2007–2008 financial crisis

2821: 4978:, 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. 3450: 1788: 1856:. 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. 3373:(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. 4211:. 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. 2030:... 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 4023:

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.

3911: 4905:(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. 4720:, 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." 3261: 740:. 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. 4074: 20: 3557: 3903: 2299: 52: 4141:. 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. 3286:(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. 4082:

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

2711: 4232: 3377:

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.

4916:(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. 4107: 968: 4033: 2614: 2785: 2348: 649: 3124:(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 ." 4342: 1678: 3362:(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. 4278:

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.

2863: 2589: 808:" 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 21199: 2540: 905: 21139: 21103: 4123:

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.

4350: 2840:. 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 661: 2395: 1896: 1148: 21149: 4733:, 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 2760: 21187: 2662: 2913: 2420: 2564: 2371: 2687: 2467: 21175: 2735: 4781:

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."

2516: 2638: 2491: 3682:, 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 " 2444: 2324: 4098:, 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." 2874:, 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 4504:

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".

3347:(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. 3553:. 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. 1618:. 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. 3881:(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 3630:(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. 4415:– 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)." 4223:, 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. 4620:'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. 4431:, 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. 2848:

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

913:

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.

4157:

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.

3501:, 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. 4273:, 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: 4564:, "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." 3639:

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 "

4418:

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

4326:

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

4161:

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

3504:

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

4414:

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

4277:

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.

4064:

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

3921:

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,

3408:

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

2847:

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

3893:

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.

3420:

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

3246:

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

1665:

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

4874:

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

3477:

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

3212:

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.

4919:

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

4126:

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

4081:

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

4069:

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

3376:

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

3932:

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

3638:

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

3575:

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

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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

4122:

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

743:

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

3281:

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

3412:

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

3149:

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;

3400:

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

3716:

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

3849:

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

4317:

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.

3525:, 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. 4044:

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

4061:; 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. 4948:

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.

4214:

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

3457:

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

4923:

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.

4879:(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 4321:

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

3819:, 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. 4313:, 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 854:

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.

3808:

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.

4468:

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.

3231:

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

4434:

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.

3150:

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.

2844:(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. 2135:(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. 5307: 2832:'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 1629:

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

1507:

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

752:

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

3731:, 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 3618:

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

4174:

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

1964:

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

5659: 4776:, 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 4582:

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.

4570:

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.

3947:

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

5175:

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

1360:

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

3091:

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

63:

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,

3956:

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.

1708:, 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 1398:

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

889:

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.

3520:

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

1734:

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

4006:

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.

1851:

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

1540:

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

4207:, 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 2172:

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

701:, 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 10346: 812:, 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 16370: 863: 4746:

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

3236:

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

7995: 4843:

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.

5003:. 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 1979:

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

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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.

4269:. 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 3826:

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

3142:

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

3051:"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. 4883:. 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. 3686:" 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 3413:

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.

6220: 3084: 867: 2820: 1912:

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%.

827:

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

11734: 5101:, 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 11529: 8465: 5166:. 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. 2002:

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%.

15181: 8729: 4604:, 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. 3434:... 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. 3054:

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".

7944: 2271:

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.

625:

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

551:

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

999:. 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. 3929:

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:

14354: 1266:

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.

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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".

17207: 16861: 10678: 6070:

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,

1365:

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.

321: 2215:

September 13, 2012: To improve lower interest rates, support mortgage markets, and make financial conditions more accommodative, the Federal Reserve announced another round of

761:

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.

1957:

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.

4855:

IndyMac's aggressive growth strategy, use of Alt-A and other nontraditional loan products, insufficient underwriting, credit concentrations in residential real estate in the

1704:

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

1295:

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.

17202: 16727: 5297: 4515:

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

3758: 3417:

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.

2120: 2106: 2067: 946: 847: 633: 123: 1694:

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.

17232: 16678: 8338: 5317: 272: 7728: 3994:

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.

3106:, 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 732:. Economies worldwide slowed during this period since credit tightened and international trade declined. Housing markets suffered and unemployment soared, resulting in 8504: 6768: 1771:, 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, 11364: 6461: 20366: 19545: 17169: 14858: 11047: 8777: 6889: 3344: 2899: 2113: 6702: 3980:

became commercial banks, subjecting themselves to more stringent regulation. With the exception of Lehman, these companies required or received government support.

16139: 15615: 12718: 10729: 7985: 4995:, 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 1317:

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.

3354:

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

881:

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,

17252: 13979: 11146: 9260: 5395: 4529:

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

10014: 6333: 3425:

loan underwriting occurred prior to the crisis." Other analysts support the contention that the crisis in commercial real estate and related lending took place

1135:, 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. 20228: 20047: 16838: 4294:" 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 3185: 3110:

insurance. Because mortgage lenders could pass these mortgages (and the associated risks) on in this way, they could and did adopt loose underwriting criteria.

765: 287: 16362: 12044: 11552: 10107: 8991:"Board approves, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies" 2212:

August 2012: In the United States, many homeowners still faced foreclosure and could not refinance or modify their mortgages. Foreclosure rates remained high.

20669: 13270: 9531: 8102: 7878: 6528: 2275:

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.

1534: 12527: 11986: 8657: 7805: 1759:

developed, with investors transferring vast capital resources into stronger currencies, leading many governments of emerging economies to seek aid from the

18205: 17136: 16165: 15100: 12739: 5292: 3744: 1545: 165: 15793: 15596: 10707: 8682: 20392: 20382: 4729: 3355: 2998:

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

988:

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.

15342: 831:, leading to the development of a variety of "decision making frameworks", to help balance competing policy interests during times of financial crisis. 20188: 20035: 18740: 17074: 16243:

Patterson, Laura A., & Koller, Cynthia A. Koller (2011). "Diffusion of Fraud Through Subprime Lending: The Perfect Storm." In Mathieu Deflem (ed.)

8524: 7439: 5322: 5036: 3251:

prices. This appreciation in value led many homeowners to borrow against the equity in their homes as an apparent windfall, leading to over-leveraging.

10750: 1138:

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%.

21106: 18725: 16717: 11253: 9878: 7838: 6977: 205: 16425:

magazine, September 21, 2009. pp. 58–81. Summarizing September 15–23, 2008, with interviews of Paulson, Bernanke, and Geithner by James Stewart

11335: 5633: 3987:, owned or guaranteed nearly $ 5 trillion (c. $ 6.95 trillion in 2023) trillion in mortgage obligations at the time they were placed into 20588: 20213: 20162: 18702: 17222: 15238: 11151: 6573:"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" 4617: 3785: 3497:

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

1861:

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.

457: 267: 155: 16161: 21284: 20223: 20041: 19936: 19474: 8590: 7516:

Wolff, Edward N. (2010). "Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze – An Update to 2007".

6826: 5139: 4187:

agencies and bank regulators accepted as valid some complex mathematical models that showed the risks were much smaller than they actually were.

3877:. Written by Congress with lobbying from the financial industry, it banned the further regulation of the derivatives market. Derivatives such as 3701:

refers to the practice of unscrupulous lenders, enticing borrowers to enter into "unsafe" or "unsound" secured loans for inappropriate purposes.

3591:(investment) surplus of the same amount. Hence large and growing amounts of foreign funds (capital) flowed into the U.S. to finance its imports. 3228:

enabled institutions and investors to invest in the U.S. housing market. As housing prices declined, these investors reported significant losses.

12760: 10894: 3626:

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

697:

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

21259: 20358: 18937: 17227: 17131: 16808: 16673: 10635: 7775: 4648: 3572:

explained how trade deficits required the U.S. to borrow money from abroad, in the process bidding up bond prices and lowering interest rates.

3491: 3359: 1923: 1900: 1439: 959:

The following is a timeline of the major events of the financial crisis, including government responses, and the subsequent economic recovery.

614: 242: 160: 15143: 4290:, 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 " 3343:

stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by the

21264: 20345: 18805: 18687: 18626: 18589: 18423: 15189: 8246: 3453:

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)

108: 15161: 13810: 11489: 9322: 9286:"Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $ 100,000 to $ 250,000 Per Depositor" 7934: 6052: 4757:

warned of such crisis as early as September 2006, and stated that the profession of economics is bad at predicting recessions. According to

2099:

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".

1610:

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

1658:

and the $ 700 billion Troubled Asset Relief Program. Bush signed the legislation that same day. Wachovia reached a deal to be acquired by

21024: 20372: 20134: 19949: 17267: 17257: 17237: 16778: 16539: 15687: 11257: 10589: 7116: 5735: 4179:

formula will go down in history as instrumental in causing the unfathomable losses that brought the world financial system to its knees.

3874: 3513:

approximately 9% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%.

950: 292: 14362: 14106: 7915: 5507: 3940:

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%.

20715: 20661: 20625: 20198: 19587: 18671: 18531: 18430: 17351: 17277: 16823: 16747: 12590: 8440: 2841: 2013: 1838: 942: 302: 13320: 10688: 9357: 4309:

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

3449: 796:

to offset the decline in consumption and lending capacity, avoid a further collapse, encourage lending, restore faith in the integral

20271: 20208: 20203: 20156: 19565: 19117: 19077: 18538: 18381: 18014: 17192: 17164: 17091: 17003: 16833: 16461: 15234: 11510: 7381: 7090:

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

4287: 3508:

By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with

2895: 1422: 954: 922: 653: 297: 282: 15956: 4694:

regarded the crisis as a vindication and classic example of a predictable credit-fueled bubble caused by laxity in monetary supply.

3213:

Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain and consumers assumed an unprecedented debt load.

3196:(FASB)—delegated by the SEC with the task of establishing financial reporting standards. This required that tradable assets such as 1647:

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

20630: 20542: 20528: 20387: 20338: 20291: 20286: 20233: 20183: 20128: 19631: 19496: 19308: 18695: 18612: 18582: 18465: 18458: 18402: 18395: 18263: 17952: 16663: 16516: 16081: 15761: 13832: 13817: 13811:"Over-the-Counter Derivatives Markets and the Commodity Exchange Act: Report of The President's Working Group on Financial Markets" 12104: 10353: 10269: 7863: 4967:

IndyMac announced the closure of both its retail lending and wholesale divisions, halted new loan submissions, and cut 3,800 jobs.

4456: 3366: 2852: 2241:

found that white home-owning households recovered from the financial crisis faster than black home-owning households, widening the

1916: 1709: 1066: 934: 930: 681: 118: 4991:

Initially the companies affected were those directly involved in home construction and mortgage lending such as Northern Rock and

3401:

401 billion in 2023) (calculated by adding the fair value deficits of the entities to the direct bailout funds at the time).

1954:

March 3, 2009: President Obama stated that "Buying stocks is a potentially good deal if you've got a long-term perspective on it".

1787: 21014: 20674: 20620: 20218: 20177: 20148: 19720: 18769: 18388: 17641: 17562: 17308: 17126: 16757: 16554: 15834: 11309: 11126: 7396: 4985: 4822: 4258: 3812: 3671:

standards. Moreover, during 2007, "defective mortgages (from mortgage originators contractually bound to perform underwriting to

2992: 1520: 926: 809: 804:, and provide banks with enough funds to allow customers to make withdrawals. In effect, the central banks went from being the " 587: 15268: 9724: 8393: 8082: 3358:

held a hearing, at the urging of the administration, to assess safety and soundness issues and to review a recent report by the

3321:, written by the six Democratic appointees, the minority report, written by three of the four Republican appointees, studies by 621:

credit, saw economic indicators reverse and stabilize less than a month after its February 17 enactment. The crisis sparked the

21249: 20281: 20120: 20105: 20030: 20013: 18575: 18479: 18444: 18301: 18139: 17634: 17247: 17099: 17067: 16544: 15875: 12629: 11024: 6572: 6090: 3179:-related financial products, and governments did not adjust their regulatory practices to address changes in financial markets. 2887: 2231: 2226:

2014: A report showed that the distribution of household incomes in the United States became more unequal during the post-2008

2203: 2063: 1929:

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

1622:

reached a deal to sell itself to Citigroup; however, the deal would have made shares worthless and required government funding.

14987: 12008: 9133: 8970: 8348: 582:

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.

11853: 10444: 9402: 9289: 8223: 7971: 7500: 7289: 7117:"'It sent a tremor down my back': Alistair Darling reveals how Britain came within hours of the 'breakdown of law and order'" 7006: 6897: 5491: 5435: 5267: 5254: 4913: 3584: 3565: 3380:

Others have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in

2856: 1717: 1713: 1670: 1600: 1030:

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

247: 20052: 13603: 10216: 6781: 6450: 6053:"Three Top Economists Agree 2009 Worst Financial Crisis Since Great Depression; Risks Increase if Right Steps are Not Taken" 3654:, on events during his tenure as the Business Chief Underwriter for Correspondent Lending in the Consumer Lending Group for 21279: 19926: 18839: 16773: 16628: 16494: 11624: 10404: 10242: 8949: 8611: 6310: 3193: 2020: 1221: 450: 404: 44: 13246: 12698: 9214: 9009: 6902: 6726:

An example of a developing country which suffered decreases in these fields is Armenia. According to World Bank data, the

5027:. On October 6, 2008, three weeks after Lehman Brothers filed the largest bankruptcy in U.S. history, Lehman's former CEO 4170:

Then the model fell apart. Cracks started appearing early on, when financial markets began behaving in ways that users of

3462:

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

4145: 3777:

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

3679: 3644: 3318: 3019: 2268: 2093: 859: 13103: 10326: 5201:

Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System – and Themselves

3761:

of 1980 (DIDMCA) phased out several restrictions on banks' financial practices, broadened their lending powers, allowed

3274:

The relaxing of credit lending standards by investment banks and commercial banks allowed for a significant increase in

839:

at the time of the crisis, stated in 2018 that Britain came within hours of "a breakdown of law and order" the day that

21224: 21127: 20614: 20377: 20238: 20170: 20110: 19904: 19407: 19397: 19313: 18633: 16918: 16803: 16237: 16058: 13302: 13046: 13028: 13006: 12878: 12860: 12840: 12144: 11430: 11210: 11191: 10984: 10953: 9642: 9195: 8994: 8324: 7185: 6293: 5997: 5262: 5063: 3866: 3444: 3306: 2999: 2984: 996: 507: 237: 150: 103: 14966: 13366: 9899: 6428: 4821:. IndyMac Bank's parent corporation was IndyMac Bancorp until the FDIC seized IndyMac Bank. IndyMac Bancorp filed for 1944:

to 36%, raising further fears of nationalization and a report showed that GDP shrank at the sharpest pace in 26 years.

1685:

experienced a sharp decline. It dropped from over 21,000 points in January 2008 to below 8,000 points in October 2008.

21234: 21229: 20276: 20266: 19802: 19439: 19276: 18859: 18762: 18568: 18220: 18087: 17837: 17060: 16813: 16798: 16722: 16380: 16288: 16256: 16189: 15321: 15278: 15213: 14500: 14473: 14440: 12907: 12681: 12483: 12369: 12342: 12315: 12026: 11929: 10049: 9744:

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).

3830:

debacle in 1998, in which a highly leveraged shadow institution failed with systemic implications and was bailed out.

2184: 1380:

to buy $ 200 billion in subprime mortgages from banks. Officials thought this would contain the possible crisis. The

252: 232: 15993: 15754: 14086: 11575: 10426:"Bill Summary & Status – 111th Congress (2009–2010) – H.R.4173 – All Information – THOMAS (Library of Congress)" 10298: 9788: 8485: 6603: 4247:

may have pressured more traditional institutions to lower their underwriting standards and originate riskier loans.

1320:

January 2008: U.S. stocks had the worst January since 2000 over concerns about the exposure of companies that issue

20575: 19829: 19658: 19491: 19451: 19330: 18864: 18007: 17619: 17041: 16668: 16499: 16359: 15667: 14777: 13177: 11968: 11088: 10115: 8061: 6955: 6830: 5764: 5039:. Fuld said he was a victim of the collapse, blaming a "crisis of confidence" in the markets for dooming his firm. 4251: 3658:, where he was responsible for over 220 professional underwriters, suggests that by 2006 and 2007, the collapse of 3643:" because they encouraged borrowers to be less than honest in the loan application process. Testimony given to the 3369:

study of lending trends for 305 cities from 1993 to 1998 showed that $ 467 billion of mortgage lending was made by

2195:. The bank was acquitted in 2015. Abacus was the only bank prosecuted for misbehavior that precipitated the crisis. 1335: 399: 15639: 11647:

Young, M. R.; Miller, P. B. W. (May 2008). "The role of fair value accounting in the subprime mortgage meltdown".

9303: 8683:"World Economic Situation And Prospects: March 2018 Briefing, No. 112 | Department of Economic and Social Affairs" 4542:

the failure of gatekeepers, including auditors, boards of directors, Wall Street analysts, and career politicians.

3409:

bubbles in both markets developed even though only the residential market was affected by these potential causes.

877:, where the crisis was the most severe and led to the collapse of all three major Icelandic banks. In April 2012, 20776: 20510: 20466: 19862: 19360: 19216: 18409: 18183: 17670: 17104: 16996: 16489: 16120: 15545: 12949:

Babecký, Jan; Havránek, Tomáš; Matějů, Jakub; Rusnák, Marek; Šmídková, Kateřina; Vašíček, Bořek (July 11, 2017).

12650: 12412: 11964: 10968:"Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States" 10754: 7248: 7092: 6797:). The poverty headcount ratio at $ 1.90 (~$ 3.00 in 2023) a day increased after 2007/08, from 0.9% to 1.2% (see 5367: 5209: 3984: 3283: 2891: 2220: 2155: 1987: 938: 728:

prices in late 2008 and early 2009. The crisis rapidly spread into a global economic shock, resulting in several

636:

was enacted in the US as a response to the crisis to "promote the financial stability of the United States". The

443: 433: 394: 14185: 13707: 12209: 10425: 10198: 9992: 9342: 9030: 8569: 7268: 6890:"Government Support for Financial Assets and Liabilities Announced in 2008 and Soon Thereafter ($ in billions)" 2859:

also did a number of things, like raise the insurance cap from $ 100,000 to $ 250,000, to boost customer trust.

2139:

argued that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see

20246: 20115: 19882: 18597: 18561: 18472: 17344: 17262: 16913: 16648: 16643: 15800: 15597:"IndyMac Bancorp Announces Earnings Webcast & Teleconference Call for First Quarter 2008 Financial Results" 13937:. International Journal of Information Management: The Journal for Information Professionals. pp. 497–506. 13306: 13061: 12097: 12048: 11557: 10758: 10657: 10178: 9857: 9113: 7072: 6776: 6659: 5952: 4912:(D-NY) later pointed out that brokered deposits made up more than 37% of IndyMac's total deposits, and ask the 4427:

The cause of the global asset bubble can be partially attributable to the global savings glut. As theorized by

4115: 4083: 4054: 3922:

made it difficult for creditors and regulators to monitor and try to reduce financial institution risk levels.

3838: 3800: 3483: 3221: 2238: 1457:

for $ 50 billion in a transaction facilitated by the government. Lehman had been in talks to be sold to either

1085: 908:

Share of income going to the top 1% of earners, one measure of economic inequality in the US from 1913 to 2008.

828: 556: 552: 16017: 13853: 13002: 10157: 5070:

was published in 2009, which included a "2009 update" addendum at the end of each chapter. It was featured on

1445:

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

4299: 3961: 3334: 3205: 3022:(FCIC, a committee of U.S. congressmen) concluded that the financial crisis was avoidable and was caused by: 2230:, a first for the United States but in line with the trend over the last ten economic recoveries since 1949. 2024: 1875: 1615: 1446: 1328: 1225: 1184: 537: 307: 257: 142: 15912: 13125: 9967: 7705:"Quarterly Homeownership Rates and Seasonally Adjusted Homeownership Rates for the United States: 1997–2014" 6928: 6259: 3910: 676:

since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in

20560: 20534: 20520: 20495: 20485: 20436: 20352: 19959: 19469: 19243: 19137: 18922: 18848: 18500: 18344: 18337: 18294: 18242: 18176: 17774: 17146: 17122: 16737: 16549: 15362: 14209: 13952: 13082: 12431: 11131: 10368:"Delinquency Rate on Single-Family Residential Mortgages, Booked in Domestic Offices, All Commercial Banks" 8631: 7052: 5131: 4864: 4818: 4798: 4691: 4270: 4153: 3837:

to move significant amounts of assets and liabilities off-balance sheet into complex legal entities called

3827: 3717: 3351: 3102:, a process in which many mortgages were bundled together and formed into new financial instruments called 1937: 1527: 1473: 1092: 1054: 329: 17114: 15707: 15566: 14517: 11790: 11261: 11252:

Reid, Carolina; Seidman, Ellen; Ratcliffe, Janneke; Silver, Josh; Ding, Lei; Willis, Mark (January 2013).

10482: 9484: 7828: 7751: 7168: 6407: 5805: 5066:, and warns of the impending decline. After many of the predictions came to pass, a second edition titled 4963:

Had been notified by bank and thrift regulators that IndyMac Bank was no longer deemed "well-capitalized";

3117:

in the private sector, especially after the federal government overrode anti-predatory state laws in 2004.

1231:

November 26, 2007: US markets enter a correction as worries about the financial sector continued to mount.

20990: 20886: 20456: 19725: 19102: 19067: 18656: 18648: 18322: 18315: 18235: 18162: 18154: 18146: 18124: 17523: 16433: 13288: 13024: 12062: 11720: 10949: 10820: 10776: 10019: 9505: 9378: 9071: 7687: 7294: 6037: 5606: 5362: 4975: 4928:

holders withdrew $ 1.55 billion (~$ 2.15 billion in 2023) or about 7.5% of IndyMac's deposits. This

4789:

The first visible institution to run into trouble in the United States was the Southern California–based

4772: 4709: 4530: 3750:

cases, laws were changed or enforcement weakened in parts of the financial system. Key examples include:

3709: 3209: 2249: 2188: 2174: 2059:, and enhanced authority for the Federal Reserve to safely wind down systemically important institutions. 1827: 1760: 1698: 1249: 1102:, the first banking casualty of the crisis, announces its bailout by German public financial institution 836: 710: 359: 193: 16102: 14795: 12608: 9235: 5888: 4539:

the management of earnings, mainly a focus on share price rather than the creation of genuine value; and

4065:

36% of CDO assets. As described in the section on subprime lending, the CDS and portfolio of CDS called

21165: 20580: 20565: 20430: 19944: 19286: 19062: 19032: 18997: 18640: 18545: 18351: 18029: 17792: 17212: 16523: 16416: 15495: 15343:"Austrian Business Cycle Theory and the Global Financial Crisis: Confessions of a Mainstream Economist" 13266: 12856: 12832: 11663: 11422: 10868: 10683: 10542: 10137: 9703: 9510: 9438: 7156: 6666: 6645: 4763:, Roubini was ridiculed for predicting a collapse of the housing market and worldwide recession, while 4734: 4644: 4521: 3937: 3870: 3370: 3299: 3121: 3103: 3064: 1449:

led to a 504.48-point (4.42%) drop in the DJIA, its worst decline in seven years. To avoid bankruptcy,

1299: 1281: 1099: 421: 13782: 12503: 11812: 11232: 10835: 10816: 10772: 9813: 9343:"FOMC statement: Federal Reserve and other central banks announce reductions in policy interest rates" 4809:

originator in the United States. The failure of IndyMac Bank on July 11, 2008, was the fourth largest

3096:

evaporated and banks who were heavily invested in these assets began to experience a liquidity crisis.

21254: 21239: 21070: 21055: 21045: 21004: 20926: 20891: 20461: 19528: 19355: 19325: 19094: 18755: 18679: 18451: 17934: 17337: 17313: 16933: 16843: 16511: 16484: 16264:

Calming the storms : the carry trade, the banking school and British financial crises since 1825

14773: 14331: 14161: 13523:

Where Deregulation Went Wrong: A Look at the Causes Behind the Savings and Loan Failures in the 1980s

12928: 11003: 10917: 10262: 10087: 10066: 9946: 9459: 9219: 9175: 9051: 8813: 7683: 7627: 6844: 6727: 6286: 5337: 4880: 4411: 3260: 2180:

2011: Median household wealth fell 35% in the U.S., from $ 106,591 to $ 68,839 between 2005 and 2011.

416: 389: 17926: 16198:, "The Invention of Money: How the heresies of two bankers became the basis of our modern economy", 15435: 14639: 14619: 12571: 11283: 11187: 10567: 9417: 9154: 8148: 8039: 7586: 7563: 7540: 6173: 4981:

With $ 32 billion in assets, IndyMac Bank was one of the largest bank failures in American history.

3224:(CDO), which derived their value from mortgage payments and housing prices, greatly increased. Such 3165:

and depository banks in the United States and increased speculation on the part of depository banks.

3131:

unit was increasingly incentivized and even mandated by government regulation. This may have caused

21219: 21075: 21050: 20966: 20871: 20831: 20423: 19969: 19812: 19797: 19698: 19646: 19604: 19592: 19429: 19231: 18832: 18416: 18079: 18051: 17888: 17217: 17083: 16928: 16683: 16559: 16447: 16402: 16248: 16181: 14907: 11494: 11470: 9557: 9240: 7310: 4945: 4941: 4902: 4876: 4444: 4295: 4050: 4046: 3789: 3627: 3620: 3509: 3479: 3269: 3217: 3197: 3011: 3003: 1768: 1070: 702: 533: 521: 93: 40: 19506: 14594: 14304: 13998: 12027:"Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs" 11769: 10610: 8792: 8414: 7653: 7332: 7165: 7137: 6358: 4073: 1972:

said it was profitable in January and February and would likely not need more government funding.

1804:

November 6, 2008: The IMF predicted a worldwide recession of −0.3% for 2009. On the same day, the

19: 21065: 21060: 21040: 20931: 20921: 20916: 20896: 20446: 19974: 19291: 19236: 19037: 18791: 18709: 18213: 18116: 17717: 16638: 16506: 16039:"FDIC: Failed Bank Information - Bank Closing Information for IndyMac Bank, F.S.B., Pasadena, CA" 15939: 15736: 15529: 15523: 15419: 14204: 12452: 12437: 11713: 11216: 10500: 10183: 9835: 9598: 8933: 8884: 8861: 8470: 6998: 5765:"Fiscal Spending Jobs Multipliers: Evidence from the 2009 American Recovery and Reinvestment Act" 5312: 4898: 4837: 4208: 3793: 2257: 1132: 606: 411: 211: 39:

in September 2008. The collapse of Lehman Brothers is often cited as both the culmination of the

18982: 16332: 14465: 14245: 14035: 12119: 11539: 10967: 10679:"This Chart Shows Just How (Un)Equal Things Are During A 'Champion' Of The 99%'s Administration" 10385: 8753: 6799: 4871:(FHLB) and from brokered deposits, led to its demise when the mortgage market declined in 2007. 4239:

There is strong evidence that the riskiest, worst performing mortgages were funded through the "

3556: 2260:) growth while emerging and developing economies accounted for 73.5% of global GDP (PPP) growth. 850:

was enacted in the United States to "promote the financial stability of the United States". The

21294: 21096: 21080: 21019: 20846: 20761: 20705: 19989: 19921: 19857: 19785: 19550: 19303: 19248: 19159: 19082: 18987: 18972: 18784: 18486: 17881: 17732: 17725: 17677: 17663: 17379: 16658: 16087: 15219: 14634: 14568: 13527: 13521: 12874: 11447: 10465:"Group of Governors and Heads of Supervision announces higher global minimum capital standards" 10318: 10283: 7492: 7482: 7374: 6501: 5456: 5308:

List of banks acquired or bankrupted in the United States during the 2007–2008 financial crisis

5277: 5200: 5190: 5135: 5126: 4868: 4683: 4640: 4336: 4204: 4086:, where institutions' instability destabilized other institutions and led to knock-on effects. 3333:

In his dissent to the majority report of the Financial Crisis Inquiry Commission, conservative

3233: 3154: 3045: 2253: 2048: 1772: 1701:(IMF) warned that the world financial system was teetering on the "brink of systemic meltdown". 1408: 1117: 858:

At least two major reports on the causes of the crisis were produced by the U.S. Congress: the

840: 694: 16428: 15299: 15182:"How Did Bank Lending to Small Business in the United States Fare After the Financial Crisis?" 15072: 14945: 14683: 14671: 14490: 14430: 12804: 12671: 12556: 12546: 11950: 9638: 8320: 7904: 7525: 7101: 6766:). This led to a dramatic rise in the number of households living below the poverty line (see 6480: 6075: 3690:

issuer's minimal underwriting standards) were subsequently securitized and sold to investors.

898:

charges after allegedly anticipating the crisis and selling toxic investments to its clients.

873:

In total, 47 bankers served jail time as a result of the crisis, over half of which were from

20881: 20876: 20751: 20474: 20025: 20008: 19984: 19877: 19872: 19819: 19641: 19609: 19417: 19402: 18992: 18967: 18952: 18716: 18109: 17963: 17626: 17608: 17535: 17514: 17008: 16955: 16908: 15010: 13559: 13488: 13371: 13203: 13153: 12893: 12826: 12457: 12124: 12096:

Litan, Robert E.; Retsinas, Nicolas P.; Belsky, Eric S.; White Haag, Susan (April 15, 2000).

12079: 11845: 11416: 11167: 10486: 9662: 9285: 8198: 8177: 7354: 6992: 6948: 6845:"The Federal Reserve's Policy Actions during the Financial Crisis and Lessons for the Future" 6533: 5914: 5483: 5427: 5272: 5078: 4992: 4840: 4794: 4724: 4701: 4323: 4310: 4266: 4244: 4240: 4200: 3902: 3823: 3705: 3659: 3128: 2828:

The expansion of central bank lending in response to the crisis was not only confined to the

2150:

November 3, 2010: To improve economic growth, the Federal Reserve announced another round of

2144: 2132: 2052: 2006: 1809: 1263:

rating agency downgrades the ratings of many monoline insurers which pay out bonds that fail.

1260: 1242: 1050: 805: 773: 499: 15853: 15474: 14132: 13649: 13626: 12950: 11897: 11689: 9925: 8904: 8835: 7226:

Noonan, Laura; Tilford, Cale; Milne, Richard; Mount, Ian; Wise, Peter (September 20, 2018).

7027: 6970: 6384: 4481:, believed that the decrease in GDP growth rates since the early 1970s is due to increasing 3720:

to seize the lender. One Countrywide employee—who would later plead guilty to two counts of

1548:

to temporarily insure money market funds and allow the credit markets to continue operating.

21152: 20971: 20936: 20841: 20816: 20505: 20002: 19954: 19894: 19730: 19651: 19511: 19434: 19392: 19271: 19221: 19206: 19189: 19089: 18977: 18947: 18663: 18493: 18037: 17649: 17554: 17546: 17458: 17031: 16038: 15500: 14749:

Credit Models and the Crisis: A Journey into CDOs, Copulas, Correlations and dynamic Models

14257: 9677: 7712: 7704: 7180: 6529:"The U.S. Financial and Economic Crisis: Where Does It Stand and Where Do We Go From Here?" 6011:

Confer Thomas Philippon: "The future of the financial industry", Finance Department of the

5992: 5231: 5159: 4613: 4465: 4403: 4359: 4196: 4041: 3878: 3804: 3651: 3546: 3390: 3325:

economists, and the work of several independent scholars generally contend that government

3225: 3168: 3088: 3068: 3037: 3026: 2925: 2907: 2199: 2140: 2056: 1820: 1736: 1567: 1477: 1381: 1311: 785: 698: 626: 529: 128: 15107: 15092: 9577: 8547: 7608: 7458: 4579: 3889:

famously referred to derivatives as "financial weapons of mass destruction" in early 2003.

3204:

Easy availability of credit in the US, fueled by large inflows of foreign funds after the

1926:, a $ 787 billion economic stimulus package. President Barack Obama signed it February 17. 8: 20956: 20906: 20861: 20851: 20836: 20826: 20811: 20791: 20766: 20756: 20746: 20500: 20320: 20310: 19752: 19501: 19194: 19112: 19107: 19057: 18957: 18825: 18619: 18329: 18227: 18132: 17992: 17844: 17762: 17596: 17421: 17318: 16991: 16923: 16353: 16349: 15775: 15077: 14769: 14385: 14189: 14061: 13184: 11871: 11032: 10734: 10429: 10331: 10247: 9398: 9266: 9092: 8925:

Solomon, Deborah; Rappaport, Liz; Paletta, Damian; Hilsenrath, Jon (September 20, 2008).

7733: 6456: 6225: 6016: 5171: 5143: 5028: 4957: 4777: 4624: 4596: 4472: 4138: 3580: 3577: 3522: 3107: 3072: 2871: 2216: 2151: 2085: 2044: 1776: 1516:

via a temporary guarantee and with Federal Reserve programs to purchase commercial paper.

981: 801: 745: 568: 564: 98: 14326: 14261: 13466: 7853: 7421: 7201: 5062:. The book describes various features of the economy and housing market that led to the 4664: 3662:

standards was endemic. His testimony stated that by 2006, 60% of mortgages purchased by

1669:

October 7, 2008: In the U.S., per the Emergency Economic Stabilization Act of 2008, the

20976: 20951: 20856: 20796: 20771: 20741: 20731: 20330: 20325: 20315: 20305: 20018: 19996: 19516: 19375: 19350: 19320: 19281: 19164: 19007: 17502: 17287: 17272: 16973: 16949: 16607: 16580: 16211: 16064: 15859: 15506: 15480: 14839: 14729: 14652: 14574: 14458: 14281: 14138: 14067: 14024: 13915: 13655: 13632: 13609: 13598: 13419: 13411: 13209: 13198: 13042: 12980: 12934: 12810: 12634: 12508: 12259: 12190: 11903: 11877: 11695: 11669: 11594: 11107: 11009: 10713: 10702: 10641: 10630: 10573: 10410: 10322: 10303: 9998: 9841: 9769: 9516: 9490: 8955: 8910: 8841: 8553: 8542: 8203: 8183: 7910: 7359: 7033: 6486: 6413: 6390: 6379: 6364: 6154: 6119: 5864: 5831: 5683: 5563: 5461: 5224: 5195: 5087: 4749: 4739: 4368: 3944: 3926: 3842: 3614:) reached the U.S. financial markets. Foreign governments supplied funds by purchasing 3538: 3326: 3158: 2921: 1585: 1563: 1369: 1188: 1169: 754: 749: 572: 51: 12277:

Demyank, Y.; Hemert, V. O. (June 2011). "Understanding the subprime mortgage crisis".

9657: 5967: 3568:

deficit, which peaked along with the housing bubble in 2006. Federal Reserve chairman

1831: 1812:, respectively, reduced their interest rates from 4.5% to 3%, and from 3.75% to 3.25%. 536:. Financial institutions worldwide suffered severe damage, reaching a climax with the 21148: 20911: 20866: 20806: 20781: 20736: 20679: 19916: 19747: 19560: 19147: 18942: 18903: 17588: 17571: 17472: 17242: 17018: 16392: 16310: 16284: 16252: 16233: 16185: 16023: 15848: 15713: 15305: 15294: 15274: 15270:

Columbia University Press, Rational Investing Book, Page 61-62 What Can Be Forecasted

15123: 15048: 15014: 14921: 14752: 14679: 14615: 14496: 14469: 14436: 14358: 14273: 14226: 14165: 14082: 14039: 13919: 13687: 13681: 13563: 13531: 13500: 13423: 13401: 13338: 13178:"Hearing on Subprime Lending And Securitization And Government Sponsored Enterprises" 13157: 12903: 12836: 12677: 12552: 12523: 12479: 12365: 12338: 12311: 12251: 12182: 12076: 12004: 11982: 11946: 11925: 11849: 11535: 11426: 11147:"Victimizing the Borrowers: Predatory Lending's Role in the Subprime Mortgage Crisis" 11111: 10843: 10526: 10521: 10045: 10037:

Evolutions in Corporate Governance: Towards an Ethical Framework for Business Conduct

9773: 9761: 8168: 7521: 7496: 7488: 7484:

Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America

7097: 7002: 6971:"Fixing Global Finance: A Developing Country Perspective on Global Financial Reforms" 6623: 6556: 6230: 6146: 6071: 5934: 5869: 5851: 5787: 5687: 5673: 5567: 5555: 5487: 5431: 5396:"Victimizing the Borrowers: Predatory Lending's Role in the Subprime Mortgage Crisis" 5059: 5012: 4548: 4488: 4482: 4128: 3999: 3774: 3770: 3724:

and spent 18 months in prison—stated that, "If you had a pulse, we gave you a loan."

3698: 3607: 3541:

target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the

3340: 3114: 2242: 2227: 1596: 1513: 1512:. The U.S. government extended insurance for money market accounts analogous to bank 1500: 1492: 1450: 1388: 1342: 882: 706: 602: 491: 15933: 15730: 15413: 15254:""No One Saw This Coming": Understanding Financial Crisis Through Accounting Models" 14733: 14656: 13284: 12984: 11390: 8927: 8878: 8371: 8267: 6158: 5832:"Impact of 2008 global economic crisis on suicide: time trend study in 54 countries" 5217: 4192:

originators of synthetic products. It was a shocking abdication of responsibility."

4148:(FCIC) made the major government study of the crisis. It concluded in January 2011: 1720:

to guarantee the senior debt of all FDIC-insured institutions through June 30, 2009.

20941: 20821: 20786: 20684: 20599: 20594: 20085: 19523: 19486: 19412: 19370: 19266: 19226: 19027: 19022: 18553: 18068: 18063: 17479: 17451: 17428: 17360: 16412: 16302: 16001: 15961: 15647: 15578: 15455: 15391: 15003: 14889: 14866: 14831: 14721: 14713: 14699:"The devil is in the tails: actuarial mathematics and the subprime mortgage crisis" 14644: 14548: 14522: 14285: 14265: 14250:

Proceedings of the Royal Society A: Mathematical, Physical and Engineering Sciences

14218: 13907: 13798: 13760: 13496: 13446: 13393: 12970: 12966: 12962: 12799: 12761:"Delinquencies and Foreclosures Increase in Latest MBA National Delinquency Survey" 12286: 12243: 12174: 11628: 11237: 11233:"Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending" 11097: 10238: 10234: 9753: 9552: 9327: 9245: 8595: 8343: 8208: 8172: 7121: 6769:"The global financial crisis and developing countries: taking stock, taking action" 6136: 6128: 5926: 5859: 5843: 5779: 5665: 5581: 5545: 5357: 5238: 4254: 4220: 3816: 3766: 3275: 3240: 3048:" including too many financial firms acting recklessly and taking on too much risk. 1948: 1865: 1853: 1816: 1504: 1058: 1039: 832: 797: 673: 548: 495: 487: 483: 28: 14698: 13874: 9618: 7961: 7438:

Stone, Chad; Trisi, Danilo; Sherman, Arloc; Beltrán, Jennifer (January 13, 2020).

6869: 5915:"The Great Recession, Fertility, and Uncertainty: Evidence From the United States" 3869:, the U.S. Congress and President Bill Clinton allowed the self-regulation of the 3278:. Subprime had not become less risky; Wall Street just accepted this higher risk. 21009: 20946: 20901: 20801: 19807: 19740: 19636: 19597: 19481: 19424: 19296: 19199: 19097: 19017: 19012: 18962: 18513: 18363: 18198: 18044: 18000: 17899: 17400: 17159: 16967: 16470: 16366: 16274: 16195: 16140:"5 movies that explain what caused the financial crisis, and what happened after" 15731:"Crisis Deepens as Big Bank Fails: IndyMac Seized In Largest Bust In Two Decades" 15582: 15347: 15166: 15038: 14911: 14600: 14310: 14004: 13731: 13553: 13147: 13066: 13020: 12473: 12359: 12332: 12305: 11919: 11839: 11775: 10202: 10142: 10111: 10035: 8109: 7338: 7232: 7142: 7048: 6608: 6353: 5830:

Chang, Shu-Sen; Stuckler, David; Yip, Paul; Gunnell, David (September 17, 2013).

5477: 5421: 5347: 5287: 5032: 5004: 5000: 4971: 4937: 4909: 4754: 4717: 4668: 4656: 4231: 4176: 4094: 4011: 3988: 3958: 3906:

Leverage ratios of investment banks increased significantly between 2003 and 2007

3683: 3588: 3534: 3463: 3322: 3162: 3060:"collapsing mortgage-lending standards and the mortgage securitization pipeline". 3041: 2917: 2903: 2829: 2031: 1995: 1983: 1969: 1940:

closed its lowest value since 1997 as the U.S. government increased its stake in

1930: 1805: 1764: 1756: 1752: 1485: 1469: 1458: 1454: 1277: 1238: 1213: 1173: 817: 813: 793: 777: 769: 669: 640:

capital and liquidity standards were also adopted by countries around the world.

622: 560: 515: 179: 78: 32: 17052: 15755:"Audit Report - SAFETY AND SOUNDNESS: Material Loss Review of IndyMac Bank, FSB" 14818:

Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Olivier (Fall 2008).

12393: 10367: 8708: 8014: 6800:"Poverty headcount ratio at $ 1.90 a day (2011 PPP) (% of population) – Armenia" 6748:). Moreover, the remittances also decreased after 2007/08, then fluctuated (see 4499:

school represented by Foster, pointed to capitalism's long-term tendency of the

3421:(in December 2010): "We find limited evidence that substantial deterioration in 2807:

The twenty largest economies contributing to global GDP (PPP) growth (2007–2017)

709:

used to insure them against failure, which declined in value significantly. The

20689: 19757: 19735: 19713: 19691: 19686: 19211: 19142: 19072: 18817: 18278: 18190: 18095: 17465: 17444: 16882: 16828: 16612: 16421: 16371:

United States Senate Homeland Security Permanent Subcommittee on Investigations

16200: 16106: 14971: 14426: 14411: 14390: 14112: 13896:"Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or...)?" 13802: 13778: 13764: 13736: 13712: 13109: 12398: 11892: 11455: 10792:"UBS to pay $ 1.4 billion over fraud in residential mortgage-backed securities" 8734: 8489: 8295: 7269:"Mixed verdict for ex-PM of Iceland in trial tied to banking system's collapse" 6282: 6020: 5352: 5118: 5114: 5110: 4713: 4705: 4676: 4500: 4477: 4428: 4407: 4386: 4314: 4303: 4291: 4106: 4058: 3977: 3914: 3886: 3882: 3862: 3846: 3732: 3542: 3470: 3459: 3172: 3099: 2209:

announced that "The ECB is ready to do whatever it takes to preserve the euro".

2116:. The Volcker Rule against proprietary trading was not part of the legislation. 1879: 1796: 1748: 1705: 1626: 1578: 1559: 1481: 1362: 1321: 1307: 1303: 1292: 1253: 1217: 1156: 1062: 1035: 1003: 864:

United States Senate Homeland Security Permanent Subcommittee on Investigations

821: 583: 354: 277: 199: 187: 16431:– audio interviews with Timothy Geithner, Ben Bernanke and Henry Paulson from 14725: 14648: 11365:"Government Policies Caused The Financial Crisis And Made the Recession Worse" 6949:"Federal Reserve Liquidity Provision during the Financial Crisis of 2007–2009" 6641: 5736:"Paulson: Why I bailed out the banks and what would have happened if I hadn't" 5669: 4743:, "Taleb not only has an explanation for what's happening, he saw it coming." 3029:

and supervision", including the Federal Reserve's failure to stem the tide of

2279:

The top twenty growing economies (by increase in GDP (PPP) from 2007 to 2017)

991:

2006: After years of above-average price increases, housing prices peaked and

21213: 19899: 19676: 17941: 17866: 17859: 17852: 17830: 17814: 17806: 17799: 17785: 17755: 17748: 17741: 17699: 17692: 17685: 17656: 17495: 17488: 17414: 17386: 17303: 16597: 16592: 16575: 16409:

documentation including additional background article and in-depth interviews

16399:

documentation including additional background article and in-depth interviews

15880: 15830: 15691: 15672: 15600: 15367: 15119: 14717: 14277: 14230: 14153: 14031: 14019: 13958: 13859: 13806: 13727: 13131: 12613: 12528:"Dissent from the Majority Report of the Financial Crisis Inquiry Commission" 12255: 12186: 11987:"Dissent from the Majority Report of the Financial Crisis Inquiry Commission" 10847: 10751:"Impact of the US Housing Crisis on the Racial Wealth Gap Across Generations" 10505: 9765: 8528: 8127: 7397:"Analysis: American inequality is rising despite higher wages | CNN Business" 7057: 6680: 6315: 6234: 6179: 6150: 6056: 5938: 5855: 5791: 5559: 5342: 5282: 5154: 5149: 5106: 5008: 4833: 4829: 4814: 4806: 4516: 4512: 4492: 4066: 4032: 3973: 3969: 3851: 3781: 3648: 3615: 3487: 3394: 3385: 3176: 3007: 2951: 2942: 2875: 2252:, from 2007 to 2017, "advanced" economies accounted for only 26.5% of global 2136: 1973: 1728: 1589: 1555: 1523: 1287:

January 18, 2008: Stock markets fell to a yearly low as the credit rating of

1191:

from its peak of 5.25% in response to worries about liquidity and confidence.

1165: 1152: 992: 985: 977: 891: 886: 789: 598: 511: 364: 15976: 14870: 14222: 13451: 13438: 10386:"S.3217: Restoring American Financial Stability Act of 2010 – U.S. Congress" 4970:

On July 11, 2008, citing liquidity concerns, the FDIC put IndyMac Bank into

3833:

Regulators and accounting standard-setters allowed depository banks such as

2102:

First quarter 2010: Delinquency rates in the United States peaked at 11.54%.

2043:

and key advisers introduced a series of regulatory proposals that addressed

967: 713:

estimated that large U.S. and European banks lost more than $ 1 trillion on

586:. This market development went unattended by regulators and thus caught the 21203: 21191: 19888: 19824: 19365: 18270: 18021: 17822: 17393: 16280: 16229: 15550: 15068: 15044: 14800: 14589: 14563: 14269: 14127: 13677: 13415: 13387: 13342: 12998: 12951:"Leading indicators of crisis incidence: Evidence from developed countries" 12923: 12499: 11684: 10945: 10562: 10389: 10174: 9987: 9479: 9422: 9383: 8773: 8087: 7253: 7022: 6599: 6475: 5873: 5373: 5049: 4996: 4759: 4672: 4636: 4628: 4601: 4567: 4341: 4283: 4188: 4137:

insured obligations of various financial institutions through the usage of

4015: 4003: 3965: 3925:

U.S. households and financial institutions became increasingly indebted or

3762: 3754: 3596: 3569: 3517: 3498: 3405: 3143: 2206: 2089: 2081: 2040: 1999:

magazine declared "More Quickly Than It Began, The Banking Crisis Is Over".

1740: 1537: 1530: 1509: 1353: 1346: 1199: 1110: 1081: 1031: 820:

created then-significant amounts of new currency as a method to combat the

729: 685: 559:, permitting financial institutions to commingle low-risk operations, like 16209:

Deepening neoliberalism, austerity, and crisis: Europe's treasure Ireland,

15456:"The Black Swan: Quotes & Warnings that the Imbeciles Chose to Ignore" 14543: 13911: 13346: 10405:"New York Times-Major Parts of the Financial Regulation Overhaul-May 2010" 3865:

fought to keep the derivatives market unregulated. With the advice of the

3564:

Additional downward pressure on interest rates was created by rising U.S.

3006:, which occurred due to a high default rate and resulting foreclosures of 648: 19780: 19708: 19624: 19444: 19169: 18524: 17981: 17580: 17437: 17407: 16961: 16602: 16215: 15567:"Cross-country causes and consequences of the 2008 crisis: Early warning" 15253: 15111: 15096: 15034: 14917: 14886:

Getting up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide

14299: 12290: 12247: 12178: 12030: 11898:"The Reckoning-Pressured to Take More Risk, Fannie Reached Tipping Point" 11579: 10998: 10449: 10220: 9443: 9307: 9199: 8574: 7478: 6132: 5181: 5054: 4852:

originated over $ 90 billion (~$ 131 billion in 2023) of mortgages.

4802: 4708:, had predicted the crisis in 2005 when he became chief economist at the 4575: 4553: 4377: 4306:

system could not provide funds to mortgage firms and other corporations.

4184: 4171: 4111: 4089: 3792:

loans, began the process of banking deregulation, and contributed to the

3712: 3600: 3294: 3247:

the ability of financial institutions to lend, slowing economic activity.

3136: 3030: 2862: 2833: 1904: 1744: 1677: 1659: 1546:

Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility

1377: 1124: 1077: 1043: 1020:

sounded "the alarm about an impending crisis in the U.S. housing market"

1010: 878: 737: 714: 618: 525: 503: 349: 60: 24: 16156:

The initial articles and some subsequent material were adapted from the

14843: 14819: 13397: 12975: 12263: 12231: 12194: 12162: 11336:"How government regulation—not free markets—caused the financial crisis" 11102: 11083: 10869:"Financial crisis of 2007–08 | Definition, Causes, Effects, & Facts" 6141: 6033:"The Great Lockdown: Worst Economic Downturn Since the Great Depression" 5783: 5550: 5533: 3803:, which repealed provisions of the Glass-Steagall Act that prohibited a 2154:, dubbed QE2, which included the purchase of $ 600 billion in long-term 19867: 19775: 19681: 19614: 19387: 16270: 16221: 15469: 14941: 14835: 13751:

Healy, Paul M.; Palepu, Krishna G. (Spring 2003). "The Fall of Enron".

11735:"2014 Foreclosure Filings Hit Lowest Level Since 2006, RealtyTrac Says" 11205: 11051: 10464: 9757: 9678:"It's official: U.S. in a recession since December 2007 – Dec. 1, 2008" 8899: 5930: 5213:

produced several episodes investigating various aspects of the crisis:

4894: 4867:

was most pronounced—and heavy reliance on costly funds borrowed from a

4856: 4828:

IndyMac Bank was founded as Countrywide Mortgage Investment in 1985 by

4652: 4632: 4561: 4495:, Michael Roberts, and Guglielmo Carchedi, in contradistinction to the 4461: 4448: 3728: 3721: 3640: 3290: 3132: 2837: 2219:, dubbed QE3, which included the purchase of $ 40 billion in long-term 2192: 1968:

March 12, 2009: Stock market indices in the U.S. rose another 4% after

1947:

Early March 2009: The drop in stock prices was compared to that of the

1845: 1830:

after the failure of banks in Iceland resulted in a devaluation of the

1682: 1373: 1128: 758: 660: 344: 56: 36: 19703: 15688:"David S. Loeb, Former Chairman of IndyMac Bancorp, Inc., Passes Away" 11593:

Chari, V. V.; Christiano, Lawrence; Kehoe, Patrick J. (October 2008).

11576:"Declaration of the Summit on Financial Markets and the World Economy" 10730:"Income inequality seems to be rising in more than 2 in 3 metro areas" 10522:"Financial Crisis II: European governments fail to learn from history" 8466:"Stocks erase early losses, rise as concerns about bond insurers ease" 5847: 2092:, who publicly argued for the proposed changes. Obama also proposed a 2005:

May 1, 2009: People protested economic conditions globally during the

1895: 1871:

December 16, 2008: The federal funds rate was lowered to zero percent.

1403:

combined with strong demand from China encouraged people to invest in

1368:

March 18, 2008: In a contentious meeting, the Federal Reserve cut the

1147: 904: 19533: 19152: 19002: 16360:

Wall Street and the Financial Crisis: Anatomy of a Financial Collapse

16144: 14747:

Brigo, Damiano; Pallavicini, Andrea; Torresetti, Roberto (May 2010).

13895: 13489:"Some Hope for the Future After a Failed National Policy for Thrifts" 13251: 12899: 11618: 10594: 10284:"H.R.4173: Dodd-Frank Wall Street Reform and Consumer Protection Act" 10041: 10015:"Obama Says Buy Stocks Now: Good Deals There for Long-Term Investors" 9562: 8752:

Poirier, John; Wutkowski, Karey; Younglai, Rachelle (July 11, 2008).

8591:"The Bear Stearns Books Still Don't Answer The Interesting Questions" 7939: 7315: 6095: 5955:(Act of Congress 111-203). The United States Congress. July 21, 2010. 5083: 5020: 4660: 4600:

U.S., the rate of commercial bank failures was almost triple that of

4349: 3834: 3672: 3668: 3663: 3655: 3611: 3550: 3085:

Wall Street and the Financial Crisis: Anatomy of a Financial Collapse

2933: 2929: 2127: 2023:(NBER) declared June 2009 as the end date of the U.S. recession. The 1961: 1941: 1691: 1574: 1404: 1400: 1209: 868:

Wall Street and the Financial Crisis: Anatomy of a Financial Collapse

851: 748:

also increased the linkage between large financial institutions. The

725: 637: 339: 14885: 8525:"Carlyle Capital Corporation Limited Issues Update on Its Liquidity" 8372:"Nasdaq Ends Year on a Down Note But Finishes 2007 With a 9.8% Gain" 7729:"10 years later: How the housing market has changed since the crash" 7227: 5152:

authored a best-selling non-fiction book about the crisis, entitled

3841:, masking the weakness of the capital base of the firm or degree of 3139:

to lose market share and to respond by lowering their own standards.

744:

corporate and institutional investors globally. Derivatives such as

19909: 19847: 19619: 19538: 17372: 17329: 16877: 15997: 15643: 15440: 15396: 15383: 14950: 14893: 13879: 13389:

Globalizing Capital: A History of the International Monetary System

13351: 11633: 10590:"Middle class households' wealth fell 35 percent from 2005 to 2011" 9623: 9076: 8486:"President Bush Signs H.R. 5140, the Economic Stimulus Act of 2008" 8132: 7966: 7463: 6874: 5607:"Don't blame the affordable housing goals for the financial crisis" 5016: 4929: 4810: 4586: 4262: 3953: 3189: 1883: 1619: 1604: 1496: 1462: 1357: 1177: 1084:

bailed out two of its hedge funds with $ 20 billion of exposure to

733: 721: 579: 541: 334: 16439: 15564: 13225:"All Clayton Trending Reports 1st quarter 2006 – 2nd quarter 2007" 10708:"Fed Says Growth Lifts the Affluent, Leaving Behind Everyone Else" 4265:

on the entities in the "parallel" banking system, also called the

4261:—placed significant blame for the freezing of credit markets on a 4162:

and CDS investors, issuers, and rating agencies. According to one

3799:

In November 1999, U.S. President Bill Clinton signed into law the

3533:

Lower interest rates encouraged borrowing. From 2000 to 2003, the

3057:

a "systemic breakdown in accountability and ethics" at all levels.

3014:. Some or all of the following factors contributed to the crisis: 2912: 2234:

grew from 2005 to 2012 in more than 2 out of 3 metropolitan areas.

1205:

October 9, 2007: The DJIA hit its peak closing price of 14,164.53.

16157: 15620: 14859:"The Impact of Index and Swap Funds on Commodity Futures Markets" 12784: 12744: 12723: 12575: 10108:"Untold Stories: Latvia: Sobering Lessons in Unregulated Lending" 9883: 9536: 9362: 8924: 8758: 8509: 8251: 8231: 8066: 7990: 7883: 7858: 7594: 7571: 7548: 7440:"A Guide to Statistics on Historical Trends in Income Inequality" 6433: 6338: 4887: 4860: 4790: 4226: 3393:

called credit default swaps, collateralized debt obligations and

3078:"the failures of credit rating agencies" to correctly price risk. 1792: 1415: 1195: 874: 781: 689: 594: 578:

Arguably the largest contributor to the conditions necessary for

498:

targeting low-income homebuyers, excessive risk-taking by global

16341: 13439:"Systemically Important Banks and Capital Regulation Challenges" 11553:"Alan Greenspan: 'Die Ratingagenturen wissen nicht was sie tun'" 9261:"Financial crisis: US stock markets suffer worst week on record" 8103:"News Release: Liquidity Support Facility for Northern Rock plc" 7541:"Here's How They Missed the Early Clues of the Financial Crisis" 5661:

Predatory Lending Practices Prior to the Global Financial Crisis

4952:

On July 7, 2008, IndyMac announced on the company blog that it:

1673:

increased deposit insurance coverage to $ 250,000 per depositor.

1607:

in which panicked depositors withdrew $ 16.7 billion in 10 days.

1013:

inverted, signaling a recession was likely within a year or two.

724:

and declines in credit availability led to plummeting stock and

21174: 16862:

List of banks acquired or bankrupted during the Great Recession

14888:(Report). Cambridge, MA: National Bureau of Economic Research. 14620:"The Subprime Turmoil: What's Old, What's New, and What's Next" 14203:

Elliott, Matthew; Golub, Benjamin; Jackson, Matthew O. (2014).

13837: 13231: 12009:"Why the Left Is Losing the Argument over the Financial Crisis" 11739: 11172: 9729: 9134:"The Financial Crisis: This Day – One Year Ago, Sept. 30, 2008" 9014: 8971:"The Financial Crisis: This Day – One Year Ago, Sept. 21, 2008" 7612: 7290:"Why Only One Top Banker Went to Jail for the Financial Crisis" 7202:"Helping Buyers Beware: The Need for Supervision of Big Retail" 6933: 5303:

List of banks acquired or bankrupted during the Great Recession

4697:

There were other economists that did warn of a pending crisis.

3337: 1826:

November 20, 2008: Iceland obtained an emergency loan from the

1491:

September 17, 2008: Investors withdrew $ 144 billion from U.S.

677: 613:

failed to slow the economic free-fall, but the similarly-sized

15776:"FDIC Board Approves Letter of Intent to Sell IndyMac Federal" 15162:"In Pictures: Banks vs. Credit Unions in the Financial Crisis" 15116:

Counting on Marilyn Waring: New Advances in Feminist Economics

13587:. Economics papers: A journal of applied economics and policy. 13493:

The Savings and Loan Crisis: Lessons from a Regulatory Failure

12591:"Waiting for the other shoe to drop in commercial real estate" 12098:"The Community Reinvestment Act After Financial Modernization" 10773:"International Monetary Fund, World Economic Outlook Database" 9553:"PNC will buy troubled National City Corp. for $ 5.58 billion" 7609:"Federal Reserve Bank of St. Louis' Financial Crisis Timeline" 1245:

to supply short-term credit to banks with sub-prime mortgages.

1038:

predicting a recession. Due to increased delinquency rates in

17208:

Acquired or bankrupt banks in the late 2000s financial crisis

13491:. In Barth, James R.; Trimbath, Susanne; Yago, Glenn (eds.). 12232:"The Subprime Crisis: Is Government Housing Policy to Blame?" 12095: 11620:

Did Fair-Value Accounting Contribute to the Financial Crisis?

8015:"Dow Jones Industrial Average (^DJI) Charts, Data & News" 6994:

Liquidity Lost: The Governance of the Global Financial Crisis

6733:"Foreign direct investment, net inflows (% of GDP) - Armenia" 4848: 3855: 3759:

Depository Institutions Deregulation and Monetary Control Act

3633: 2169: 1868:

began, sparked in part by economic conditions in the country.

1723:

October 16, 2008: A rescue plan was unveiled for Swiss banks

1372:

by 75 basis points, its 6th cut in 6 months. It also allowed

1288: 895: 757:

were due to falls in trade, commodity prices, investment and

16697: 16417:

Eight Days: the battle to save the American financial system

15957:"IndyMac stops new mortgage loans, to cut workforce by half" 15101:"Advances in Feminist Economics in Times of Economic Crisis" 14492:

Corporate Social Responsibility in the Global Business World

13797: 12780:"Update 4—One in 7 U.S. mortgages foreclosing or delinquent" 11924:. New York City: Algora Publishing. pp. 16–42, 67–119. 6551:"Euro crisis imperils recovering global economy, OECD warns" 5055:

Crash Proof: How to Profit From the Coming Economic Collapse

4890:

revealed that it may not be well capitalized in the future.

4886:

On May 12, 2008, in the "Capital" section of its last 10-Q,

1310:

tumbled 323.5 points or 5.5% in its largest crash since the

1046:

said that it would stop investing in certain subprime loans.

597:

of financial institutions and other palliative monetary and

593:

After the onset of the crisis, governments deployed massive

16276:

Crashed: How a Decade of Financial Crises Changed the World

15896:"Robert C. Daniels, et al. v. IndyMac Bancorp, Inc., et al" 15414:"Mr Rajan Was Unpopular (But Prescient) at Greenspan Party" 14384:

Harrington, Shannon D.; Moses, Abigail (November 6, 2008).

14186:"Financial Crisis Inquiry Commission – story of a security" 12948: 11488:

Keller, Christopher; Stocker, Michael (November 18, 2008).

11048:"Financial Meltdown Was Avoidable, Crisis Commission Finds" 9972: 9138: 8975: 8774:"Housing and Economic Recovery Act of 2008 (HERA) Programs" 7333:"Who was convicted because of the global financial crisis?" 6642:"Labor Force Statistics from the Current Population Survey" 4875:

borrower's needs, using an extensive array of risky option-

4395: 3422: 273:

Government intervention during the subprime mortgage crisis

16059:"IndyMac one of the largest bank failures in U.S. history" 14746: 14544:"Recipe for Disaster: The Formula That Killed Wall Street" 14107:"U.S. Considers Bringing Fannie & Freddie Onto Budget" 13933:

Chang, V.; Newman, R.; Walters, R.J.; Wills, G.B. (2016).

11284:"Federal Reserve Board – Community Reinvestment Act (CRA)" 11251: 10263:"Treasury Department Report – Financial Regulatory Reform" 7228:"Who went to jail for their role in the financial crisis?" 6091:"A tale of two depressions: What do the new data tell us?" 5508:"Why Didn't Bank Regulators Prevent the Financial Crisis?" 4999:

would collapse in March 2008 resulted in its fire-sale to

4447:

suggested that a financial crisis is a systemic crisis of

3897: 3675:

standards) increased ... to over 80% of production".

1389: 17203:

Dodd–Frank Wall Street Reform and Consumer Protection Act

16728:

Dodd–Frank Wall Street Reform and Consumer Protection Act

15917: 15326: 14820:"Financial Crash, Commodity Prices and Global Imbalances" 14460:

The Concise Encyclopedia of The Great Recession 2007–2012

13894:

Bordo, Michael D.; Redish, Angela; Rockoff, Hugh (2015).

13683:

The Return of Depression Economics and the Crisis of 2008

13392:(3rd ed.). Princeton University Press. p. 216. 13087: 13003:"The Global Saving Glut and U.S. Current Account Deficit" 12655: 11511:"Reflections on Glass-Steagall and Maniacal Deregulation" 11474: 10662: 10615: 10547: 10092: 10071: 9951: 9930: 9862: 9789:"Singapore recession deepens, government cuts 09 outlook" 9708: 9603: 9582: 9464: 9180: 9159: 9118: 9097: 9056: 9035: 8818: 8797: 8778:

United States Department of Housing and Urban Development

8713: 8616: 8419: 8398: 8153: 7833: 7756: 7273: 7076: 6577: 6527:

Baily, Martin Neil; Elliott, Douglas J. (June 15, 2009).

6502:"World Economic Outlook: Crisis and Recovery, April 2009" 6264: 5953:

Dodd-Frank Wall Street Reform and Consumer Protection Act

5298:

List of bank failures in the United States (2008–present)

5024: 4557: 4134: 3474: 3345:

United States Department of Housing and Urban Development

2900:

Indirect economic effects of the subprime mortgage crisis

2264: 2121:

Dodd–Frank Wall Street Reform and Consumer Protection Act

2114:

Dodd-Frank Wall Street Reform and Consumer Protection Act

2068:

Dodd–Frank Wall Street Reform and Consumer Protection Act

1724: 1654:

October 3, 2008: The House of Representatives passed the

1103: 1017: 947:

Dodd–Frank Wall Street Reform and Consumer Protection Act

848:

Dodd–Frank Wall Street Reform and Consumer Protection Act

634:

Dodd–Frank Wall Street Reform and Consumer Protection Act

369: 124:

Dodd–Frank Wall Street Reform and Consumer Protection Act

14817: 14697:

Donnelly, Catherine; Embrechts, Paul (January 4, 2010).

14062:"Agency's '04 Rule Let Banks Pile Up New Debt, and Risk" 13999:"Japan's lessons for a world of balance-sheet deflation" 12453:"US banking regulator's tab for failed banks nears $ 9B" 11254:"UNC Center Study Debunks Role of CRA in Housing Crisis" 11025:"Conclusions of the Financial Crisis Inquiry Commission" 10327:"Obama's 'Volcker Rule' shifts power away from Geithner" 10138:"More Quickly Than It Began, The Banking Crisis Is Over" 9356:

Wroughton, Lesley; Murphy, Francois (October 11, 2008).

9323:"Trading halted for first time since 2008 over pandemic" 8751: 8505:"Bush signs stimulus bill and cites economic resilience" 8441:"The Global Economic & Financial Crisis: A Timeline" 7437: 7353:

Morgenson, Gretchen; Story, Louise (December 24, 2009).

7053:"New $ 600B Fed Stimulus Fuels Fears of US Currency War" 6429:"Factbox–U.S., European bank write-downs, credit losses" 4863:

markets—states, alongside Nevada and Arizona, where the

3243:– the increased use of leverage in the financial system. 2051:, bank capital requirements, expanded regulation of the 1747:

soared against other major currencies, particularly the

1006:

warns clients of housing downturn, especially sub-prime.

717:

and from bad loans from January 2007 to September 2009.

15436:"Why Nassim Taleb is the True Predictor of this Crisis" 15235:"Why Economists Failed to Predict the Financial Crisis" 13932: 11490:"Executive Compensation's Role in the Financial Crisis" 10347:"Troubled Asset Relief Program: Two Year Retrospective" 9532:"Financial crisis may be worst in history – BoE's Bean" 8394:"Looking Back On Bank Of America's Countrywide Debacle" 8060:

Kar-Gupta, Sudip; Guernigou, Yann Le (August 9, 2007).

7800:

Haubrich, Joseph G.; Cherny, Kent (December 18, 2008).

7225: 7136:

Wheatley, Jonathan; Garnham, Peter (November 5, 2010).

6088: 5829: 5318:

List of entities involved in 2007–2008 financial crises

3216:

As part of the housing and credit booms, the number of

16839:

National fiscal policy response to the Great Recession

16121:"Oscars 2011: Inside Job banks best documentary award" 14774:"Reducing Systemic Risk in a Dynamic Financial System" 14518:"New theories attempt to explain the financial crisis" 13025:"Global Imbalances: Recent Developments and Prospects" 11872:"The Reckoning-Agency 04 Rule Lets Banks Pile on Debt" 10985:"Financial Crisis Inquiry Commission – Get the Report" 9196:"Congress Passes Emergency Economic Stabilization Act" 8178:"Markets Soar After Fed Cuts Key Rate by a Half Point" 7249:"Iceland ex-PM Geir Haarde cleared of bank negligence" 6408:"Lloyds Bank Is Discussing Purchase of British Lender" 6311:"Home Equity Extraction: The Real Cost of 'Free Cash'" 5124:

In October 2010, a documentary film about the crisis,

4235:

Securitization markets were impaired during the crisis

4027: 3738: 3330:

institutions that held loans in their own portfolios.

3312: 3127:

Reckless lending by lenders such as Bank of America's

2066:

passed bill H.R. 4173, a precursor to what became the

1465:

but neither bank wanted to acquire the entire company.

780:, provided then-unprecedented trillions of dollars in 766:

national fiscal policy response to the Great Recession

540:

on September 15, 2008, and a subsequent international

288:

National fiscal policy response to the Great Recession

21163: 17678:

Post-Napoleonic Irish grain price and land use shocks

15994:"Federal Regulators Close California Mortgage Lender" 14386:"Credit Swap Disclosure Obscures True Financial Risk" 13271:

Washington State Department of Financial Institutions

13204:"Raters Ignored Proof of Unsafe Loans, Panel Is Told" 12545:

Sanders, Anthony B.; An, Xudong (November 29, 2010).

12219:– via Levy Economics Institute of Bard College. 9877:

Cowan, Richard; Cornwell, Susan (February 15, 2009).

8658:"Commodity prices to rise more than expected in 2018" 7986:"Bear Stearns hedge funds near shutting down: report" 6751:"Personal remittances, received (% of GDP) – Armenia" 2191:

and 19 employees for selling fraudulent mortgages to

1535:

Speaker of the United States House of Representatives

1159:

to withdraw their savings during the financial crisis

15267:

Langlois, Hugues; Lussier, Jacques (March 7, 2017).

14857:

Irwin, Scott H.; Sanders, Dwight R. (June 1, 2010).

13973: 13971: 13969: 12828:

Zombie Economics: How Dead Ideas Still Walk among Us

12628:

Steverman, Ben; Bogoslaw, David (October 18, 2008).

12432:"FDIC's Tab For Failed U.S. Banks Nears $ 9 Billion" 11595:"Facts and Myths about the Financial Crisis of 2008" 11592: 11418:

Zombie Economics: How Dead Ideas Still Walk among Us

8548:"Search JP Morgan Pays $ 2 a Share for Bear Stearns" 6195:"5 of the World's Most Devastating Financial Crises" 5293:

List of acronyms associated with the eurozone crisis

3952:

for AAA-rated securities. The shift from first-loss

3745:

Government policies and the subprime mortgage crisis

2105:

April 15, 2010: U.S. Senate introduced bill S.3217,

1570:

to increase their protection by the Federal Reserve.

1544:

September 19, 2008: The Federal Reserve created the

1095:

closed above 14,000 for the first time at 14,000.41.

166:

Government policies and the subprime mortgage crisis

17253:

Public–Private Investment Program for Legacy Assets

15565:Andrew K. Rose and Mark M. Spiegel (January 2012). 15384:"Has Financial Development Made the World Riskier?" 14202: 12387: 12385: 12383: 12381: 11551:Kuls, Norbert; Tigges, Claus (September 22, 2007). 11448:"Fannie, Freddie, and the Subprime Mortgage Market" 11391:"How Government Failure Caused the Great Recession" 11004:"Financial Crisis Was Avoidable, Inquiry Concludes" 7929: 7927: 7925: 7422:"Wealth Inequality in the United States since 1913" 6681:"What China's economic problems mean for the world" 4797:. Before its failure, IndyMac Bank was the largest 4131:CDO was approximately five cents for every dollar. 3583:requires that a country (such as the US) running a 3356:

United States House Committee on Financial Services

3264:

US subprime lending expanded dramatically 2004–2006

2126:September 12, 2010: European regulators introduced 1919:

intensified and the Icelandic government collapsed.

1202:

and filed bankruptcy due to exposure to home loans.

971:

Cost of housing by State from the year 2000 to 2022

862:report, released January 2011, and a report by the 16958:(Europe, Middle East and North Africa, Asia; 2009) 16247:(Sociology of Crime Law and Deviance, Volume 16), 16103:"Overdose: A Film about the Next Financial Crisis" 16080: 16057: 16016: 15955: 15932: 15852: 15729: 15706: 15522: 15499: 15473: 15412: 15298: 15212: 15002: 14593: 14569:"News Analysis: Another Crisis, Another Guarantee" 14567: 14457: 14303: 14131: 14105: 14060: 14023: 13997: 13951: 13893: 13852: 13648: 13625: 13604:"Reinstating an Old Rule Is Not a Cure for Crisis" 13602: 13467:"History of the Eighties – Lessons for the Future" 13202: 13124: 13102: 12927: 12803: 12697: 12430: 12391: 12160: 11896: 11870: 11813:"Altruism: The Moral Root of the Financial Crisis" 11768: 11688: 11662: 11209: 11125:McArthur, Colin; Edelman, Sarah (April 13, 2017). 11002: 10706: 10634: 10566: 10403: 9991: 9834: 9509: 9485:"West Is in Talks on Credit to Aid Poorer Nations" 9483: 9259: 8950:"As Goldman and Morgan Shift, a Wall St. Era Ends" 8948: 8926: 8903: 8877: 8834: 8546: 8176: 8059: 7903: 7331: 7157: 7026: 6549: 6479: 6449: 6406: 6383: 6357: 6334:"Spending boosted by home equity loans: Greenspan" 6221:"A guide to the financial crisis – 10 years later" 6172: 5323:List of largest bank failures in the United States 5037:House Committee on Oversight and Government Reform 4960:since its May 12, 2008, quarterly earnings report; 4901:downgraded the ratings on a significant number of 4631:credits 12 economists with predicting the crisis: 2932:prices down, that usually puts the economy into a 2107:Restoring American Financial Stability Act of 2010 2080:January 22, 2010: President Obama introduced "The 1662:in a deal that did not require government funding. 1476:with $ 85 billion in debt and equity funding. The 17082: 14850: 14696: 13966: 12805:"U.S. Mortgage Delinquencies Reach a Record High" 12719:"Foreclosure rate almost doubled in 2007: report" 12627: 11389:Perry, Mark J.; Dell, Robert (January 18, 2011). 11310:"Did the CRA cause the mortgage market meltdown?" 10179:"It's Dippy to Fret About a Double-Dip Recession" 9321:Rahman, Riska; Wirayani, Prima (March 13, 2020). 8836:"U.S. Gives Banks Urgent Warning to Solve Crisis" 8570:"J.P. Morgan to buy Bear Stearns for $ 2 a share" 8568:Barr, Alistair; Morcroft, Greg (March 17, 2008). 7776:"The 2007 All-America Fixed-Income Research Team" 7564:"37 Critical Events of the 2008 Financial Crisis" 7330:Scannell, Kara; Milne, Richard (August 9, 2017). 6978:Centre for Research on Multinational Corporations 6287:"Sources and Uses of Equity Extracted from Homes" 3576:economies in Asia and oil-exporting nations. The 21211: 18847: 16766: 16082:"How Much Did Lehman CEO Dick Fuld Really Make?" 15728:Paletta, Damian; Enrich, David (July 12, 2008). 15708:"David Loeb, 79; Founded Mortgage Banking Firms" 15239:Wharton School of the University of Pennsylvania 14967:"The Financialization of Capital and the Crisis" 14244:Gai, Prasanna; Kapadia, Sujit (August 8, 2010). 13980:"A Minsky Meltdown: Lessons for Central Bankers" 13672: 13670: 13668: 13666: 13526:. U.S. League of Savings Institutions. pp. 12378: 11308:Bhutta, Neil; Canner, Glenn B. (March 1, 2009). 11288:Board of Governors of the Federal Reserve System 11152:Wharton School of the University of Pennsylvania 10749:Burd-Sharps, Sarah; Rasch, Rebecca (June 2015). 10748: 9968:"Dow Jones decline rate mimics Great Depression" 9879:"Congress sends $ 787 billion stimulus to Obama" 9114:"Citigroup buys Wachovia bank assets for $ 2.2B" 8879:"Bailout of Money Funds Seems to Stanch Outflow" 8747: 8745: 8121: 8119: 7922: 7854:"Fannie, Freddie tout limited subprime exposure" 7699: 7697: 7355:"Banks Bundled Bad Debt, Bet Against It and Won" 6849:Board of Governors of the Federal Reserve System 6281: 6112:"The Great Recession & the Great Depression" 5534:"Prone to Fail: The Pre-crisis Financial System" 5099:Overdose: A Film about the Next Financial Crisis 4618:Wharton School of the University of Pennsylvania 4587:Wrong banking model: resilience of credit unions 4475:, a political economy analyst and editor of the 4438: 4250:In a June 2008 speech, President and CEO of the 1298:January 21, 2008: As US markets were closed for 664:Share in GDP of U.S. financial sector since 1860 268:Federal Reserve responses to the subprime crisis 156:Causes of the 2000s United States housing bubble 16226:Collusion: How Central Bankers Rigged the World 15640:"Government shuts down mortgage lender IndyMac" 15266: 14865:. OECD Food, Agriculture and Fisheries Papers. 14383: 13708:"Banks' Hidden Junk Menaces $ 1 Trillion Purge" 13337: 13303:"Brown Sues Countrywide For Mortgage Deception" 12392:Johnston, Louis; Williamson, Samuel H. (2023). 12230:Avery, Robert B.; Brevoort, Kenneth P. (2015). 11570: 11568: 11211:"The Clinton-Era Roots of the Financial Crisis" 11168:"Lest We Forget: Why We Had A Financial Crisis" 11124: 10636:"Cautious Moves on Foreclosures Haunting Obama" 10233: 10217:"Remarks of the President on Regulatory Reform" 9399:"FDIC Announces Plan to Free Up Bank Liquidity" 9355: 7956: 7954: 7654:"The Outsiders Who Foresaw The Subprime Crisis" 7587:"How They Stopped the Financial Crisis in 2009" 7135: 6447: 5806:"Chart Book: The Legacy of the Great Recession" 5634:"Consequences of The Glass-Steagall Act Repeal" 4687:warned of the impending real estate collapse. 4002:and can cause or deepen a recession. Economist 3438: 768:, governments and central banks, including the 656:for 2009 (countries in brown were in recession) 17228:Federal takeover of Fannie Mae and Freddie Mac 16809:American Recovery and Reinvestment Act of 2009 16674:Office of Federal Housing Enterprise Oversight 15825: 15823: 15821: 15749: 15747: 15091: 14884:Gorton, Gary; Metrick, Andrew (January 2012). 14489:Mermod, Asli Yüksel; Idowu, Samuel O. (2013). 13784:Government regulation and derivative contracts 13367:"Road to Ruin: Mortgage Fraud Scandal Brewing" 13059: 10940: 10938: 10836:"What We've Learned from the Financial Crisis" 10158:"Minutes of the Federal Open Market Committee" 9320: 9236:"Wells Fargo Buys Wachovia for $ 15.1 Billion" 9031:"Morgan Stanley to sell stake to Japan's MUFG" 8224:"Dow High of 26,828.39 Set on October 3, 2018" 8083:"Three myths that sustain the economic crisis" 8062:"BNP freezes $ 2.2 bln of funds over subprime" 7799: 7773: 7684:"Median and Average Sale Price of Houses Sold" 7518:Levy Economics Institute Working Papers Series 7352: 6385:"Lehman Files for Bankruptcy; Merrill Is Sold" 4627:predicted the crisis, with varying arguments. 4560:Bank, suggested that large-scale momentum, or 4227:Boom and collapse of the shadow banking system 3936:U.S. household debt as a percentage of annual 3360:Office of Federal Housing Enterprise Oversight 2815: 1924:American Recovery and Reinvestment Act of 2009 1901:American Recovery and Reinvestment Act of 2009 1834:and threatened the government with bankruptcy. 1440:Federal takeover of Fannie Mae and Freddie Mac 615:American Recovery and Reinvestment Act of 2009 243:American Recovery and Reinvestment Act of 2009 161:Credit rating agencies and the subprime crisis 19118:Drafting and ratification of the Constitution 18833: 18806:List of stock market crashes and bear markets 17345: 17068: 16455: 15913:"Schumer: Don't blame me for IndyMac failure" 15727: 15661: 15659: 15657: 15633: 15631: 14883: 14813: 14811: 14355:"Lessons Not Learned From the Housing Crisis" 13946: 13944: 13663: 13244: 12673:Banking and Finance: Theory, Law and Practice 12276: 12229: 12003: 11791:"How Government Created the Financial Crisis" 11487: 9876: 9093:"Bailout plan rejected – supporters scramble" 9052:"Buffett's Berkshire invests $ 5B in Goldman" 8742: 8707:Rooney, Ben; Goldman, David (June 27, 2008). 8706: 8167: 8128:"The collapse of Northern Rock: Ten years on" 8125: 8116: 7879:"New Century files for Chapter 11 bankruptcy" 7752:"New Century files for Chapter 11 bankruptcy" 7746: 7744: 7694: 7678: 7676: 7674: 7329: 6594: 6592: 6590: 6588: 6522: 6520: 6518: 6516: 6514: 6069: 4716:, who was about to retire as chairman of the 4302:, investment banks and other entities in the 3516:After the bubble burst, Australian economist 3171:and investors failed to accurately price the 3161:, effectively removed the separation between 2084:" limiting the ability of banks to engage in 1763:. Later that day, the deputy governor of the 1681:During the 2008 global financial crisis, the 1234:December 2007: Unemployment in the US hit 5%. 451: 109:2000s United States housing market correction 20042:Dobbs v. Jackson Women's Health Organization 17198:Emergency Economic Stabilization Act of 2008 16733:Emergency Economic Stabilization Act of 2008 15040:The Big Mo: Why Momentum Now Rules Our World 14856: 14789: 14787: 14764: 14762: 14669: 12475:Who Really Drove the Economy into the Ditch? 12361:Who Really Drove the Economy into the Ditch? 12334:Who Really Drove the Economy into the Ditch? 12307:Who Really Drove the Economy into the Ditch? 12163:"Understanding the Subprime Mortgage Crisis" 11921:Who Really Drove the Economy into the Ditch? 11565: 11307: 11084:"Credit Default Swaps and the Credit Crisis" 10317: 8567: 7951: 6526: 6451:"Dollar tumbles as huge credit crunch looms" 6277: 6275: 6013:New York University Stern School of Business 4101: 3786:Garn–St. Germain Depository Institutions Act 3087:" (known as the Levin–Coburn Report) by the 1986:and bonuses paid to bankers resulted in the 1656:Emergency Economic Stabilization Act of 2008 1649:Emergency Economic Stabilization Act of 2008 1642:Emergency Economic Stabilization Act of 2008 1640:October 1, 2008: The U.S. Senate passed the 1612:Emergency Economic Stabilization Act of 2008 1142: 611:Emergency Economic Stabilization Act of 2008 609:. In the U.S., the October 3, $ 800 billion 263:Emergency Economic Stabilization Act of 2008 17268:2009 Supervisory Capital Assessment Program 17238:Homeowners Affordability and Stability Plan 15854:"Irregularity Is Uncovered at IndyMac Bank" 15818: 15744: 15319: 14988:"Carchedi, Foster and the causes of crisis" 14488: 14348: 14346: 13750: 13585:The global financial crisis and its effects 13385: 12364:. New York City: Algora. pp. 140–141. 12161:Demyanyk, Yuliya; Van Hemert, Otto (2011). 11708: 11706: 11646: 11527: 11258:University of North Carolina at Chapel Hill 10950:"Four Questions About the Financial Crisis" 10935: 10581: 9858:"Senate passes $ 787 billion stimulus bill" 8588: 8199:"Online Bank Fails, and Regulators Shut It" 7456: 6984: 6359:"Pain Spreads as Credit Vise Grows Tighter" 6305: 6303: 6253: 6251: 5758: 5756: 5658:Sarra, Janis; Wade, Cheryl L. (July 2020). 5451: 5449: 5447: 5042: 4616:, mostly failed to predict the crisis. The 4607: 4422: 3875:Commodity Futures Modernization Act of 2000 3861:As early as 1997, Federal Reserve chairman 3549:, as well as to combat a perceived risk of 3146:and contributed to a glut of risky lending. 1782: 1755:, as world investors sought safe havens. A 1519:September 18, 2008: In a dramatic meeting, 1428:August 2008: Unemployment hit 6% in the US. 951:Regulatory responses to the subprime crisis 293:Regulatory responses to the subprime crisis 18840: 18826: 17352: 17338: 17278:Term Asset-Backed Securities Loan Facility 17075: 17061: 16870: 16824:Fraud Enforcement and Recovery Act of 2009 16748:Term Asset-Backed Securities Loan Facility 16462: 16448: 16178:The Rise and Fall of Neoliberal Capitalism 16166:GNU Free Documentation License Version 1.2 15831:"Indymac Bancorp Inc – '10-Q' for 3/31/08" 15654: 15628: 15613: 14808: 14670:Lipton, Alexander; Rennie, Andrew (2007). 14537: 14535: 14533: 14243: 13941: 13732:"Citigroup SIV Accounting Tough to Defend" 13519: 13060:Mastrobattista, John (February 17, 2009). 12955:Journal of International Money and Finance 12798: 12759:Pacifici, Sabrina I. (September 6, 2008). 12120:"Did Liberals Cause the Sub-Prime Crisis?" 11550: 11204: 10918:"How The 2008 Financial Crisis Was Solved" 10587: 9072:"Washington Mutual Falls To Subprime Mess" 8875: 7935:"Timeline: Key events in financial crisis" 7741: 7671: 6585: 6511: 6448:Evans-Pritchard, Ambrose (July 25, 2007). 6328: 6326: 5772:American Economic Journal: Economic Policy 5179:Set on the night before the crisis broke, 5140:Academy Award for Best Documentary Feature 5058:, which was published in February 2007 by 5035:, the California Democrat who chaired the 4920:capital infusion nor found a ready buyer. 4049:; the bundling of subprime mortgages into 3991:by the U.S. government in September 2008. 3634:Weak and fraudulent underwriting practices 2842:Term Asset-Backed Securities Loan Facility 2147:pursues even more lending as the solution. 2131:suffered losses from AAA-rated created by 2014:Fraud Enforcement and Recovery Act of 2009 1839:Term Asset-Backed Securities Loan Facility 672:, which, at the time, was the most severe 458: 444: 303:Term Asset-Backed Securities Loan Facility 19566:Atomic bombings of Hiroshima and Nagasaki 18627:2015–2016 Chinese stock market turbulence 17193:Housing and Economic Recovery Act of 2008 17004:Effects of the Great Recession on museums 16834:Housing and Economic Recovery Act of 2008 16718:China–Japan–South Korea trilateral summit 16207:Julien Mercille & Enda Murphy, 2015, 16204:, August 5 & 12, 2019, pp. 28–31 16137: 16078: 15873: 15614:Shalal-Esa, Andrea (September 25, 2008). 15395: 15340: 14784: 14759: 14638: 14614: 14455: 14425: 14407:"Who's Who on AIG List of Counterparties" 14324: 14081: 13875:"Buffett warns on investment 'time bomb'" 13830: 13777: 13450: 13197: 13013: 12974: 12544: 12065:. United States House of Representatives. 11632: 11388: 11101: 10676: 10629: 10296: 9722: 9215:"Economic rescue swiftly signed into law" 9212: 8905:"As Crisis Spiraled, Alarm Led to Action" 8147:La Monica, Paul R. (September 18, 2007). 8146: 8126:O'Connell, Dominic (September 12, 2017). 7769: 7767: 7382:United States Patent and Trademark Office 6404: 6352: 6272: 6140: 5912: 5863: 5733: 5709:"Predatory lending: A decade of warnings" 5657: 5549: 5164:Academy Award for Best Adapted Screenplay 4893:IndyMac reported that during April 2008, 4723:Stock trader and financial risk engineer 4327:of excessively loose credit conditions". 4288:Nobel Memorial Prize in Economic Sciences 3873:derivatives market when they enacted the 3528: 2896:Subprime mortgage crisis solutions debate 2012:May 20, 2009: President Obama signed the 1922:February 13, 2009: Congress approved the 1423:Housing and Economic Recovery Act of 2008 1331:was enacted, which included a tax rebate. 955:Subprime mortgage crisis solutions debate 923:Global financial crisis in September 2008 298:Subprime mortgage crisis solutions debate 283:Housing and Economic Recovery Act of 2008 206:China–Japan–South Korea trilateral summit 16698:Government policy and spending responses 16664:Government National Mortgage Association 16138:Wilkinson, Alissa (September 15, 2018). 15762:United States Department of the Treasury 15721: 14768: 14672:"Credit Correlation: Life after Copulas" 14343: 13833:"Forbes-Geithner's Plan for Derivatives" 13818:United States Department of the Treasury 13551: 13443:OECD Economics Department Working Papers 13347:"If you had a pulse, we gave you a loan" 13321:"BofA Modifies 64,000 Countrywide Loans" 13145: 13019: 12997: 12895:China's Role in Global Economic Recovery 12758: 12669: 12572:"Commercial Real Estate and the Economy" 12522: 12105:United States Department of the Treasury 11981: 11965:"The State of the Nation's Housing 2008" 11837: 11703: 11508: 11445: 10944: 10701: 10588:Kurtzleben, Danielle (August 23, 2014). 10354:United States Department of the Treasury 10270:United States Department of the Treasury 10012: 9965: 9814:"GDP growth (annual %) – Singapore" 9743: 9599:"AmEx becomes bank to stabilize funding" 9418:"Switzerland unveils bank bail-out plan" 8709:"Oil settles at record high above $ 140" 8502: 8369: 8339:"Ex-Delta chief starts mortgage company" 8265: 8244: 8149:"Interest rates slashed to help economy" 7901: 7394: 7287: 7181:"Monitoring adoption of Basel standards" 7047: 6901:. Summer 2009. p. 7. Archived from 6547: 6300: 6248: 6030: 5993:"RCAP on timeliness: monitoring reports" 5753: 5734:Sakelaris, Nicholas (February 5, 2014). 5631: 5475: 5444: 5419: 4556:, a former executive at the Swiss-based 4457:The Downfall of Capitalism and Communism 4348: 4340: 4230: 4105: 4072: 4031: 3909: 3901: 3555: 3448: 3367:United States Department of the Treasury 3259: 2911: 2861: 2819: 1917:2009 Icelandic financial crisis protests 1894: 1786: 1676: 1270: 1172:British bank, received support from the 1146: 1024: 966: 935:Global financial crisis in December 2008 931:Global financial crisis in November 2008 903: 659: 647: 226:Government response and policy proposals 50: 18: 19721:Assassination of Martin Luther King Jr. 17309:Financial position of the United States 16758:2008 United Kingdom bank rescue package 16018:"IndyMac's shuffle ran over depositors" 15847: 15835:U.S. Securities and Exchange Commission 15704: 15666:LaCapra, Lauren Tara (August 1, 2008). 15665: 15543: 15293: 15251: 14985: 14906: 14793: 14556: 14530: 14515: 14352: 14126: 14103: 14058: 13676: 13646: 13624:Labaton, Stephen (September 27, 2008). 13623: 13486: 12922: 12824: 12551:. 46th Annual AREUEA Conference Paper. 12548:Default of CMBS Loans During the Crisis 12498: 11868: 11770:"We Need a Better Cushion Against Risk" 11683: 11414: 11165: 10789: 10727: 10519: 10483:"Basel III, the Banks, and the Economy" 10480: 10173: 10033: 9701: 9575: 9504: 9478: 9376: 9304:"The Sensex journey: From 2008 to 2013" 9090: 8876:Gullapalli, Diya (September 20, 2008). 8857:"The Federal Reserve's Crisis Response" 8811: 8727: 8609: 8463: 8391: 8080: 7876: 7221: 7219: 7199: 7021: 6990: 6926: 6405:Werdigier, Julia (September 17, 2008). 6323: 6089:Eichengreen; O'Rourke (March 8, 2010). 5886: 4259:United States Secretary of the Treasury 4057:(CDO) for sale to investors, a type of 3898:Increased debt burden or overleveraging 3813:U.S. Securities and Exchange Commission 3188:was issued as U.S. accounting standard 2237:June 2015: A study commissioned by the 1874:December 20, 2008: Financing under the 1799:advertising cheap "Credit Crunch Lunch" 1521:United States Secretary of the Treasury 1093:The Dow Jones Industrial Average (DJIA) 927:Global financial crisis in October 2008 810:2008 United Kingdom bank rescue package 21285:September 2008 events in North America 21212: 18532:Venezuelan banking crisis of 2009–2010 18302:South American economic crisis of 2002 18199:Black Wednesday (1992 Sterling crisis) 16369:, Majority and Minority Staff Report, 16266:. Cham, Switzerland, pp. 295−305. 16014: 15974: 15494: 15468: 15433: 15410: 15033: 14965:Foster, John Bellamy (April 1, 2008). 14964: 14562: 14541: 14404: 14018: 13977: 13597: 13436: 12740:"Foreclosures soar 81 percent in 2008" 12570:Amadeo, Kimberly (February 28, 2019). 12569: 12337:. New York City: Algora. p. 148. 12236:The Review of Economics and Statistics 12156: 12154: 12138: 12117: 11944: 11891: 11534:Nr. 1, 1999. Munich, St. Gallen 1999, 11509:Weissman, Robert (November 12, 2009). 11471:"Money, Power and Wall Street, Part 1" 11358: 11356: 11333: 11329: 11327: 11230: 11188:"The Fed – Community Reinvestment Act" 11066:"Senate Financial Crisis Report, 2011" 10656:Censky, Annalyn (September 13, 2012). 10655: 10608: 10568:"Crisis Is Over, but Where's the Fix?" 10561: 10540: 10088:"A three-peat for Wall Street's bulls" 9986: 9897: 9855: 9658:"It's Not the Credit Crisis, Damn It!" 9274:from the original on January 10, 2022. 9213:Collinson, Stephen (October 4, 2008). 9152: 8898: 8541: 8503:Pelofsky, Jeremy (February 13, 2008). 8434: 8432: 8430: 8370:LaVallee, Andrew (December 31, 2007). 8290: 8288: 8221: 8009: 8007: 8005: 7998:from the original on December 7, 2022. 7974:from the original on December 1, 2023. 7866:from the original on December 7, 2022. 7851: 7764: 7726: 7584: 7562:Amadeo, Kimberly (November 20, 2019). 7561: 7538: 7477: 7114: 6598: 6474: 6464:from the original on January 10, 2022. 6378: 5810:Center on Budget and Policy Priorities 5762: 5531: 4612:Economists, particularly followers of 4536:the burgeoning executive compensation; 4217:Credit Correlation: Life After Copulas 2888:Subprime crisis background information 2232:Income inequality in the United States 2204:President of the European Central Bank 2064:United States House of Representatives 1127:blocked withdrawals from three of its 943:United States bear market of 2007–2009 567:, with higher-risk operations such as 506:within banks, and the bursting of the 21260:Great Recession in the United Kingdom 20649: 20411: 20073: 18877: 18821: 18583:2013 Chinese banking liquidity crisis 18539:2010–2014 Portuguese financial crisis 18015:Secondary banking crisis of 1973–1975 17333: 17056: 16743:Temporary Liquidity Guarantee Program 16713:Banking (Special Provisions) Act 2008 16696: 16634:Federal Deposit Insurance Corporation 16443: 16269: 16055: 16043:Federal Deposit Insurance Corporation 16015:Heisel, William (February 28, 2009). 15953: 15780:Federal Deposit Insurance Corporation 15637: 15616:"FACTBOX: Top ten U.S. bank failures" 15458:. fooledbyrandomness.com. April 2007. 15381: 15159: 15067: 15005:The Battle for the Soul of Capitalism 15000: 14940: 14824:Brookings Papers on Economic Activity 14595:"The worst market crisis in 60 years" 14588: 14305:"Reform of Regulation and Incentives" 14152: 14087:"The Last Trillion Dollar Commitment" 13984:Federal Reserve Bank of San Francisco 13474:Federal Deposit Insurance Corporation 13104:"Is a Housing Bubble About to Burst?" 12777: 12737: 12670:Clifford, Gomez (November 30, 2011). 12648: 12478:. New York City: Algora. p. 75. 12471: 12428: 12422: 12357: 12330: 12303: 12141:Fiscal Aspects of Aviation Management 12007:; Pinto, Edward (December 27, 2011). 11917: 11312:. Federal Reserve Bank of Minneapolis 11081: 10915: 10677:Tcherneva, Pavlina R. (August 2014). 10555: 10481:Elliott, Douglas J. (July 26, 2010). 10443:Orol, Ronald D. (December 29, 2010). 10299:"Glass-Steagall vs. the Volcker Rule" 10297:Uchitelle, Louis (January 22, 2010). 9945:Twin, Alexandra (February 27, 2009). 9924:Twin, Alexandra (February 20, 2009). 9723:Gutierrez, Carl (December 20, 2008). 9655: 9596: 9550: 9436: 9403:Federal Deposit Insurance Corporation 9290:Federal Deposit Insurance Corporation 9233: 9111: 9091:Isidore, Chris (September 29, 2008). 9049: 9028: 9010:"Say Goodbye To The Investment Banks" 9007: 8812:Isidore, Chris (September 15, 2008). 8790: 7962:"Timeline: Credit crunch to downturn" 7852:Rucker, Patrick (February 27, 2007). 7827:Twin, Alexandra (February 27, 2007). 7774:Pam Abramowitz (September 16, 2007). 7625: 7515: 7395:Goodkind, Nicole (November 1, 2023). 7246: 7206:University of Pennsylvania Law Review 6968: 6898:Federal Deposit Insurance Corporation 6570: 6109: 5268:2010 United States foreclosure crisis 5255:Banking (Special Provisions) Act 2008 4914:Federal Deposit Insurance Corporation 4712:. In 2005, at a celebration honoring 4659:& Jens Kjaer Sørensen (Denmark), 4509:The Battle for the Soul of Capitalism 4092:, chief economics commentator at the 3983:Fannie Mae and Freddie Mac, two U.S. 3943:From 2004 to 2007, the top five U.S. 3917:relative to disposable income and GDP 3885:rose to $ 683 trillion by June 2008. 2928:to slow inflation and get prices and 2112:May 2010: The U.S. Senate passed the 1718:Temporary Liquidity Guarantee Program 1714:Federal Deposit Insurance Corporation 1671:Federal Deposit Insurance Corporation 1601:Federal Deposit Insurance Corporation 1418:failed. Oil prices peaked at $ 147.50 1384:weakened and commodity prices soared. 1228:. The plan was abandoned in December. 1220:announced plans for the $ 80 billion 984:against subprime mortgage bonds with 248:Banking (Special Provisions) Act 2008 21265:Great Recession in the United States 18613:Russian financial crisis (2014–2016) 18466:2008–2011 Icelandic financial crisis 18459:2008–2009 Ukrainian financial crisis 18424:2000s U.S. housing market correction 18264:1998–2002 Argentine great depression 17359: 16629:Consumer Financial Protection Bureau 15986: 15977:"FDIC Notification to All Employees" 15520: 15322:"Peter Schiff: Oh, he saw it coming" 15149:. International Labour Organisation. 14298: 14104:Kopecki, Dawn (September 11, 2008). 14059:Labaton, Stephen (October 3, 2008). 13726: 13647:Labaton, Stephen (October 3, 2008). 13582: 13379: 13043:"Fed Historical Data-Fed Funds Rate" 12716: 12310:. New York City: Algora. p. 5. 12210:"Lessons from the Subprime Meltdown" 12207: 12075: 11869:Labaton, Stephen (October 2, 2008). 11664:"President Bush's Address to Nation" 11625:National Bureau of Economic Research 11616: 11166:Denning, Steve (November 22, 2011). 10997: 10916:Novik, Vitaliy (November 15, 2020). 10909: 10541:Censky, Annalyn (November 3, 2010). 10442: 10085: 10064: 9944: 9923: 9898:Sahadi, Jeanne (February 17, 2009). 9856:Sahadi, Jeanne (February 15, 2009). 9737: 9702:Isidore, Chris (December 16, 2008). 9458:Twin, Alexandra (October 24, 2008). 9457: 9439:"Indexes fall hard on bloody Friday" 9437:Kumar, V. Phani (October 24, 2008). 9173: 8832: 8632:"Commodities Prices to Rise in 2018" 8413:Twin, Alexandra (January 18, 2008). 8412: 8266:Gongloff, Mark (November 26, 2007). 7947:from the original on March 24, 2023. 7918:from the original on April 20, 2023. 7826: 7457:Schlesinger, Jill (March 25, 2011). 7311:"Why have no bankers been arrested?" 7308: 7216: 7089: 6824: 6730:decreased from 2008 until 2021 (see 6257: 5086:, was published in February 2009 by 5031:found himself before Representative 4464:suggests that growing inequality of 3693: 3194:Financial Accounting Standards Board 3182:Variations in the cost of borrowing. 2021:National Bureau of Economic Research 1710:2008–2011 Icelandic financial crisis 1599:went bankrupt and was seized by the 1222:Master Liquidity Enhancement Conduit 720:Lack of investor confidence in bank 682:2008–2011 Icelandic financial crisis 119:2008–2010 automotive industry crisis 45:Great Recession in the United States 18770:2023–2024 Egyptian financial crisis 18605:Puerto Rican government-debt crisis 18598:2014–2016 Brazilian economic crisis 17971:1963–1965 Indonesian hyperinflation 17874:Shanghai rubber stock market crisis 17563:Dutch Republic stock market crashes 16919:Collateralized mortgage obligations 16469: 16346:Financial Crisis Inquiry Commission 16337:Financial Crisis Inquiry Commission 16079:Sterngold, James (April 29, 2010). 15876:"Indymac Seeks to Preserve Capital" 15320:O'Keefe, Brian (January 23, 2009). 15210: 14542:Salmon, Felix (February 23, 2009). 13978:Yellen, Janet L. (April 16, 2009). 13831:Figlewski, Stephen (May 18, 2009). 13809:; Ranier, William (November 1999). 13080: 12588: 12151: 11805: 11783: 11755:"Estimate of Household Wealth Lost" 11603:Federal Reserve Bank of Minneapolis 11353: 11324: 10833: 10013:Mcauliff, Michael (March 4, 2009). 9786: 9704:"Fed slashes key rate to near zero" 9619:"IMF approves $ 2.1bn Iceland loan" 9551:Gogoi, Pallavi (October 24, 2008). 9415: 9377:Kollewe, Julia (October 14, 2008). 9174:Twin, Alexandra (October 2, 2008). 9112:Ellis, David (September 29, 2008). 9029:Ellis, David (September 22, 2008). 8438: 8427: 8285: 8245:Wilchins, Dan (December 21, 2007). 8222:Amadeo, Kimberly (March 20, 2020). 8002: 7877:Stempel, Jonathan (April 2, 2007). 7841:from the original on April 1, 2023. 7727:Lerner, Michele (October 4, 2018). 6548:Williams, Carol J. (May 22, 2012). 6260:"The $ 4 trillion housing headache" 5763:Wilson, Daniel J (August 1, 2012). 5632:Maverick, J.B. (October 22, 2019). 5092:The New York Times Best Seller list 5072:The New York Times Best Seller list 4330: 4146:Financial Crisis Inquiry Commission 4028:Financial innovation and complexity 3972:were sold at fire-sale prices, and 3739:Deregulation and lack of regulation 3680:Financial Crisis Inquiry Commission 3645:Financial Crisis Inquiry Commission 3466:secured by the price appreciation. 3319:Financial Crisis Inquiry Commission 3313:Role of affordable housing programs 3255: 3020:Financial Crisis Inquiry Commission 2977: Effective Federal Funds Rate 2269:United States Department of Justice 2094:Financial Crisis Responsibility Fee 1614:, which included the $ 700 billion 1432: 1176:. This led to investor panic and a 860:Financial Crisis Inquiry Commission 688:of all three of the major banks in 13: 19408:Pendleton Civil Service Reform Act 19398:Assassination of James A. Garfield 18576:2012–2013 Cypriot financial crisis 18480:2008–2014 Spanish financial crisis 18452:2008–2009 Russian financial crisis 18445:2008–2009 Belgian financial crisis 18140:1988–1992 Norwegian banking crisis 17635:British credit crisis of 1772–1773 16170: 15874:VAN DOORN, PHILIP (May 13, 2008). 15544:Brockes, Emma (January 24, 2009). 15411:Lahart, Justin (January 2, 2009). 15341:Tempelman, Jerry (July 30, 2014). 15214:"What Good Are Economists Anyway?" 14516:Regnier, Pat (February 27, 2009). 14405:Byrnes, Nanette (March 17, 2009). 14205:"Financial Networks and Contagion" 13047:Federal Reserve Board of Governors 13029:Federal Reserve Board of Governors 13007:Federal Reserve Board of Governors 12891: 12879:Federal Reserve Board of Governors 12861:Federal Reserve Board of Governors 12778:Haviv, Julie (November 19, 2009). 12649:Eavis, Peter (November 25, 2007). 12145:Southern Illinois University Press 11362: 11192:Federal Reserve Board of Governors 10954:Federal Reserve Board of Governors 10895:"Visualizing the Financial Crisis" 10790:Goswami, Rohan (August 14, 2023). 10728:Chokshi, Niraj (August 11, 2014). 10086:Twin, Alexandra (March 12, 2009). 10065:Twin, Alexandra (March 10, 2009). 9900:"Stimulus: How to measure success" 9643:Federal Reserve Board of Governors 9576:Isidore, Chris (October 8, 2008). 9153:Sahadi, Jeanne (October 2, 2008). 9050:Luhby, Tami (September 23, 2008). 8995:Federal Reserve Board of Governors 8791:Ellis, David (September 7, 2008). 8754:"IndyMac Taken Over By Regulators" 8730:"Marcial: U.S. Steel Is on a Roll" 8728:Marcial, Gene G. (June 27, 2008). 8612:"Fed cuts rates by 3/4 of a point" 8589:Falkenstein, Eric (May 18, 2009). 8325:Federal Reserve Board of Governors 8247:"Banks abandon plan for Super-SIV" 7905:"New Century Files for Bankruptcy" 7891:from the original on May 16, 2023. 7288:Eisinger, Jesse (April 30, 2014). 7186:Bank for International Settlements 7162:Tooltip Public Law (United States) 6870:"US Congress passes stimulus plan" 6294:Federal Reserve Board of Governors 5998:Bank for International Settlements 5889:"Mistrust and the Great Recession" 3867:Working Group on Financial Markets 3445:2000s United States housing bubble 3298:subprime loan aggregators such as 1697:October 11, 2008: The head of the 1252:filed bankruptcy after failing to 151:Causes of the European debt crisis 104:2000s United States housing bubble 14: 21306: 19440:Assassination of William McKinley 18763:2023 United States banking crisis 18569:2011 Bangladesh share market scam 18257:1998–1999 Ecuador economic crisis 18221:Venezuelan banking crisis of 1994 18147:Japanese asset price bubble crash 18088:Souk Al-Manakh stock market crash 17838:Australian banking crisis of 1893 17642:Dutch Republic financial collapse 17014:2007–2008 world food price crisis 16814:Chinese economic stimulus program 16799:2008 European Union stimulus plan 16723:Commercial Paper Funding Facility 16381:Federal Reserve Bank of St. Louis 16321: 15521:Mihm, Stephen (August 15, 2008). 15434:Triana, Pablo (August 19, 2009). 15382:Rajan, Raghuram (November 2005). 15160:Cropp, Matt (November 22, 2011). 14986:Roberts, Michael (July 3, 2011). 14353:Kourlas, James (April 12, 2012). 14246:"Contagion in financial networks" 13753:Journal of Economics Perspectives 13552:Williams, Mark (April 12, 2010). 13487:Leibold, Arthur (July 29, 2004). 13146:Williams, Mark (April 12, 2010). 12630:"The Financial Crisis Blame Game" 11838:Williams, Mark (April 12, 2010). 11617:Laux, Christian (November 2009), 11530:Strategische Unternehmensfuehrung 11208:; Solon, Mike (August 12, 2013). 10817:"World Economic Outlook Database" 9725:"GM And Chrysler Covered By TARP" 9656:Baker, Dean (November 29, 2008). 9597:Luhby, Tami (November 10, 2008). 9358:"IMF warns of financial meltdown" 9008:Moyer, Liz (September 21, 2008). 8833:Dash, Eric (September 12, 2008). 8610:Isidore, Chris (March 18, 2008). 8464:Paradis, Tim (January 31, 2008). 8392:Zarroli, Jim (January 11, 2013). 8296:"U.S. Bureau of Labor Statistics" 8081:Elliott, Larry (August 5, 2012). 7902:Creswell, Julie (April 2, 2007). 7651: 6827:"Exceedingly high interest rates" 6218: 6031:Gopinath, Gita (April 14, 2020). 5965: 5887:Wolfers, Justin (March 9, 2011). 5532:Duffie, Darrell (February 2019). 5333:Low-Income Countries Under Stress 5158:. In 2015, it was adapted into a 4770:In a 2012 article in the journal 4593:International Labour Organization 4525:, Bogle cites issues, including: 2288:Incremental GDP (billions in USD) 1634: 1588:made a $ 5 billion investment in 1484:" as a result of its exposure to 1131:with a total of $ 2.2 billion in 1034:orders stoked growth fears, with 995:delinquency rose, leading to the 482:), was the most severe worldwide 253:Chinese economic stimulus program 233:2008 European Union stimulus plan 21197: 21185: 21173: 21147: 21138: 21137: 21102: 21101: 19659:Assassination of John F. Kennedy 19452:Nadir of American race relations 19331:Assassination of Abraham Lincoln 17620:Amsterdam banking crisis of 1763 17042:List of countries by public debt 16669:National Asset Management Agency 16403:"Money, Power & Wall Street" 16379:: A collection of papers at the 16131: 16113: 16095: 16072: 16049: 16031: 16008: 15968: 15947: 15925: 15905: 15888: 15867: 15841: 15786: 15768: 15698: 15680: 15607: 15589: 15558: 15537: 15514: 15488: 15462: 15448: 15427: 15404: 15375: 15355: 15334: 15313: 15287: 15260: 15256:. Munich Personal RePEc Archive. 15245: 15227: 15204: 15174: 15153: 15136: 15085: 15073:"The Heart of the Economic Mess" 15061: 15027: 14994: 14979: 14958: 14934: 14900: 14877: 14796:"Can the Fed's Uncrunch Credit?" 14778:Federal Reserve Bank of New York 14740: 14690: 14663: 14608: 14582: 14509: 14482: 14449: 14419: 14398: 14377: 14318: 14292: 14237: 14196: 14178: 14146: 14120: 14097: 14075: 14052: 14012: 13990: 13926: 13887: 13867: 13845: 13824: 13791: 13787:(Speech). Coral Gables, Florida. 13771: 13744: 13720: 13700: 13686:. W. W. Norton Company Limited. 13640: 13617: 13591: 13576: 13545: 13513: 13480: 13459: 13430: 13359: 13331: 13313: 13295: 13277: 13259: 13245:O'Connell, Brian (May 9, 2019). 13238: 13217: 13191: 13170: 13139: 13117: 13095: 13074: 13053: 13035: 12991: 12942: 12916: 12885: 12867: 12857:"Open Market Operations Archive" 12849: 12818: 12792: 12771: 12752: 12738:Adler, Lynn (January 15, 2009). 12731: 12710: 12690: 12663: 12642: 12621: 12601: 12582: 12563: 12538: 12516: 12492: 12465: 12445: 12351: 12324: 12297: 12270: 12223: 12201: 12132: 12118:Gordon, Robert (April 7, 2008). 12111: 12089: 12069: 12055: 12037: 12019: 11997: 11975: 11969:Joint Center for Housing Studies 11957: 11938: 11911: 11885: 11862: 11831: 11761: 11747: 11727: 11677: 11655: 11640: 11610: 11586: 11544: 11521: 11502: 11481: 11463: 11446:Calabria, Mark (March 7, 2011). 11439: 11408: 11382: 11301: 11276: 11245: 11224: 11198: 11180: 11159: 11139: 11118: 11089:Journal of Economic Perspectives 11075: 11058: 11040: 11017: 10991: 10977: 10960: 10887: 10861: 10834:Fox, Justin (November 1, 2013). 10827: 10809: 10783: 10765: 10742: 10721: 10695: 10670: 10649: 10623: 10602: 10534: 10513: 10493: 10474: 10457: 10445:"Bank-reform bill sent to Obama" 10436: 10418: 10396: 10378: 10360: 10339: 10311: 10290: 10276: 10255: 10227: 10209: 10191: 10167: 10150: 10130: 10100: 10079: 10058: 10027: 10006: 9993:"Plunging Markets, Then and Now" 9980: 9966:Kawamoto, Dawn (March 2, 2009). 9959: 9938: 9917: 9891: 9870: 9849: 9836:"Iceland's Government Collapses" 9827: 9806: 9780: 9716: 9695: 9670: 9649: 9631: 9611: 9590: 9569: 9544: 9524: 9498: 9472: 9451: 9430: 9409: 9391: 9370: 9349: 9335: 9314: 9296: 9278: 9252: 9227: 9206: 9188: 9167: 9146: 9126: 9105: 9084: 9064: 9043: 9022: 9001: 8983: 8963: 8941: 8918: 8892: 8869: 8849: 8826: 8814:"Bank of America to buy Merrill" 8805: 8793:"U.S. seizes Fannie and Freddie" 8784: 8766: 8721: 8700: 8675: 8650: 8624: 8603: 8582: 8561: 8535: 8517: 8496: 8478: 8457: 8406: 8385: 8363: 8331: 8313: 8259: 8238: 8215: 8191: 8161: 8140: 8095: 8074: 8053: 8032: 7978: 7802:"The Yield Curve, December 2008" 7585:Amadeo, Kimberly (May 4, 2020). 7539:Amadeo, Kimberly (May 4, 2020). 7309:Snow, Jon (September 13, 2011). 7247:Neate, Rupert (April 23, 2012). 7138:"Brazil in 'currency war' alert" 7073:"CNNMoney.com's bailout tracker" 6956:Federal Reserve Bank of New York 6780:. September 2009. Archived from 5538:Journal of Economic Perspectives 4252:Federal Reserve Bank of New York 4243:" and that competition from the 3985:government-sponsored enterprises 3962:went bankrupt and was liquidated 3780:In October 1982, U.S. President 3350:In the early and mid-2000s, the 3284:government-sponsored enterprises 3018:In its January 2011 report, the 2783: 2758: 2733: 2709: 2685: 2660: 2636: 2612: 2587: 2562: 2538: 2514: 2489: 2465: 2442: 2418: 2393: 2369: 2346: 2322: 2297: 2168:March 2011: Two years after the 2158:over the following eight months. 2034:in a context of price stability. 1336:nationalisation of Northern Rock 1067:Chapter 11 bankruptcy protection 19361:First transcontinental railroad 18345:2007 Chinese stock bubble crash 17671:Danish state bankruptcy of 1813 16997:2008 Central Asia energy crisis 16914:Collateralized debt obligations 16056:Story, Louise (July 13, 2008). 15705:Vincent, Roger (July 3, 2003). 14946:"Weapons of Mass Exploitation?" 14794:Gelinas, Nicole (Winter 2009). 14432:Financial Crisis Inquiry Report 12429:Sidel, Robin (March 16, 2011). 12413:Gross Domestic Product deflator 12167:The Review of Financial Studies 12063:"House Hearing on OFHEO Report" 12045:"OFHEO Report on Systemic Risk" 10755:Social Science Research Council 10286:. U.S. Congress. July 21, 2010. 9416:Gow, David (October 16, 2008). 9234:Lepro, Sara (October 3, 2008). 7895: 7870: 7845: 7820: 7793: 7720: 7645: 7619: 7601: 7578: 7555: 7532: 7509: 7471: 7450: 7431: 7414: 7388: 7367: 7346: 7323: 7302: 7281: 7261: 7240: 7200:Van Loo, Rory (April 1, 2015). 7193: 7173: 7150: 7129: 7108: 7093:Social Science Research Network 7083: 7065: 7041: 7015: 6962: 6941: 6927:Collins, Mike (July 14, 2015). 6920: 6882: 6862: 6837: 6831:D+C Development and Cooperation 6818: 6720: 6695: 6673: 6652: 6634: 6616: 6564: 6541: 6494: 6468: 6441: 6421: 6398: 6372: 6346: 6285:; Kennedy, James (March 2007). 6212: 6187: 6165: 6103: 6082: 6063: 6045: 6024: 6005: 5985: 5959: 5945: 5906: 5880: 5823: 5798: 5727: 5701: 5651: 5368:Subprime crisis impact timeline 4805:market and the seventh largest 4055:collateralized debt obligations 3222:collateralized debt obligations 3157:, which partially repealed the 3044:at many systemically important 2892:Subprime crisis impact timeline 1988:2009 G20 London summit protests 1113:liquidated the two hedge funds. 1086:collateralized debt obligations 1076:June 20, 2007: After receiving 939:Global financial crisis in 2009 617:, which included a substantial 18726:Chinese property sector crisis 18634:2015–2016 stock market selloff 18562:August 2011 stock markets fall 18473:2008–2011 Irish banking crisis 18170:1990s Swedish financial crisis 17919:Weimar Republic hyperinflation 17263:Primary Dealer Credit Facility 17132:Role of credit rating agencies 17092:Background / timeline 16804:2008–2009 Keynesian resurgence 16649:Federal Housing Finance Agency 16644:Federal Housing Administration 15975:Wagner, Evan (July 11, 2008). 15668:"IndyMac Bancorp to Liquidate" 14913:The Cancer Stage of Capitalism 13627:"SEC Concedes Oversight Flaws" 13307:Attorney General of California 12967:10.1016/j.jimonfin.2013.01.001 12892:Fu, Xiaolan (March 12, 2012). 12699:"A Helping Hand to Homeowners" 12049:Federal Housing Finance Agency 11558:Frankfurter Allgemeine Zeitung 11231:Carney, John (June 27, 2009). 11082:Stulz, René M. (Winter 2010). 10658:"Federal Reserve launches QE3" 10199:"FOMC Statement June 24, 2009" 10114:. May 18, 2009. Archived from 10067:"Stocks: Biggest gains of '09" 9787:Lim, Kevin (January 2, 2009). 9460:"Stocks can't shake the blues" 8415:"Disastrous Dow tumbles again" 8347:. May 20, 2008. Archived from 7459:"Fed Survey: We're 45% Poorer" 6777:Overseas Development Institute 5919:Journal of Marriage and Family 5625: 5599: 5574: 5525: 5500: 5469: 5413: 5388: 5263:2008–2009 Keynesian resurgence 4116:AIG bonus payments controversy 4084:cascades in financial networks 3839:structured investment vehicles 3822:Financial institutions in the 3796:of the late 1980s/early 1990s. 3735:may be a cause of the crisis. 3484:collateralized debt obligation 2267:reaches an agreement with the 2141:European sovereign-debt crisis 1625:September 30, 2008: President 1226:structured investment vehicles 829:AIG bonus payments controversy 238:2008–2009 Keynesian resurgence 1: 21250:Economy of the United Kingdom 18799:List of sovereign debt crises 18741:2022 Russian financial crisis 18438:2008 Latvian financial crisis 18431:U.S. bear market of 2007–2009 18309:Stock market downturn of 2002 18250:1998 Russian financial crisis 18103:1983 Israel bank stock crisis 17283:Troubled Asset Relief Program 17188:Economic Stimulus Act of 2008 17084:U.S. subprime mortgage crisis 16819:Economic Stimulus Act of 2008 16753:Troubled Asset Relief Program 16679:Office of Financial Stability 16654:Federal Housing Finance Board 16588:Société Générale trading loss 16307:American Enterprise Institute 16162:Financial crisis of 2007–2008 15638:Veiga, Alex (July 12, 2008). 15273:. Columbia University Press. 15252:Bezemer, Dirk J (June 2009). 15211:Coy, Peter (April 16, 2009). 15186:Small Business Administration 14627:Journal of Structured Finance 14325:Samuelson, Robert J. (2011). 14091:American Enterprise Institute 13126:"When a Flow Becomes a Flood" 12717:Yoon, Al (January 29, 2008). 12532:American Enterprise Institute 12394:"What Was the U.S. GDP Then?" 12013:American Enterprise Institute 11991:American Enterprise Institute 11334:Carter, Joe (July 31, 2017). 10609:Rooney, Ben (July 26, 2012). 10372:Federal Reserve Economic Data 8928:"Shock Forced Paulson's Hand" 7626:Lewis, Michael (March 2010). 7115:Martin, Will (May 28, 2018). 6628:Federal Reserve Economic Data 6624:"Real Gross Domestic Product" 6571:Luhby, Tami (June 11, 2009). 5381: 5328:Stock market crashes in India 5169:Simon Reid-Henry's 2019 book 4439:Systemic crisis of capitalism 4300:asset-backed commercial paper 4118:is interviewed by news media. 3998:simultaneously is called the 3678:In separate testimony to the 3335:American Enterprise Institute 3206:1998 Russian financial crisis 3192:in 2006 by the privately run 2025:Federal Open Market Committee 1907:credit repealed in late 2010. 1876:Troubled Asset Relief Program 1844:November 29, 2008: Economist 1616:Troubled Asset Relief Program 1503:, which frequently invest in 1447:Bankruptcy of Lehman Brothers 1329:Economic Stimulus Act of 2008 1185:Federal Open Market Committee 1088:including subprime mortgages. 894:paid $ 550 million to settle 800:markets, avoid the risk of a 643: 538:bankruptcy of Lehman Brothers 308:Troubled Asset Relief Program 258:Economic Stimulus Act of 2008 35:ultimately led to the firm's 21275:Presidency of George W. Bush 21245:Economy of the United States 20529:Hispanic and Latino American 19383:Second Industrial Revolution 19217:Nat Turner's slave rebellion 18923:Exploration of North America 18849:History of the United States 18501:Greek government-debt crisis 18338:2004 Argentine energy crisis 18295:2001 Turkish economic crisis 18184:1990s Armenian energy crisis 18177:1990s Finnish banking crisis 18038:1976 British currency crisis 18008:1973–1974 stock market crash 17123:United States housing bubble 16738:Irish emergency budget, 2009 15954:Veiga, Alex (July 7, 2008). 15583:10.1016/j.japwor.2011.11.001 15388:NBER Working Paper No. 11728 14456:Rosenberg, Jerry M. (2012). 14210:The American Economic Review 13247:"What Is Predatory Lending?" 13081:Max, Sarah (July 27, 2004). 12085:. The International Economy. 11132:Center for American Progress 10543:"QE2: Fed pulls the trigger" 10243:"A New Financial Foundation" 10020:U.S. News & World Report 9947:"Stocks end at 12-year lows" 6825:Wenn, Bruno (January 2013). 6660:"The Recession of 2007–2009" 6258:Barr, Colin (May 27, 2009). 5586:Council on Foreign Relations 5064:United States housing bubble 4799:savings and loan association 3828:Long-Term Capital Management 3718:Office of Thrift Supervision 3439:Growth of the housing bubble 3307:United States housing bubble 3000:United States housing bubble 2971: 3 month Treasury Bond 2959: 10 Year Treasury Bond 2162: 2027:release in June 2009 stated: 1528:Chair of the Federal Reserve 1474:American International Group 1168:, a medium-sized and highly 1055:real estate investment trust 997:United States housing bubble 508:United States housing bubble 365:Royal Bank of Scotland Group 330:American International Group 59:, an indicator of perceived 7: 21280:Premiership of Gordon Brown 20053:Indictments of Donald Trump 19244:First Industrial Revolution 19078:Declaration of Independence 19068:Second Continental Congress 18657:2017 Sri Lankan fuel crisis 18323:2003 Myanmar banking crisis 18316:2002 Uruguay banking crisis 18236:1997 Asian financial crisis 18163:1991 Indian economic crisis 18155:Rhode Island banking crisis 18125:Cameroonian economic crisis 17911:Early Soviet hyperinflation 17524:Crisis of the Third Century 15571:Japan and the World Economy 15501:"The Behavioral Revolution" 14552:. Vol. 17, no. 3. 14464:. Scarecrow Press. p. 13900:The Economic History Review 13386:Eichengreen, Barry (2019). 13289:Legal Information Institute 12279:Review of Financial Studies 11721:International Monetary Fund 10897:. Yale School of Management 10821:International Monetary Fund 10777:International Monetary Fund 10520:Norberg, Johan (May 2012). 10034:Dempsey, Alison L. (2017). 9176:"Bailout fears sink stocks" 7829:"Brutal day on Wall Street" 7688:United States Census Bureau 7628:"Betting on the Blind Side" 7295:The New York Times Magazine 6038:International Monetary Fund 5836:BMJ (Clinical Research Ed.) 5713:Center for Public Integrity 5582:"The U.S. Financial Crisis" 5363:Private equity in the 2000s 5247: 5234:" (Season 2009: Episode 15) 5207:The US documentary program 5011:, Fannie Mae, Freddie Mac, 4773:Japan and the World Economy 4710:International Monetary Fund 4700:The former Governor of the 4077:Diagram of CMLTI 2006 – NC2 4036:IMF Diagram of CDO and RMBS 4018:discussed these paradoxes: 3710:California Attorney General 3317:The majority report of the 3210:1997 Asian financial crisis 2965: 2 Year Treasury Bond 2824:Housing Finance Reform Bill 2816:Fed's action towards crisis 2250:International Monetary Fund 2189:Abacus Federal Savings Bank 2185:Manhattan District Attorney 2175:International Monetary Fund 1982:April 2, 2009: Unrest over 1828:International Monetary Fund 1761:International Monetary Fund 1699:International Monetary Fund 1250:Delta Financial Corporation 976:May 19, 2005: Fund manager 962: 916: 837:Chancellor of the Exchequer 711:International Monetary Fund 528:, as well as a vast web of 43:, and the catalyst for the 10: 21311: 21270:Presidency of Barack Obama 20650: 20412: 20074: 19945:Killing of Osama bin Laden 19033:First Continental Congress 18878: 18688:Sri Lankan economic crisis 18546:Energy crisis in Venezuela 18525:2009 Dubai debt standstill 18375:2007–2008 financial crisis 18030:Latin American debt crisis 17793:Paris Bourse crash of 1882 17213:Capital Assistance Program 17155:2007–2008 financial crisis 17037:2007–2008 financial crisis 16929:Mortgage-backed securities 16540:Automotive industry crisis 15144:"Resilience in a downturn" 14162:W. W. Norton & Company 13935:Review of economic bubbles 13765:10.1257/089533003765888403 12987:– via RePEc – IDEAS. 12833:Princeton University Press 11423:Princeton University Press 10684:Independent Journal Review 9926:"Dow closes at 6-year low" 8047:IKB Deutsche Industriebank 6667:Bureau of Labor Statistics 6646:Bureau of Labor Statistics 5913:Schneider, Daniel (2015). 5374:The Chicago Plan Revisited 5241:" (Season 2009: Episode 2) 5227:" (Season 2009: Episode 9) 5220:" (Season 2009: Episode 8) 4984:IndyMac Bancorp filed for 4936:On June 26, 2008, Senator 4784: 4727:, author of the 2007 book 4682:Shiller, a founder of the 4334: 4296:mortgage-backed securities 4051:mortgage-backed securities 3938:disposable personal income 3742: 3621:mortgage-backed securities 3560:US current account deficit 3442: 3371:Community Reinvestment Act 3289:A contrarian view is that 3267: 3218:mortgage-backed securities 3122:Community Reinvestment Act 3104:mortgage-backed securities 2885: 2804: 2198:July 26, 2012: During the 1960:March 10, 2009: Shares of 1349:on its mortgage bond fund. 1300:Martin Luther King Jr. Day 1100:IKB Deutsche Industriebank 920: 703:mortgage-backed securities 553:Glass-Steagall legislation 547:The preconditions for the 522:Mortgage-backed securities 502:, a continuous buildup of 472:2007–2008 financial crisis 114:2007–2008 financial crisis 21225:2000s in economic history 21123: 21089: 21033: 20997: 20985: 20724: 20698: 20660: 20656: 20645: 20418: 20407: 20080: 20069: 19935: 19838: 19766: 19667: 19578: 19529:Wall Street Crash of 1929 19460: 19341: 19326:Emancipation Proclamation 19257: 19180: 19128: 19095:Articles of Confederation 19048: 18933:Native American epidemics 18913: 18888: 18884: 18873: 18855: 18779: 18756:2022 stock market decline 18748:Pakistani economic crisis 18734:2021–2023 inflation surge 18680:Lebanese liquidity crisis 18649:Venezuelan hyperinflation 18641:Brexit stock market crash 18590:Venezuela economic crisis 18512: 18362: 18352:Zimbabwean hyperinflation 18062: 17980: 17951: 17935:Wall Street Crash of 1929 17898: 17775:2nd Industrial Revolution 17773: 17709: 17609:1st Industrial Revolution 17607: 17534: 17512: 17367: 17314:Foreclosure rescue scheme 17296: 17223:Federal Reserve responses 17178: 17170:Indirect economic effects 17145: 17127:housing market correction 17113: 17090: 17027: 16984: 16942: 16934:Secondary mortgage market 16899: 16855:rescues, and acquisitions 16853:Government interventions, 16852: 16844:Zero interest-rate policy 16791: 16703: 16692: 16621: 16568: 16555:Housing market correction 16532: 16477: 16387:Journalism and interviews 16299:Bad History, Worse Policy 16245:Economic Crisis and Crime 15934:"The $ 4 Billion Senator" 14649:10.3905/JSF.2009.15.1.006 14495:. Springer. p. 127. 14332:Claremont Review of Books 12208:Wray, Randall L. (2007). 11340:Acton Institute PowerBlog 11127:"The 2008 Housing Crisis" 10501:"Third time's the charm?" 9511:"Trouble Without Borders" 9379:"Iceland markets plummet" 9220:The Sydney Morning Herald 8268:"Credit Woes Slam Stocks" 6728:foreign direct investment 6604:"The Great Crash of 2008" 5670:10.1017/9781108865715.004 5457:"The Giant Pool of Money" 5338:Mark-to-market accounting 5225:Ten Trillion and Counting 5198:'s 2009 non-fiction book 5097:A 2010 documentary film, 4881:secondary mortgage market 4877:adjustable-rate mortgages 4767:labelled him "Dr. Doom". 4522:The Managerial Revolution 4412:Pierre-Olivier Gourinchas 4152:The Commission concludes 4102:Incorrect pricing of risk 3510:adjustable-rate mortgages 3012:adjustable-rate mortgages 2881: 2779: 2754: 2729: 2706: 2681: 2656: 2633: 2608: 2583: 2558: 2535: 2510: 2485: 2462: 2439: 2414: 2389: 2366: 2343: 2318: 2293: 2286: 2283: 1915:January 20–26, 2009: The 1284:for $ 4 billion in stock. 1151:People queuing outside a 1143:2007 (September–December) 16:Worldwide economic crisis 21235:2008 in economic history 21230:2007 in economic history 21015:Northern Mariana Islands 19588:Strike wave of 1945–1946 18417:Subprime mortgage crisis 18080:Brazilian hyperinflation 18052:Brazilian hyperinflation 17889:Financial crisis of 1914 17597:Mississippi bubble crash 17218:Capital Purchase Program 16952:(United States; c. 2009) 16684:UK Financial Investments 16569:Banking losses and fraud 16560:Subprime mortgage crisis 16545:California budget crisis 16249:Emerald Group Publishing 16182:Harvard University Press 14718:10.2143/AST.40.1.2049222 13437:Slovik, Patrick (2012). 12875:"Open Market Operations" 11623:, Working Paper Series, 11495:The National Law Journal 7375:"U.S. Patent Statistics" 6969:Singh, Kavaljit (2010). 5113:, with funding from the 5043:Notable books and movies 4946:Joint Economic Committee 4944:, chairman of Congress' 4942:Senate Banking Committee 4940:(D-NY), a member of the 4903:Mortgage-backed security 4608:Prediction by economists 4423:The Globals Savings Glut 4271:asset–liability mismatch 4047:adjustable-rate mortgage 3790:adjustable-rate mortgage 3628:adjustable-rate mortgage 3486:that were assigned safe 3480:mortgage-backed security 3270:Subprime mortgage crisis 3025:"widespread failures in 3004:subprime mortgage crisis 2943:30 year mortgage average 1783:2008 (November–December) 1468:September 16, 2008: The 1224:to provide liquidity to 1183:September 18, 2007: The 1071:subprime mortgage crisis 94:Subprime mortgage crisis 41:subprime mortgage crisis 23:A continuous buildup of 20550:Middle Eastern American 20367:Technology and industry 19237:Seneca Falls Convention 19038:Continental Association 18938:Settlement of Jamestown 18792:List of economic crises 18710:2020 stock market crash 18703:Financial market impact 18672:Turkish economic crisis 18287:9/11 stock market crash 18243:October 1997 mini-crash 18214:1994 bond market crisis 18206:Yugoslav hyperinflation 18117:Savings and loan crisis 17718:European potato failure 17233:Government intervention 16970:(worldwide; 2011–2012) 16909:Auction rate securities 16639:Federal Home Loan Banks 16429:Panic, Fear, and Regret 16365:April 18, 2011, at the 16176:Kotz, David M. (2015). 15940:The Wall Street Journal 15737:The Wall Street Journal 15530:New York Times Magazine 15420:The Wall Street Journal 14871:10.1787/5kmd40wl1t5f-en 14223:10.1257/aer.104.10.3115 14026:Unintended Consequences 13953:"The End of the Affair" 13452:10.1787/5kg0ps8cq8q6-en 12504:"CRE-ative destruction" 12438:The Wall Street Journal 11217:The Wall Street Journal 10840:Harvard Business Review 9155:"Senate passes bailout" 8934:The Wall Street Journal 8885:The Wall Street Journal 8862:American Action Network 8471:Pittsburgh Post-Gazette 6999:Oxford University Press 6199:Encyclopedia Britannica 5740:Dallas Business Journal 5476:Williams, Mark (2010). 5420:Williams, Mark (2010). 5313:List of economic crises 5052:authored a book titled 4531:principal–agent problem 4219:, published in 2007 by 4209:assets under management 4205:institutional investors 3794:savings and loan crisis 3599:referred to this as a " 3113:Lax regulation allowed 2074: 1936:February 27, 2009: The 1890: 1837:November 25, 2008: The 1438:September 7, 2008: The 1356:, with $ 46 billion of 1334:February 22, 2008: The 1327:February 13, 2008: The 1259:December 19, 2007: the 1237:December 12, 2007: The 1133:assets under management 870:, released April 2011. 668:The crisis sparked the 607:global financial system 524:(MBS) tied to American 476:global financial crisis 73:Part of a series on the 21180:Business and economics 20670:Admission to the Union 20036:Afghanistan withdrawal 20031:January 6 insurrection 19950:Rise in mass shootings 19922:Virginia Tech shooting 19475:Paris Peace Conference 19249:Second Great Awakening 18988:American Enlightenment 18785:List of banking crises 18554:Syrian economic crisis 18487:Blue Monday Crash 2009 18096:Chilean crisis of 1982 17927:Shōwa financial crisis 17733:Highland Potato Famine 17589:South Sea bubble crash 17380:Commodity price shocks 17100:Background information 16659:Federal Reserve System 16533:United States-specific 16377:What Caused the Crisis 16262:Read, Charles (2022). 16088:Bloomberg Businessweek 15363:"Recession in America" 15297:(September 17, 2007). 15220:Bloomberg Businessweek 14435:. DIANE. p. 352. 14270:10.1098/rspa.2009.0410 14133:"Financial Reform 101" 14085:(September 30, 2008). 13201:(September 26, 2010). 13023:(September 11, 2007). 12825:Quiggin, John (2010). 12472:Fried, Joseph (2012). 12358:Fried, Joseph (2012). 12331:Fried, Joseph (2012). 12304:Fried, Joseph (2012). 12139:Robert, W. K. (2000). 11918:Fried, Joseph (2012). 11817:The Objective Standard 11649:Journal of Accountancy 11528: 11415:Quiggin, John (2010). 10691:on September 13, 2014. 10611:"Draghi to the rescue" 8175:(September 18, 2007). 7780:Institutional Investor 6991:Langley, Paul (2015). 6929:"The Big Bank Bailout" 6382:(September 14, 2008). 6356:(September 18, 2008). 5278:2000s commodities boom 5138:. In 2011, it won the 5136:Sony Pictures Classics 4869:Federal Home Loan Bank 4657:Jakob Broechner Madsen 4519:'s 1941 seminal book, 4399: 4346: 4337:2000s commodities boom 4280: 4236: 4181: 4159: 4119: 4078: 4037: 4025: 3918: 3907: 3801:Gramm–Leach–Bliley Act 3727:Former employees from 3561: 3529:Easy credit conditions 3492:credit rating agencies 3454: 3436: 3389:mortgage loans, using 3265: 3169:Credit rating agencies 3155:Gramm-Leach-Bliley Act 3046:financial institutions 3036:"dramatic failures of 2995: 2867: 2866:Federal Reserve System 2853:Department of Treasury 2825: 2036: 1908: 1878:was made available to 1864:December 6, 2008: The 1858: 1800: 1773:PNC Financial Services 1686: 1568:bank holding companies 1495:, the equivalent of a 1409:2000s commodities boom 1160: 1118:American Home Mortgage 1069:. This propagated the 972: 909: 841:Royal Bank of Scotland 788:, including expansive 680:in late 2009, and the 665: 657: 500:financial institutions 194:G-20 Washington summit 65: 48: 20662:Territorial evolution 20026:George Floyd Protests 20009:Unite the Right rally 19878:Oklahoma City bombing 19873:Republican Revolution 19820:Space Shuttle program 19642:Civil Rights Movement 19610:North Atlantic Treaty 19418:Sherman Antitrust Act 19403:Chinese Exclusion Act 18993:French and Indian War 18983:Prelude to Revolution 18968:First Great Awakening 18928:European colonization 18110:Black Saturday (1983) 17964:Kennedy Slide of 1962 17536:Commercial revolution 17009:Decline of newspapers 16956:2009 May Day protests 16902:and financial markets 16792:Stimulus and recovery 15851:(December 22, 2008). 15794:"Letter from IndyMac" 15011:Yale University Press 14910:(December 10, 1998). 14566:(November 24, 2008). 14083:Calomiris, Charles W. 13912:10.1111/1468-0289.665 13863:. September 18, 2008. 13781:(February 21, 1997). 13560:McGraw-Hill Education 13520:Strunk; Case (1988). 13372:American News Project 13154:McGraw-Hill Education 13083:"The Bubble Question" 12929:"Dubya's Double Dip?" 12802:(November 20, 2009). 12458:The Portsmouth Herald 12217:Working Paper No. 522 12125:The American Prospect 12033:. September 19, 2008. 11846:McGraw-Hill Education 11690:"Revenge of the Glut" 11673:. September 24, 2008. 10705:(September 4, 2014). 10509:. September 13, 2010. 10487:Brookings Institution 10470:. September 12, 2010. 9663:The American Prospect 9142:. September 30, 2009. 9080:. September 26, 2008. 8997:. September 21, 2008. 8979:. September 18, 2009. 8959:. September 21, 2008. 8865:. September 12, 2013. 8780:. September 20, 2017. 8211:. September 29, 2007. 8112:. September 14, 2007. 7943:. September 8, 2013. 6534:Brookings Institution 6174:"Cracks in the crust" 6110:Temin, Peter (2010). 5484:McGraw-Hill Education 5428:McGraw-Hill Education 5273:2012 May Day protests 5160:film of the same name 5090:. It was featured on 4993:Countrywide Financial 4933:way it was operated. 4899:Standard & Poor's 4841:Countrywide Financial 4795:Countrywide Financial 4753:noted that economist 4725:Nassim Nicholas Taleb 4702:Reserve Bank of India 4623:Several followers of 4387:Triple Superphosphate 4352: 4344: 4324:Brookings Institution 4311:Brookings Institution 4275: 4267:shadow banking system 4245:shadow banking system 4241:shadow banking system 4234: 4201:investment management 4168: 4150: 4109: 4076: 4035: 4020: 3913: 3905: 3854:, which brought down 3824:shadow banking system 3788:, which provided for 3743:Further information: 3706:Countrywide Financial 3660:mortgage underwriting 3559: 3452: 3432: 3263: 3186:Fair value accounting 3129:Countrywide Financial 2952:30 Year Treasury Bond 2915: 2865: 2823: 2145:European Central Bank 2133:financial engineering 2053:shadow banking system 2028: 2007:2009 May Day protests 1898: 1849: 1810:European Central Bank 1790: 1690:October 8, 2008: The 1680: 1282:Countrywide Financial 1271:2008 (January–August) 1243:Term auction facility 1150: 1025:2007 (January–August) 970: 907: 806:lender of last resort 774:European Central Bank 699:cash out refinancings 684:, which involved the 663: 654:real GDP growth rates 651: 532:linked to those MBS, 54: 22: 21290:Stock market crashes 20576:Palestinian American 20003:Obergefell v. Hodges 19895:September 11 attacks 19731:Second-wave feminism 19652:Cuban Missile Crisis 19512:Bath School disaster 19430:Spanish–American War 19393:The Gospel of Wealth 19272:California Gold Rush 19232:Mexican–American War 19222:Nullification crisis 19190:Era of Good Feelings 19090:Confederation period 18998:Proclamation of 1763 18948:Atlantic slave trade 18664:Ghana banking crisis 18494:European debt crisis 18279:Dot-com bubble crash 18191:Cuban Special Period 17650:Copper Panic of 1789 17555:The Great Debasement 17547:Great Bullion Famine 17319:Property derivatives 17258:Regulatory responses 17032:European debt crisis 16924:Credit default swaps 16900:Securities involved 16706:stability and reform 16127:. February 28, 2011. 15806:on February 16, 2012 15764:. February 26, 2009. 15498:(October 28, 2008). 15475:"Risk Mismanagement" 15371:. November 15, 2007. 15001:Bogle, John (2005). 14770:Geithner, Timothy F. 14592:(January 22, 2008). 14008:. February 17, 2009. 13730:(October 24, 2007). 12609:"CSI: credit crunch" 12248:10.1162/REST_a_00491 11985:(December 9, 2008). 11793:. Hoover Institution 11714:"IMF Loss Estimates" 11582:. November 15, 2008. 11155:. February 20, 2008. 11001:(January 25, 2011). 10325:(January 22, 2010). 10163:. April 28–29, 2009. 9645:. November 25, 2008. 9627:. November 20, 2008. 9578:"Fed: Emergency cut" 9508:(October 23, 2008). 9482:(October 23, 2008). 9270:. October 10, 2008. 8492:. February 13, 2008. 8351:on September 3, 2020 8327:. December 12, 2007. 7713:United States Census 7051:(November 5, 2010). 7025:(October 12, 2008). 6878:. February 14, 2009. 6683:. September 28, 2023 6478:(October 24, 2008). 6183:. December 11, 2008. 6133:10.1162/DAED_a_00048 6059:. February 13, 2009. 4986:Chapter 7 bankruptcy 4956:Had failed to raise 4823:Chapter 7 bankruptcy 4614:mainstream economics 4466:financial capitalism 4404:Ricardo J. Caballero 4345:Global copper prices 4257:—who in 2009 became 4197:conflict of interest 4139:credit default swaps 4042:financial innovation 3879:credit default swaps 3805:bank holding company 3784:signed into law the 3652:Richard M. Bowen III 3587:deficit also have a 3547:September 11 attacks 3226:financial innovation 3089:United States Senate 3073:credit default swaps 3038:corporate governance 3027:financial regulation 2926:Inverted yield curve 2908:Inverted yield curve 2200:European debt crisis 1821:bank holding company 1737:United States dollar 1595:September 26, 2008: 1584:September 23, 2008: 1573:September 22, 2008: 1554:September 21, 2008: 1478:Reserve Primary Fund 1312:September 11 attacks 1194:September 28, 2007: 1164:September 14, 2007: 816:in major banks. The 755:developing countries 746:credit default swaps 627:European debt crisis 514:", which led to the 129:European debt crisis 21025:U.S. Virgin Islands 20511:Lithuanian American 20467:Vietnamese American 19813:End of the Cold War 19803:Invasion of Grenada 19753:Iran hostage crisis 19502:Tulsa race massacre 19309:Election of Lincoln 19304:Dred Scott decision 19292:Kansas–Nebraska Act 19195:Missouri Compromise 19113:Northwest Ordinance 19103:Pennsylvania Mutiny 19098:and Perpetual Union 19058:American Revolution 18973:War of Jenkins' Ear 18620:2015 Nepal blockade 18330:2000s energy crisis 18228:Mexican peso crisis 18133:Black Monday (1987) 17993:1970s energy crisis 17953:Post–WWII expansion 17627:Bengal bubble crash 17422:Financial contagion 17137:Government policies 16992:2000s energy crisis 16704:Banking and finance 16622:Government entities 16393:Inside the Meltdown 16354:Stanford Law School 16350:Stanford University 16348:(maintained by the 16164:released under the 15472:(January 4, 2009). 14327:"Reckless Optimism" 14262:2010RSPSA.466.2401G 14256:(2120): 2401–2423. 14190:Stanford University 13962:. October 30, 2008. 13854:"A Nuclear Winter?" 13599:Sorkin, Andrew Ross 13398:10.2307/j.ctvd58rxg 13285:"predatory lending" 13267:"Predatory Lending" 13199:Morgenson, Gretchen 13185:Stanford University 13135:. January 22, 2009. 12706:. October 23, 2008. 12617:. October 18, 2007. 12589:Gierach, Denice A. 12502:(January 7, 2010). 12415:figures follow the 12051:. February 4, 2003. 11895:(October 4, 2008). 11819:. February 20, 2009 11743:. January 15, 2015. 11103:10.1257/jep.24.1.73 11033:Stanford University 10735:The Washington Post 10703:Binyamin, Appelbaum 10633:(August 19, 2012). 10631:Appelbaum, Binyamin 10430:Library of Congress 10332:The Washington Post 10323:Appelbaum, Binyamin 10248:The Washington Post 9845:. January 26, 2009. 9540:. October 24, 2008. 9405:. October 14, 2008. 9310:. November 1, 2013. 9267:The Daily Telegraph 8902:(October 1, 2008). 8636:blogs.worldbank.org 8543:Sorkin, Andrew Ross 8272:Wall Street Journal 7734:The Washington Post 7189:. October 18, 2017. 6457:The Daily Telegraph 6437:. November 5, 2009. 6380:Sorkin, Andrew Ross 6226:The Washington Post 6017:New York University 6001:. October 18, 2017. 5784:10.1257/pol.4.3.251 5551:10.1257/jep.33.1.81 5218:Inside the Meltdown 5172:Empire of Democracy 5144:83rd Academy Awards 5029:Richard S. Fuld Jr. 4625:heterodox economics 4597:cooperative banking 4473:John Bellamy Foster 4114:in the wake of the 3578:balance of payments 3523:Smoot-Hawley tariff 3415:residential housing 3352:Bush administration 3201:plans to sell them. 3198:mortgage securities 3108:credit default swap 3002:and the subsequent 2872:Quantitative Easing 2280: 2217:quantitative easing 2152:quantitative easing 2086:proprietary trading 2062:December 11, 2009: 2045:consumer protection 1815:November 10, 2008: 1777:National City Corp. 1421:July 30, 2008: The 1261:Standard and Poor's 1248:December 17, 2007: 1187:began reducing the 982:credit default swap 802:deflationary spiral 569:proprietary trading 99:2000s energy crisis 20675:Historical regions 20631:Transgender people 20189:Capital punishment 20048:Support of Ukraine 19997:Black Lives Matter 19905:War in Afghanistan 19830:Invasion of Panama 19786:Iran–Contra affair 19647:Early–mid Cold War 19517:Harlem Renaissance 19376:Compromise of 1877 19351:Reconstruction era 19287:Fugitive Slave Act 19282:Compromise of 1850 19227:Westward expansion 19165:Louisiana Purchase 19008:Stamp Act Congress 18953:King William's War 17882:Panic of 1910–1911 17726:Great Irish Famine 17664:Panic of 1796–1797 17503:Stock market crash 17288:Wall Street reform 17273:Tea Party protests 16974:Occupy Wall Street 16950:Tea Party protests 16608:Scott W. Rothstein 16251:, pp. 25–45. 16212:Palgrave Macmillan 16065:The New York Times 15860:The New York Times 15849:Andrews, Edmund L. 15782:. January 2, 2009. 15507:The New York Times 15481:The New York Times 15295:Shiller, Robert J. 15192:on August 28, 2019 15108:Bjørnholt, Margunn 15093:Bjørnholt, Margunn 14863:OECD Working Paper 14836:10.1353/eca.0.0013 14726:20.500.11850/20517 14616:Calomiris, Charles 14575:The New York Times 14156:(March 15, 2010). 14139:The New York Times 14068:The New York Times 13656:The New York Times 13633:The New York Times 13610:The New York Times 13499:. pp. 58–59. 13345:(March 22, 2009). 13339:Greenberg, Richard 13210:The New York Times 13062:"Fixing Mortgages" 13001:(April 14, 2005). 12935:The New York Times 12926:(August 2, 2002). 12835:. pp. 63–64. 12811:The New York Times 12635:The Economic Times 12524:Wallison, Peter J. 12509:The New York Times 12291:10.1093/rfs/hhp033 12179:10.1093/rfs/hhp033 12077:Wallison, Peter J. 12005:Wallison, Peter J. 11983:Wallison, Peter J. 11904:The New York Times 11878:The New York Times 11696:The New York Times 11670:The New York Times 11264:on August 17, 2020 11010:The New York Times 10948:(April 14, 2009). 10714:The New York Times 10642:The New York Times 10574:The New York Times 10565:(March 10, 2011). 10411:The New York Times 10304:The New York Times 9999:The New York Times 9842:The New York Times 9758:10.1111/twec.12555 9517:The New York Times 9491:The New York Times 9292:. October 7, 2008. 9202:. October 3, 2008. 8956:The New York Times 8911:The New York Times 8842:The New York Times 8554:The New York Times 8545:(March 17, 2008). 8204:The New York Times 8184:The New York Times 8169:Andrews, Edmund L. 7970:. August 7, 2009. 7911:The New York Times 7489:Spiegel & Grau 7360:The New York Times 7034:The New York Times 7028:"Gordon Does Good" 7001:. pp. 83–86. 6804:data.worldbank.org 6755:data.worldbank.org 6737:data.worldbank.org 6487:The New York Times 6414:The New York Times 6391:The New York Times 6365:The New York Times 5931:10.1111/jomf.12212 5664:. pp. 23–68. 5613:. January 24, 2018 5512:www.stlouisfed.org 5462:This American Life 5196:Andrew Ross Sorkin 5134:, was released by 5088:Regnery Publishing 4988:on July 31, 2008. 4765:The New York Times 4750:The New York Times 4740:The New York Times 4718:US Federal Reserve 4684:Case–Shiller index 4454:In his 1978 book, 4400: 4369:Potassium chloride 4353:Fertilizer prices 4347: 4286:, laureate of the 4237: 4120: 4079: 4070:became worthless. 4038: 3919: 3908: 3771:checkable deposits 3606:A flood of funds ( 3562: 3539:federal funds rate 3473:-winning program, 3455: 3327:affordable housing 3266: 3159:Glass-Steagall Act 2996: 2922:Federal funds rate 2868: 2826: 2278: 1909: 1801: 1775:agreed to acquire 1687: 1586:Berkshire Hathaway 1501:money market funds 1493:money market funds 1370:federal funds rate 1276:January 11, 2008: 1208:October 15, 2007: 1189:federal funds rate 1161: 973: 910: 846:In July 2010, the 707:credit derivatives 666: 658: 652:World map showing 580:financial collapse 573:investment banking 561:commercial banking 534:collapsed in value 496:subprime mortgages 212:G-20 London Summit 66: 49: 29:subprime mortgages 21161: 21160: 21119: 21118: 21115: 21114: 20680:American frontier 20641: 20640: 20571:Lebanese American 20556:Egyptian American 20491:Estonian American 20481:Albanian American 20475:European American 20452:Japanese American 20442:Filipino American 20403: 20402: 20065: 20064: 20061: 20060: 20014:COVID-19 pandemic 19917:Hurricane Katrina 19858:Los Angeles riots 19748:Watergate scandal 19593:Start of Cold War 19561:Manhattan Project 19148:Whiskey Rebellion 18978:King George's War 18943:Thirteen Colonies 18904:Pre-Columbian Era 18815: 18814: 18696:COVID-19 pandemic 17581:Tulip mania crash 17572:Kipper und Wipper 17549:(c. 1400–c. 1500) 17327: 17326: 17248:Loan modification 17243:Hope Now Alliance 17050: 17049: 17019:Retail apocalypse 16964:(MENA; 2010–2012) 16895: 16894: 16891: 16890: 16787: 16786: 16767:Bank stress tests 16413:Stewart, James B. 16327:Reports on causes 16315:978-0-8447-7238-7 16297:Wallison, Peter, 16024:Los Angeles Times 15778:(Press release). 15714:Los Angeles Times 15690:(Press release). 15603:. August 8, 2008. 15599:(Press release). 15306:Project Syndicate 15129:978-1-927335-27-7 15122:. pp. 7–20. 15071:(July 25, 2008). 15054:978-0-7535-3937-8 15020:978-0-300-11971-8 14927:978-0-7453-1347-4 14359:The Atlas Society 14302:(June 23, 2009). 14217:(10): 3115–3153. 14171:978-0-393-07223-5 14130:(April 1, 2010). 14045:978-1-4708-2357-3 13799:Summers, Lawrence 13693:978-0-393-07101-6 13583:Edey, M. (2009). 13569:978-0-07-163829-6 13555:Uncontrolled Risk 13537:978-0-929097-32-9 13506:978-1-4020-7871-2 13407:978-0-691-19390-8 13305:(Press release). 13163:978-0-07-163829-6 13149:Uncontrolled Risk 12800:Streitfeld, David 12461:. March 17, 2011. 11855:978-0-07-163829-6 11841:Uncontrolled Risk 11779:. March 26, 2009. 11687:(March 2, 2009). 11363:Michel, Norbert. 11071:. April 13, 2011. 10875:. August 14, 2023 10241:(June 14, 2009). 10239:Summers, Lawrence 10235:Geithner, Timothy 10219:(Press release). 10177:(July 15, 2010). 10146:. April 10, 2009. 9990:(March 5, 2009). 9752:(11): 2500–2511. 9746:The World Economy 9641:(Press release). 9401:(Press release). 9288:(Press release). 9198:(Press release). 8993:(Press release). 8527:(Press release). 8488:(Press release). 8323:(Press release). 8173:Peters, Jeremy W. 8108:(Press release). 7994:. June 20, 2007. 7808:on August 8, 2022 7502:978-0-385-52995-2 7277:. April 23, 2012. 7008:978-0-19-968378-9 6707:Deloitte Insights 6703:"ConsumerSignals" 6557:Los Angeles Times 6342:. April 23, 2007. 6319:. April 25, 2007. 6055:(Press release). 5966:James, Margaret. 5848:10.1136/bmj.f5239 5493:978-0-07-163829-6 5479:Uncontrolled Risk 5437:978-0-07-163829-6 5423:Uncontrolled Risk 5400:Knowledge@Wharton 5232:Breaking the Bank 5013:Washington Mutual 4778:contagion effects 4580:Margunn Bjørnholt 4489:Marxian economics 4483:market saturation 4402:In a 2008 paper, 4203:professional and 4129:mezzanine capital 4000:paradox of thrift 3775:deposit insurance 3773:, and raised the 3767:savings and loans 3708:was sued by then 3699:Predatory lending 3694:Predatory lending 3667:originations met 3341:Peter J. Wallison 3115:predatory lending 3063:deregulation of ' 2813: 2812: 2243:racial wealth gap 2228:economic recovery 1597:Washington Mutual 1514:deposit insurance 1343:The Carlyle Group 1120:filed bankruptcy. 1009:August 2006: The 883:Kareem Serageldin 584:racial minorities 510:culminated in a " 492:Predatory lending 468: 467: 322:Business failures 21302: 21255:Financial crises 21240:Economic bubbles 21202: 21201: 21200: 21190: 21189: 21188: 21178: 21177: 21169: 21151: 21141: 21140: 21105: 21104: 21034:Outlying islands 20991:Washington, D.C. 20986:Federal District 20685:Manifest destiny 20658: 20657: 20647: 20646: 20589:Native Americans 20561:Iranian American 20535:Mexican American 20521:Serbian American 20506:Italian American 20496:Finnish American 20486:English American 20437:Chinese American 20424:African American 20409: 20408: 20214:Direct democracy 20204:The Constitution 20163:Higher education 20086:American Century 20071: 20070: 19524:Great Depression 19497:Women's suffrage 19487:Roaring Twenties 19413:Haymarket affair 19371:Enforcement Acts 19160:Jeffersonian era 19108:Shays' Rebellion 19028:Intolerable Acts 19023:Boston Tea Party 18958:Queen Anne's War 18886: 18885: 18875: 18874: 18842: 18835: 18828: 18819: 18818: 18808: 18801: 18794: 18787: 18772: 18765: 18758: 18751: 18743: 18736: 18729: 18719: 18712: 18705: 18698: 18691: 18683: 18675: 18667: 18659: 18652: 18644: 18636: 18629: 18622: 18615: 18608: 18600: 18593: 18585: 18578: 18571: 18564: 18557: 18549: 18541: 18534: 18527: 18503: 18496: 18489: 18482: 18475: 18468: 18461: 18454: 18447: 18440: 18433: 18426: 18419: 18412: 18405: 18398: 18391: 18384: 18377: 18355: 18347: 18340: 18333: 18325: 18318: 18311: 18304: 18297: 18290: 18282: 18274: 18266: 18259: 18252: 18245: 18238: 18231: 18223: 18216: 18209: 18201: 18194: 18186: 18179: 18172: 18165: 18158: 18150: 18142: 18135: 18128: 18120: 18112: 18105: 18098: 18091: 18083: 18069:Great Regression 18064:Great Moderation 18055: 18047: 18040: 18033: 18025: 18017: 18010: 18003: 17996: 17973: 17966: 17944: 17937: 17930: 17922: 17914: 17891: 17884: 17877: 17869: 17862: 17855: 17848: 17840: 17833: 17826: 17818: 17810: 17802: 17795: 17788: 17766: 17758: 17751: 17744: 17735: 17728: 17721: 17702: 17695: 17688: 17681: 17673: 17666: 17659: 17652: 17645: 17637: 17630: 17622: 17600: 17592: 17584: 17576: 17566: 17558: 17550: 17527: 17505: 17498: 17491: 17482: 17475: 17468: 17461: 17454: 17452:Liquidity crisis 17447: 17440: 17431: 17429:Social contagion 17424: 17417: 17410: 17403: 17396: 17389: 17382: 17375: 17361:Financial crises 17354: 17347: 17340: 17331: 17330: 17077: 17070: 17063: 17054: 17053: 16943:Social responses 16868: 16867: 16764: 16763: 16694: 16693: 16464: 16457: 16450: 16441: 16440: 16373:, April 13, 2011 16342:Archived website 16303:Washington, D.C. 16294: 16196:Lanchester, John 16150: 16149: 16135: 16129: 16128: 16117: 16111: 16110: 16099: 16093: 16092: 16084: 16076: 16070: 16069: 16061: 16053: 16047: 16046: 16035: 16029: 16028: 16020: 16012: 16006: 16005: 16004:. July 11, 2008. 16002:Associated Press 15990: 15984: 15983: 15981: 15972: 15966: 15965: 15962:Associated Press 15960:. Mercury News. 15959: 15951: 15945: 15944: 15943:. July 15, 2008. 15936: 15929: 15923: 15922: 15921:. July 13, 2008. 15909: 15903: 15902: 15900: 15892: 15886: 15885: 15871: 15865: 15864: 15856: 15845: 15839: 15838: 15827: 15816: 15815: 15813: 15811: 15805: 15799:. Archived from 15798: 15790: 15784: 15783: 15772: 15766: 15765: 15759: 15751: 15742: 15741: 15733: 15725: 15719: 15718: 15710: 15702: 15696: 15695: 15684: 15678: 15677: 15663: 15652: 15651: 15648:Associated Press 15635: 15626: 15625: 15611: 15605: 15604: 15593: 15587: 15586: 15562: 15556: 15555: 15541: 15535: 15534: 15526: 15518: 15512: 15511: 15503: 15492: 15486: 15485: 15477: 15466: 15460: 15459: 15452: 15446: 15445: 15431: 15425: 15424: 15416: 15408: 15402: 15401: 15399: 15379: 15373: 15372: 15359: 15353: 15352: 15338: 15332: 15331: 15317: 15311: 15310: 15302: 15300:"Bubble Trouble" 15291: 15285: 15284: 15264: 15258: 15257: 15249: 15243: 15242: 15231: 15225: 15224: 15216: 15208: 15202: 15201: 15199: 15197: 15188:. Archived from 15178: 15172: 15171: 15157: 15151: 15150: 15148: 15140: 15134: 15133: 15105: 15089: 15083: 15082: 15065: 15059: 15058: 15031: 15025: 15024: 15008: 14998: 14992: 14991: 14983: 14977: 14976: 14962: 14956: 14955: 14938: 14932: 14931: 14904: 14898: 14897: 14881: 14875: 14874: 14854: 14848: 14847: 14815: 14806: 14805: 14791: 14782: 14781: 14772:(June 9, 2008). 14766: 14757: 14756: 14744: 14738: 14737: 14703: 14694: 14688: 14687: 14676:World Scientific 14667: 14661: 14660: 14642: 14624: 14612: 14606: 14605: 14597: 14586: 14580: 14579: 14571: 14560: 14554: 14553: 14539: 14528: 14527: 14513: 14507: 14506: 14486: 14480: 14479: 14463: 14453: 14447: 14446: 14423: 14417: 14416: 14402: 14396: 14395: 14381: 14375: 14374: 14372: 14370: 14361:. Archived from 14350: 14341: 14340: 14322: 14316: 14315: 14307: 14296: 14290: 14289: 14241: 14235: 14234: 14200: 14194: 14193: 14182: 14176: 14175: 14150: 14144: 14143: 14135: 14124: 14118: 14117: 14109: 14101: 14095: 14094: 14079: 14073: 14072: 14064: 14056: 14050: 14049: 14029: 14016: 14010: 14009: 14001: 13994: 13988: 13987: 13975: 13964: 13963: 13955: 13948: 13939: 13938: 13930: 13924: 13923: 13891: 13885: 13884: 13883:. March 4, 2003. 13871: 13865: 13864: 13856: 13849: 13843: 13842: 13828: 13822: 13821: 13815: 13795: 13789: 13788: 13775: 13769: 13768: 13748: 13742: 13741: 13724: 13718: 13717: 13704: 13698: 13697: 13674: 13661: 13660: 13652: 13644: 13638: 13637: 13629: 13621: 13615: 13614: 13606: 13601:(May 22, 2012). 13595: 13589: 13588: 13580: 13574: 13573: 13549: 13543: 13541: 13517: 13511: 13510: 13497:Milken Institute 13484: 13478: 13477: 13476:. December 1997. 13471: 13463: 13457: 13456: 13454: 13434: 13428: 13427: 13383: 13377: 13376: 13363: 13357: 13356: 13335: 13329: 13328: 13317: 13311: 13310: 13309:. June 25, 2008. 13299: 13293: 13292: 13281: 13275: 13274: 13263: 13257: 13256: 13242: 13236: 13235: 13229: 13221: 13215: 13214: 13206: 13195: 13189: 13188: 13187:. April 7, 2010. 13182: 13174: 13168: 13167: 13143: 13137: 13136: 13128: 13121: 13115: 13114: 13113:. July 19, 2004. 13106: 13099: 13093: 13092: 13078: 13072: 13071: 13057: 13051: 13050: 13039: 13033: 13032: 13021:Bernanke, Ben S. 13017: 13011: 13010: 12995: 12989: 12988: 12978: 12946: 12940: 12939: 12931: 12920: 12914: 12913: 12889: 12883: 12882: 12871: 12865: 12864: 12853: 12847: 12846: 12822: 12816: 12815: 12807: 12796: 12790: 12789: 12775: 12769: 12768: 12756: 12750: 12749: 12735: 12729: 12728: 12714: 12708: 12707: 12701: 12694: 12688: 12687: 12676:. PHI Learning. 12667: 12661: 12660: 12646: 12640: 12639: 12625: 12619: 12618: 12605: 12599: 12598: 12586: 12580: 12579: 12567: 12561: 12560: 12542: 12536: 12535: 12526:(January 2011). 12520: 12514: 12513: 12496: 12490: 12489: 12469: 12463: 12462: 12449: 12443: 12442: 12434: 12426: 12420: 12410: 12408: 12406: 12389: 12376: 12375: 12355: 12349: 12348: 12328: 12322: 12321: 12301: 12295: 12294: 12285:(6): 1848–1880. 12274: 12268: 12267: 12227: 12221: 12220: 12214: 12205: 12199: 12198: 12173:(6): 1848–1880. 12158: 12149: 12148: 12136: 12130: 12129: 12115: 12109: 12108: 12102: 12093: 12087: 12086: 12084: 12073: 12067: 12066: 12059: 12053: 12052: 12041: 12035: 12034: 12023: 12017: 12016: 12001: 11995: 11994: 11979: 11973: 11972: 11971:. June 23, 2008. 11961: 11955: 11954: 11942: 11936: 11935: 11915: 11909: 11908: 11900: 11889: 11883: 11882: 11874: 11866: 11860: 11859: 11835: 11829: 11828: 11826: 11824: 11809: 11803: 11802: 11800: 11798: 11787: 11781: 11780: 11772: 11765: 11759: 11758: 11751: 11745: 11744: 11731: 11725: 11724: 11718: 11710: 11701: 11700: 11692: 11681: 11675: 11674: 11666: 11659: 11653: 11652: 11644: 11638: 11637: 11636: 11614: 11608: 11607: 11599: 11590: 11584: 11583: 11572: 11563: 11562: 11548: 11542: 11533: 11525: 11519: 11518: 11506: 11500: 11499: 11485: 11479: 11478: 11467: 11461: 11460: 11452: 11443: 11437: 11436: 11412: 11406: 11405: 11403: 11401: 11386: 11380: 11379: 11377: 11375: 11360: 11351: 11350: 11348: 11346: 11331: 11322: 11321: 11319: 11317: 11305: 11299: 11298: 11296: 11294: 11280: 11274: 11273: 11271: 11269: 11260:. Archived from 11249: 11243: 11242: 11238:Business Insider 11228: 11222: 11221: 11213: 11202: 11196: 11195: 11184: 11178: 11177: 11163: 11157: 11156: 11143: 11137: 11136: 11122: 11116: 11115: 11105: 11079: 11073: 11072: 11070: 11062: 11056: 11055: 11044: 11038: 11037: 11029: 11021: 11015: 11014: 11006: 10995: 10989: 10988: 10981: 10975: 10974: 10972: 10964: 10958: 10957: 10946:Bernanke, Ben S. 10942: 10933: 10932: 10930: 10928: 10913: 10907: 10906: 10904: 10902: 10891: 10885: 10884: 10882: 10880: 10873:Britannica Money 10865: 10859: 10858: 10856: 10854: 10831: 10825: 10824: 10813: 10807: 10806: 10804: 10802: 10787: 10781: 10780: 10769: 10763: 10762: 10746: 10740: 10739: 10725: 10719: 10718: 10710: 10699: 10693: 10692: 10687:. Archived from 10674: 10668: 10667: 10653: 10647: 10646: 10638: 10627: 10621: 10620: 10606: 10600: 10599: 10585: 10579: 10578: 10570: 10559: 10553: 10552: 10538: 10532: 10531: 10517: 10511: 10510: 10497: 10491: 10490: 10478: 10472: 10471: 10469: 10461: 10455: 10454: 10440: 10434: 10433: 10432:. July 21, 2010. 10422: 10416: 10415: 10407: 10400: 10394: 10393: 10392:. July 21, 2010. 10382: 10376: 10375: 10364: 10358: 10357: 10351: 10343: 10337: 10336: 10315: 10309: 10308: 10294: 10288: 10287: 10280: 10274: 10273: 10267: 10259: 10253: 10252: 10231: 10225: 10224: 10223:. June 17, 2009. 10213: 10207: 10206: 10205:. June 24, 2009. 10195: 10189: 10188: 10171: 10165: 10164: 10162: 10154: 10148: 10147: 10134: 10128: 10127: 10125: 10123: 10104: 10098: 10097: 10083: 10077: 10076: 10062: 10056: 10055: 10031: 10025: 10024: 10010: 10004: 10003: 9995: 9984: 9978: 9977: 9963: 9957: 9956: 9942: 9936: 9935: 9921: 9915: 9914: 9912: 9910: 9895: 9889: 9888: 9874: 9868: 9867: 9853: 9847: 9846: 9838: 9831: 9825: 9824: 9822: 9820: 9810: 9804: 9803: 9801: 9799: 9784: 9778: 9777: 9741: 9735: 9734: 9720: 9714: 9713: 9699: 9693: 9692: 9690: 9688: 9674: 9668: 9667: 9653: 9647: 9646: 9635: 9629: 9628: 9615: 9609: 9608: 9594: 9588: 9587: 9573: 9567: 9566: 9548: 9542: 9541: 9528: 9522: 9521: 9513: 9502: 9496: 9495: 9487: 9476: 9470: 9469: 9455: 9449: 9448: 9434: 9428: 9427: 9413: 9407: 9406: 9395: 9389: 9388: 9374: 9368: 9367: 9353: 9347: 9346: 9339: 9333: 9332: 9328:The Jakarta Post 9318: 9312: 9311: 9300: 9294: 9293: 9282: 9276: 9275: 9263: 9256: 9250: 9249: 9246:Associated Press 9231: 9225: 9224: 9210: 9204: 9203: 9192: 9186: 9185: 9171: 9165: 9164: 9150: 9144: 9143: 9130: 9124: 9123: 9109: 9103: 9102: 9088: 9082: 9081: 9068: 9062: 9061: 9047: 9041: 9040: 9026: 9020: 9019: 9005: 8999: 8998: 8987: 8981: 8980: 8967: 8961: 8960: 8952: 8945: 8939: 8938: 8930: 8922: 8916: 8915: 8907: 8896: 8890: 8889: 8881: 8873: 8867: 8866: 8853: 8847: 8846: 8838: 8830: 8824: 8823: 8809: 8803: 8802: 8788: 8782: 8781: 8770: 8764: 8763: 8749: 8740: 8739: 8725: 8719: 8718: 8704: 8698: 8697: 8695: 8693: 8679: 8673: 8672: 8670: 8668: 8654: 8648: 8647: 8645: 8643: 8638:. April 27, 2018 8628: 8622: 8621: 8607: 8601: 8600: 8596:Business Insider 8586: 8580: 8579: 8565: 8559: 8558: 8550: 8539: 8533: 8532: 8531:. March 5, 2008. 8521: 8515: 8514: 8500: 8494: 8493: 8482: 8476: 8475: 8461: 8455: 8454: 8452: 8450: 8445: 8439:Guillén, Mauro. 8436: 8425: 8424: 8410: 8404: 8403: 8389: 8383: 8382: 8380: 8378: 8367: 8361: 8360: 8358: 8356: 8344:New York Newsday 8335: 8329: 8328: 8317: 8311: 8310: 8308: 8306: 8292: 8283: 8282: 8280: 8278: 8263: 8257: 8256: 8242: 8236: 8235: 8219: 8213: 8212: 8209:Associated Press 8195: 8189: 8188: 8180: 8165: 8159: 8158: 8144: 8138: 8137: 8123: 8114: 8113: 8107: 8099: 8093: 8092: 8078: 8072: 8071: 8057: 8051: 8050: 8044: 8036: 8030: 8029: 8027: 8025: 8011: 8000: 7999: 7982: 7976: 7975: 7958: 7949: 7948: 7931: 7920: 7919: 7907: 7899: 7893: 7892: 7874: 7868: 7867: 7849: 7843: 7842: 7824: 7818: 7817: 7815: 7813: 7804:. Archived from 7797: 7791: 7790: 7788: 7786: 7771: 7762: 7761: 7760:. April 3, 2007. 7748: 7739: 7738: 7724: 7718: 7717: 7709: 7701: 7692: 7691: 7680: 7669: 7668: 7666: 7664: 7652:Lewis, Michael. 7649: 7643: 7642: 7640: 7638: 7623: 7617: 7616: 7605: 7599: 7598: 7582: 7576: 7575: 7559: 7553: 7552: 7536: 7530: 7529: 7513: 7507: 7506: 7475: 7469: 7468: 7454: 7448: 7447: 7435: 7429: 7428: 7426: 7418: 7412: 7411: 7409: 7407: 7392: 7386: 7385: 7379: 7371: 7365: 7364: 7350: 7344: 7343: 7335: 7327: 7321: 7320: 7306: 7300: 7299: 7285: 7279: 7278: 7265: 7259: 7258: 7244: 7238: 7237: 7223: 7214: 7213: 7197: 7191: 7190: 7177: 7171: 7163: 7159: 7154: 7148: 7147: 7133: 7127: 7126: 7122:Business Insider 7112: 7106: 7105: 7087: 7081: 7080: 7069: 7063: 7062: 7049:Stiglitz, Joseph 7045: 7039: 7038: 7030: 7019: 7013: 7012: 6988: 6982: 6981: 6975: 6966: 6960: 6959: 6953: 6945: 6939: 6938: 6924: 6918: 6917: 6915: 6913: 6908:on July 31, 2020 6907: 6894: 6886: 6880: 6879: 6866: 6860: 6859: 6857: 6855: 6841: 6835: 6834: 6822: 6816: 6814: 6812: 6810: 6796: 6794: 6792: 6787:on July 12, 2020 6786: 6773: 6765: 6763: 6761: 6747: 6745: 6743: 6724: 6718: 6717: 6715: 6713: 6699: 6693: 6692: 6690: 6688: 6677: 6671: 6670: 6669:. February 2012. 6664: 6656: 6650: 6649: 6638: 6632: 6631: 6620: 6614: 6613: 6602:(January 2009). 6600:Altman, Roger C. 6596: 6583: 6582: 6568: 6562: 6561: 6553: 6545: 6539: 6538: 6524: 6509: 6508: 6506: 6498: 6492: 6491: 6483: 6472: 6466: 6465: 6453: 6445: 6439: 6438: 6425: 6419: 6418: 6410: 6402: 6396: 6395: 6387: 6376: 6370: 6369: 6361: 6354:Uchitelle, Louis 6350: 6344: 6343: 6330: 6321: 6320: 6307: 6298: 6297: 6291: 6279: 6270: 6269: 6255: 6246: 6245: 6243: 6241: 6216: 6210: 6209: 6207: 6205: 6191: 6185: 6184: 6176: 6169: 6163: 6162: 6144: 6116: 6107: 6101: 6100: 6086: 6080: 6079: 6067: 6061: 6060: 6049: 6043: 6042: 6028: 6022: 6009: 6003: 6002: 5989: 5983: 5982: 5980: 5978: 5963: 5957: 5956: 5949: 5943: 5942: 5925:(5): 1144–1156. 5910: 5904: 5903: 5901: 5899: 5884: 5878: 5877: 5867: 5827: 5821: 5820: 5818: 5816: 5802: 5796: 5795: 5769: 5760: 5751: 5750: 5748: 5746: 5731: 5725: 5724: 5722: 5720: 5705: 5699: 5698: 5696: 5694: 5655: 5649: 5648: 5646: 5644: 5629: 5623: 5622: 5620: 5618: 5603: 5597: 5596: 5594: 5592: 5578: 5572: 5571: 5553: 5529: 5523: 5522: 5520: 5518: 5504: 5498: 5497: 5473: 5467: 5466: 5453: 5442: 5441: 5417: 5411: 5410: 5408: 5406: 5392: 5358:PIGS (economics) 5257:(United Kingdom) 5162:, which won the 5132:Charles Ferguson 5103:Financial Fiasco 4793:, a spin-off of 4665:Kurt Richebächer 4591:A report by the 4443:In a 1998 book, 4393: 4384: 4375: 4366: 4357: 4331:Commodity prices 4255:Timothy Geithner 4221:World Scientific 3945:investment banks 3871:over-the-counter 3817:net capital rule 3464:second mortgages 3276:subprime lending 3256:Subprime lending 3241:Financialization 3163:investment banks 3065:over-the-counter 2991: 2982: 2976: 2970: 2964: 2958: 2949: 2940: 2870:They engaged in 2808: 2799: 2798: 2789: 2787: 2786: 2774: 2773: 2764: 2762: 2761: 2749: 2748: 2739: 2737: 2736: 2724: 2723: 2715: 2713: 2712: 2701: 2700: 2691: 2689: 2688: 2676: 2675: 2666: 2664: 2663: 2651: 2650: 2642: 2640: 2639: 2628: 2627: 2620: 2618: 2616: 2615: 2603: 2602: 2593: 2591: 2590: 2578: 2577: 2568: 2566: 2565: 2553: 2552: 2544: 2542: 2541: 2530: 2529: 2520: 2518: 2517: 2505: 2504: 2495: 2493: 2492: 2480: 2479: 2471: 2469: 2468: 2457: 2456: 2448: 2446: 2445: 2434: 2433: 2424: 2422: 2421: 2409: 2408: 2399: 2397: 2396: 2384: 2383: 2375: 2373: 2372: 2361: 2360: 2352: 2350: 2349: 2338: 2337: 2328: 2326: 2325: 2313: 2312: 2303: 2301: 2300: 2281: 2277: 1993:April 10, 2009: 1949:Great Depression 1866:2008 Greek riots 1854:Great Depression 1817:American Express 1577:acquired 20% of 1564:investment banks 1505:commercial paper 1453:was acquired by 1442:was implemented. 1433:2008 (September) 1395: 1391: 1352:March 17, 2008: 1123:August 9, 2007: 1116:August 6, 2007: 1059:subprime lending 1057:specializing in 1040:subprime lending 833:Alistair Darling 798:commercial paper 674:global recession 549:financial crisis 488:Great Depression 460: 453: 446: 70: 69: 21310: 21309: 21305: 21304: 21303: 21301: 21300: 21299: 21220:Great Recession 21210: 21209: 21208: 21198: 21196: 21186: 21184: 21172: 21164: 21162: 21157: 21111: 21085: 21029: 20993: 20981: 20720: 20694: 20652: 20637: 20543:Jewish American 20516:Polish American 20457:Korean American 20447:Indian American 20414: 20399: 20254:Merchant Marine 20224:Law enforcement 20076: 20057: 19931: 19927:Great Recession 19834: 19808:Reagan Doctrine 19762: 19741:Stonewall riots 19663: 19637:Project Mercury 19598:Truman Doctrine 19574: 19482:First Red Scare 19456: 19425:Progressive Era 19337: 19297:Bleeding Kansas 19253: 19200:Monroe Doctrine 19176: 19124: 19083:Treaty of Paris 19044: 19018:Boston Massacre 19013:Sons of Liberty 18909: 18880: 18869: 18851: 18846: 18816: 18811: 18804: 18797: 18790: 18783: 18775: 18768: 18761: 18754: 18746: 18739: 18732: 18724: 18715: 18708: 18701: 18694: 18686: 18678: 18670: 18662: 18655: 18647: 18639: 18632: 18625: 18618: 18611: 18603: 18596: 18588: 18581: 18574: 18567: 18560: 18552: 18544: 18537: 18530: 18523: 18516: 18514:Information Age 18508: 18499: 18492: 18485: 18478: 18471: 18464: 18457: 18450: 18443: 18436: 18429: 18422: 18415: 18408: 18401: 18394: 18387: 18380: 18373: 18366: 18364:Great Recession 18358: 18350: 18343: 18336: 18328: 18321: 18314: 18307: 18300: 18293: 18285: 18277: 18269: 18262: 18255: 18248: 18241: 18234: 18226: 18219: 18212: 18204: 18197: 18189: 18182: 18175: 18168: 18161: 18153: 18145: 18138: 18131: 18123: 18115: 18108: 18101: 18094: 18086: 18078: 18071: 18067: 18058: 18050: 18045:1979 oil crisis 18043: 18036: 18028: 18020: 18013: 18006: 18001:1973 oil crisis 17999: 17991: 17984: 17982:Great Inflation 17976: 17969: 17962: 17955: 17947: 17940: 17933: 17925: 17917: 17909: 17902: 17900:Interwar period 17894: 17887: 17880: 17872: 17865: 17858: 17851: 17843: 17836: 17829: 17821: 17813: 17805: 17798: 17791: 17784: 17777: 17769: 17761: 17754: 17747: 17740: 17731: 17724: 17716: 17705: 17698: 17691: 17684: 17676: 17669: 17662: 17655: 17648: 17640: 17633: 17625: 17618: 17611: 17603: 17595: 17587: 17579: 17569: 17561: 17553: 17545: 17538: 17530: 17522: 17508: 17501: 17494: 17487: 17478: 17471: 17464: 17457: 17450: 17443: 17436: 17427: 17420: 17413: 17406: 17401:Currency crisis 17399: 17392: 17385: 17378: 17371: 17363: 17358: 17328: 17323: 17292: 17174: 17160:Great Recession 17141: 17109: 17105:Impact timeline 17086: 17081: 17051: 17046: 17023: 16980: 16968:Occupy movement 16938: 16901: 16887: 16866: 16854: 16848: 16783: 16762: 16705: 16699: 16688: 16617: 16564: 16528: 16473: 16471:Great Recession 16468: 16367:Wayback Machine 16324: 16291: 16173: 16171:Further reading 16154: 16153: 16136: 16132: 16119: 16118: 16114: 16109:. May 17, 2010. 16101: 16100: 16096: 16077: 16073: 16054: 16050: 16037: 16036: 16032: 16013: 16009: 15992: 15991: 15987: 15982:. IndyMac Bank. 15979: 15973: 15969: 15952: 15948: 15931: 15930: 15926: 15911: 15910: 15906: 15898: 15894: 15893: 15889: 15872: 15868: 15846: 15842: 15829: 15828: 15819: 15809: 15807: 15803: 15796: 15792: 15791: 15787: 15774: 15773: 15769: 15757: 15753: 15752: 15745: 15726: 15722: 15703: 15699: 15694:. July 2, 2003. 15686: 15685: 15681: 15664: 15655: 15636: 15629: 15612: 15608: 15595: 15594: 15590: 15563: 15559: 15546:"He Told Us So" 15542: 15538: 15519: 15515: 15493: 15489: 15467: 15463: 15454: 15453: 15449: 15432: 15428: 15409: 15405: 15380: 15376: 15361: 15360: 15356: 15348:Mises Institute 15339: 15335: 15318: 15314: 15292: 15288: 15281: 15265: 15261: 15250: 15246: 15241:. May 13, 2009. 15233: 15232: 15228: 15209: 15205: 15195: 15193: 15180: 15179: 15175: 15167:The Motley Fool 15158: 15154: 15146: 15142: 15141: 15137: 15130: 15103: 15090: 15086: 15066: 15062: 15055: 15032: 15028: 15021: 14999: 14995: 14984: 14980: 14963: 14959: 14944:(May 8, 2011). 14939: 14935: 14928: 14905: 14901: 14882: 14878: 14855: 14851: 14816: 14809: 14792: 14785: 14767: 14760: 14745: 14741: 14701: 14695: 14691: 14668: 14664: 14640:10.1.1.628.2224 14622: 14618:(Spring 2009). 14613: 14609: 14601:Financial Times 14587: 14583: 14561: 14557: 14540: 14531: 14514: 14510: 14503: 14487: 14483: 14476: 14454: 14450: 14443: 14427:Angelides, Phil 14424: 14420: 14403: 14399: 14382: 14378: 14368: 14366: 14365:on June 8, 2020 14351: 14344: 14323: 14319: 14311:Financial Times 14297: 14293: 14242: 14238: 14201: 14197: 14184: 14183: 14179: 14172: 14151: 14147: 14125: 14121: 14102: 14098: 14080: 14076: 14057: 14053: 14046: 14017: 14013: 14005:Financial Times 13996: 13995: 13991: 13976: 13967: 13950: 13949: 13942: 13931: 13927: 13892: 13888: 13873: 13872: 13868: 13851: 13850: 13846: 13829: 13825: 13813: 13803:Greenspan, Alan 13796: 13792: 13779:Greenspan, Alan 13776: 13772: 13749: 13745: 13725: 13721: 13706: 13705: 13701: 13694: 13675: 13664: 13650:"The Reckoning" 13645: 13641: 13622: 13618: 13596: 13592: 13581: 13577: 13570: 13550: 13546: 13538: 13518: 13514: 13507: 13485: 13481: 13469: 13465: 13464: 13460: 13435: 13431: 13408: 13384: 13380: 13375:. May 13, 2009. 13365: 13364: 13360: 13336: 13332: 13327:. May 31, 2009. 13319: 13318: 13314: 13301: 13300: 13296: 13283: 13282: 13278: 13265: 13264: 13260: 13243: 13239: 13227: 13223: 13222: 13218: 13196: 13192: 13180: 13176: 13175: 13171: 13164: 13156:. p. 124. 13144: 13140: 13123: 13122: 13118: 13101: 13100: 13096: 13079: 13075: 13067:National Review 13058: 13054: 13041: 13040: 13036: 13018: 13014: 12996: 12992: 12947: 12943: 12921: 12917: 12910: 12890: 12886: 12873: 12872: 12868: 12855: 12854: 12850: 12843: 12823: 12819: 12797: 12793: 12776: 12772: 12757: 12753: 12736: 12732: 12715: 12711: 12696: 12695: 12691: 12684: 12668: 12664: 12651:"CDO Explained" 12647: 12643: 12626: 12622: 12607: 12606: 12602: 12587: 12583: 12568: 12564: 12543: 12539: 12521: 12517: 12497: 12493: 12486: 12470: 12466: 12451: 12450: 12446: 12427: 12423: 12404: 12402: 12390: 12379: 12372: 12356: 12352: 12345: 12329: 12325: 12318: 12302: 12298: 12275: 12271: 12228: 12224: 12212: 12206: 12202: 12159: 12152: 12137: 12133: 12116: 12112: 12100: 12094: 12090: 12082: 12080:"Ominous Signs" 12074: 12070: 12061: 12060: 12056: 12043: 12042: 12038: 12025: 12024: 12020: 12002: 11998: 11980: 11976: 11963: 11962: 11958: 11943: 11939: 11932: 11916: 11912: 11893:Duhigg, Charles 11890: 11886: 11867: 11863: 11856: 11848:. p. 125. 11836: 11832: 11822: 11820: 11811: 11810: 11806: 11796: 11794: 11789: 11788: 11784: 11776:Financial Times 11767: 11766: 11762: 11753: 11752: 11748: 11733: 11732: 11728: 11716: 11712: 11711: 11704: 11682: 11678: 11661: 11660: 11656: 11645: 11641: 11615: 11611: 11597: 11591: 11587: 11574: 11573: 11566: 11549: 11545: 11526: 11522: 11507: 11503: 11486: 11482: 11469: 11468: 11464: 11450: 11444: 11440: 11433: 11413: 11409: 11399: 11397: 11387: 11383: 11373: 11371: 11361: 11354: 11344: 11342: 11332: 11325: 11315: 11313: 11306: 11302: 11292: 11290: 11282: 11281: 11277: 11267: 11265: 11250: 11246: 11229: 11225: 11203: 11199: 11186: 11185: 11181: 11164: 11160: 11145: 11144: 11140: 11123: 11119: 11080: 11076: 11068: 11064: 11063: 11059: 11046: 11045: 11041: 11027: 11023: 11022: 11018: 10996: 10992: 10983: 10982: 10978: 10970: 10966: 10965: 10961: 10943: 10936: 10926: 10924: 10914: 10910: 10900: 10898: 10893: 10892: 10888: 10878: 10876: 10867: 10866: 10862: 10852: 10850: 10832: 10828: 10815: 10814: 10810: 10800: 10798: 10788: 10784: 10771: 10770: 10766: 10747: 10743: 10726: 10722: 10700: 10696: 10675: 10671: 10654: 10650: 10628: 10624: 10607: 10603: 10586: 10582: 10560: 10556: 10539: 10535: 10518: 10514: 10499: 10498: 10494: 10479: 10475: 10467: 10463: 10462: 10458: 10441: 10437: 10424: 10423: 10419: 10414:. May 20, 2010. 10402: 10401: 10397: 10384: 10383: 10379: 10374:. January 1991. 10366: 10365: 10361: 10349: 10345: 10344: 10340: 10316: 10312: 10295: 10291: 10282: 10281: 10277: 10265: 10261: 10260: 10256: 10232: 10228: 10215: 10214: 10210: 10203:Federal Reserve 10197: 10196: 10192: 10172: 10168: 10160: 10156: 10155: 10151: 10136: 10135: 10131: 10121: 10119: 10118:on June 8, 2020 10112:Pulitzer Center 10106: 10105: 10101: 10084: 10080: 10063: 10059: 10052: 10032: 10028: 10011: 10007: 9985: 9981: 9964: 9960: 9943: 9939: 9922: 9918: 9908: 9906: 9896: 9892: 9875: 9871: 9854: 9850: 9833: 9832: 9828: 9818: 9816: 9812: 9811: 9807: 9797: 9795: 9785: 9781: 9742: 9738: 9721: 9717: 9700: 9696: 9686: 9684: 9676: 9675: 9671: 9654: 9650: 9639:"Press Release" 9637: 9636: 9632: 9617: 9616: 9612: 9595: 9591: 9574: 9570: 9549: 9545: 9530: 9529: 9525: 9506:Fackler, Martin 9503: 9499: 9477: 9473: 9456: 9452: 9435: 9431: 9414: 9410: 9397: 9396: 9392: 9375: 9371: 9354: 9350: 9341: 9340: 9336: 9319: 9315: 9302: 9301: 9297: 9284: 9283: 9279: 9258: 9257: 9253: 9232: 9228: 9211: 9207: 9194: 9193: 9189: 9172: 9168: 9151: 9147: 9132: 9131: 9127: 9110: 9106: 9089: 9085: 9070: 9069: 9065: 9048: 9044: 9027: 9023: 9006: 9002: 8989: 8988: 8984: 8969: 8968: 8964: 8947: 8946: 8942: 8923: 8919: 8897: 8893: 8874: 8870: 8855: 8854: 8850: 8831: 8827: 8810: 8806: 8789: 8785: 8772: 8771: 8767: 8750: 8743: 8726: 8722: 8705: 8701: 8691: 8689: 8681: 8680: 8676: 8666: 8664: 8656: 8655: 8651: 8641: 8639: 8630: 8629: 8625: 8608: 8604: 8587: 8583: 8566: 8562: 8540: 8536: 8523: 8522: 8518: 8501: 8497: 8484: 8483: 8479: 8462: 8458: 8448: 8446: 8443: 8437: 8428: 8411: 8407: 8390: 8386: 8376: 8374: 8368: 8364: 8354: 8352: 8337: 8336: 8332: 8321:"Press Release" 8319: 8318: 8314: 8304: 8302: 8294: 8293: 8286: 8276: 8274: 8264: 8260: 8243: 8239: 8220: 8216: 8197: 8196: 8192: 8166: 8162: 8145: 8141: 8124: 8117: 8110:Bank of England 8105: 8101: 8100: 8096: 8079: 8075: 8058: 8054: 8049:, July 31, 2007 8042: 8040:"KfW backs IKB" 8038: 8037: 8033: 8023: 8021: 8013: 8012: 8003: 7984: 7983: 7979: 7960: 7959: 7952: 7933: 7932: 7923: 7900: 7896: 7875: 7871: 7850: 7846: 7825: 7821: 7811: 7809: 7798: 7794: 7784: 7782: 7772: 7765: 7750: 7749: 7742: 7725: 7721: 7707: 7703: 7702: 7695: 7682: 7681: 7672: 7662: 7660: 7650: 7646: 7636: 7634: 7624: 7620: 7607: 7606: 7602: 7583: 7579: 7560: 7556: 7537: 7533: 7514: 7510: 7503: 7476: 7472: 7455: 7451: 7436: 7432: 7424: 7420: 7419: 7415: 7405: 7403: 7393: 7389: 7377: 7373: 7372: 7368: 7351: 7347: 7339:Financial Times 7328: 7324: 7307: 7303: 7286: 7282: 7267: 7266: 7262: 7245: 7241: 7233:Financial Times 7224: 7217: 7198: 7194: 7179: 7178: 7174: 7161: 7155: 7151: 7143:Financial Times 7134: 7130: 7113: 7109: 7088: 7084: 7071: 7070: 7066: 7046: 7042: 7020: 7016: 7009: 6989: 6985: 6973: 6967: 6963: 6951: 6947: 6946: 6942: 6925: 6921: 6911: 6909: 6905: 6892: 6888: 6887: 6883: 6868: 6867: 6863: 6853: 6851: 6843: 6842: 6838: 6823: 6819: 6808: 6806: 6798: 6790: 6788: 6784: 6771: 6767: 6759: 6757: 6749: 6741: 6739: 6731: 6725: 6721: 6711: 6709: 6701: 6700: 6696: 6686: 6684: 6679: 6678: 6674: 6662: 6658: 6657: 6653: 6640: 6639: 6635: 6622: 6621: 6617: 6609:Foreign Affairs 6597: 6586: 6569: 6565: 6546: 6542: 6525: 6512: 6504: 6500: 6499: 6495: 6473: 6469: 6446: 6442: 6427: 6426: 6422: 6403: 6399: 6377: 6373: 6351: 6347: 6332: 6331: 6324: 6309: 6308: 6301: 6289: 6283:Greenspan, Alan 6280: 6273: 6256: 6249: 6239: 6237: 6217: 6213: 6203: 6201: 6193: 6192: 6188: 6171: 6170: 6166: 6114: 6108: 6104: 6087: 6083: 6068: 6064: 6051: 6050: 6046: 6029: 6025: 6019:, link to blog 6010: 6006: 5991: 5990: 5986: 5976: 5974: 5964: 5960: 5951: 5950: 5946: 5911: 5907: 5897: 5895: 5885: 5881: 5828: 5824: 5814: 5812: 5804: 5803: 5799: 5767: 5761: 5754: 5744: 5742: 5732: 5728: 5718: 5716: 5707: 5706: 5702: 5692: 5690: 5680: 5656: 5652: 5642: 5640: 5630: 5626: 5616: 5614: 5605: 5604: 5600: 5590: 5588: 5580: 5579: 5575: 5530: 5526: 5516: 5514: 5506: 5505: 5501: 5494: 5474: 5470: 5455: 5454: 5445: 5438: 5430:. p. 213. 5418: 5414: 5404: 5402: 5394: 5393: 5389: 5384: 5379: 5348:Occupy movement 5288:Kondratiev wave 5250: 5191:Too Big to Fail 5068:Crash Proof 2.0 5045: 5033:Henry A. Waxman 5005:Lehman Brothers 5001:JP Morgan Chase 4972:conservatorship 4938:Charles Schumer 4910:Charles Schumer 4838:collateralizing 4787: 4755:Nouriel Roubini 4692:Austrian School 4669:Nouriel Roubini 4610: 4595:concluded that 4589: 4441: 4425: 4398: 4391: 4389: 4382: 4380: 4373: 4371: 4364: 4362: 4355: 4339: 4333: 4229: 4177:Gaussian copula 4110:A protester on 4104: 4095:Financial Times 4030: 4012:Federal Reserve 4010:In April 2009, 3989:conservatorship 3959:Lehman Brothers 3950:risk weightings 3900: 3845:or risk taken. 3747: 3741: 3733:mortgage frauds 3696: 3684:too big to fail 3636: 3589:capital account 3585:current account 3566:current account 3535:Federal Reserve 3531: 3447: 3441: 3323:Federal Reserve 3315: 3272: 3258: 3042:risk management 3010:, particularly 2989: 2988: 2980: 2978: 2974: 2972: 2968: 2966: 2962: 2960: 2956: 2954: 2947: 2945: 2938: 2918:Federal Reserve 2910: 2904:Great Recession 2884: 2830:Federal Reserve 2818: 2806: 2800: 2796: 2795: 2784: 2782: 2775: 2771: 2770: 2759: 2757: 2750: 2746: 2745: 2734: 2732: 2725: 2721: 2720: 2710: 2708: 2702: 2698: 2697: 2686: 2684: 2677: 2673: 2672: 2661: 2659: 2652: 2648: 2647: 2637: 2635: 2629: 2625: 2624: 2613: 2611: 2609: 2604: 2600: 2599: 2588: 2586: 2579: 2575: 2574: 2563: 2561: 2554: 2550: 2549: 2539: 2537: 2531: 2527: 2526: 2515: 2513: 2506: 2502: 2501: 2490: 2488: 2481: 2477: 2476: 2466: 2464: 2458: 2454: 2453: 2443: 2441: 2435: 2431: 2430: 2419: 2417: 2410: 2406: 2405: 2394: 2392: 2385: 2381: 2380: 2376:European Union 2370: 2368: 2362: 2358: 2357: 2347: 2345: 2339: 2335: 2334: 2323: 2321: 2314: 2310: 2309: 2298: 2296: 2289: 2165: 2119:July 21, 2010: 2096:on large banks. 2077: 2039:June 17, 2009: 2032:economic growth 2019:June 2009: The 1984:economic policy 1970:Bank of America 1893: 1832:Icelandic króna 1819:converted to a 1806:Bank of England 1785: 1765:Bank of England 1757:currency crisis 1753:Canadian dollar 1637: 1562:converted from 1510:short-term debt 1486:Lehman Brothers 1470:Federal Reserve 1459:Bank of America 1455:Bank of America 1435: 1414:July 11, 2008: 1385: 1341:March 5, 2008: 1278:Bank of America 1273: 1256:subprime loans. 1241:instituted the 1239:Federal Reserve 1214:Bank of America 1174:Bank of England 1145: 1109:July 31, 2007: 1098:July 30, 2007: 1091:July 19, 2007: 1049:April 2, 2007: 1027: 1016:November 2006: 965: 957: 919: 818:Federal Reserve 814:preferred stock 794:monetary policy 778:Bank of England 770:Federal Reserve 670:Great Recession 646: 623:Great Recession 599:fiscal policies 588:U.S. government 516:Great Recession 494:in the form of 484:economic crisis 464: 428: 427: 426: 384: 376: 375: 374: 360:Lehman Brothers 324: 314: 313: 312: 227: 219: 218: 217: 208:(December 2008) 202:(November 2008) 196:(November 2008) 182: 180:Summit meetings 172: 171: 170: 145: 135: 134: 133: 88: 79:Great Recession 33:Lehman Brothers 27:in the form of 17: 12: 11: 5: 21308: 21298: 21297: 21292: 21287: 21282: 21277: 21272: 21267: 21262: 21257: 21252: 21247: 21242: 21237: 21232: 21227: 21222: 21207: 21206: 21194: 21182: 21159: 21158: 21156: 21155: 21145: 21135: 21133:Historiography 21130: 21124: 21121: 21120: 21117: 21116: 21113: 21112: 21110: 21109: 21099: 21093: 21091: 21087: 21086: 21084: 21083: 21078: 21073: 21071:Navassa Island 21068: 21063: 21058: 21056:Johnston Atoll 21053: 21048: 21046:Howland Island 21043: 21037: 21035: 21031: 21030: 21028: 21027: 21022: 21017: 21012: 21007: 21005:American Samoa 21001: 20999: 20995: 20994: 20989: 20987: 20983: 20982: 20980: 20979: 20974: 20969: 20964: 20959: 20954: 20949: 20944: 20939: 20934: 20929: 20927:South Carolina 20924: 20919: 20914: 20909: 20904: 20899: 20894: 20892:North Carolina 20889: 20884: 20879: 20874: 20869: 20864: 20859: 20854: 20849: 20844: 20839: 20834: 20829: 20824: 20819: 20814: 20809: 20804: 20799: 20794: 20789: 20784: 20779: 20774: 20769: 20764: 20759: 20754: 20749: 20744: 20739: 20734: 20728: 20726: 20722: 20721: 20719: 20718: 20716:The West Coast 20713: 20708: 20702: 20700: 20696: 20695: 20693: 20692: 20690:Indian removal 20687: 20682: 20677: 20672: 20666: 20664: 20654: 20653: 20643: 20642: 20639: 20638: 20636: 20635: 20634: 20633: 20628: 20623: 20611: 20604: 20603: 20602: 20597: 20585: 20584: 20583: 20581:Saudi American 20578: 20573: 20568: 20566:Iraqi American 20563: 20558: 20546: 20539: 20538: 20537: 20525: 20524: 20523: 20518: 20513: 20508: 20503: 20501:Irish American 20498: 20493: 20488: 20483: 20471: 20470: 20469: 20464: 20459: 20454: 20449: 20444: 20439: 20431:Asian American 20427: 20419: 20416: 20415: 20405: 20404: 20401: 20400: 20398: 20397: 20396: 20395: 20390: 20385: 20380: 20375: 20363: 20362: 20361: 20359:Sexual slavery 20349: 20342: 20335: 20334: 20333: 20328: 20323: 20318: 20313: 20308: 20296: 20295: 20294: 20289: 20284: 20279: 20274: 20269: 20257: 20250: 20243: 20242: 20241: 20236: 20231: 20229:Postal service 20226: 20221: 20219:Foreign policy 20216: 20211: 20206: 20201: 20196: 20191: 20186: 20174: 20167: 20166: 20165: 20153: 20152: 20151: 20139: 20138: 20137: 20125: 20124: 20123: 20118: 20113: 20108: 20096: 20089: 20081: 20078: 20077: 20067: 20066: 20063: 20062: 20059: 20058: 20056: 20055: 20050: 20045: 20038: 20033: 20028: 20023: 20022: 20021: 20011: 20006: 19999: 19994: 19993: 19992: 19987: 19982: 19977: 19972: 19967: 19962: 19957: 19947: 19941: 19939: 19933: 19932: 19930: 19929: 19924: 19919: 19914: 19913: 19912: 19907: 19897: 19892: 19885: 19880: 19875: 19870: 19865: 19860: 19855: 19850: 19844: 19842: 19836: 19835: 19833: 19832: 19827: 19822: 19817: 19816: 19815: 19810: 19805: 19795: 19793:Crack epidemic 19790: 19789: 19788: 19783: 19772: 19770: 19764: 19763: 19761: 19760: 19758:Moral Majority 19755: 19750: 19745: 19744: 19743: 19736:Gay liberation 19733: 19728: 19726:Counterculture 19723: 19718: 19717: 19716: 19714:Fall of Saigon 19711: 19706: 19696: 19695: 19694: 19692:Apollo program 19689: 19687:Project Gemini 19679: 19673: 19671: 19665: 19664: 19662: 19661: 19656: 19655: 19654: 19644: 19639: 19634: 19629: 19628: 19627: 19622: 19617: 19612: 19605:Early Cold War 19602: 19601: 19600: 19590: 19584: 19582: 19576: 19575: 19573: 19572: 19571: 19570: 19569: 19568: 19558: 19553: 19543: 19542: 19541: 19536: 19531: 19521: 19520: 19519: 19514: 19509: 19504: 19499: 19494: 19484: 19479: 19478: 19477: 19466: 19464: 19458: 19457: 19455: 19454: 19449: 19448: 19447: 19442: 19437: 19432: 19422: 19421: 19420: 19415: 19410: 19405: 19400: 19395: 19385: 19380: 19379: 19378: 19373: 19368: 19363: 19358: 19347: 19345: 19339: 19338: 19336: 19335: 19334: 19333: 19328: 19318: 19317: 19316: 19311: 19306: 19301: 19300: 19299: 19289: 19284: 19277:Prelude to War 19274: 19269: 19267:Antebellum Era 19263: 19261: 19255: 19254: 19252: 19251: 19246: 19241: 19240: 19239: 19234: 19229: 19224: 19219: 19214: 19212:Trail of Tears 19207:Jacksonian era 19204: 19203: 19202: 19197: 19186: 19184: 19178: 19177: 19175: 19174: 19173: 19172: 19167: 19157: 19156: 19155: 19150: 19143:Federalist Era 19140: 19138:Bill of Rights 19134: 19132: 19126: 19125: 19123: 19122: 19121: 19120: 19115: 19110: 19105: 19100: 19087: 19086: 19085: 19080: 19075: 19073:Lee Resolution 19070: 19065: 19054: 19052: 19046: 19045: 19043: 19042: 19041: 19040: 19035: 19030: 19025: 19020: 19015: 19010: 19005: 19000: 18995: 18990: 18980: 18975: 18970: 18965: 18960: 18955: 18950: 18945: 18940: 18935: 18930: 18925: 18919: 18917: 18911: 18910: 18908: 18907: 18900: 18892: 18890: 18882: 18881: 18871: 18870: 18868: 18867: 18862: 18856: 18853: 18852: 18845: 18844: 18837: 18830: 18822: 18813: 18812: 18810: 18809: 18802: 18795: 18788: 18780: 18777: 18776: 18774: 18773: 18766: 18759: 18752: 18750:(2022–present) 18744: 18737: 18730: 18728:(2020–present) 18722: 18721: 18720: 18713: 18706: 18692: 18690:(2019–present) 18684: 18682:(2019–present) 18676: 18674:(2018–present) 18668: 18660: 18653: 18645: 18637: 18630: 18623: 18616: 18609: 18601: 18594: 18592:(2013–present) 18586: 18579: 18572: 18565: 18558: 18556:(2011–present) 18550: 18548:(2010–present) 18542: 18535: 18528: 18520: 18518: 18517:(2009–present) 18510: 18509: 18507: 18506: 18505: 18504: 18497: 18490: 18483: 18476: 18469: 18462: 18455: 18448: 18441: 18434: 18427: 18420: 18413: 18406: 18399: 18392: 18385: 18382:September 2008 18370: 18368: 18360: 18359: 18357: 18356: 18354:(2007–present) 18348: 18341: 18334: 18326: 18319: 18312: 18305: 18298: 18291: 18283: 18275: 18267: 18260: 18253: 18246: 18239: 18232: 18224: 18217: 18210: 18202: 18195: 18187: 18180: 18173: 18166: 18159: 18151: 18143: 18136: 18129: 18121: 18113: 18106: 18099: 18092: 18084: 18075: 18073: 18060: 18059: 18057: 18056: 18048: 18041: 18034: 18026: 18018: 18011: 18004: 17997: 17988: 17986: 17978: 17977: 17975: 17974: 17967: 17959: 17957: 17949: 17948: 17946: 17945: 17938: 17931: 17923: 17915: 17906: 17904: 17896: 17895: 17893: 17892: 17885: 17878: 17870: 17863: 17856: 17849: 17841: 17834: 17827: 17819: 17811: 17803: 17796: 17789: 17781: 17779: 17771: 17770: 17768: 17767: 17759: 17752: 17745: 17738: 17737: 17736: 17729: 17713: 17711: 17707: 17706: 17704: 17703: 17696: 17689: 17682: 17674: 17667: 17660: 17653: 17646: 17644:(c. 1780–1795) 17638: 17631: 17623: 17615: 17613: 17605: 17604: 17602: 17601: 17593: 17585: 17577: 17567: 17565:(c. 1600–1760) 17559: 17551: 17542: 17540: 17532: 17531: 17529: 17528: 17519: 17517: 17510: 17509: 17507: 17506: 17499: 17492: 17485: 17484: 17483: 17476: 17469: 17462: 17448: 17445:Hyperinflation 17441: 17434: 17433: 17432: 17418: 17411: 17404: 17397: 17390: 17383: 17376: 17368: 17365: 17364: 17357: 17356: 17349: 17342: 17334: 17325: 17324: 17322: 17321: 17316: 17311: 17306: 17304:Error accounts 17300: 17298: 17297:Related topics 17294: 17293: 17291: 17290: 17285: 17280: 17275: 17270: 17265: 17260: 17255: 17250: 17245: 17240: 17235: 17230: 17225: 17220: 17215: 17210: 17205: 17200: 17195: 17190: 17184: 17182: 17176: 17175: 17173: 17172: 17167: 17162: 17157: 17151: 17149: 17143: 17142: 17140: 17139: 17134: 17129: 17119: 17117: 17111: 17110: 17108: 17107: 17102: 17096: 17094: 17088: 17087: 17080: 17079: 17072: 17065: 17057: 17048: 17047: 17045: 17044: 17039: 17034: 17028: 17025: 17024: 17022: 17021: 17016: 17011: 17006: 17001: 17000: 16999: 16988: 16986: 16985:Related topics 16982: 16981: 16979: 16978: 16977: 16976: 16965: 16959: 16953: 16946: 16944: 16940: 16939: 16937: 16936: 16931: 16926: 16921: 16916: 16911: 16905: 16903: 16897: 16896: 16893: 16892: 16889: 16888: 16886: 16885: 16883:General Motors 16880: 16874: 16872: 16865: 16864: 16858: 16856: 16850: 16849: 16847: 16846: 16841: 16836: 16831: 16829:Green New Deal 16826: 16821: 16816: 16811: 16806: 16801: 16795: 16793: 16789: 16788: 16785: 16784: 16782: 16781: 16776: 16770: 16768: 16761: 16760: 16755: 16750: 16745: 16740: 16735: 16730: 16725: 16720: 16715: 16709: 16707: 16701: 16700: 16690: 16689: 16687: 16686: 16681: 16676: 16671: 16666: 16661: 16656: 16651: 16646: 16641: 16636: 16631: 16625: 16623: 16619: 16618: 16616: 16615: 16613:Allen Stanford 16610: 16605: 16600: 16595: 16590: 16585: 16584: 16583: 16572: 16570: 16566: 16565: 16563: 16562: 16557: 16552: 16550:Housing bubble 16547: 16542: 16536: 16534: 16530: 16529: 16527: 16526: 16521: 16520: 16519: 16509: 16504: 16503: 16502: 16497: 16487: 16481: 16479: 16475: 16474: 16467: 16466: 16459: 16452: 16444: 16438: 16437: 16426: 16422:The New Yorker 16410: 16400: 16384: 16383: 16374: 16357: 16339: 16323: 16322:External links 16320: 16319: 16318: 16295: 16289: 16267: 16260: 16241: 16238:978-1568585628 16219: 16205: 16201:The New Yorker 16193: 16172: 16169: 16152: 16151: 16130: 16112: 16107:Cato Institute 16094: 16071: 16048: 16030: 16007: 15985: 15967: 15946: 15924: 15904: 15887: 15866: 15840: 15817: 15785: 15767: 15743: 15720: 15697: 15679: 15653: 15627: 15606: 15588: 15557: 15536: 15513: 15487: 15461: 15447: 15426: 15403: 15397:10.3386/w11728 15374: 15354: 15333: 15312: 15286: 15279: 15259: 15244: 15226: 15203: 15173: 15152: 15135: 15128: 15084: 15060: 15053: 15026: 15019: 14993: 14978: 14972:Monthly Review 14957: 14933: 14926: 14899: 14894:10.3386/w17778 14876: 14849: 14807: 14783: 14758: 14739: 14706:ASTIN Bulletin 14689: 14662: 14607: 14581: 14555: 14529: 14508: 14501: 14481: 14474: 14448: 14441: 14418: 14412:Bloomberg News 14397: 14391:Bloomberg News 14376: 14342: 14317: 14291: 14236: 14195: 14177: 14170: 14154:Lewis, Michael 14145: 14119: 14113:Bloomberg News 14096: 14074: 14051: 14044: 14020:Conard, Edward 14011: 13989: 13965: 13940: 13925: 13906:(1): 218–243. 13886: 13866: 13844: 13823: 13807:Levitt, Arthur 13790: 13770: 13743: 13737:Bloomberg News 13728:Weil, Jonathan 13719: 13713:Bloomberg News 13699: 13692: 13662: 13639: 13616: 13590: 13575: 13568: 13562:. p. 44. 13544: 13536: 13512: 13505: 13479: 13458: 13429: 13406: 13378: 13358: 13330: 13312: 13294: 13276: 13258: 13237: 13216: 13190: 13169: 13162: 13138: 13116: 13110:Bloomberg News 13094: 13073: 13052: 13034: 13012: 12990: 12941: 12915: 12908: 12884: 12866: 12848: 12842:978-1400842087 12841: 12817: 12791: 12770: 12751: 12730: 12709: 12689: 12682: 12662: 12641: 12620: 12600: 12581: 12562: 12537: 12515: 12491: 12484: 12464: 12444: 12421: 12417:MeasuringWorth 12411:United States 12399:MeasuringWorth 12377: 12370: 12350: 12343: 12323: 12316: 12296: 12269: 12242:(2): 352–363. 12222: 12200: 12150: 12131: 12110: 12088: 12068: 12054: 12036: 12018: 11996: 11974: 11956: 11937: 11930: 11910: 11884: 11861: 11854: 11830: 11804: 11782: 11760: 11746: 11726: 11702: 11676: 11654: 11639: 11634:10.3386/w15515 11609: 11585: 11564: 11543: 11520: 11501: 11480: 11462: 11456:Cato Institute 11438: 11432:978-1400842087 11431: 11425:. p. 62. 11407: 11381: 11352: 11323: 11300: 11275: 11244: 11223: 11197: 11179: 11158: 11138: 11117: 11074: 11057: 11039: 11016: 10990: 10976: 10959: 10934: 10908: 10886: 10860: 10826: 10808: 10782: 10764: 10741: 10720: 10694: 10669: 10648: 10622: 10601: 10580: 10554: 10533: 10512: 10492: 10473: 10456: 10435: 10417: 10395: 10377: 10359: 10338: 10310: 10289: 10275: 10254: 10226: 10208: 10190: 10166: 10149: 10129: 10099: 10078: 10057: 10050: 10026: 10005: 9979: 9958: 9937: 9916: 9890: 9869: 9848: 9826: 9805: 9779: 9736: 9715: 9694: 9669: 9648: 9630: 9610: 9589: 9568: 9543: 9523: 9497: 9471: 9450: 9429: 9408: 9390: 9369: 9348: 9334: 9313: 9295: 9277: 9251: 9226: 9205: 9187: 9166: 9145: 9125: 9104: 9083: 9063: 9042: 9021: 9000: 8982: 8962: 8940: 8917: 8891: 8868: 8848: 8825: 8804: 8783: 8765: 8741: 8735:Bloomberg News 8720: 8699: 8674: 8649: 8623: 8602: 8581: 8560: 8534: 8516: 8495: 8490:whitehouse.gov 8477: 8456: 8426: 8405: 8384: 8362: 8330: 8312: 8284: 8258: 8237: 8214: 8190: 8160: 8139: 8115: 8094: 8073: 8052: 8031: 8001: 7977: 7950: 7921: 7894: 7869: 7844: 7819: 7792: 7763: 7740: 7719: 7716:. May 5, 2006. 7693: 7670: 7644: 7618: 7600: 7577: 7554: 7531: 7508: 7501: 7470: 7449: 7430: 7413: 7387: 7366: 7345: 7322: 7301: 7280: 7260: 7239: 7215: 7192: 7172: 7166:111–203 (text) 7149: 7128: 7107: 7082: 7064: 7040: 7014: 7007: 6983: 6961: 6940: 6919: 6881: 6861: 6836: 6817: 6719: 6694: 6672: 6651: 6633: 6615: 6584: 6563: 6540: 6510: 6493: 6481:"United Panic" 6467: 6440: 6420: 6397: 6371: 6345: 6322: 6299: 6271: 6247: 6219:Merle, Renae. 6211: 6186: 6164: 6127:(4): 115–124. 6102: 6081: 6062: 6044: 6023: 6004: 5984: 5958: 5944: 5905: 5879: 5822: 5797: 5778:(3): 251–282. 5752: 5726: 5700: 5678: 5650: 5624: 5598: 5573: 5524: 5499: 5492: 5468: 5465:. May 9, 2008. 5443: 5436: 5412: 5386: 5385: 5383: 5380: 5378: 5377: 5370: 5365: 5360: 5355: 5353:Pessimism porn 5350: 5345: 5340: 5335: 5330: 5325: 5320: 5315: 5310: 5305: 5300: 5295: 5290: 5285: 5280: 5275: 5270: 5265: 5259: 5258: 5251: 5249: 5246: 5245: 5244: 5243: 5242: 5235: 5228: 5221: 5205: 5188:The 2011 film 5186: 5177: 5167: 5147: 5122: 5119:Cato Institute 5111:Alan Greenspan 5095: 5075: 5044: 5041: 4965: 4964: 4961: 4865:housing bubble 4836:as a means of 4825:in July 2008. 4786: 4783: 4730:The Black Swan 4714:Alan Greenspan 4706:Raghuram Rajan 4677:Robert Shiller 4645:Michael Hudson 4609: 4606: 4588: 4585: 4544: 4543: 4540: 4537: 4534: 4507:In 2005 book, 4501:rate of profit 4497:Monthly Review 4478:Monthly Review 4440: 4437: 4429:Andrew Metrick 4424: 4421: 4408:Emmanuel Farhi 4390: 4381: 4372: 4363: 4354: 4335:Main article: 4332: 4329: 4315:securitization 4304:shadow banking 4292:malign neglect 4228: 4225: 4103: 4100: 4059:securitization 4029: 4026: 3978:Morgan Stanley 3915:Household debt 3899: 3896: 3891: 3890: 3887:Warren Buffett 3883:notional value 3863:Alan Greenspan 3859: 3847:Bloomberg News 3831: 3820: 3809: 3797: 3778: 3740: 3737: 3704:In June 2008, 3695: 3692: 3635: 3632: 3616:Treasury bonds 3543:dot-com bubble 3530: 3527: 3460:housing bubble 3443:Main article: 3440: 3437: 3395:synthetic CDOs 3314: 3311: 3268:Main article: 3257: 3254: 3253: 3252: 3248: 3244: 3238: 3229: 3214: 3202: 3183: 3180: 3175:involved with 3173:financial risk 3166: 3151: 3147: 3140: 3125: 3118: 3111: 3100:Securitization 3097: 3093: 3081: 3080: 3079: 3076: 3061: 3058: 3055: 3052: 3049: 3034: 3008:mortgage loans 2979: 2973: 2967: 2961: 2955: 2946: 2937: 2883: 2880: 2817: 2814: 2811: 2810: 2802: 2801: 2794: 2792: 2777: 2776: 2769: 2767: 2752: 2751: 2744: 2742: 2727: 2726: 2719: 2717: 2704: 2703: 2696: 2694: 2679: 2678: 2671: 2669: 2654: 2653: 2646: 2644: 2631: 2630: 2623: 2621: 2619:United Kingdom 2606: 2605: 2598: 2596: 2581: 2580: 2573: 2571: 2556: 2555: 2548: 2546: 2533: 2532: 2525: 2523: 2508: 2507: 2500: 2498: 2483: 2482: 2475: 2473: 2460: 2459: 2452: 2450: 2437: 2436: 2429: 2427: 2412: 2411: 2404: 2402: 2387: 2386: 2379: 2377: 2364: 2363: 2356: 2354: 2353:United States 2341: 2340: 2333: 2331: 2316: 2315: 2308: 2306: 2291: 2290: 2287: 2285: 2273: 2272: 2261: 2248:2017: Per the 2246: 2235: 2224: 2213: 2210: 2196: 2183:May 2012: The 2181: 2178: 2164: 2161: 2160: 2159: 2148: 2124: 2117: 2110: 2103: 2100: 2097: 2088:, named after 2076: 2073: 2072: 2071: 2060: 2037: 2017: 2010: 2003: 2000: 1991: 1980: 1977: 1976:was convicted. 1966: 1958: 1955: 1952: 1945: 1934: 1927: 1920: 1913: 1892: 1889: 1888: 1887: 1880:General Motors 1872: 1869: 1862: 1859: 1842: 1841:was announced. 1835: 1824: 1813: 1797:United Kingdom 1791:Restaurant in 1784: 1781: 1780: 1779: 1732: 1721: 1706:OMX Iceland 15 1702: 1695: 1675: 1674: 1667: 1663: 1652: 1645: 1636: 1635:2008 (October) 1633: 1632: 1631: 1627:George W. Bush 1623: 1608: 1593: 1582: 1579:Morgan Stanley 1571: 1560:Morgan Stanley 1552: 1549: 1542: 1517: 1489: 1482:broke the buck 1466: 1443: 1434: 1431: 1430: 1429: 1426: 1419: 1412: 1396: 1366: 1363:JPMorgan Chase 1350: 1339: 1338:was completed. 1332: 1325: 1322:bond insurance 1318: 1315: 1308:United Kingdom 1304:FTSE 100 Index 1296: 1293:bond insurance 1285: 1280:agreed to buy 1272: 1269: 1268: 1267: 1264: 1257: 1246: 1235: 1232: 1229: 1218:JPMorgan Chase 1206: 1203: 1198:suffered from 1192: 1181: 1157:United Kingdom 1155:branch in the 1144: 1141: 1140: 1139: 1136: 1121: 1114: 1107: 1096: 1089: 1074: 1063:securitization 1053:, an American 1047: 1036:Alan Greenspan 1026: 1023: 1022: 1021: 1014: 1007: 1000: 989: 964: 961: 918: 915: 885:, a banker at 822:liquidity trap 645: 642: 542:banking crisis 466: 465: 463: 462: 455: 448: 440: 437: 436: 430: 429: 425: 424: 419: 414: 409: 408: 407: 402: 392: 386: 385: 382: 381: 378: 377: 373: 372: 367: 362: 357: 355:General Motors 352: 347: 342: 337: 332: 326: 325: 320: 319: 316: 315: 311: 310: 305: 300: 295: 290: 285: 280: 278:Green New Deal 275: 270: 265: 260: 255: 250: 245: 240: 235: 229: 228: 225: 224: 221: 220: 216: 215: 209: 203: 197: 191: 188:34th G8 summit 184: 183: 178: 177: 174: 173: 169: 168: 163: 158: 153: 147: 146: 141: 140: 137: 136: 132: 131: 126: 121: 116: 111: 106: 101: 96: 90: 89: 86: 85: 82: 81: 75: 74: 15: 9: 6: 4: 3: 2: 21307: 21296: 21295:Systemic risk 21293: 21291: 21288: 21286: 21283: 21281: 21278: 21276: 21273: 21271: 21268: 21266: 21263: 21261: 21258: 21256: 21253: 21251: 21248: 21246: 21243: 21241: 21238: 21236: 21233: 21231: 21228: 21226: 21223: 21221: 21218: 21217: 21215: 21205: 21195: 21193: 21183: 21181: 21176: 21171: 21170: 21167: 21154: 21150: 21146: 21144: 21136: 21134: 21131: 21129: 21128:List of years 21126: 21125: 21122: 21108: 21100: 21098: 21097:Urban history 21095: 21094: 21092: 21088: 21082: 21079: 21077: 21076:Palmyra Atoll 21074: 21072: 21069: 21067: 21064: 21062: 21059: 21057: 21054: 21052: 21051:Jarvis Island 21049: 21047: 21044: 21042: 21039: 21038: 21036: 21032: 21026: 21023: 21021: 21018: 21016: 21013: 21011: 21008: 21006: 21003: 21002: 21000: 20998:Insular areas 20996: 20992: 20988: 20984: 20978: 20975: 20973: 20970: 20968: 20967:West Virginia 20965: 20963: 20960: 20958: 20955: 20953: 20950: 20948: 20945: 20943: 20940: 20938: 20935: 20933: 20930: 20928: 20925: 20923: 20920: 20918: 20915: 20913: 20910: 20908: 20905: 20903: 20900: 20898: 20895: 20893: 20890: 20888: 20885: 20883: 20880: 20878: 20875: 20873: 20872:New Hampshire 20870: 20868: 20865: 20863: 20860: 20858: 20855: 20853: 20850: 20848: 20845: 20843: 20840: 20838: 20835: 20833: 20832:Massachusetts 20830: 20828: 20825: 20823: 20820: 20818: 20815: 20813: 20810: 20808: 20805: 20803: 20800: 20798: 20795: 20793: 20790: 20788: 20785: 20783: 20780: 20778: 20775: 20773: 20770: 20768: 20765: 20763: 20760: 20758: 20755: 20753: 20750: 20748: 20745: 20743: 20740: 20738: 20735: 20733: 20730: 20729: 20727: 20723: 20717: 20714: 20712: 20709: 20707: 20704: 20703: 20701: 20697: 20691: 20688: 20686: 20683: 20681: 20678: 20676: 20673: 20671: 20668: 20667: 20665: 20663: 20659: 20655: 20648: 20644: 20632: 20629: 20627: 20624: 20622: 20619: 20618: 20617: 20616: 20612: 20610: 20609: 20605: 20601: 20598: 20596: 20593: 20592: 20591: 20590: 20586: 20582: 20579: 20577: 20574: 20572: 20569: 20567: 20564: 20562: 20559: 20557: 20554: 20553: 20552: 20551: 20547: 20545: 20544: 20540: 20536: 20533: 20532: 20531: 20530: 20526: 20522: 20519: 20517: 20514: 20512: 20509: 20507: 20504: 20502: 20499: 20497: 20494: 20492: 20489: 20487: 20484: 20482: 20479: 20478: 20477: 20476: 20472: 20468: 20465: 20463: 20462:Thai American 20460: 20458: 20455: 20453: 20450: 20448: 20445: 20443: 20440: 20438: 20435: 20434: 20433: 20432: 20428: 20426: 20425: 20421: 20420: 20417: 20410: 20406: 20394: 20391: 20389: 20386: 20384: 20381: 20379: 20376: 20374: 20371: 20370: 20369: 20368: 20364: 20360: 20357: 20356: 20355: 20354: 20350: 20348: 20347: 20343: 20341: 20340: 20336: 20332: 20329: 20327: 20324: 20322: 20319: 20317: 20314: 20312: 20309: 20307: 20304: 20303: 20302: 20301: 20300:Party Systems 20297: 20293: 20290: 20288: 20285: 20283: 20280: 20278: 20275: 20273: 20270: 20268: 20265: 20264: 20263: 20262: 20258: 20256: 20255: 20251: 20249: 20248: 20244: 20240: 20239:Voting rights 20237: 20235: 20232: 20230: 20227: 20225: 20222: 20220: 20217: 20215: 20212: 20210: 20207: 20205: 20202: 20200: 20197: 20195: 20192: 20190: 20187: 20185: 20182: 20181: 20180: 20179: 20175: 20173: 20172: 20168: 20164: 20161: 20160: 20159: 20158: 20154: 20150: 20147: 20146: 20145: 20144: 20140: 20136: 20133: 20132: 20131: 20130: 20126: 20122: 20119: 20117: 20114: 20112: 20109: 20107: 20104: 20103: 20102: 20101: 20097: 20095: 20094: 20090: 20088: 20087: 20083: 20082: 20079: 20072: 20068: 20054: 20051: 20049: 20046: 20044: 20043: 20039: 20037: 20034: 20032: 20029: 20027: 20024: 20020: 20017: 20016: 20015: 20012: 20010: 20007: 20005: 20004: 20000: 19998: 19995: 19991: 19988: 19986: 19983: 19981: 19978: 19976: 19973: 19971: 19968: 19966: 19963: 19961: 19958: 19956: 19953: 19952: 19951: 19948: 19946: 19943: 19942: 19940: 19938: 19934: 19928: 19925: 19923: 19920: 19918: 19915: 19911: 19908: 19906: 19903: 19902: 19901: 19900:War on terror 19898: 19896: 19893: 19891: 19890: 19886: 19884: 19881: 19879: 19876: 19874: 19871: 19869: 19866: 19864: 19861: 19859: 19856: 19854: 19851: 19849: 19846: 19845: 19843: 19841: 19837: 19831: 19828: 19826: 19823: 19821: 19818: 19814: 19811: 19809: 19806: 19804: 19801: 19800: 19799: 19798:Late Cold War 19796: 19794: 19791: 19787: 19784: 19782: 19779: 19778: 19777: 19774: 19773: 19771: 19769: 19765: 19759: 19756: 19754: 19751: 19749: 19746: 19742: 19739: 19738: 19737: 19734: 19732: 19729: 19727: 19724: 19722: 19719: 19715: 19712: 19710: 19707: 19705: 19702: 19701: 19700: 19697: 19693: 19690: 19688: 19685: 19684: 19683: 19680: 19678: 19677:Great Society 19675: 19674: 19672: 19670: 19666: 19660: 19657: 19653: 19650: 19649: 19648: 19645: 19643: 19640: 19638: 19635: 19633: 19632:Post-war boom 19630: 19626: 19623: 19621: 19618: 19616: 19613: 19611: 19608: 19607: 19606: 19603: 19599: 19596: 19595: 19594: 19591: 19589: 19586: 19585: 19583: 19581: 19577: 19567: 19564: 19563: 19562: 19559: 19557: 19554: 19552: 19549: 19548: 19547: 19544: 19540: 19537: 19535: 19532: 19530: 19527: 19526: 19525: 19522: 19518: 19515: 19513: 19510: 19508: 19505: 19503: 19500: 19498: 19495: 19493: 19490: 19489: 19488: 19485: 19483: 19480: 19476: 19473: 19472: 19471: 19468: 19467: 19465: 19463: 19459: 19453: 19450: 19446: 19443: 19441: 19438: 19436: 19433: 19431: 19428: 19427: 19426: 19423: 19419: 19416: 19414: 19411: 19409: 19406: 19404: 19401: 19399: 19396: 19394: 19391: 19390: 19389: 19386: 19384: 19381: 19377: 19374: 19372: 19369: 19367: 19364: 19362: 19359: 19357: 19354: 19353: 19352: 19349: 19348: 19346: 19344: 19340: 19332: 19329: 19327: 19324: 19323: 19322: 19319: 19315: 19312: 19310: 19307: 19305: 19302: 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18425: 18421: 18418: 18414: 18411: 18407: 18404: 18403:December 2008 18400: 18397: 18396:November 2008 18393: 18390: 18386: 18383: 18379: 18378: 18376: 18372: 18371: 18369: 18365: 18361: 18353: 18349: 18346: 18342: 18339: 18335: 18331: 18327: 18324: 18320: 18317: 18313: 18310: 18306: 18303: 18299: 18296: 18292: 18288: 18284: 18280: 18276: 18272: 18268: 18265: 18261: 18258: 18254: 18251: 18247: 18244: 18240: 18237: 18233: 18229: 18225: 18222: 18218: 18215: 18211: 18207: 18203: 18200: 18196: 18192: 18188: 18185: 18181: 18178: 18174: 18171: 18167: 18164: 18160: 18156: 18152: 18148: 18144: 18141: 18137: 18134: 18130: 18126: 18122: 18118: 18114: 18111: 18107: 18104: 18100: 18097: 18093: 18089: 18085: 18081: 18077: 18076: 18074: 18070: 18065: 18061: 18053: 18049: 18046: 18042: 18039: 18035: 18031: 18027: 18023: 18019: 18016: 18012: 18009: 18005: 18002: 17998: 17994: 17990: 17989: 17987: 17983: 17979: 17972: 17968: 17965: 17961: 17960: 17958: 17954: 17950: 17943: 17942:Panic of 1930 17939: 17936: 17932: 17928: 17924: 17920: 17916: 17912: 17908: 17907: 17905: 17901: 17897: 17890: 17886: 17883: 17879: 17875: 17871: 17868: 17867:Panic of 1907 17864: 17861: 17860:Panic of 1901 17857: 17854: 17853:Panic of 1896 17850: 17846: 17842: 17839: 17835: 17832: 17831:Panic of 1893 17828: 17824: 17820: 17816: 17815:Baring crisis 17812: 17808: 17807:Arendal crash 17804: 17801: 17800:Panic of 1884 17797: 17794: 17790: 17787: 17786:Panic of 1873 17783: 17782: 17780: 17776: 17772: 17764: 17760: 17757: 17756:Panic of 1866 17753: 17750: 17749:Panic of 1857 17746: 17743: 17742:Panic of 1847 17739: 17734: 17730: 17727: 17723: 17722: 17719: 17715: 17714: 17712: 17708: 17701: 17700:Panic of 1837 17697: 17694: 17693:Panic of 1825 17690: 17687: 17686:Panic of 1819 17683: 17679: 17675: 17672: 17668: 17665: 17661: 17658: 17657:Panic of 1792 17654: 17651: 17647: 17643: 17639: 17636: 17632: 17628: 17624: 17621: 17617: 17616: 17614: 17610: 17606: 17598: 17594: 17590: 17586: 17582: 17578: 17574: 17573: 17568: 17564: 17560: 17556: 17552: 17548: 17544: 17543: 17541: 17537: 17533: 17525: 17521: 17520: 17518: 17516: 17511: 17504: 17500: 17497: 17496:Social crisis 17493: 17490: 17489:Minsky moment 17486: 17481: 17477: 17474: 17470: 17467: 17463: 17460: 17456: 17455: 17453: 17449: 17446: 17442: 17439: 17435: 17430: 17426: 17425: 17423: 17419: 17416: 17415:Energy crisis 17412: 17409: 17405: 17402: 17398: 17395: 17391: 17388: 17387:Credit crunch 17384: 17381: 17377: 17374: 17370: 17369: 17366: 17362: 17355: 17350: 17348: 17343: 17341: 17336: 17335: 17332: 17320: 17317: 17315: 17312: 17310: 17307: 17305: 17302: 17301: 17299: 17295: 17289: 17286: 17284: 17281: 17279: 17276: 17274: 17271: 17269: 17266: 17264: 17261: 17259: 17256: 17254: 17251: 17249: 17246: 17244: 17241: 17239: 17236: 17234: 17231: 17229: 17226: 17224: 17221: 17219: 17216: 17214: 17211: 17209: 17206: 17204: 17201: 17199: 17196: 17194: 17191: 17189: 17186: 17185: 17183: 17181: 17177: 17171: 17168: 17166: 17163: 17161: 17158: 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15692:Business Wire 15689: 15683: 15675: 15674: 15673:TheStreet.com 15669: 15662: 15660: 15658: 15649: 15645: 15641: 15634: 15632: 15623: 15622: 15617: 15610: 15602: 15601:Business Wire 15598: 15592: 15584: 15580: 15576: 15572: 15568: 15561: 15553: 15552: 15547: 15540: 15532: 15531: 15525: 15517: 15509: 15508: 15502: 15497: 15496:Brooks, David 15491: 15483: 15482: 15476: 15471: 15465: 15457: 15451: 15443: 15442: 15437: 15430: 15422: 15421: 15415: 15407: 15398: 15393: 15389: 15385: 15378: 15370: 15369: 15368:The Economist 15364: 15358: 15350: 15349: 15344: 15337: 15329: 15328: 15323: 15316: 15308: 15307: 15301: 15296: 15290: 15282: 15280:9780231543781 15276: 15272: 15271: 15263: 15255: 15248: 15240: 15236: 15230: 15222: 15221: 15215: 15207: 15191: 15187: 15183: 15177: 15169: 15168: 15163: 15156: 15145: 15139: 15131: 15125: 15121: 15120:Demeter Press 15117: 15113: 15109: 15102: 15098: 15094: 15088: 15080: 15079: 15074: 15070: 15069:Reich, Robert 15064: 15056: 15050: 15046: 15042: 15041: 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14392: 14387: 14380: 14364: 14360: 14356: 14349: 14347: 14338: 14334: 14333: 14328: 14321: 14313: 14312: 14306: 14301: 14295: 14287: 14283: 14279: 14275: 14271: 14267: 14263: 14259: 14255: 14251: 14247: 14240: 14232: 14228: 14224: 14220: 14216: 14212: 14211: 14206: 14199: 14191: 14187: 14181: 14173: 14167: 14163: 14159: 14158:The Big Short 14155: 14149: 14141: 14140: 14134: 14129: 14128:Krugman, Paul 14123: 14115: 14114: 14108: 14100: 14092: 14088: 14084: 14078: 14070: 14069: 14063: 14055: 14047: 14041: 14037: 14033: 14032:Penguin Group 14028: 14027: 14021: 14015: 14007: 14006: 14000: 13993: 13985: 13981: 13974: 13972: 13970: 13961: 13960: 13959:The Economist 13954: 13947: 13945: 13936: 13929: 13921: 13917: 13913: 13909: 13905: 13901: 13897: 13890: 13882: 13881: 13876: 13870: 13862: 13861: 13860:The Economist 13855: 13848: 13840: 13839: 13834: 13827: 13819: 13812: 13808: 13804: 13800: 13794: 13786: 13785: 13780: 13774: 13766: 13762: 13758: 13754: 13747: 13739: 13738: 13733: 13729: 13723: 13715: 13714: 13709: 13703: 13695: 13689: 13685: 13684: 13679: 13678:Krugman, Paul 13673: 13671: 13669: 13667: 13658: 13657: 13651: 13643: 13635: 13634: 13628: 13620: 13612: 13611: 13605: 13600: 13594: 13586: 13579: 13571: 13565: 13561: 13557: 13556: 13548: 13539: 13533: 13529: 13525: 13524: 13516: 13508: 13502: 13498: 13494: 13490: 13483: 13475: 13468: 13462: 13453: 13448: 13444: 13440: 13433: 13425: 13421: 13417: 13413: 13409: 13403: 13399: 13395: 13391: 13390: 13382: 13374: 13373: 13368: 13362: 13354: 13353: 13348: 13344: 13343:Hansen, Chris 13340: 13334: 13326: 13322: 13316: 13308: 13304: 13298: 13290: 13286: 13280: 13272: 13268: 13262: 13254: 13253: 13248: 13241: 13233: 13226: 13220: 13212: 13211: 13205: 13200: 13194: 13186: 13179: 13173: 13165: 13159: 13155: 13151: 13150: 13142: 13134: 13133: 13132:The Economist 13127: 13120: 13112: 13111: 13105: 13098: 13090: 13089: 13084: 13077: 13069: 13068: 13063: 13056: 13048: 13044: 13038: 13030: 13026: 13022: 13016: 13008: 13004: 13000: 12999:Bernanke, Ben 12994: 12986: 12982: 12977: 12972: 12968: 12964: 12960: 12956: 12952: 12945: 12937: 12936: 12930: 12925: 12924:Krugman, Paul 12919: 12911: 12909:9781136632488 12905: 12901: 12897: 12896: 12888: 12880: 12876: 12870: 12862: 12858: 12852: 12844: 12838: 12834: 12830: 12829: 12821: 12813: 12812: 12806: 12801: 12795: 12787: 12786: 12781: 12774: 12766: 12762: 12755: 12747: 12746: 12741: 12734: 12726: 12725: 12720: 12713: 12705: 12704:The Economist 12700: 12693: 12685: 12683:9788120342378 12679: 12675: 12674: 12666: 12658: 12657: 12652: 12645: 12637: 12636: 12631: 12624: 12616: 12615: 12614:The Economist 12610: 12604: 12596: 12592: 12585: 12577: 12573: 12566: 12558: 12554: 12550: 12549: 12541: 12533: 12529: 12525: 12519: 12511: 12510: 12505: 12501: 12500:Krugman, Paul 12495: 12487: 12485:9780875869445 12481: 12477: 12476: 12468: 12460: 12459: 12454: 12448: 12440: 12439: 12433: 12425: 12418: 12414: 12401: 12400: 12395: 12388: 12386: 12384: 12382: 12373: 12371:9780875869445 12367: 12363: 12362: 12354: 12346: 12344:9780875869445 12340: 12336: 12335: 12327: 12319: 12317:9780875869445 12313: 12309: 12308: 12300: 12292: 12288: 12284: 12280: 12273: 12265: 12261: 12257: 12253: 12249: 12245: 12241: 12237: 12233: 12226: 12218: 12211: 12204: 12196: 12192: 12188: 12184: 12180: 12176: 12172: 12168: 12164: 12157: 12155: 12146: 12142: 12135: 12127: 12126: 12121: 12114: 12106: 12099: 12092: 12081: 12078: 12072: 12064: 12058: 12050: 12046: 12040: 12032: 12028: 12022: 12014: 12010: 12006: 12000: 11992: 11988: 11984: 11978: 11970: 11966: 11960: 11952: 11948: 11941: 11933: 11931:9780875869445 11927: 11923: 11922: 11914: 11906: 11905: 11899: 11894: 11888: 11880: 11879: 11873: 11865: 11857: 11851: 11847: 11843: 11842: 11834: 11818: 11814: 11808: 11792: 11786: 11778: 11777: 11771: 11764: 11756: 11750: 11742: 11741: 11736: 11730: 11723:. April 2009. 11722: 11715: 11709: 11707: 11698: 11697: 11691: 11686: 11685:Krugman, Paul 11680: 11672: 11671: 11665: 11658: 11650: 11643: 11635: 11630: 11626: 11622: 11621: 11613: 11605: 11604: 11596: 11589: 11581: 11577: 11571: 11569: 11560: 11559: 11554: 11547: 11541: 11537: 11532: 11531: 11524: 11516: 11515:Common Dreams 11512: 11505: 11497: 11496: 11491: 11484: 11476: 11472: 11466: 11458: 11457: 11449: 11442: 11434: 11428: 11424: 11420: 11419: 11411: 11396: 11392: 11385: 11370: 11366: 11359: 11357: 11341: 11337: 11330: 11328: 11311: 11304: 11289: 11285: 11279: 11263: 11259: 11255: 11248: 11240: 11239: 11234: 11227: 11219: 11218: 11212: 11207: 11201: 11193: 11189: 11183: 11175: 11174: 11169: 11162: 11154: 11153: 11148: 11142: 11134: 11133: 11128: 11121: 11113: 11109: 11104: 11099: 11095: 11091: 11090: 11085: 11078: 11067: 11061: 11053: 11049: 11043: 11035: 11034: 11026: 11020: 11012: 11011: 11005: 11000: 10994: 10986: 10980: 10969: 10963: 10955: 10951: 10947: 10941: 10939: 10923: 10922:Big Economics 10919: 10912: 10901:September 29, 10896: 10890: 10879:September 29, 10874: 10870: 10864: 10853:September 29, 10849: 10845: 10841: 10837: 10830: 10822: 10818: 10812: 10797: 10793: 10786: 10778: 10774: 10768: 10760: 10756: 10752: 10745: 10737: 10736: 10731: 10724: 10716: 10715: 10709: 10704: 10698: 10690: 10686: 10685: 10680: 10673: 10665: 10664: 10659: 10652: 10644: 10643: 10637: 10632: 10626: 10618: 10617: 10612: 10605: 10597: 10596: 10591: 10584: 10576: 10575: 10569: 10564: 10563:Norris, Floyd 10558: 10550: 10549: 10544: 10537: 10529: 10528: 10523: 10516: 10508: 10507: 10506:The Economist 10502: 10496: 10488: 10484: 10477: 10466: 10460: 10452: 10451: 10446: 10439: 10431: 10427: 10421: 10413: 10412: 10406: 10399: 10391: 10387: 10381: 10373: 10369: 10363: 10355: 10348: 10342: 10334: 10333: 10328: 10324: 10320: 10314: 10306: 10305: 10300: 10293: 10285: 10279: 10271: 10264: 10258: 10250: 10249: 10244: 10240: 10236: 10230: 10222: 10218: 10212: 10204: 10200: 10194: 10186: 10185: 10180: 10176: 10175:Hulbert, Mark 10170: 10159: 10153: 10145: 10144: 10139: 10133: 10117: 10113: 10109: 10103: 10095: 10094: 10089: 10082: 10074: 10073: 10068: 10061: 10053: 10051:9781351277389 10047: 10043: 10039: 10038: 10030: 10022: 10021: 10016: 10009: 10001: 10000: 9994: 9989: 9988:Norris, Floyd 9983: 9975: 9974: 9969: 9962: 9954: 9953: 9948: 9941: 9933: 9932: 9927: 9920: 9905: 9901: 9894: 9886: 9885: 9880: 9873: 9865: 9864: 9859: 9852: 9844: 9843: 9837: 9830: 9815: 9809: 9794: 9790: 9783: 9775: 9771: 9767: 9763: 9759: 9755: 9751: 9747: 9740: 9732: 9731: 9726: 9719: 9711: 9710: 9705: 9698: 9683: 9679: 9673: 9665: 9664: 9659: 9652: 9644: 9640: 9634: 9626: 9625: 9620: 9614: 9606: 9605: 9600: 9593: 9585: 9584: 9579: 9572: 9564: 9560: 9559: 9554: 9547: 9539: 9538: 9533: 9527: 9519: 9518: 9512: 9507: 9501: 9493: 9492: 9486: 9481: 9480:Landler, Mark 9475: 9467: 9466: 9461: 9454: 9446: 9445: 9440: 9433: 9425: 9424: 9419: 9412: 9404: 9400: 9394: 9386: 9385: 9380: 9373: 9365: 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April 1947. 6629: 6625: 6619: 6611: 6610: 6605: 6601: 6595: 6593: 6591: 6589: 6580: 6579: 6574: 6567: 6559: 6558: 6552: 6544: 6536: 6535: 6530: 6523: 6521: 6519: 6517: 6515: 6507:. April 2009. 6503: 6497: 6489: 6488: 6482: 6477: 6476:Norris, Floyd 6471: 6463: 6459: 6458: 6452: 6444: 6436: 6435: 6430: 6424: 6416: 6415: 6409: 6401: 6393: 6392: 6386: 6381: 6375: 6367: 6366: 6360: 6355: 6349: 6341: 6340: 6335: 6329: 6327: 6318: 6317: 6316:Seeking Alpha 6312: 6306: 6304: 6295: 6288: 6284: 6278: 6276: 6267: 6266: 6261: 6254: 6252: 6236: 6232: 6228: 6227: 6222: 6215: 6200: 6196: 6190: 6182: 6181: 6180:The Economist 6175: 6168: 6160: 6156: 6152: 6148: 6143: 6138: 6134: 6130: 6126: 6122: 6121: 6113: 6106: 6098: 6097: 6092: 6085: 6077: 6073: 6066: 6058: 6057:Business Wire 6054: 6048: 6040: 6039: 6034: 6027: 6021: 6018: 6014: 6008: 6000: 5999: 5994: 5988: 5973: 5969: 5962: 5954: 5948: 5940: 5936: 5932: 5928: 5924: 5920: 5916: 5909: 5894: 5890: 5883: 5875: 5871: 5866: 5861: 5857: 5853: 5849: 5845: 5841: 5837: 5833: 5826: 5811: 5807: 5801: 5793: 5789: 5785: 5781: 5777: 5773: 5766: 5759: 5757: 5741: 5737: 5730: 5715:. May 6, 2009 5714: 5710: 5704: 5689: 5685: 5681: 5679:9781108865715 5675: 5671: 5667: 5663: 5662: 5654: 5639: 5635: 5628: 5612: 5608: 5602: 5587: 5583: 5577: 5569: 5565: 5561: 5557: 5552: 5547: 5544:(1): 81–106. 5543: 5539: 5535: 5528: 5513: 5509: 5503: 5495: 5489: 5485: 5481: 5480: 5472: 5464: 5463: 5458: 5452: 5450: 5448: 5439: 5433: 5429: 5425: 5424: 5416: 5401: 5397: 5391: 5387: 5376: 5375: 5371: 5369: 5366: 5364: 5361: 5359: 5356: 5354: 5351: 5349: 5346: 5344: 5343:Neoliberalism 5341: 5339: 5336: 5334: 5331: 5329: 5326: 5324: 5321: 5319: 5316: 5314: 5311: 5309: 5306: 5304: 5301: 5299: 5296: 5294: 5291: 5289: 5286: 5284: 5283:Crisis theory 5281: 5279: 5276: 5274: 5271: 5269: 5266: 5264: 5261: 5260: 5256: 5253: 5252: 5240: 5236: 5233: 5229: 5226: 5222: 5219: 5215: 5214: 5212: 5211: 5206: 5203: 5202: 5197: 5193: 5192: 5187: 5184: 5183: 5178: 5176:expectations. 5174: 5173: 5168: 5165: 5161: 5157: 5156: 5155:The Big Short 5151: 5150:Michael Lewis 5148: 5145: 5141: 5137: 5133: 5129: 5128: 5123: 5120: 5116: 5112: 5109:and features 5108: 5107:Johan Norberg 5104: 5100: 5096: 5093: 5089: 5085: 5081: 5080: 5076: 5073: 5069: 5065: 5061: 5057: 5056: 5051: 5047: 5046: 5040: 5038: 5034: 5030: 5026: 5022: 5018: 5014: 5010: 5009:Merrill Lynch 5006: 5002: 4998: 4994: 4989: 4987: 4982: 4979: 4977: 4973: 4968: 4962: 4959: 4955: 4954: 4953: 4950: 4947: 4943: 4939: 4934: 4931: 4925: 4921: 4917: 4915: 4911: 4906: 4904: 4900: 4896: 4891: 4889: 4884: 4882: 4878: 4872: 4870: 4866: 4862: 4858: 4853: 4850: 4845: 4842: 4839: 4835: 4834:Angelo Mozilo 4831: 4830:David S. Loeb 4826: 4824: 4820: 4816: 4815:United States 4812: 4808: 4807:mortgage loan 4804: 4800: 4796: 4792: 4782: 4779: 4775: 4774: 4768: 4766: 4762: 4761: 4756: 4752: 4751: 4744: 4742: 4741: 4736: 4732: 4731: 4726: 4721: 4719: 4715: 4711: 4707: 4703: 4698: 4695: 4693: 4688: 4685: 4680: 4678: 4674: 4670: 4666: 4662: 4658: 4655:(Australia), 4654: 4650: 4646: 4642: 4641:Fred Harrison 4638: 4634: 4630: 4626: 4621: 4619: 4615: 4605: 4603: 4602:credit unions 4598: 4594: 4584: 4581: 4577: 4572: 4569: 4565: 4563: 4559: 4555: 4551: 4550: 4541: 4538: 4535: 4532: 4528: 4527: 4526: 4524: 4523: 4518: 4517:James Burnham 4514: 4513:John C. Bogle 4510: 4505: 4502: 4498: 4494: 4493:Andrew Kliman 4490: 4486: 4484: 4480: 4479: 4474: 4470: 4467: 4463: 4459: 4458: 4452: 4450: 4446: 4445:John McMurtry 4436: 4432: 4430: 4420: 4416: 4413: 4409: 4405: 4397: 4388: 4379: 4370: 4361: 4351: 4343: 4338: 4328: 4325: 4319: 4316: 4312: 4307: 4305: 4301: 4297: 4293: 4289: 4285: 4279: 4274: 4272: 4268: 4264: 4260: 4256: 4253: 4248: 4246: 4242: 4233: 4224: 4222: 4218: 4212: 4210: 4206: 4202: 4198: 4193: 4190: 4186: 4180: 4178: 4173: 4167: 4165: 4158: 4155: 4149: 4147: 4142: 4140: 4136: 4132: 4130: 4124: 4117: 4113: 4108: 4099: 4097: 4096: 4091: 4087: 4085: 4075: 4071: 4068: 4067:synthetic CDO 4062: 4060: 4056: 4052: 4048: 4043: 4034: 4024: 4019: 4017: 4013: 4008: 4005: 4001: 3995: 3992: 3990: 3986: 3981: 3979: 3975: 3974:Goldman Sachs 3971: 3970:Merrill Lynch 3967: 3963: 3960: 3955: 3951: 3946: 3941: 3939: 3934: 3930: 3928: 3927:overleveraged 3923: 3916: 3912: 3904: 3895: 3888: 3884: 3880: 3876: 3872: 3868: 3864: 3860: 3857: 3853: 3852:Enron scandal 3848: 3844: 3840: 3836: 3832: 3829: 3825: 3821: 3818: 3814: 3811:In 2004, the 3810: 3806: 3802: 3798: 3795: 3791: 3787: 3783: 3782:Ronald Reagan 3779: 3776: 3772: 3768: 3764: 3763:credit unions 3760: 3756: 3753: 3752: 3751: 3746: 3736: 3734: 3730: 3725: 3723: 3719: 3714: 3711: 3707: 3702: 3700: 3691: 3689: 3685: 3681: 3676: 3674: 3670: 3665: 3661: 3657: 3653: 3650: 3649:whistleblower 3646: 3642: 3631: 3629: 3624: 3622: 3617: 3613: 3609: 3604: 3602: 3598: 3592: 3590: 3586: 3582: 3579: 3573: 3571: 3567: 3558: 3554: 3552: 3548: 3544: 3540: 3536: 3526: 3524: 3519: 3514: 3511: 3506: 3502: 3500: 3495: 3493: 3489: 3485: 3481: 3476: 3472: 3471:Peabody Award 3467: 3465: 3461: 3451: 3446: 3435: 3431: 3428: 3424: 3418: 3416: 3410: 3407: 3402: 3398: 3396: 3392: 3387: 3386:Michael Lewis 3383: 3378: 3374: 3372: 3368: 3363: 3361: 3357: 3353: 3348: 3346: 3342: 3339: 3336: 3331: 3328: 3324: 3320: 3310: 3308: 3303: 3301: 3296: 3292: 3287: 3285: 3282:conservative 3279: 3277: 3271: 3262: 3249: 3245: 3242: 3239: 3235: 3230: 3227: 3223: 3219: 3215: 3211: 3207: 3203: 3199: 3195: 3191: 3187: 3184: 3181: 3178: 3177:mortgage loan 3174: 3170: 3167: 3164: 3160: 3156: 3152: 3148: 3145: 3141: 3138: 3134: 3130: 3126: 3123: 3119: 3116: 3112: 3109: 3105: 3101: 3098: 3094: 3090: 3086: 3082: 3077: 3074: 3071:, especially 3070: 3066: 3062: 3059: 3056: 3053: 3050: 3047: 3043: 3039: 3035: 3032: 3028: 3024: 3023: 3021: 3017: 3016: 3015: 3013: 3009: 3005: 3001: 2994: 2986: 2985:CPI inflation 2953: 2944: 2935: 2931: 2927: 2923: 2919: 2914: 2909: 2905: 2901: 2897: 2893: 2889: 2879: 2877: 2873: 2864: 2860: 2858: 2854: 2849: 2845: 2843: 2839: 2835: 2831: 2822: 2809: 2803: 2793: 2791: 2778: 2768: 2766: 2753: 2743: 2741: 2728: 2718: 2705: 2695: 2693: 2680: 2670: 2668: 2655: 2645: 2632: 2622: 2607: 2597: 2595: 2582: 2572: 2570: 2557: 2547: 2534: 2524: 2522: 2509: 2499: 2497: 2484: 2474: 2461: 2451: 2438: 2428: 2426: 2413: 2403: 2401: 2388: 2378: 2365: 2355: 2342: 2332: 2330: 2317: 2307: 2305: 2292: 2282: 2276: 2270: 2266: 2263:August 2023: 2262: 2259: 2255: 2251: 2247: 2244: 2240: 2236: 2233: 2229: 2225: 2222: 2218: 2214: 2211: 2208: 2205: 2201: 2197: 2194: 2190: 2186: 2182: 2179: 2176: 2171: 2167: 2166: 2157: 2153: 2149: 2146: 2142: 2138: 2137:Johan Norberg 2134: 2129: 2125: 2122: 2118: 2115: 2111: 2108: 2104: 2101: 2098: 2095: 2091: 2087: 2083: 2079: 2078: 2069: 2065: 2061: 2058: 2054: 2050: 2049:executive pay 2046: 2042: 2038: 2035: 2033: 2026: 2022: 2018: 2015: 2011: 2008: 2004: 2001: 1998: 1997: 1992: 1989: 1985: 1981: 1978: 1975: 1974:Bernie Madoff 1971: 1967: 1963: 1959: 1956: 1953: 1950: 1946: 1943: 1939: 1935: 1932: 1928: 1925: 1921: 1918: 1914: 1911: 1910: 1906: 1902: 1897: 1885: 1881: 1877: 1873: 1870: 1867: 1863: 1860: 1857: 1855: 1847: 1843: 1840: 1836: 1833: 1829: 1825: 1822: 1818: 1814: 1811: 1807: 1803: 1802: 1798: 1794: 1789: 1778: 1774: 1770: 1766: 1762: 1758: 1754: 1750: 1749:British pound 1746: 1742: 1738: 1733: 1730: 1729:Credit Suisse 1726: 1722: 1719: 1715: 1711: 1707: 1703: 1700: 1696: 1693: 1689: 1688: 1684: 1679: 1672: 1668: 1664: 1661: 1657: 1653: 1650: 1646: 1643: 1639: 1638: 1628: 1624: 1621: 1617: 1613: 1609: 1606: 1602: 1598: 1594: 1591: 1590:Goldman Sachs 1587: 1583: 1580: 1576: 1572: 1569: 1565: 1561: 1557: 1556:Goldman Sachs 1553: 1550: 1547: 1543: 1539: 1536: 1532: 1529: 1525: 1524:Henry Paulson 1522: 1518: 1515: 1511: 1506: 1502: 1498: 1494: 1490: 1487: 1483: 1479: 1475: 1471: 1467: 1464: 1460: 1456: 1452: 1451:Merrill Lynch 1448: 1444: 1441: 1437: 1436: 1427: 1424: 1420: 1417: 1413: 1410: 1406: 1402: 1397: 1393: 1392: 1383: 1379: 1375: 1371: 1367: 1364: 1359: 1355: 1351: 1348: 1344: 1340: 1337: 1333: 1330: 1326: 1323: 1319: 1316: 1313: 1309: 1305: 1301: 1297: 1294: 1290: 1286: 1283: 1279: 1275: 1274: 1265: 1262: 1258: 1255: 1251: 1247: 1244: 1240: 1236: 1233: 1230: 1227: 1223: 1219: 1215: 1211: 1207: 1204: 1201: 1197: 1193: 1190: 1186: 1182: 1179: 1175: 1171: 1167: 1166:Northern Rock 1163: 1162: 1158: 1154: 1153:Northern Rock 1149: 1137: 1134: 1130: 1126: 1122: 1119: 1115: 1112: 1108: 1105: 1101: 1097: 1094: 1090: 1087: 1083: 1079: 1075: 1072: 1068: 1064: 1060: 1056: 1052: 1048: 1045: 1041: 1037: 1033: 1032:durable goods 1029: 1028: 1019: 1015: 1012: 1008: 1005: 1001: 998: 994: 993:mortgage loan 990: 987: 986:Deutsche Bank 983: 979: 978:Michael Burry 975: 974: 969: 960: 956: 952: 948: 944: 940: 936: 932: 928: 924: 914: 906: 902: 899: 897: 893: 892:Goldman Sachs 888: 887:Credit Suisse 884: 880: 876: 871: 869: 865: 861: 856: 853: 849: 844: 842: 838: 835:, the U.K.'s 834: 830: 825: 823: 819: 815: 811: 807: 803: 799: 795: 791: 790:fiscal policy 787: 783: 779: 775: 771: 767: 762: 760: 756: 751: 750:de-leveraging 747: 741: 739: 735: 731: 730:bank failures 727: 723: 718: 716: 712: 708: 704: 700: 696: 691: 687: 683: 679: 675: 671: 662: 655: 650: 641: 639: 635: 632:In 2010, the 630: 628: 624: 620: 616: 612: 608: 604: 601:to prevent a 600: 596: 591: 590:by surprise. 589: 585: 581: 576: 574: 570: 566: 562: 558: 554: 550: 545: 543: 539: 535: 531: 527: 523: 519: 517: 513: 512:perfect storm 509: 505: 501: 497: 493: 489: 485: 481: 477: 473: 461: 456: 454: 449: 447: 442: 441: 439: 438: 435: 432: 431: 423: 420: 418: 415: 413: 410: 406: 405:United States 403: 401: 400:South America 398: 397: 396: 393: 391: 388: 387: 380: 379: 371: 368: 366: 363: 361: 358: 356: 353: 351: 348: 346: 343: 341: 338: 336: 333: 331: 328: 327: 323: 318: 317: 309: 306: 304: 301: 299: 296: 294: 291: 289: 286: 284: 281: 279: 276: 274: 271: 269: 266: 264: 261: 259: 256: 254: 251: 249: 246: 244: 241: 239: 236: 234: 231: 230: 223: 222: 213: 210: 207: 204: 201: 198: 195: 192: 189: 186: 185: 181: 176: 175: 167: 164: 162: 159: 157: 154: 152: 149: 148: 144: 139: 138: 130: 127: 125: 122: 120: 117: 115: 112: 110: 107: 105: 102: 100: 97: 95: 92: 91: 87:Major aspects 84: 83: 80: 77: 76: 72: 71: 68: 62: 58: 53: 46: 42: 38: 34: 31:purchased by 30: 26: 21: 21066:Midway Atoll 21061:Kingman Reef 21041:Baker Island 21020:Puerto Rico 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Gore 19887: 19825:War on drugs 19699:Mid Cold War 19551:Pearl Harbor 19546:World War II 19366:Ku Klux Klan 18963:Dummer's War 18902: 18895: 18889:Pre-Colonial 18389:October 2008 18374: 18271:Samba effect 18127:(1987–2000s) 18022:Steel crisis 17845:Black Monday 17823:Encilhamento 17763:Black Friday 17570: 17526:(235–284 CE) 17394:Credit cycle 17154: 17125: / 17036: 16432: 16420: 16406: 16396: 16386: 16385: 16333:Final Report 16326: 16325: 16298: 16281:Viking Press 16279:. New York: 16275: 16263: 16244: 16230:Nation Books 16225: 16208: 16199: 16177: 16155: 16143: 16133: 16125:The Guardian 16124: 16115: 16097: 16086: 16074: 16063: 16051: 16033: 16022: 16010: 15988: 15970: 15949: 15938: 15927: 15916: 15907: 15890: 15879: 15869: 15858: 15843: 15810:February 24, 15808:. 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Retrieved 5399: 5390: 5372: 5208: 5199: 5194:is based on 5189: 5180: 5170: 5153: 5130:directed by 5125: 5102: 5098: 5094:for 10 weeks 5077: 5067: 5053: 5050:Peter Schiff 4997:Bear Stearns 4990: 4983: 4980: 4969: 4966: 4951: 4935: 4926: 4922: 4918: 4907: 4892: 4885: 4873: 4854: 4846: 4827: 4811:bank failure 4788: 4771: 4769: 4764: 4760:The Guardian 4758: 4748: 4745: 4738: 4735:David Brooks 4728: 4722: 4699: 4696: 4689: 4681: 4673:Peter Schiff 4649:Eric Janszen 4637:Wynne Godley 4629:Dirk Bezemer 4622: 4611: 4590: 4573: 4568:Robert Reich 4566: 4547: 4546:In his book 4545: 4520: 4508: 4506: 4496: 4487: 4476: 4471: 4455: 4453: 4442: 4433: 4426: 4417: 4401: 4320: 4308: 4284:Paul Krugman 4281: 4276: 4249: 4238: 4216: 4213: 4194: 4189:George Soros 4182: 4169: 4163: 4160: 4151: 4143: 4133: 4125: 4121: 4093: 4088: 4080: 4063: 4039: 4021: 4016:Janet Yellen 4009: 4004:Hyman Minsky 3996: 3993: 3982: 3966:Bear Stearns 3949: 3942: 3935: 3931: 3924: 3920: 3892: 3815:relaxed the 3755:Jimmy Carter 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