2007–2008 financial crisis

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

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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.

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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

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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

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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

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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

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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

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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

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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,

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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,

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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;

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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. $

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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.

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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:

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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

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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.

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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

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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.

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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.

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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.

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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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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".

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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

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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.

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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: 9366: 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".

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Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and the Government Bailout Will Make Things Worse

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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: 20347: 20300: 20295: 20242: 20192: 20137: 19640: 19505: 19317: 18704: 18621: 18591: 18474: 18467: 18411: 18404: 18272: 17961: 16672: 16525: 16090: 15770: 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.

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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: 19729: 18778: 18397: 17650: 17571: 17317: 17135: 16766: 16563: 15843: 11318: 11135: 7405: 4996: 4833: 4269: 3823: 3682:

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

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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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was the rapid development in financial products which targeted low-income, low-information homebuyers who largely belonged to

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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: 6906: 5500: 5444: 5276: 5265: 4924: 3595: 3576: 3391:

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: 1681: 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 21288: 19935: 18848: 16782: 16637: 16503: 11633: 10413: 10251: 8958: 8620: 6319: 3204: 2031: 1232: 461: 415: 55: 13255: 12707: 9223: 9018: 6911: 6735:

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

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As financial assets became more complex and harder to value, investors were reassured by the fact that the international

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limit from $ 40,000 to $ 100,000 (thereby potentially lessening depositor scrutiny of lenders' risk management policies).

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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

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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.

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Chen, Xiaoping; Shao, Yuchen (September 11, 2017). "Trade policies for a small open economy: The case of Singapore".

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The primary causes of its failure were largely associated with its business strategy of originating and securitizing

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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: 11566: 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.

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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

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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.

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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: 17972: 17635: 17617: 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: 20319: 19761: 19510: 19203: 19121: 19116: 19066: 18966: 18834: 18628: 18338: 18236: 18141: 18001: 17853: 17771: 17605: 17430: 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:. 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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: 9266: 9262: 9241: 9237: 9220: 9216: 9203: 9202: 9198: 9181: 9177: 9160: 9156: 9141: 9140: 9136: 9119: 9115: 9098: 9094: 9079: 9078: 9074: 9057: 9053: 9036: 9032: 9015: 9011: 8998: 8997: 8993: 8978: 8977: 8973: 8956: 8955: 8951: 8932: 8928: 8906: 8902: 8883: 8879: 8864: 8863: 8859: 8840: 8836: 8819: 8815: 8798: 8794: 8781: 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: 21245: 21242: 21240: 21237: 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: 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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: 17344: 17341: 17329: 17326: 17324: 17321: 17319: 17316: 17314: 17311: 17310: 17308: 17304: 17298: 17295: 17293: 17290: 17288: 17285: 17283: 17280: 17278: 17275: 17273: 17270: 17268: 17265: 17263: 17260: 17258: 17255: 17253: 17250: 17248: 17245: 17243: 17240: 17238: 17235: 17233: 17230: 17228: 17225: 17223: 17220: 17218: 17215: 17213: 17210: 17208: 17205: 17203: 17200: 17198: 17195: 17194: 17192: 17190: 17186: 17180: 17177: 17175: 17172: 17170: 17167: 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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: 14799: 14797: 14788: 14784: 14780: 14774: 14772: 14763: 14759: 14752: 14744: 14740: 14736: 14732: 14728: 14724: 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: 13580: 13574: 13570: 13566: 13565: 13557: 13548: 13542: 13538: 13534: 13533: 13525: 13517: 13511: 13507: 13503: 13499: 13492: 13484: 13477: 13471: 13462: 13457: 13453: 13449: 13442: 13434: 13430: 13426: 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: 13289: 13281: 13277: 13271: 13263: 13262: 13257: 13250: 13242: 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: 12853: 12847: 12843: 12839: 12838: 12830: 12822: 12821: 12815: 12810: 12804: 12796: 12795: 12790: 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: 12468: 12463: 12457: 12449: 12448: 12442: 12434: 12427: 12423: 12410: 12409: 12404: 12397: 12395: 12393: 12391: 12382: 12380:9780875869445 12376: 12372: 12371: 12363: 12355: 12353:9780875869445 12349: 12345: 12344: 12336: 12328: 12326:9780875869445 12322: 12318: 12317: 12309: 12301: 12297: 12293: 12289: 12282: 12274: 12270: 12266: 12262: 12258: 12254: 12250: 12246: 12242: 12235: 12227: 12220: 12213: 12205: 12201: 12197: 12193: 12189: 12185: 12181: 12177: 12173: 12166: 12164: 12155: 12151: 12144: 12136: 12135: 12130: 12123: 12115: 12108: 12101: 12090: 12087: 12081: 12073: 12067: 12059: 12055: 12049: 12041: 12037: 12031: 12023: 12019: 12015: 12009: 12001: 11997: 11993: 11987: 11979: 11975: 11969: 11961: 11957: 11950: 11942: 11940:9780875869445 11936: 11932: 11931: 11923: 11915: 11914: 11908: 11903: 11897: 11889: 11888: 11882: 11874: 11866: 11860: 11856: 11852: 11851: 11843: 11827: 11823: 11817: 11801: 11795: 11787: 11786: 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: 11264: 11257: 11249: 11248: 11243: 11236: 11228: 11227: 11221: 11216: 11210: 11202: 11198: 11192: 11184: 11183: 11178: 11171: 11163: 11162: 11157: 11151: 11143: 11142: 11137: 11130: 11122: 11118: 11113: 11108: 11104: 11100: 11099: 11094: 11087: 11076: 11070: 11062: 11058: 11052: 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: 10733: 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: 10430: 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: 9395: 9394: 9389: 9382: 9374: 9373: 9368: 9361: 9353: 9347: 9339: 9338: 9333: 9326: 9318: 9314: 9308: 9300: 9296: 9290: 9282: 9278: 9277: 9271: 9264: 9256: 9252: 9251: 9246: 9239: 9231: 9230: 9225: 9218: 9210: 9206: 9200: 9192: 9191: 9186: 9179: 9171: 9170: 9165: 9158: 9150: 9149: 9144: 9138: 9130: 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: 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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: 3692: 3687: 3685: 3681: 3676: 3672: 3668: 3664: 3661: 3660:whistleblower 3657: 3653: 3642: 3640: 3635: 3633: 3628: 3624: 3620: 3615: 3613: 3609: 3603: 3601: 3597: 3593: 3590: 3584: 3582: 3578: 3569: 3565: 3563: 3559: 3555: 3551: 3547: 3537: 3535: 3530: 3525: 3522: 3517: 3513: 3511: 3506: 3504: 3500: 3496: 3492: 3487: 3483: 3482:Peabody Award 3478: 3476: 3472: 3462: 3457: 3446: 3442: 3439: 3435: 3429: 3427: 3421: 3418: 3413: 3409: 3407: 3403: 3398: 3397:Michael Lewis 3394: 3389: 3385: 3383: 3379: 3374: 3372: 3368: 3364: 3359: 3357: 3353: 3350: 3347: 3342: 3339: 3335: 3331: 3321: 3319: 3314: 3312: 3307: 3303: 3298: 3296: 3293:conservative 3290: 3288: 3282: 3273: 3260: 3256: 3253: 3250: 3246: 3241: 3238: 3234: 3230: 3226: 3222: 3218: 3214: 3210: 3206: 3202: 3198: 3195: 3192: 3189: 3188:mortgage loan 3185: 3181: 3178: 3175: 3171: 3167: 3163: 3159: 3156: 3152: 3149: 3145: 3141: 3137: 3134: 3130: 3127: 3123: 3120: 3116: 3112: 3109: 3105: 3101: 3097: 3093: 3088: 3085: 3082:, especially 3081: 3077: 3073: 3070: 3067: 3064: 3061: 3058: 3054: 3050: 3046: 3043: 3039: 3035: 3034: 3032: 3028: 3027: 3026: 3024: 3020: 3016: 3012: 3005: 2997: 2996:CPI inflation 2964: 2955: 2946: 2942: 2938: 2934: 2930: 2925: 2920: 2916: 2912: 2908: 2904: 2900: 2890: 2888: 2884: 2875: 2871: 2869: 2865: 2860: 2856: 2854: 2850: 2846: 2842: 2833: 2820: 2814: 2804: 2802: 2789: 2779: 2777: 2764: 2754: 2752: 2739: 2729: 2716: 2706: 2704: 2691: 2681: 2679: 2666: 2656: 2643: 2633: 2618: 2608: 2606: 2593: 2583: 2581: 2568: 2558: 2545: 2535: 2533: 2520: 2510: 2508: 2495: 2485: 2472: 2462: 2449: 2439: 2437: 2424: 2414: 2412: 2399: 2389: 2376: 2366: 2353: 2343: 2341: 2328: 2318: 2316: 2303: 2293: 2287: 2281: 2277: 2274:August 2023: 2273: 2270: 2266: 2262: 2258: 2255: 2251: 2247: 2244: 2240: 2236: 2233: 2229: 2225: 2222: 2219: 2216: 2212: 2208: 2205: 2201: 2197: 2193: 2190: 2187: 2182: 2178: 2177: 2168: 2164: 2160: 2157: 2153: 2149: 2148:Johan Norberg 2145: 2140: 2136: 2133: 2129: 2126: 2122: 2119: 2115: 2112: 2109: 2106: 2102: 2098: 2094: 2090: 2089: 2080: 2076: 2072: 2069: 2065: 2061: 2060:executive pay 2057: 2053: 2049: 2046: 2044: 2037: 2033: 2029: 2026: 2022: 2019: 2015: 2012: 2009: 2008: 2003: 2000: 1996: 1992: 1989: 1986: 1985:Bernie Madoff 1982: 1978: 1974: 1970: 1967: 1964: 1961: 1957: 1954: 1950: 1946: 1943: 1939: 1936: 1932: 1929: 1925: 1922: 1921: 1917: 1913: 1908: 1896: 1892: 1888: 1884: 1881: 1878: 1874: 1871: 1868: 1866: 1858: 1854: 1851: 1847: 1844: 1840: 1836: 1833: 1829: 1825: 1822: 1818: 1814: 1813: 1809: 1805: 1800: 1789: 1785: 1781: 1777: 1773: 1769: 1765: 1761: 1760:British pound 1757: 1753: 1749: 1744: 1741: 1740:Credit Suisse 1737: 1733: 1730: 1726: 1722: 1718: 1714: 1711: 1707: 1704: 1700: 1699: 1695: 1690: 1683: 1679: 1675: 1672: 1668: 1664: 1661: 1657: 1654: 1650: 1649: 1639: 1635: 1632: 1628: 1624: 1620: 1617: 1613: 1609: 1605: 1602: 1601:Goldman Sachs 1598: 1594: 1591: 1587: 1583: 1580: 1576: 1572: 1568: 1567:Goldman Sachs 1564: 1561: 1558: 1554: 1550: 1547: 1543: 1540: 1536: 1535:Henry Paulson 1533: 1529: 1526: 1522: 1517: 1513: 1509: 1505: 1501: 1498: 1494: 1490: 1486: 1482: 1478: 1475: 1471: 1467: 1463: 1462:Merrill Lynch 1459: 1455: 1452: 1448: 1447: 1438: 1435: 1431: 1428: 1424: 1421: 1417: 1413: 1408: 1404: 1403: 1394: 1390: 1386: 1382: 1378: 1375: 1370: 1366: 1362: 1359: 1355: 1351: 1348: 1344: 1341: 1337: 1334: 1330: 1327: 1324: 1320: 1316: 1312: 1308: 1305: 1301: 1297: 1294: 1290: 1286: 1285: 1276: 1273: 1269: 1266: 1262: 1258: 1255: 1251: 1247: 1244: 1241: 1238: 1234: 1230: 1226: 1222: 1218: 1215: 1212: 1208: 1204: 1201: 1197: 1193: 1190: 1186: 1182: 1178: 1177:Northern Rock 1174: 1173: 1169: 1165: 1164:Northern Rock 1160: 1148: 1145: 1141: 1137: 1133: 1130: 1126: 1123: 1119: 1116: 1112: 1108: 1105: 1101: 1098: 1094: 1090: 1086: 1083: 1079: 1075: 1071: 1067: 1063: 1059: 1056: 1052: 1048: 1044: 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: 939: 935: 925: 917: 913: 910: 908: 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: 434: 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: 364: 362: 359: 357: 354: 352: 349: 347: 344: 342: 339: 338: 334: 329: 328: 320: 317: 315: 312: 310: 307: 305: 302: 300: 297: 295: 292: 290: 287: 285: 282: 280: 277: 275: 272: 270: 267: 265: 262: 260: 257: 255: 252: 250: 247: 245: 242: 241: 234: 233: 224: 221: 218: 215: 212: 209: 206: 203: 200: 197: 196: 192: 187: 186: 178: 175: 173: 170: 168: 165: 163: 160: 159: 155: 150: 149: 141: 138: 136: 133: 131: 128: 126: 123: 121: 118: 116: 113: 111: 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:. 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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 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