
5144:
5140:
5139:
5134:
5131:
5127:
5123:
5120:and features
5119:
5118:Johan Norberg
5115:
5111:
5107:
5104:
5100:
5096:
5092:
5091:
5087:
5084:
5080:
5076:
5072:
5068:
5067:
5062:
5058:
5057:
5051:
5049:
5045:
5041:
5037:
5033:
5029:
5025:
5021:
5020:Merrill Lynch
5017:
5013:
5009:
5005:
5000:
4998:
4993:
4990:
4988:
4984:
4979:
4973:
4970:
4966:
4965:
4964:
4961:
4958:
4954:
4950:
4945:
4942:
4936:
4932:
4928:
4926:
4922:
4917:
4915:
4911:
4907:
4902:
4900:
4895:
4893:
4889:
4883:
4881:
4877:
4873:
4869:
4864:
4861:
4856:
4853:
4850:
4846:
4845:Angelo Mozilo
4842:
4841:David S. Loeb
4837:
4835:
4831:
4827:
4826:United States
4823:
4819:
4818:mortgage loan
4815:
4811:
4807:
4803:
4793:
4790:
4786:
4785:
4779:
4777:
4773:
4772:
4767:
4763:
4762:
4755:
4753:
4752:
4747:
4743:
4742:
4737:
4732:
4730:
4726:
4722:
4718:
4714:
4709:
4706:
4704:
4699:
4696:
4691:
4689:
4685:
4681:
4677:
4673:
4669:
4666:(Australia),
4665:
4661:
4657:
4653:
4652:Fred Harrison
4649:
4645:
4641:
4637:
4632:
4630:
4626:
4616:
4614:
4613:credit unions
4609:
4605:
4595:
4592:
4588:
4583:
4580:
4576:
4574:
4570:
4566:
4562:
4561:
4552:
4549:
4546:
4543:
4539:
4538:
4537:
4535:
4534:
4529:
4528:James Burnham
4525:
4524:John C. Bogle
4521:
4516:
4513:
4509:
4505:
4504:Andrew Kliman
4501:
4497:
4495:
4491:
4490:
4485:
4481:
4478:
4474:
4470:
4469:
4463:
4461:
4457:
4456:John McMurtry
4447:
4443:
4441:
4431:
4427:
4424:
4420:
4416:
4408:
4399:
4390:
4381:
4372:
4362:
4354:
4349:
4339:
4336:
4330:
4327:
4323:
4318:
4316:
4312:
4308:
4304:
4300:
4296:
4290:
4285:
4283:
4279:
4275:
4271:
4267:
4264:
4259:
4257:
4253:
4244:
4235:
4233:
4229:
4223:
4221:
4217:
4213:
4209:
4204:
4201:
4197:
4191:
4189:
4184:
4178:
4176:
4169:
4166:
4160:
4158:
4153:
4151:
4147:
4143:
4141:
4135:
4128:
4124:
4119:
4110:
4108:
4107:
4102:
4098:
4096:
4086:
4082:
4079:
4078:synthetic CDO
4073:
4071:
4067:
4063:
4059:
4054:
4045:
4035:
4030:
4028:
4024:
4019:
4016:
4012:
4006:
4003:
4001:
3997:
3992:
3990:
3986:
3985:Goldman Sachs
3982:
3981:Merrill Lynch
3978:
3974:
3971:
3966:
3962:
3957:
3952:
3950:
3945:
3941:
3939:
3938:overleveraged
3934:
3927:
3923:
3915:
3906:
3899:
3895:
3891:
3887:
3883:
3879:
3875:
3871:
3868:
3864:
3863:Enron scandal
3859:
3855:
3851:
3847:
3843:
3840:
3836:
3832:
3829:
3825:
3822:In 2004, the
3821:
3817:
3813:
3809:
3806:
3802:
3798:
3794:
3793:Ronald Reagan
3790:
3787:
3783:
3779:
3775:
3774:credit unions
3771:
3767:
3764:
3763:
3762:
3757:
3747:
3745:
3741:
3736:
3734:
3730:
3725:
3722:
3718:
3713:
3711:
3702:
3700:
3696:
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2996:CPI inflation
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2148:Johan Norberg
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2060:executive pay
2057:
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2026:
2022:
2019:
2015:
2012:
2009:
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1996:
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1985:Bernie Madoff
1982:
1978:
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1601:Goldman Sachs
1598:
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1567:Goldman Sachs
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1535:Henry Paulson
1533:
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1462:Merrill Lynch
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1177:Northern Rock
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1164:Northern Rock
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1043:durable goods
1040:
1039:
1030:
1026:
1023:
1019:
1016:
1012:
1009:
1005:
1004:mortgage loan
1001:
998:
997:Deutsche Bank
994:
990:
989:Michael Burry
986:
985:
980:
971:
967:
963:
959:
955:
951:
947:
943:
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925:
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904:
903:Goldman Sachs
899:
898:Credit Suisse
895:
891:
887:
882:
880:
876:
872:
867:
864:
860:
855:
853:
849:
846:, the U.K.'s
845:
841:
836:
834:
830:
826:
822:
818:
814:
810:
806:
802:
801:fiscal policy
798:
794:
790:
786:
782:
778:
773:
771:
767:
762:
761:de-leveraging
758:
752:
750:
746:
742:
741:bank failures
738:
734:
729:
727:
723:
719:
715:
711:
707:
702:
698:
694:
690:
686:
682:
673:
666:
661:
652:
650:
646:
643:In 2010, the
641:
639:
635:
631:
627:
623:
619:
615:
612:to prevent a
611:
607:
602:
601:by surprise.
600:
596:
592:
587:
585:
581:
577:
573:
569:
565:
561:
556:
554:
550:
546:
542:
538:
534:
530:
528:
524:
523:perfect storm
520:
516:
512:
508:
504:
500:
496:
492:
488:
484:
472:
467:
465:
460:
458:
453:
452:
450:
449:
446:
443:
442:
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431:
429:
426:
424:
421:
417:
416:United States
414:
412:
411:South America
409:
408:
407:
404:
402:
399:
398:
391:
390:
382:
379:
377:
374:
372:
369:
367:
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136:
133:
131:
128:
126:
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121:
118:
116:
113:
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108:
106:
103:
102:
98:Major aspects
95:
94:
91:
88:
87:
83:
82:
79:
73:
69:
64:
57:
53:
49:
45:
42:purchased by
41:
37:
32:
19:
21075:Midway Atoll
21070:Kingman Reef
21050:Baker Island
21029:Puerto Rico
20941:South Dakota
20931:Rhode Island
20926:Pennsylvania
20906:North Dakota
20622:
20615:
20596:
20557:
20550:
20536:
20482:
20438:
20431:
20374:
20360:
20353:
20346:
20307:
20281:Marine Corps
20268:
20261:
20254:
20218:Debt ceiling
20203:Civil Rights
20185:
20178:
20164:
20150:
20136:
20107:
20102:Antisemitism
20100:
20093:
20049:
20010:
19946:2008–present
19898:Bush v. Gore
19896:
19834:War on drugs
19708:Mid Cold War
19560:Pearl Harbor
19555:World War II
19375:Ku Klux Klan
18972:Dummer's War
18911:
18904:
18898:Pre-Colonial
18398:October 2008
18383:
18280:Samba effect
18136:(1987–2000s)
18031:Steel crisis
17854:Black Monday
17832:Encilhamento
17772:Black Friday
17579:
17535:(235–284 CE)
17403:Credit cycle
17163:
17134: /
17045:
16441:
16429:
16415:
16405:
16395:
16394:
16342:Final Report
16335:
16334:
16307:
16290:Viking Press
16288:. New York:
16284:
16272:
16253:
16239:Nation Books
16234:
16217:
16208:
16186:
16164:
16152:
16142:
16134:The Guardian
16133:
16124:
16106:
16095:
16083:
16072:
16060:
16042:
16031:
16019:
15997:
15979:
15958:
15947:
15936:
15925:
15916:
15899:
15888:
15878:
15867:
15852:
15819:February 24,
15817:. Retrieved
15810:the original
15797:
15779:
15744:
15732:
15721:
15709:
15691:
15680:
15628:
15618:
15600:
15583:
15579:
15569:
15560:The Guardian
15558:
15548:
15537:
15525:
15514:
15499:
15488:
15473:
15459:
15448:
15438:
15427:
15415:
15396:
15386:
15375:
15366:
15355:
15345:
15334:
15324:
15313:
15298:
15278:
15271:
15256:
15238:
15227:
15215:
15205:November 29,
15203:. Retrieved
15199:the original
15185:
15174:
15164:
15147:
15124:
15121:McKay, Ailsa
15106:McKay, Ailsa
15096:
15085:
15072:
15054:Virgin Books
15048:
15044:Roeder, Mark
15038:
15013:
15005:
14990:
14979:
14969:
14958:
14945:
14921:
14911:
14888:
14871:
14861:
14836:
14832:
14810:City Journal
14808:
14757:
14751:
14718:
14714:
14701:
14684:
14674:
14639:
14635:
14619:
14608:
14593:
14582:
14567:
14556:
14530:
14520:
14500:
14493:
14468:
14460:
14440:
14430:
14419:
14409:
14398:
14388:
14376:. Retrieved
14372:the original
14345:
14339:
14329:
14318:
14309:Wolf, Martin
14303:
14262:
14258:
14248:
14223:
14217:
14207:
14189:
14166:
14157:
14146:
14131:
14120:
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14086:
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14012:
14001:
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13937:
13912:
13908:
13898:
13887:
13878:
13867:
13856:
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13802:
13792:
13782:
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13755:
13744:
13731:
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13711:
13691:
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13628:
13617:
13602:
13593:
13587:
13563:
13556:
13531:
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13501:
13491:
13470:
13451:
13441:
13397:
13390:
13379:
13370:
13359:
13342:
13333:
13324:
13306:
13288:
13270:
13259:
13249:
13228:
13217:
13202:
13181:
13157:
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13139:
13128:
13117:
13106:
13095:
13085:
13074:
13064:
13046:
13024:
13002:
12985:10419/153919
12967:
12963:
12953:
12942:
12927:
12903:
12896:
12878:
12860:
12836:
12829:
12818:
12803:
12792:
12782:
12773:
12763:
12752:
12742:
12731:
12721:
12712:
12701:
12681:
12674:
12663:
12653:
12642:
12632:
12621:
12612:
12603:
12593:
12574:
12556:
12549:
12527:
12516:
12503:
12483:
12476:
12465:
12456:
12445:
12433:
12425:
12414:November 30,
12412:. Retrieved
12406:
12369:
12362:
12342:
12335:
12315:
12308:
12291:
12287:
12281:
12248:
12244:
12234:
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12048:
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11986:
11968:
11949:
11929:
11922:
11911:
11896:
11885:
11873:
11849:
11842:
11830:. Retrieved
11825:
11816:
11804:. Retrieved
11794:
11783:
11772:
11758:
11747:
11738:
11703:
11688:
11677:
11666:
11657:
11651:
11628:
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11610:
11597:
11565:
11555:
11532:
11523:
11513:
11502:
11492:
11474:
11463:
11450:
11426:
11419:
11407:. Retrieved
11403:
11393:
11381:. Retrieved
11377:
11352:. Retrieved
11348:
11323:. Retrieved
11312:
11300:. Retrieved
11296:
11287:
11275:. Retrieved
11271:the original
11256:
11245:
11235:
11224:
11209:
11191:
11180:
11170:
11159:
11150:
11139:
11129:
11105:(1): 73–92.
11102:
11096:
11086:
11069:
11051:
11040:
11028:
11017:
11008:Chan, Sewell
11002:
10988:
10971:
10934:. Retrieved
10930:
10920:
10908:. Retrieved
10898:
10886:. Retrieved
10881:
10872:
10860:. Retrieved
10848:
10838:
10820:
10808:. Retrieved
10804:
10794:
10776:
10753:
10742:
10732:
10721:
10706:
10698:the original
10691:
10681:
10670:
10660:
10649:
10634:
10623:
10613:
10602:
10592:
10581:
10566:
10555:
10545:
10534:
10524:
10513:
10504:
10485:
10468:
10457:
10447:
10429:
10418:
10407:
10399:Congress.gov
10389:
10371:
10350:
10339:
10322:
10311:
10301:
10287:
10266:
10255:
10238:
10220:
10202:
10191:
10178:
10161:
10150:
10141:
10129:. Retrieved
10125:the original
10111:
10100:
10090:
10079:
10069:
10045:
10038:
10027:
10017:
10006:
9991:
9980:
9970:
9959:
9949:
9938:
9928:
9918:February 12,
9916:. Retrieved
9912:
9902:
9891:
9881:
9870:
9860:
9849:
9838:
9828:December 19,
9826:. Retrieved
9817:
9807:December 19,
9805:. Retrieved
9801:
9791:
9758:
9754:
9748:
9737:
9727:
9716:
9706:
9694:. Retrieved
9690:
9681:
9670:
9660:
9642:
9631:
9622:
9611:
9601:
9590:
9580:
9565:
9555:
9544:
9535:
9524:
9509:
9498:
9483:
9472:
9462:
9451:
9441:
9432:The Guardian
9430:
9420:
9402:
9393:The Guardian
9391:
9381:
9370:
9360:
9346:
9335:
9325:
9307:
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9105:
9095:
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9054:
9043:
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9022:
9012:
8994:
8983:
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8929:
8918:
8903:
8892:
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8849:
8837:
8826:
8816:
8805:
8795:
8777:
8766:
8742:
8732:
8721:
8711:
8699:. Retrieved
8695:
8686:
8674:. Retrieved
8670:
8661:
8649:. Retrieved
8644:
8635:
8624:
8614:
8603:
8593:
8582:
8572:
8561:
8546:
8528:
8517:
8507:
8489:
8478:
8468:
8456:. Retrieved
8427:
8417:
8406:
8396:
8384:. Retrieved
8374:
8362:. Retrieved
8358:the original
8351:
8342:
8324:
8312:. Retrieved
8309:data.bls.gov
8308:
8284:. Retrieved
8280:
8270:
8259:
8249:
8236:
8226:
8211:
8202:
8191:
8172:
8161:
8151:
8140:
8106:
8097:The Guardian
8095:
8085:
8074:
8064:
8055:
8043:
8033:February 15,
8031:. Retrieved
8027:
7998:
7989:
7974:
7947:
7918:
7906:
7891:
7881:
7866:
7856:
7841:
7831:
7819:. Retrieved
7815:the original
7804:
7794:September 7,
7792:. Retrieved
7788:
7764:
7741:
7731:
7720:
7670:. Retrieved
7666:
7656:
7644:. Retrieved
7640:
7630:
7612:
7599:
7589:
7576:
7566:
7553:
7543:
7526:
7520:
7492:
7488:Taibbi, Matt
7482:
7471:
7461:
7452:
7442:
7425:
7413:. Retrieved
7409:
7399:
7378:
7367:
7357:
7346:
7334:
7323:
7313:
7302:
7292:
7281:
7272:
7263:The Guardian
7261:
7251:
7240:
7218:
7214:
7204:
7193:
7184:
7161:
7150:
7140:
7129:
7119:
7100:
7094:
7076:
7065:
7052:
7041:
7026:
7002:
6995:
6973:
6967:. July 2012.
6952:
6941:
6931:
6919:. Retrieved
6912:the original
6905:
6893:
6882:
6873:
6861:. Retrieved
6857:
6848:
6829:
6816:. Retrieved
6812:
6798:. Retrieved
6791:the original
6784:
6767:. Retrieved
6763:
6749:. Retrieved
6745:
6731:
6719:. Retrieved
6715:
6706:
6694:. Retrieved
6684:
6663:
6645:
6627:
6616:
6585:
6575:
6564:
6552:
6541:
6505:
6494:
6479:
6464:
6452:
6441:
6432:
6421:
6409:
6398:
6383:
6372:
6357:
6346:
6323:
6272:
6249:November 24,
6247:. Retrieved
6233:
6223:
6213:December 19,
6211:. Retrieved
6207:
6198:
6187:
6176:
6151:1721.1/60250
6133:
6127:
6114:
6103:
6093:
6074:
6056:
6045:
6035:
6016:
6005:
5996:
5984:. Retrieved
5981:Investopedia
5980:
5970:
5956:
5931:
5927:
5917:
5905:. Retrieved
5902:Freakonomics
5901:
5891:
5848:
5844:
5834:
5822:. Retrieved
5818:
5809:
5784:
5780:
5752:. Retrieved
5748:
5738:
5726:. Retrieved
5721:
5712:
5700:. Retrieved
5669:
5662:
5650:. Retrieved
5647:Investopedia
5646:
5636:
5624:. Retrieved
5619:
5610:
5598:. Retrieved
5594:
5585:
5550:
5546:
5536:
5524:. Retrieved
5520:
5511:
5487:
5480:
5469:
5431:
5424:
5412:. Retrieved
5408:
5399:
5381:
5219:
5210:
5205:is based on
5200:
5191:
5181:
5164:
5141:directed by
5136:
5113:
5109:
5105:for 10 weeks
5088:
5078:
5064:
5061:Peter Schiff
5008:Bear Stearns
5001:
4994:
4991:
4980:
4977:
4962:
4946:
4937:
4933:
4929:
4918:
4903:
4896:
4884:
4865:
4857:
4838:
4822:bank failure
4799:
4782:
4780:
4775:
4771:The Guardian
4769:
4759:
4756:
4749:
4746:David Brooks
4739:
4733:
4710:
4707:
4700:
4692:
4684:Peter Schiff
4660:Eric Janszen
4648:Wynne Godley
4640:Dirk Bezemer
4633:
4622:
4601:
4584:
4579:Robert Reich
4577:
4558:
4557:In his book
4556:
4531:
4519:
4517:
4507:
4498:
4487:
4482:
4466:
4464:
4453:
4444:
4437:
4428:
4412:
4331:
4319:
4295:Paul Krugman
4292:
4287:
4260:
4249:
4227:
4224:
4205:
4200:George Soros
4193:
4180:
4174:
4171:
4162:
4154:
4144:
4136:
4132:
4104:
4099:
4091:
4074:
4050:
4032:
4027:Janet Yellen
4020:
4015:Hyman Minsky
4007:
4004:
3993:
3977:Bear Stearns
3960:
3953:
3946:
3942:
3935:
3931:
3903:
3826:relaxed the
3766:Jimmy Carter
3759:
3737:
3714:
3708:
3698:
3688:
3648:
3636:
3616:
3608:Ben Bernanke
3604:
3585:
3581:Ben Bernanke
3574:
3548:lowered the
3543:
3529:John Quiggin
3526:
3518:
3514:
3510:supply chain
3507:
3479:
3467:
3444:
3437:
3430:
3425:
3422:
3417:Paul Krugman
3414:
3410:
3392:
3390:
3386:
3375:
3360:
3343:
3327:
3315:
3299:
3291:
3284:
3155:moral hazard
3042:toxic assets
3008:
2880:
2861:
2857:
2838:
2816:
2792:
2767:
2742:
2694:
2669:
2605:Saudi Arabia
2596:
2571:
2556:South Korea
2523:
2498:
2427:
2402:
2331:
2306:
2285:
2218:Mario Draghi
2101:Paul Volcker
2093:Volcker Rule
2052:Barack Obama
2040:
2005:
1942:nationalized
1861:
1780:Charlie Bean
1752:Japanese yen
1727:created the
1549:Nancy Pelosi
1542:Ben Bernanke
1436:was enacted.
1401:data missing
1398:
1365:Bear Stearns
1358:margin calls
1211:bank failure
1122:Bear Stearns
1093:Bear Stearns
1089:margin calls
1076:, filed for
969:
922:
911:
883:
868:
856:
837:
774:
753:
749:foreclosures
730:
726:toxic assets
697:bank failure
678:
642:
603:
588:
557:
531:
515:toxic assets
490:
486:
482:
480:
225:(April 2009)
124:
78:
36:toxic assets
21090:Wake Island
20856:Mississippi
20771:Connecticut
20715:New England
20382:Agriculture
20301:Coast Guard
20296:Space Force
20144:Immigration
19872:WTC bombing
19790:Reaganomics
19718:Vietnam War
19634:McCarthyism
19516:Second Klan
19501:Prohibition
19479:World War I
19454:Square Deal
19444:Imperialism
19179:War of 1812
18906:Prehistoric
18675:(2017–2018)
18660:(2016–2022)
18616:(2014–2022)
18376:(2007–2009)
18341:(2003–2008)
18290:(2000–2004)
18239:(1994–1996)
18217:(1992–1994)
18202:(1991–2000)
18166:(1990–1992)
18158:(1990–1992)
18128:(1986–1995)
18091:(1982–1994)
18081:(1982–2007)
18063:(1980–1982)
18041:(1975–1982)
18033:(1973–1982)
18004:(1973–1980)
17994:(1973–1982)
17965:(1945–1973)
17930:(1921–1923)
17922:(1917–1924)
17912:(1918–1939)
17834:(1890–1893)
17787:(1870–1914)
17729:(1845–1856)
17689:(1815–1816)
17638:(1769–1784)
17621:(1760–1840)
17584:(1621–1623)
17566:(1544–1551)
17548:(1000–1760)
17447:Flash crash
17417:Debt crisis
16971:Arab Spring
16880:Non-banking
16612:Tom Petters
16443:Marketplace
16280:Tooze, Adam
16225:Basingstoke
15586:(1): 1–16.
15479:Nocera, Joe
14951:Batra, Ravi
14927:Pluto Press
14839:(2): 1–55.
14721:(1): 1–33.
14642:(1): 6–52.
14043:. pp.
13425:j.ctvd58rxg
12970:(C): 1–19.
12040:White House
11589:White House
11325:February 1,
11215:Gramm, Phil
10459:MarketWatch
10230:White House
9453:Marketwatch
9317:NDTV Profit
9209:Steny Hoyer
8909:Nocera, Joe
8584:MarketWatch
8237:The Balance
7672:January 24,
7646:January 24,
7641:Vanity Fair
7600:The Balance
7577:The Balance
7554:The Balance
5977:"Basel III"
5250:The Warning
5193:Margin Call
5128:think tank
5126:libertarian
4987:bridge bank
4814:Los Angeles
4587:Ailsa McKay
4585:Economists
4565:Mark Roeder
4389:Phosphorite
4196:bond rating
4123:Wall Street
4101:Martin Wolf
4025:vice-chair
3724:Jerry Brown
3612:saving glut
3402:derivatives
3311:Countrywide
3306:Freddie Mac
3148:Freddie Mac
3080:derivatives
2935:causing an
2931:raised the
2845:Freddie Mac
2801:Philippines
2256:in the U.S.
2234:each month.
2068:derivatives
1916:payroll tax
1914:provided a
1756:Swiss franc
1671:Wells Fargo
1499:securities.
1418:during the
1416:commodities
1393:U.S. dollar
1389:Freddie Mac
1140:hedge funds
1136:BNP Paribas
1062:New Century
1055:Freddie Mac
1022:yield curve
890:Geir Haarde
775:As part of
770:remittances
630:payroll tax
541:derivatives
537:real estate
361:Freddie Mac
201:(July 2008)
72:credit risk
21223:Categories
20971:Washington
20891:New Mexico
20886:New Jersey
20761:California
20256:Journalism
20208:Corruption
20187:Government
20138:Demography
20125:Newspapers
19974:Sandy Hook
19877:Waco siege
19785:Reagan era
19691:Space Race
19624:Korean War
19565:home front
19397:Gilded Age
19365:Amendments
17468:Accounting
17174:Writedowns
16231:Nomi Prins
15533:"Dr. Doom"
12774:Bespacific
11061:LexisNexis
10936:October 5,
10810:August 22,
10328:Cho, David
8696:www.un.org
8671:World Bank
8386:August 11,
8286:August 11,
7500:. p.
7221:(5): 1311.
5391:References
5138:Inside Job
4868:California
4686:(US), and
4664:Steve Keen
4644:Dean Baker
4573:The Big Mo
4560:The Big Mo
4502:followers
4473:Ravi Batra
4460:capitalism
4293:Economist
3740:Ameriquest
3733:wire fraud
3652:liar loans
3415:Economist
3395:magazine,
3302:Fannie Mae
3231:(MBS) and
3144:Fannie Mae
3004:Recessions
2897:See also:
2849:Fannie Mae
2232:Treasuries
2204:Fannie Mae
2167:Treasuries
2154:) and the
1857:Dean Baker
1703:Indonesian
1694:BSE SENSEX
1483:took over
1385:Fannie Mae
1265:securitize
1013:May 2006:
932:See also:
655:Background
497:since the
356:Fannie Mae
68:TED spread
48:bankruptcy
20981:Wisconsin
20946:Tennessee
20851:Minnesota
20826:Louisiana
20720:The South
20291:Air Force
20166:Education
20028:recession
19984:Las Vegas
19892:Columbine
19849:1991–2008
19777:1980–1991
19678:1964–1980
19589:1945–1964
19543:Dust Bowl
19471:1917–1945
19352:1865–1917
19330:Civil War
19323:Secession
19268:1849–1865
19191:1815–1849
19162:Quasi-War
19139:1789–1815
19059:1776–1789
19012:Sugar Act
18726:Recession
17719:1840–1870
17189:Responses
16590:Tom Hayes
16487:By region
16416:Frontline
16406:Frontline
16154:Vox Media
15563:. London.
14644:CiteSeerX
14287:1364-5021
14240:0002-8282
13929:154482588
13768:(2): 13.
13433:240840930
13261:TheStreet
12909:Routledge
12265:0034-6535
12196:0893-9454
11549:1436-5812
11121:154418474
10857:0017-8012
10604:Vox Media
10051:Routledge
9913:CNN Money
9783:158182047
9775:0378-5920
9691:CNN Money
9572:USA Today
8701:March 11,
8676:March 11,
8651:March 11,
7949:USA Today
7821:August 8,
7415:March 11,
7325:Channel 4
6863:March 11,
6721:March 11,
6696:March 11,
6244:0190-8286
6160:0011-5266
6105:VoxEU.org
5986:April 27,
5948:1741-3737
5907:April 27,
5865:1756-1833
5851:: f5239.
5824:April 27,
5801:1945-7731
5754:April 27,
5728:August 5,
5702:August 5,
5697:234722538
5652:August 5,
5626:August 5,
5600:August 5,
5577:159107916
5569:0895-3309
5526:August 5,
5414:August 5,
5221:Frontline
5095:Tom Woods
5059:In 2006,
5032:Citigroup
4672:Med Jones
4177:article:
4064:(MBS) or
4051:The term
3846:Citigroup
3780:to offer
3680:Citigroup
3675:Citigroup
3667:Citigroup
3623:liquidity
3562:deflation
3393:Portfolio
3248:globally.
3164:The 1999
2998:year/year
2945:recession
2941:commodity
2887:mortgages
2411:Indonesia
2198:indicted
2174:Post-2010
2139:Basel III
1973:Citigroup
1953:Citigroup
1859:observed:
1586:MUFG Bank
1544:met with
1412:inflation
1356:received
1221:Citigroup
1181:leveraged
991:closed a
877:entitled
863:Basel III
745:evictions
737:commodity
649:Basel III
606:bail-outs
576:insurance
485:, or the
351:Citigroup
211:APEC Peru
21152:Category
20966:Virginia
20916:Oklahoma
20896:New York
20871:Nebraska
20861:Missouri
20846:Michigan
20836:Maryland
20821:Kentucky
20801:Illinois
20776:Delaware
20766:Colorado
20756:Arkansas
20635:Lesbians
20609:Comanche
20604:Cherokee
20397:Medicine
20355:Genocide
20348:Religion
20270:Military
20243:Taxation
20193:Abortion
20109:Cultural
19989:Parkland
19919:Iraq War
19857:Gulf War
19629:Ivy Mike
19548:New Deal
18924:Colonial
18869:Timeline
17382:Bank run
16887:Chrysler
16499:Americas
16372:Archived
16361:and the
16318:, 2013)
16282:(2018).
16169:article
16007:Fox News
15653:Fox News
15450:HuffPost
15123:(eds.).
15108:(2014).
15087:Guernica
15046:(2011).
14960:Truthout
14853:27720394
14743:14201831
14666:15660445
14438:(2011).
14348:(1): 13.
14031:(2012).
13889:BBC News
13689:(2009).
13361:NBC News
12994:18761719
12428:series.
12273:43556179
12204:20869292
11660:: 34–38.
11404:HuffPost
10766:and the
10193:Barron's
9633:BBC News
9567:ABC News
9281:Archived
9250:ABC News
9086:CBS News
8458:March 5,
8364:June 17,
8314:March 4,
8142:BBC News
8005:Archived
7981:Archived
7976:BBC News
7954:Archived
7925:Archived
7898:Archived
7873:Archived
7848:Archived
7490:(2010).
7473:CBS News
7453:cbpp.org
6884:BBC News
6800:June 17,
6471:Archived
6168:57568335
6129:Daedalus
5883:24046155
5259:See also
5028:Wachovia
4941:bank run
4919:Senator
4462:itself.
4210:between
3965:tranches
3905:bodies.
3869:in 2001.
3854:leverage
3592:identity
3556:and the
3493:and the
3245:trillion
3201:SFAS 157
3103:Street".
2776:Thailand
2483:Germany
2295:Economy
2134:enacted.
1976:decline.
1895:Chrysler
1819:and the
1754:and the
1631:Wachovia
1616:bank run
1614:after a
1552:Monday".
1508:bank run
1474:Barclays
1369:mortgage
1189:bank run
1015:JPMorgan
974:Pre-2007
928:Timeline
797:stimulus
793:bailouts
787:and the
733:solvency
614:collapse
568:repealed
445:Timeline
406:Americas
346:Chrysler
21175:Portals
20986:Wyoming
20961:Vermont
20866:Montana
20806:Indiana
20786:Georgia
20781:Florida
20751:Arizona
20741:Alabama
20708:Regions
20630:Gay men
20402:Railway
20362:Slavery
20158:Banking
20152:Economy
19994:El Paso
19979:Orlando
19713:Détente
18874:Outline
17482:Funding
17475:Capital
17156:Impacts
16533:Oceania
16526:Iceland
16353:of the
16344:of the
16167:Wikinfo
15630:Reuters
14693:1478374
14378:June 8,
14295:9945658
14267:Bibcode
14045:145–155
13334:DS News
13243:. 2007.
12794:Reuters
12754:Reuters
12733:Reuters
12585:Dotdash
12566:1717062
11960:1162456
11832:May 25,
11806:May 25,
11486:. 2012.
11409:May 25,
11383:May 25,
11354:May 25,
11302:May 25,
11277:June 8,
10131:June 8,
9893:Reuters
9802:Reuters
9546:Reuters
9372:Reuters
8768:Reuters
8519:Reuters
8261:Reuters
8241:Dotdash
8076:Reuters
8000:Reuters
7893:Reuters
7868:Reuters
7667:NPR.org
7604:Dotdash
7581:Dotdash
7558:Dotdash
7535:1585409
7529:(159).
7167:Pub. L.
7111:1686982
6921:June 8,
6818:May 12,
6769:May 12,
6751:May 12,
6443:Reuters
6348:Reuters
6085:2612243
5874:3776046
5153:at the
4969:capital
4906:Moody's
4899:IndyMac
4872:Florida
4812:in the
4802:IndyMac
4796:IndyMac
4430:mixed.
3619:capital
3501:by the
3499:ratings
3376:A 2000
2994:
2727:Canada
2678:Nigeria
2654:France
1804:Bristol
1427:IndyMac
1317:in the
1207:NetBank
886:Iceland
701:Iceland
616:of the
433:Oceania
394:Regions
21162:Portal
21116:Cities
21099:Cities
20921:Oregon
20876:Nevada
20816:Kansas
20791:Hawaii
20746:Alaska
20734:States
20660:Places
20422:Groups
20392:Lumber
20330:Fourth
20320:Second
20130:Sports
20115:Cinema
20084:Topics
19999:Uvalde
19969:Aurora
19964:Tucson
18888:Events
18652:(2016)
18298:(2001)
18282:(1999)
18099:(1982)
17938:(1927)
17885:(1910)
17856:(1894)
17826:(1890)
17818:(1886)
17774:(1869)
17608:(1720)
17600:(1720)
17592:(1637)
17489:Market
17124:Causes
16521:Europe
16494:Africa
16414:– PBS
16404:– PBS
16322:
16296:
16264:
16245:
16241:2018,
16197:
15286:
15135:
15060:
15026:
14933:
14851:
14741:
14691:
14664:
14646:
14508:
14481:
14448:
14293:
14285:
14238:
14177:
14051:
13927:
13847:Forbes
13699:
13575:
13543:
13512:
13431:
13423:
13413:
13241:FRASER
13169:
12992:
12915:
12848:
12689:
12604:hg.org
12564:
12491:
12377:
12350:
12323:
12271:
12263:
12202:
12194:
11958:
11937:
11861:
11749:Forbes
11547:
11438:
11378:Forbes
11182:Forbes
11119:
10855:
10536:Reason
10057:
9781:
9773:
9739:Forbes
9696:May 3,
9024:Forbes
7622:FRASER
7533:
7508:
7173:
7109:
7014:
6943:Forbes
6242:
6166:
6158:
6083:
5946:
5881:
5871:
5863:
5799:
5695:
5685:
5575:
5567:
5499:
5443:
5034:, and
4830:thrift
4690:(US).
4682:(US),
4678:(US),
4662:(US),
4658:(US),
4654:(UK),
4650:(UK),
4646:(US),
4421:, and
4405:
4403:
4396:
4394:
4387:
4385:
4378:
4376:
4369:
4367:
3684:Citi's
3349:fellow
3001:
2992:
2986:
2980:
2974:
2968:
2961:
2959:
2952:
2950:
2917:, and
2893:Causes
2799:
2774:
2749:
2725:
2701:
2676:
2652:
2628:
2603:
2580:Mexico
2578:
2554:
2532:Brazil
2530:
2507:Russia
2505:
2481:
2460:Japan
2458:
2436:Turkey
2434:
2409:
2385:
2362:
2338:
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