2832:
4989:, IndyMac Federal Bank, FSB, was established to assume control of IndyMac Bank's assets, its secured liabilities, and its insured deposit accounts. The FDIC announced plans to open IndyMac Federal Bank, FSB on July 14, 2008. Until then, depositors would have access to their insured deposits through ATMs, their existing checks, and their existing debit cards. Telephone and Internet account access was restored when the bank reopened. The FDIC guarantees the funds of all insured accounts up to US$ 100,000, and declared a special advance dividend to the roughly 10,000 depositors with funds in excess of the insured amount, guaranteeing 50% of any amounts in excess of $ 100,000. Yet, even with the pending sale of Indymac to IMB Management Holdings, an estimated 10,000 uninsured depositors of Indymac are still at a loss of over $ 270 million.
3461:
1799:
1867:. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007 ... While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $ 6 trillion in housing wealth and an even larger amount of stock wealth.
3384:(CRA)-covered lenders into low and mid-level income (LMI) borrowers and neighborhoods, representing 10% of all U.S. mortgage lending during the period. The majority of these were prime loans. Sub-prime loans made by CRA-covered institutions constituted a 3% market share of LMI loans in 1998, but in the run-up to the crisis, fully 25% of all subprime lending occurred at CRA-covered institutions and another 25% of subprime loans had some connection with CRA. However, most sub-prime loans were not made to the LMI borrowers targeted by the CRA, especially in the years 2005–2006 leading up to the crisis, nor did it find any evidence that lending under the CRA rules increased delinquency rates or that the CRA indirectly influenced independent mortgage lenders to ramp up sub-prime lending.
4222:. There is, therefore, an incentive for asset managers to expand their assets under management in order to maximize their compensation. As the glut in global investment capital caused the yields on credit assets to decline, asset managers were faced with the choice of either investing in assets where returns did not reflect true credit risk or returning funds to clients. Many asset managers continued to invest client funds in over-priced (under-yielding) investments, to the detriment of their clients, so they could maintain their assets under management. They supported this choice with a "plausible deniability" of the risks associated with subprime-based credit assets because the loss experience with early "vintages" of subprime loans was so low.
2041:... the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable
4034:
more than a year. A process of balance sheet deleveraging has spread to nearly every corner of the economy. Consumers are pulling back on purchases, especially on durable goods, to build their savings. Businesses are cancelling planned investments and laying off workers to preserve cash. And financial institutions are shrinking assets to bolster capital and improve their chances of weathering the current storm. Once again, Minsky understood this dynamic. He spoke of the paradox of deleveraging, in which precautions that may be smart for individuals and firms—and indeed essential to return the economy to a normal state—nevertheless magnify the distress of the economy as a whole.
3922:
4916:(MBS) bonds—including $ 160 million (~$ 222 million in 2023) issued by IndyMac that the bank retained in its MBS portfolio. IndyMac concluded that these downgrades would have harmed its risk-based capital ratio as of June 30, 2008. Had these lowered ratings been in effect on March 31, 2008, IndyMac concluded that the bank's capital ratio would have been 9.27% total risk-based. IndyMac warned that if its regulators found its capital position to have fallen below "well capitalized" (minimum 10% risk-based capital ratio) to "adequately capitalized" (8–10% risk-based capital ratio) the bank might no longer be able to use brokered deposits as a source of funds.
4731:, Rajan delivered a controversial paper that was critical of the financial sector. In that paper, Rajan "argued that disaster might loom". Rajan argued that financial sector managers were encouraged to "take risks that generate severe adverse consequences with small probability but, in return, offer generous compensation the rest of the time. These risks are known as tail risks. But perhaps the most important concern is whether banks will be able to provide liquidity to financial markets so that if the tail risk does materialize, financial positions can be unwound and losses allocated so that the consequences to the real economy are minimized."
3272:
751:. Several businesses failed. From its peak in the second quarter of 2007 at $ 61.4 trillion, household wealth in the United States fell $ 11 trillion, to $ 50.4 trillion by the end of the first quarter of 2009, resulting in a decline in consumption, then a decline in business investment. In the fourth quarter of 2008, the quarter-over-quarter decline in real GDP in the U.S. was 8.4%. The U.S. unemployment rate peaked at 11.0% in October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964.
4085:
31:
3568:
3914:
2310:
63:
4152:. The basic CDS transaction involved AIG receiving a premium in exchange for a promise to pay money to party A in the event party B defaulted. However, AIG did not have the financial strength to support its many CDS commitments as the crisis progressed and was taken over by the government in September 2008. U.S. taxpayers provided over $ 180 billion in government loans and investments in AIG during 2008 and early 2009, through which the money flowed to various counterparties to CDS transactions, including many large global financial institutions.
3297:(GSEs) policed mortgage originators and maintained relatively high underwriting standards prior to 2003. However, as market power shifted from securitizers to originators, and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated. The riskiest loans were originated in 2004–2007, the years of the most intense competition between securitizers and the lowest market share for the GSEs. The GSEs eventually relaxed their standards to try to catch up with the private banks.
4093:
investors, insurances and providers of repo funding). With increasing distance from the underlying asset these actors relied more and more on indirect information (including FICO scores on creditworthiness, appraisals and due diligence checks by third party organizations, and most importantly the computer models of rating agencies and risk management desks). Instead of spreading risk this provided the ground for fraudulent acts, misjudgments and finally market collapse. Economists have studied the crisis as an instance of
2722:
4243:
3388:
initiated by the
Federal Reserve after the terrorist attack on September 11, 2001. Both causes had to be in place before the crisis could take place. Critics also point out that publicly announced CRA loan commitments were massive, totaling $ 4.5 trillion in the years between 1994 and 2007. They also argue that the Federal Reserve's classification of CRA loans as "prime" is based on the faulty and self-serving assumption that high-interest-rate loans (3 percentage points over average) equal "subprime" loans.
4927:(FDIC) whether it had considered ordering IndyMac to reduce its reliance on these deposits. With $ 18.9 billion in total deposits reported on March 31, Senator Schumer would have been referring to a little over $ 7 billion in brokered deposits. While the breakout of maturities of these deposits is not known exactly, a simple averaging would have put the threat of brokered deposits loss to IndyMac at $ 500 million a month, had the regulator disallowed IndyMac from acquiring new brokered deposits on June 30.
4118:
979:
4044:
2625:
2796:
2359:
660:
3135:(CRA), a 1977 U.S. federal law designed to help low- and moderate-income Americans get mortgage loans required banks to grant mortgages to higher risk families. Granted, in 2009, Federal Reserve economists found that, "only a small portion of subprime mortgage originations to the CRA", and that "CRA-related loans appear to perform comparably to other types of subprime loans". These findings "run counter to the contention that the CRA contributed in any substantive way to the ."
4353:
1689:
3373:(OFHEO) that had uncovered accounting discrepancies within the two entities. The hearings never resulted in new legislation or formal investigation of Fannie Mae and Freddie Mac, as many of the committee members refused to accept the report and instead rebuked OFHEO for their attempt at regulation. Some, such as Wallison, believe this was an early warning to the systemic risk that the growing market in subprime mortgages posed to the U.S. financial system that went unheeded.
4289:
Assets held in hedge funds grew to roughly $ 1.8 trillion. The combined balance sheets of the five largest investment banks totaled $ 4 trillion. In comparison, the total assets of the top five bank holding companies in the United States at that point were just over $ 6 trillion, and total assets of the entire banking system were about $ 10 trillion. The combined effect of these factors was a financial system vulnerable to self-reinforcing asset price and credit cycles.
2874:
2600:
819:" to the "lender of only resort" for a significant portion of the economy. In some cases the Fed was considered the "buyer of last resort". During the fourth quarter of 2008, these central banks purchased US$ 2.5 (~$ 3.47 trillion in 2023) trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action in world history. Following a model initiated by the
21210:
2551:
916:
21150:
21114:
4134:
overvaluation of mortgage and asset-backed products and their derivatives by originators, securitizers, broker-dealers, rating-agencies, insurance underwriters and the vast majority of investors (with the exception of certain hedge funds). While financial derivatives and structured products helped partition and shift risk between financial participants, it was the underestimation of falling housing prices and the resultant losses that led to aggregate risk.
4361:
2851:. In this case, the major problem among the market is the lack of free cash reserves and flows to secure the loans. The Federal Reserve took a number of steps to deal with worries about liquidity in the financial markets. One of these steps was a credit line for major traders, who act as the Fed's partners in open market activities. Also, loan programs were set up to make the money market mutual funds and commercial paper market more flexible. Also, the
672:
2406:
1907:
1159:
21160:
4744:, spent years warning against the breakdown of the banking system in particular and the economy in general owing to their use of and reliance on bad risk models and reliance on forecasting, and framed the problem as part of "robustness and fragility". He also took action against the establishment view by making a big financial bet on banking stocks and making a fortune from the crisis ("They didn't listen, so I took their money"). According to
2771:
21198:
2673:
2924:
2431:
2575:
2382:
2698:
2478:
21186:
2746:
4792:
policies; and institutional and geographic features. Despite the fact that we use a wide number of possible causes in a flexible statistical framework, we are unable to link most of the commonly cited causes of the crisis to its incidence across countries. This negative finding in the cross-section makes us skeptical of the accuracy of 'early warning' systems of potential crises, which must also predict their timing."
2527:
2649:
2502:
3693:, officers of Clayton Holdings, the largest residential loan due diligence and securitization surveillance company in the United States and Europe, testified that Clayton's review of over 900,000 mortgages issued from January 2006 to June 2007 revealed that scarcely 54% of the loans met their originators' underwriting standards. The analysis (conducted on behalf of 23 investment and commercial banks, including 7 "
2455:
2335:
4109:, wrote in June 2009 that certain financial innovations enabled firms to circumvent regulations, such as off-balance sheet financing that affects the leverage or capital cushion reported by major banks, stating: "an enormous part of what banks did in the early part of this decade—the off-balance-sheet vehicles, the derivatives and the 'shadow banking system' itself—was to find a way round regulation."
2885:, which added more than $ 4 trillion to the financial system and got banks to start lending again, both to each other and to people. Many homeowners who were trying to keep their homes from going into default got housing credits. A package of policies was passed that let borrowers refinance their loans even though the value of their homes was less than what they still owed on their
4515:
was potential for greater return on investment. The speculative frenzy of the late 1990s and 2000s was, in this view, a consequence of a rising organic composition of capital, expressed through the fall in the rate of profit. According to
Michael Roberts, the fall in the rate of profit "eventually triggered the credit crunch of 2007 when credit could no longer support profits".
3358:(HUD) in the 1990s and to massive risky loan purchases by government-sponsored entities Fannie Mae and Freddie Mac. Based upon information in the SEC's December 2011 securities fraud case against six former executives of Fannie and Freddie, Peter Wallison and Edward Pinto estimated that, in 2008, Fannie and Freddie held 13 million substandard loans totaling over $ 2 trillion.
3564:. As early as 2002, it was apparent that credit was fueling housing instead of business investment as some economists went so far as to advocate that the Fed "needs to create a housing bubble to replace the Nasdaq bubble". Moreover, empirical studies using data from advanced countries show that excessive credit growth contributed greatly to the severity of the crisis.
1629:. In response, the DJIA dropped 777.68 points, or 6.98%, then the largest point drop in history. The S&P 500 Index fell 8.8% and the Nasdaq Composite fell 9.1%. Several stock market indices worldwide fell 10%. Gold prices soared to $ 900/ounce. The Federal Reserve doubled its credit swaps with foreign central banks as they all needed to provide liquidity.
3892:(CDS) can be used to hedge or speculate against particular credit risks without necessarily owning the underlying debt instruments. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$ 33 to $ 47 trillion. Total over-the-counter (OTC) derivative
3641:(ARM) rates, making ARM interest rate resets more expensive for homeowners. This may have also contributed to the deflating of the housing bubble, as asset prices generally move inversely to interest rates, and it became riskier to speculate in housing. U.S. housing and financial assets dramatically declined in value after the housing bubble burst.
4426:– nearly 100 percent in just a matter of months and on the face of recessionary shocks – was the result of a speculative response to the financial crisis itself, in an attempt to rebuild asset supply. That is, the global economy was subject to one shock with multiple implications rather than to two separate shocks (financial and oil)."
4234:, summarizes a 2006 conference held by Merrill Lynch in London where several practitioners attempted to propose models rectifying some of the copula limitations. See also the article by Donnelly and Embrechts and the book by Brigo, Pallavicini and Torresetti, that reports relevant warnings and research on CDOs appeared in 2006.
4631:'s online business journal examined why economists failed to predict a major global financial crisis and concluded that economists used mathematical models that failed to account for the critical roles that banks and other financial institutions, as opposed to producers and consumers of goods and services, play in the economy.
4442:, the demand for safe assets following the Asian Financial Crisis coupled with the lack of circulating treasuries created an unmet demand for "risk free" assets. Thus, institutional investors like sovereign wealth funds and pension funds began purchasing synthetic safe assets like Triple-A Mortgage Backed Securities.
2859:
2008, the
Federal Reserve was granted the power to provide banks with interest payments on their surplus reserves. This created a motivation for banks to retain their reserves instead of disbursing them, so reducing the need for the Federal Reserve to hedge its increased lending by decreases in alternative assets.
4138:
into the system. Banks estimated that $ 450 billion of CDO were sold between "late 2005 to the middle of 2007"; among the $ 102 billion of those that had been liquidated, JPMorgan estimated that the average recovery rate for "high quality" CDOs was approximately 32 cents on the dollar, while the recovery rate for
924:
whose value can fluctuate. The
Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63% of all Americans declined in that period and 77% of the richest families had a decrease in total wealth, while only 50% of those on the bottom of the pyramid suffered a decrease.
4168:
AIG's failure was possible because of the sweeping deregulation of over-the-counter (OTC) derivatives, including credit default swaps, which effectively eliminated federal and state regulation of these products, including capital and margin requirements that would have lessened the likelihood of AIG's failure.
3512:, from the mortgage broker selling the loans to small banks that funded the brokers and the large investment banks behind them. By approximately 2003, the supply of mortgages originated at traditional lending standards had been exhausted, and continued strong demand began to drive down lending standards.
4284:, meaning that they borrowed short-term in liquid markets to purchase long-term, illiquid and risky assets. This meant that disruptions in credit markets would force them to engage in rapid deleveraging, selling their long-term assets at depressed prices. He described the significance of these entities:
4575:, "played a pivotal role" in the financial crisis. Roeder suggested that "recent technological advances, such as computer-driven trading programs, together with the increasingly interconnected nature of markets, has magnified the momentum effect. This has made the financial sector inherently unstable."
3650:
assets were de-emphasized. Loans at first required full documentation, then low documentation, then no documentation. One subprime mortgage product that gained wide acceptance was the no income, no job, no asset verification required (NINJA) mortgage. Informally, these loans were aptly referred to as "
4429:
Long-only commodity index funds became popular – by one estimate investment increased from $ 90 billion in 2006 to $ 200 billion at the end of 2007, while commodity prices increased 71% – which raised concern as to whether these index funds caused the commodity bubble. The empirical research has been
4337:
in June 2009, the traditional banking system did not have the capital to close this gap: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume" and some forms of securitization are "likely to vanish forever, having been an artifact
4172:
The limitations of a widely used financial model also were not properly understood. This formula assumed that the price of CDS was correlated with and could predict the correct price of mortgage-backed securities. Because it was highly tractable, it rapidly came to be used by a huge percentage of CDO
3515:
The collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages or other debt obligations
3211:
be valued according to their current market value rather than their historic cost or some future expected value. When the market for such securities became volatile and collapsed, the resulting loss of value had a major financial effect upon the institutions holding them even if they had no immediate
4862:
loans on a large scale. This strategy resulted in rapid growth and a high concentration of risky assets. From its inception as a savings association in 2000, IndyMac grew to the seventh largest savings and loan and ninth largest originator of mortgage loans in the United States. During 2006, IndyMac
4610:
institutions were less likely to fail than their competitors during the crisis. The cooperative banking sector had 20% market share of the
European banking sector, but accounted for only 7% of all the write-downs and losses between the third quarter of 2007 and first quarter of 2011. In 2008, in the
4514:
to fall as the underlying cause of crises generally. From this point of view, the problem was the inability of capital to grow or accumulate at sufficient rates through productive investment alone. Low rates of profit in productive sectors led to speculative investment in riskier assets, where there
4425:
argued that the financial crisis was attributable to "global asset scarcity, which led to large capital flows toward the United States and to the creation of asset bubbles that eventually burst". Caballero, Farhi, and
Gourinchas argued "that the sharp rise in oil prices following the subprime crisis
4288:
In early 2007, asset-backed commercial paper conduits, in structured investment vehicles, in auction-rate preferred securities, tender option bonds and variable rate demand notes, had a combined asset size of roughly $ 2.2 trillion. Assets financed overnight in tri-party repo grew to $ 2.5 trillion.
4075:
CDO issuance grew from an estimated $ 20 billion in Q1 2004 to its peak of over $ 180 billion by Q1 2007, then declined back under $ 20 billion by Q1 2008. Further, the credit quality of CDO's declined from 2000 to 2007, as the level of subprime and other non-prime mortgage debt increased from 5% to
3932:
Prior to the crisis, financial institutions became highly leveraged, increasing their appetite for risky investments and reducing their resilience in case of losses. Much of this leverage was achieved using complex financial instruments such as off-balance sheet securitization and derivatives, which
3523:
could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2007, lenders began foreclosure proceedings on nearly 1.3 million properties, a 79% increase over 2006. This increased to 2.3 million in 2008, an 81% increase vs. 2007. By August 2008,
3419:
argued in
January 2010 that the simultaneous growth of the residential and commercial real estate pricing bubbles and the global nature of the crisis undermines the case made by those who argue that Fannie Mae, Freddie Mac, CRA, or predatory lending were primary causes of the crisis. In other words,
3308:
led the way to relaxed underwriting standards, starting in 1995, by advocating the use of easy-to-qualify automated underwriting and appraisal systems, by designing no-down-payment products issued by lenders, by the promotion of thousands of small mortgage brokers, and by their close relationship to
2858:
Before the crisis, the
Federal Reserve's stocks of Treasury securities were sold to pay for the increase in credit. This method was meant to keep banks from trying to give out their extra savings, which could cause the federal funds rate to drop below where it was supposed to be. However, in October
4938:
When home prices declined in the latter half of 2007 and the secondary mortgage market collapsed, IndyMac was forced to hold $ 10.7 billion (~$ 15.2 billion in 2023) of loans it could not sell in the secondary market. Its reduced liquidity was further exacerbated in late June 2008 when account
4697:
that measures home prices, wrote an article a year before the collapse of Lehman
Brothers in which he predicted that a slowing U.S. housing market would cause the housing bubble to burst, leading to financial collapse. Peter Schiff regularly appeared on television in the years before the crisis and
4033:
Once this massive credit crunch hit, it didn't take long before we were in a recession. The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed, we have been in the grips of precisely this adverse feedback loop for
3904:
A 2011 paper suggested that Canada's avoidance of a banking crisis in 2008 (as well as in prior eras) could be attributed to Canada possessing a single, powerful, overarching regulator, while the United States had a weak, crisis prone and fragmented banking system with multiple competing regulatory
3726:
for "unfair business practices" and "false advertising", alleging that
Countrywide used "deceptive tactics to push homeowners into complicated, risky, and expensive loans so that the company could sell as many loans as possible to third-party investors". In May 2009, Bank of America modified 64,000
3516:
into a single pool from which specific securities draw in a specific sequence of priority. Those securities first in line received investment-grade ratings from rating agencies. Securities with lower priority had lower credit ratings but theoretically a higher rate of return on the amount invested.
3431:
Krugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anthony B. Sanders reported
3399:
spoke with one trader who noted that "There weren't enough Americans with credit taking out to satisfy investors' appetite for the end product." Essentially, investment banks and hedge funds used financial innovation to enable large wagers to be made, far beyond the actual value of the underlying
3257:
Financial institutions such as investment banks and hedge funds, as well as certain, differently regulated banks, assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or losses. These losses affected
1676:
October 6–10, 2008: From October 6–10, 2008, the Dow Jones Industrial Average (DJIA) closed lower in all five sessions. Volume levels were record-breaking. The DJIA fell 1,874.19 points, or 18.2%, in its worst weekly decline ever on both a points and percentage basis. The S&P 500 fell more than
4943:
on the thrift followed the public release of a letter from Senator Charles Schumer to the FDIC and OTS. The letter outlined the Senator's concerns with IndyMac. While the run was a contributing factor in the timing of IndyMac's demise, the underlying cause of the failure was the unsafe and unsound
4885:
IndyMac often made loans without verification of the borrower's income or assets, and to borrowers with poor credit histories. Appraisals obtained by IndyMac on underlying collateral were often questionable as well. As an Alt-A lender, IndyMac's business model was to offer loan products to fit the
4167:
failed and was rescued by the government primarily because its enormous sales of credit default swaps were made without putting up the initial collateral, setting aside capital reserves, or hedging its exposure—a profound failure in corporate governance, particularly its risk management practices.
3760:
According to Barry Eichengreen, the roots of the financial crisis lay in the deregulation of financial markets. A 2012 OECD study suggest that bank regulation based on the Basel accords encourage unconventional business practices and contributed to or even reinforced the financial crisis. In other
3488:
correspondents argued that a "Giant Pool of Money" (represented by $ 70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively
3223:
of the 1997–1998 period, led to a housing construction boom and facilitated debt-financed consumer spending. As banks began to give out more loans to potential home owners, housing prices began to rise. Lax lending standards and rising real estate prices also contributed to the real estate bubble.
4930:
IndyMac was taking new measures to preserve capital, such as deferring interest payments on some preferred securities. Dividends on common shares had already been suspended for the first quarter of 2008, after being cut in half the previous quarter. The company still had not secured a significant
4137:
For a variety of reasons, market participants did not accurately measure the risk inherent with financial innovation such as MBS and CDOs or understand its effect on the overall stability of the financial system. The pricing model for CDOs clearly did not reflect the level of risk they introduced
4092:
This boom in innovative financial products went hand in hand with more complexity. It multiplied the number of actors connected to a single mortgage (including mortgage brokers, specialized originators, the securitizers and their due diligence firms, managing agents and trading desks, and finally
4080:
enabled a theoretically infinite amount to be wagered on the finite value of housing loans outstanding, provided that buyers and sellers of the derivatives could be found. For example, buying a CDS to insure a CDO ended up giving the seller the same risk as if they owned the CDO, when those CDO's
3387:
To other analysts the delay between CRA rule changes in 1995 and the explosion of subprime lending is not surprising, and does not exonerate the CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the ultra-low interest rates
3261:
Some critics contend that government mandates forced banks to extend loans to borrowers previously considered uncreditworthy, leading to increasingly lax underwriting standards and high mortgage approval rates. These, in turn, led to an increase in the number of homebuyers, which drove up housing
2141:
regulations for banks, which increased capital ratios, limits on leverage, narrowed the definition of capital to exclude subordinated debt, limited counter-party risk, and added liquidity requirements. Critics argued that Basel III didn't address the problem of faulty risk-weightings. Major banks
4202:
commented that "The super-boom got out of hand when the new products became so complicated that the authorities could no longer calculate the risks and started relying on the risk management methods of the banks themselves. Similarly, the rating agencies relied on the information provided by the
923:
Typical American families did not fare well, nor did the "wealthy-but-not-wealthiest" families just beneath the pyramid's top. However, half of the poorest families in the United States did not have wealth declines at all during the crisis because they generally did not own financial investments
4791:
across countries. The authors concluded: "We include over sixty potential causes of the crisis, covering such categories as: financial system policies and conditions; asset price appreciation in real estate and equity markets; international imbalances and foreign reserve adequacy; macroeconomic
3943:
Free cash used by consumers from home equity extraction doubled from $ 627 billion in 2001 to $ 1,428 billion in 2005 as the housing bubble built, a total of nearly $ 5 trillion over the period, contributing to economic growth worldwide. U.S. home mortgage debt relative to GDP increased from an
3649:
Subprime lending standards declined in the U.S.: in early 2000, a subprime borrower had a FICO score of 660 or less. By 2005, many lenders dropped the required FICO score to 620, making it much easier to qualify for prime loans and making subprime lending a riskier business. Proof of income and
3586:
Bernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $ 650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were mainly the emerging
4008:
Behavior that may be optimal for an individual, such as saving more during adverse economic conditions, can be detrimental if too many individuals pursue the same behavior, as ultimately one person's consumption is another person's income. Too many consumers attempting to save or pay down debt
4133:
Mortgage risks were underestimated by almost all institutions in the chain from originator to investor by underweighting the possibility of falling housing prices based on historical trends of the past 50 years. Limitations of default and prepayment models, the heart of pricing models, led to
754:
The economic crisis started in the U.S. but spread to the rest of the world. U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007 and the rest of the world depended on the U.S. consumer as a source of demand. Toxic securities were owned by
3106:
The high delinquency and default rates by homeowners, particularly those with subprime credit, led to a rapid devaluation of mortgage-backed securities including bundled loan portfolios, derivatives and credit default swaps. As the value of these assets plummeted, buyers for these securities
3340:
policy was not the primary cause of the financial crisis. Although they concede that governmental policies had some role in causing the crisis, they contend that GSE loans performed better than loans securitized by private investment banks, and performed better than some loans originated by
3818:
from owning other financial companies. The repeal effectively removed the separation that previously existed between Wall Street investment banks and depository banks, providing a government stamp of approval for a universal risk-taking banking model. Investment banks such as Lehman became
3677:
from some 1,600 mortgage companies were "defective" (were not underwritten to policy, or did not contain all policy-required documents)—this, despite the fact that each of these 1,600 originators was contractually responsible (certified via representations and warrantees) that its mortgage
3292:
Due to competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view of some analysts, the relatively
3423:
Countering Krugman, Wallison wrote: "It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates." Wallison notes that other developed countries had "large bubbles during the 1997–2007 period" but "the losses associated with mortgage
3160:
Government policies that encouraged home ownership, providing easier access to loans for subprime borrowers; overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate; questionable trading practices on behalf of both buyers and sellers;
3411:
By March 2011, the FDIC had paid out $ 9 billion (c. $ 12 billion in 2023) to cover losses on bad loans at 165 failed financial institutions. The Congressional Budget Office estimated, in June 2011, that the bailout to Fannie Mae and Freddie Mac exceeds $ 300 billion (c. $
3605:
All of this created demand for various types of financial assets, raising the prices of those assets while lowering interest rates. Foreign investors had these funds to lend either because they had very high personal savings rates (as high as 40% in China) or because of high oil prices.
3440:
the crisis in residential real estate. Business journalist Kimberly Amadeo reported: "The first signs of decline in residential real estate occurred in 2006. Three years later, commercial real estate started feeling the effects." Denice A. Gierach, a real estate attorney and CPA, wrote:
703:
and, relative to the size of its economy, was the largest economic collapse suffered by any country in history. It was among the five worst financial crises the world had experienced and led to a loss of more than $ 2 trillion from the global economy. U.S. home mortgage debt relative to
3727:
Countrywide loans as a result. When housing prices decreased, homeowners in ARMs then had little incentive to pay their monthly payments, since their home equity had disappeared. This caused Countrywide's financial condition to deteriorate, ultimately resulting in a decision by the
3860:
estimated that the top four U.S. banks will have to return between $ 500 billion and $ 1 trillion to their balance sheets during 2009. This increased uncertainty during the crisis regarding the financial position of the major banks. Off-balance sheet entities were also used in the
4328:
were "likely to vanish forever, having been an artifact of excessively loose credit conditions". While traditional banks raised their lending standards, it was the collapse of the shadow banking system that was the primary cause of the reduction in funds available for borrowing.
3536:, all of which have shared the blame for the Great Depression." Instead, Quiggin lays the blame for the 2008 near-meltdown on financial markets, on political decisions to lightly regulate them, and on rating agencies which had self-interested incentives to give good ratings.
4055:
refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the
4072:; and a form of credit insurance called credit default swaps (CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions.
4959:
and the third-ranking Democrat in the Senate, released several letters he had sent to regulators, in which he was"concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers." Some worried depositors began to withdraw money.
4225:
Despite the dominance of the above formula, there are documented attempts of the financial industry, occurring before the crisis, to address the formula limitations, specifically the lack of dependence dynamics and the poor representation of extreme events. The volume
3468:
Between 1998 and 2006, the price of the typical American house increased by 124%. During the 1980s and 1990s, the national median home price ranged from 2.9 to 3.1 times median household income. By contrast, this ratio increased to 4.0 in 2004, and 4.6 in 2006. This
4934:
IndyMac reported that the bank's risk-based capital was only $ 47 million above the minimum required for this 10% mark. But it did not reveal some of that $ 47 million (~$ 65.3 million in 2023) capital it claimed it had, as of March 31, 2008, was fabricated.
4890:(option ARMs), subprime loans, 80/20 loans, and other nontraditional products. Ultimately, loans were made to many borrowers who simply could not afford to make their payments. The thrift remained profitable only as long as it was able to sell those loans in the
4332:
The securitization markets supported by the shadow banking system started to close down in the spring of 2007 and nearly shut-down in the fall of 2008. More than a third of the private credit markets thus became unavailable as a source of funds. According to the
3830:, which enabled investment banks to substantially increase the level of debt they were taking on, fueling the growth in mortgage-backed securities supporting subprime mortgages. The SEC conceded that self-regulation of investment banks contributed to the crisis.
4324:, at that time the traditional banking system did not have the capital to close this gap: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume." The authors also indicate that some forms of
865:
capital and liquidity standards were adopted worldwide. Since the 2008 financial crisis, consumer regulators in America have more closely supervised sellers of credit cards and home mortgages in order to deter anticompetitive practices that led to the crisis.
3819:
competitors with commercial banks. Some analysts say that this repeal directly contributed to the severity of the crisis, while others downplay its impact since the institutions that were greatly affected did not fall under the jurisdiction of the act itself.
4479:
produces speculative bubbles that burst and result in depression and major political changes. He also suggested that a "demand gap" related to differing wage and productivity growth explains deficit and debt dynamics important to stock market developments.
3242:
Falling prices also resulted in homes worth less than the mortgage loans, providing borrowers with a financial incentive to enter foreclosure. Foreclosure levels were elevated until early 2014. drained significant wealth from consumers, losing up to $ 4.2
4445:
As a consequence, the demand for so-called safe assets fueled the free flow of capital into housing in the United States. This greatly worsened the crisis as banks and other financial institutions were incentivized to issue more mortgages than before.
3161:
compensation structures by banks and mortgage originators that prioritize short-term deal flow over long-term value creation; and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making.
2855:(TALF) was put in place thanks to a joint effort with the US Department of the Treasury. This plan was meant to make it easier for consumers and businesses to get credit by giving Americans who owned high-quality asset-backed securities more credit.
2146:(which creates apparently risk-free assets out of high risk collateral) that required less capital according to Basel II. Lending to AA-rated sovereigns has a risk-weight of zero, thus increasing lending to governments and leading to the next crisis.
5318:
2843:'s provision of aid to individual financial institutions. The Federal Reserve has also conducted a number of innovative lending programs with the goal of improving liquidity and strengthening different financial institutions and markets, such as
1640:
addressed the country, saying "Congress must act. ... Our economy is depending on decisive action from the government. The sooner we address the problem, the sooner we can get back on the path of growth and job creation". The DJIA rebounded
1518:
issued by corporations to fund their operations and payrolls, causing the short-term lending market to freeze. The withdrawal compared to $ 7.1 billion in withdrawals the week prior. This interrupted the ability of corporations to rollover their
763:
of financial institutions, as assets were sold to pay back obligations that could not be refinanced in frozen credit markets, further accelerated the solvency crisis and caused a decrease in international trade. Reductions in the growth rates of
3742:, which was United States' leading wholesale lender, described a system in which they were pushed to falsify mortgage documents and then sell the mortgages to Wall Street banks eager to make fast profits. There is growing evidence that such
3629:
and thus avoided much of the direct effect of the crisis. U.S. households, used funds borrowed from foreigners to finance consumption or to bid up the prices of housing and financial assets. Financial institutions invested foreign funds in
4185:
formula hadn't expected. The cracks became full-fledged canyons in 2008—when ruptures in the financial system's foundation swallowed up trillions of dollars and put the survival of the global banking system in serious peril ... Li's
1975:
rose 38% after the CEO said that the company was profitable in the first two months of the year and expressed optimism about its capital position going forward. Major stock market indices rose 5–7%, marking the bottom of the stock market
5670:
4787:, Andrew K. Rose and Mark M. Spiegel used a Multiple Indicator Multiple Cause (MIMIC) model on a cross-section of 107 countries to evaluate potential causes of the 2008 crisis. The authors examined various economic indicators, ignoring
4593:
argued that the financial crisis and the response to it revealed a crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession.
4581:
attributed the economic downturn to the stagnation of wages in the United States, particularly those of the hourly workers who comprise 80% of the workforce. This stagnation forced the population to borrow to meet the cost of living.
3958:
each significantly increased their financial leverage, which increased their vulnerability to a financial shock. Changes in capital requirements, intended to keep U.S. banks competitive with their European counterparts, allowed lower
5186:
describes how liberal norms in the West was replaced by populism as a consequence of the 2007–08 financial crisis, as well as neoliberal policies that had emerged in previous decades which hollowed out government and changed voter
1371:
assets that had not been written down and $ 10 trillion in total assets, faced bankruptcy; instead, in its first emergency meeting in 30 years, the Federal Reserve agreed to guarantee its bad loans to facilitate its acquisition by
3102:
concluded that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall
74:
in the general economy, increased significantly during the financial crisis. The TED spread spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008, reaching a record 4.65% on October 10,
3967:
to AAA-rated tranches was seen by regulators as a risk reduction that compensated the higher leverage. These five institutions reported over $ 4.1 trillion in debt for fiscal year 2007, about 30% of U.S. nominal GDP for 2007.
1719:, closing at 678.4, which was about 77% lower than the 3,004.6 at the close on October 8, after the value of the three big banks, which had formed 73.2% of the value of the OMX Iceland 15, had been set to zero, leading to the
1409:
Late June 2008: Despite the U.S. stock market falling to a 20% drop off its highs, commodity-related stocks soared as oil traded above $ 140/barrel for the first time and steel prices rose above $ 1,000 per ton. Worries about
900:
who was sentenced to 30 months in jail and returned $ 24.6 million in compensation for manipulating bond prices to hide $ 1 billion of losses. No individuals in the United Kingdom were convicted as a result of the crisis.
3531:
wrote, "And, unlike the Great Depression, this crisis was entirely the product of financial markets. There was nothing like the postwar turmoil of the 1920s, the struggles over gold convertibility and reparations, or the
1745:
October 24, 2008: Many of the world's stock exchanges experienced the worst declines in their history, with drops of around 10% in most indices. In the U.S., the DJIA fell 3.6%, although not as much as other markets. The
4017:
also described a "paradox of deleveraging" as financial institutions that have too much leverage (debt relative to equity) cannot all de-leverage simultaneously without significant declines in the value of their assets.
1862:
There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the
1551:
and warned that the credit markets were close to a complete meltdown. Bernanke requested a $ 700 billion fund to acquire toxic mortgages and reportedly told them: "If we don't do this, we may not have an economy on
4218:, combined with a global glut in investment capital, led to bad investments by asset managers in over-priced credit assets. Professional investment managers generally are compensated based on the volume of client
2183:
of the crisis, many stock market indices were 75% above their lows set in March 2009. Nevertheless, the lack of fundamental changes in banking and financial markets worried many market participants, including the
712:, as home values rose, fueled an increase in consumption that could no longer be sustained when home prices declined. Many financial institutions owned investments whose value was based on home mortgages such as
10357:
823:, the governments of European nations and the United States guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $ 1.5 trillion newly issued
16381:
874:
4757:
Popular articles published in the mass media have led the general public to believe that the majority of economists have failed in their obligation to predict the financial crisis. For example, an article in
3247:
Defaults and losses on other loan types also increased significantly as the crisis expanded from the housing market to other parts of the economy. Total losses were estimated in the trillions of U.S. dollars
8006:
4854:
loans too big to be sold to Freddie Mac and Fannie Mae. In 1997, Countrywide spun off IndyMac as an independent company run by Mike Perry, who remained its CEO until the downfall of the bank in July 2008.
5014:. The financial institution crisis hit its peak in September and October 2008. Several major institutions either failed, were acquired under duress, or were subject to government takeover. These included
1990:
First quarter of 2009: For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico.
9282:
2866:
said that it would briefly cover the assets of the fund. Both of these things helped get the fund market back to normal, which helped the commercial paper market, which most businesses use to run. The
7899:
5196:
is a movie that follows traders through a sleepless 24 hours as they try to contain the damage after an analyst discovers information that is likely to ruin their firm, and possibly the whole economy.
7812:
3316:
Depending on how "subprime" mortgages are defined, they remained below 10% of all mortgage originations until 2004, when they rose to nearly 20% and remained there through the 2005–2006 peak of the
17981:
854:
was bailed-out. Instead of financing more domestic loans, some banks instead spent some of the stimulus money in more profitable areas such as investing in emerging markets and foreign currencies.
4280:. These entities became critical to the credit markets underpinning the financial system, but were not subject to the same regulatory controls. Further, these entities were vulnerable because of
3837:
are not subject to the same regulation as depository banks, allowing them to assume additional debt obligations relative to their financial cushion or capital base. This was the case despite the
3153:
Mortgage guarantees by Fannie Mae and Freddie Mac, quasi-government agencies, which purchased many subprime loan securitizations. The implicit guarantee by the U.S. federal government created a
3062:"a combination of excessive borrowing, risky investments, and lack of transparency" by financial institutions and by households that put the financial system on a collision course with crisis.
4894:. IndyMac resisted efforts to regulate its involvement in those loans or tighten their issuing criteria: see the comment by Ruthann Melbourne, Chief Risk Officer, to the regulating agencies.
3697:" banks) additionally showed that 28% of the sampled loans did not meet the minimal standards of any issuer. Clayton's analysis further showed that 39% of these loans (i.e. those not meeting
3424:
delinquencies and defaults when these bubbles deflated were far lower than the losses suffered in the United States when the 1997–2007 deflated." According to Wallison, the reason the U.S.
6231:
3095:
878:
2831:
1923:
January 6, 2009: Citi claimed that Singapore would experience "the most severe recession in Singapore's history" in 2009. In the end the economy grew in 2009 by 0.1% and in 2010 by 14.5%.
838:
Bailouts came in the form of trillions of dollars of loans, asset purchases, guarantees, and direct spending. Significant controversy accompanied the bailouts, such as in the case of the
11745:
5112:, describes how the financial crisis came about and how the solutions that have been applied by many governments are setting the stage for the next crisis. The film is based on the book
11540:
8476:
5177:. One point raised is to what extent those outside of the markets themselves (i.e., not working for a mainstream investment bank) could forecast the events and be generally less myopic.
2013:
April 29, 2009: The Federal Reserve projected GDP growth of 2.5–3% in 2010; an unemployment plateau in 2009 and 2010 around 10% with moderation in 2011; and inflation rates around 1–2%.
15192:
8740:
4615:, and almost five times the credit union rate in 2010. Credit unions increased their lending to small- and medium-sized businesses while overall lending to those businesses decreased.
3445:... most of the commercial real estate loans were good loans destroyed by a really bad economy. In other words, the borrowers did not cause the loans to go bad-it was the economy.
3065:
ill preparation and inconsistent action by government and key policy makers lacking a full understanding of the financial system they oversaw that "added to the uncertainty and panic".
7955:
2282:
to pay a combined $ 1.435 billion in civil penalties to settle a legacy matter from 2006–2007 related to the issuance, underwriting and sale of residential mortgage-backed securities.
636:
which resulted in increases in unemployment and suicide, and decreases in institutional trust and fertility, among other metrics. The recession was a significant precondition for the
562:
were complex and multi-faceted. Almost two decades prior, the U.S. government had passed legislation permitting looser financing to promote affordable housing. In 1999, parts of the
1010:. Due to increasingly lax underwriting standards, one-third of all mortgages in 2006 were subprime or no-documentation loans, which comprised 17 percent of home purchases that year.
3940:
during the years preceding the crisis. This increased their vulnerability to the collapse of the housing bubble and worsened the ensuing economic downturn. Key statistics include:
14365:
1277:
December 31, 2007: Despite volatility through the last part of the year, markets close above where they started the year, with the DJIA closing at 13,264.82, up 6.4% for the year.
11765:
1562:
September 20, 2008: Paulson requested the U.S. Congress authorize a $ 700 billion fund to acquire toxic mortgages, telling Congress "If it doesn't pass, then heaven help us all".
17218:
16872:
10689:
6081:
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.
5313:
2862:
Money market funds also went through runs when people lost faith in the market. To keep it from getting worse, the Fed said it would give money to mutual fund companies. Also,
1376:
for $ 2/share. A week earlier, the stock was trading at $ 60/share and a year earlier it traded for $ 178/share. The buyout price was increased to $ 10/share the following week.
332:
2226:
September 13, 2012: To improve lower interest rates, support mortgage markets, and make financial conditions more accommodative, the Federal Reserve announced another round of
772:
sent from migrant workers (example: Armenia). States with fragile political systems feared that investors from Western states would withdraw their money because of the crisis.
1968:
March 6, 2009: The Dow Jones hit its lowest level of 6,469.95, a drop of 54% from its peak of 14,164 on October 9, 2007, over a span of 17 months, before beginning to recover.
4866:
IndyMac's aggressive growth strategy, use of Alt-A and other nontraditional loan products, insufficient underwriting, credit concentrations in residential real estate in the
1715:
October 14, 2008: Having been suspended for three successive trading days (October 9, 10 and 13), the Icelandic stock market reopened on October 14, with the main index, the
1306:
company, was downgraded. Meanwhile, an increase in the amount of withdrawals causes Scottish Equitable to implement up to 12 month delays on people wanting to withdraw money.
17213:
16738:
5308:
4526:
wrote that "Corporate America went astray largely because the power of managers went virtually unchecked by our gatekeepers for far too long". Echoing the central thesis of
3769:
3428:
bubble (as opposed to other types of bubbles) led to financial crisis was that it was supported by a huge number of substandard loans—generally with low or no downpayments.
2131:
2117:
2078:
957:
858:
644:
134:
1705:
stock market halted trading after a 10% drop in one day. Global central banks held emergency meetings and coordinated interest rate cuts before the US stock markets opened.
12790:
912:
With fewer resources to risk in creative destruction, the number of patent applications was flat, compared to exponential increases in patent application in prior years.
17243:
16689:
8349:
5328:
283:
7739:
4005:
These seven entities were highly leveraged and had $ 9 trillion in debt or guarantee obligations; yet they were not subject to the same regulation as depository banks.
3117:, allowed for shifting of risk and lax underwriting standards. These bundles could be sold as (ostensibly) low-risk securities partly because they were often backed by
743:. Economies worldwide slowed during this period since credit tightened and international trade declined. Housing markets suffered and unemployment soared, resulting in
8515:
6779:
1782:, suggested that "This is a once in a lifetime crisis, and possibly the largest financial crisis of its kind in human history". In a transaction pushed by regulators,
11375:
6472:
20377:
19556:
17180:
14869:
11058:
8788:
6900:
3355:
2910:
2124:
6713:
3991:
became commercial banks, subjecting themselves to more stringent regulation. With the exception of Lehman, these companies required or received government support.
16150:
15626:
12729:
10740:
7996:
5006:, as they could no longer obtain financing through the credit markets. Over 100 mortgage lenders went bankrupt during 2007 and 2008. Concerns that investment bank
1328:
January 22, 2008: The US Federal Reserve cut interest rates by 0.75% to stimulate the economy, the largest drop in 25 years and the first emergency cut since 2001.
3365:
called numerous times for investigations into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003, the
892:
of Iceland became the only politician to be convicted as a result of the crisis. Only one banker in the United States served jail time as a result of the crisis,
17263:
13990:
11157:
9271:
5406:
4540:
that "manager's capitalism" replaced "owner's capitalism", meaning management runs the firm for its benefit rather than for the shareholders, a variation on the
10025:
6344:
3436:
loan underwriting occurred prior to the crisis." Other analysts support the contention that the crisis in commercial real estate and related lending took place
1146:, due to "a complete evaporation of liquidity", making valuation of the funds impossible – a clear sign that banks were refusing to do business with each other.
20239:
20058:
16849:
4305:" and argued that regulation should have been imposed on all banking-like activity. Without the ability to obtain investor funds in exchange for most types of
3196:
3121:
insurance. Because mortgage lenders could pass these mortgages (and the associated risks) on in this way, they could and did adopt loose underwriting criteria.
776:
298:
16373:
12055:
11563:
10118:
9002:"Board approves, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies"
2223:
August 2012: In the United States, many homeowners still faced foreclosure and could not refinance or modify their mortgages. Foreclosure rates remained high.
20680:
13281:
9542:
8113:
7889:
6539:
2286:
In the table, the names of emerging and developing economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.
1545:
12538:
11997:
8668:
7816:
1770:
developed, with investors transferring vast capital resources into stronger currencies, leading many governments of emerging economies to seek aid from the
18216:
17147:
16176:
15111:
12750:
5303:
3755:
1556:
176:
15804:
15607:
10718:
8693:
20403:
20393:
4740:
3366:
3009:
While the causes of the bubble and subsequent crash are disputed, the precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the
999:
valued at $ 60 million – the first such CDS. He projected they would become volatile within two years of the low "teaser rate" of the mortgages expiring.
15353:
842:, leading to the development of a variety of "decision making frameworks", to help balance competing policy interests during times of financial crisis.
20199:
20046:
18751:
17085:
16254:
Patterson, Laura A., & Koller, Cynthia A. Koller (2011). "Diffusion of Fraud Through Subprime Lending: The Perfect Storm." In Mathieu Deflem (ed.)
8535:
7450:
5333:
5047:
3262:
prices. This appreciation in value led many homeowners to borrow against the equity in their homes as an apparent windfall, leading to over-leveraging.
10761:
1149:
August 16, 2007: The DJIA closes at 12,945.78 after falling 12 out of the previous 20 trading days following its peak. It had fallen 1,164.63 or 8.3%.
21117:
18736:
16728:
11264:
9889:
7849:
6988:
216:
17:
16436:
magazine, September 21, 2009. pp. 58–81. Summarizing September 15–23, 2008, with interviews of Paulson, Bernanke, and Geithner by James Stewart
11346:
5644:
3998:, owned or guaranteed nearly $ 5 trillion (c. $ 6.95 trillion in 2023) trillion in mortgage obligations at the time they were placed into
20599:
20224:
20173:
18713:
17233:
15249:
11162:
6584:"Americans' wealth drops $ 1.3 trillion: Fed report shows a decline of home values and the stock market cut the nation's wealth to $ 50.4 trillion"
4628:
3796:
3508:
In effect, Wall Street connected this pool of money to the mortgage market in the US, with enormous fees accruing to those throughout the mortgage
1872:
December 1, 2008: The NBER announced the US was in a recession and had been since December 2007. The Dow tumbled 679.95 points or 7.8% on the news.
468:
278:
166:
16172:
21295:
20234:
20052:
19947:
19485:
8601:
7527:
Wolff, Edward N. (2010). "Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze – An Update to 2007".
6837:
5150:
4198:
agencies and bank regulators accepted as valid some complex mathematical models that showed the risks were much smaller than they actually were.
3888:. Written by Congress with lobbying from the financial industry, it banned the further regulation of the derivatives market. Derivatives such as
3712:
refers to the practice of unscrupulous lenders, enticing borrowers to enter into "unsafe" or "unsound" secured loans for inappropriate purposes.
3602:(investment) surplus of the same amount. Hence large and growing amounts of foreign funds (capital) flowed into the U.S. to finance its imports.
3239:
enabled institutions and investors to invest in the U.S. housing market. As housing prices declined, these investors reported significant losses.
12771:
10905:
3637:
The Fed then raised the Fed funds rate significantly between July 2004 and July 2006. This contributed to an increase in one-year and five-year
708:
increased from an average of 46% during the 1990s to 73% during 2008, reaching $ 10.5 (~$ 14.6 trillion in 2023) trillion. The increase in
21270:
20369:
18948:
17238:
17142:
16819:
16684:
10646:
7786:
4659:
3583:
explained how trade deficits required the U.S. to borrow money from abroad, in the process bidding up bond prices and lowering interest rates.
3502:
3370:
1934:
1911:
1450:
970:
The following is a timeline of the major events of the financial crisis, including government responses, and the subsequent economic recovery.
625:
253:
171:
15154:
4301:, described the run on the shadow banking system as the "core of what happened" to cause the crisis. He referred to this lack of controls as "
3354:
stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by the
21275:
20356:
18816:
18698:
18637:
18600:
18434:
15200:
8257:
3464:
A graph showing the median and average sales prices of new homes sold in the United States between 1963 and 2016 (not adjusted for inflation)
119:
15172:
13821:
11500:
9333:
9297:"Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $ 100,000 to $ 250,000 Per Depositor"
7945:
6063:
4768:
warned of such crisis as early as September 2006, and stated that the profession of economics is bad at predicting recessions. According to
2110:
January 27, 2010: President Obama declared on "the markets are now stabilized, and we've recovered most of the money we spent on the banks".
1621:
September 29, 2008: By a vote of 225–208, with most Democrats in support and Republicans against, the House of Representatives rejected the
20264:
20204:
20103:
19850:
19778:
19679:
19590:
19566:
19472:
19353:
19269:
19192:
19140:
19060:
18758:
18297:
17208:
16743:
16598:
6023:
1666:
1659:
1652:
1622:
621:
273:
13235:
10802:
6043:
3489:
safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with products such as the
1669:
and the $ 700 billion Troubled Asset Relief Program. Bush signed the legislation that same day. Wachovia reached a deal to be acquired by
21035:
20383:
20145:
19960:
17278:
17268:
17248:
16789:
16550:
15698:
11268:
10600:
7127:
5746:
4190:
formula will go down in history as instrumental in causing the unfathomable losses that brought the world financial system to its knees.
3885:
3524:
approximately 9% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%.
961:
303:
14373:
14117:
7926:
5518:
3951:
was 127% at the end of 2007, versus 77% in 1990. In 1981, U.S. private debt was 123% of GDP; by the third quarter of 2008, it was 290%.
20726:
20672:
20636:
20209:
19598:
18682:
18542:
18441:
17362:
17288:
16834:
16758:
12601:
8451:
2852:
2024:
1849:
953:
313:
13331:
10699:
9368:
4320:
This meant that nearly one-third of the U.S. lending mechanism was frozen and continued to be frozen into June 2009. According to the
3460:
807:
to offset the decline in consumption and lending capacity, avoid a further collapse, encourage lending, restore faith in the integral
20282:
20219:
20214:
20167:
19576:
19128:
19088:
18549:
18392:
18025:
17203:
17175:
17102:
17014:
16844:
16472:
15245:
11521:
7392:
7101:
Wafa, Tim (October 4, 2010). "When Policies Collide: A Decision Making Framework for Financial System Overhaul in the 21st Century".
6761:
6743:
5719:
5174:
5090:
Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and the Government Bailout Will Make Things Worse
4298:
3519:
By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with
2906:
1433:
965:
933:
664:
308:
293:
15967:
4705:
regarded the crisis as a vindication and classic example of a predictable credit-fueled bubble caused by laxity in monetary supply.
3224:
Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain and consumers assumed an unprecedented debt load.
3207:(FASB)—delegated by the SEC with the task of establishing financial reporting standards. This required that tradable assets such as
1658:
October 2, 2008: Stock market indices fell 4% as investors were nervous ahead of a vote in the U.S. House of Representatives on the
20641:
20553:
20539:
20398:
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17963:
16674:
16527:
16092:
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13843:
13828:
13822:"Over-the-Counter Derivatives Markets and the Commodity Exchange Act: Report of The President's Working Group on Financial Markets"
12115:
10364:
10280:
7874:
4978:
IndyMac announced the closure of both its retail lending and wholesale divisions, halted new loan submissions, and cut 3,800 jobs.
4467:
3377:
2863:
2252:
found that white home-owning households recovered from the financial crisis faster than black home-owning households, widening the
1927:
1720:
1077:
945:
941:
692:
129:
5002:
Initially the companies affected were those directly involved in home construction and mortgage lending such as Northern Rock and
3412:
401 billion in 2023) (calculated by adding the fair value deficits of the entities to the direct bailout funds at the time).
1965:
March 3, 2009: President Obama stated that "Buying stocks is a potentially good deal if you've got a long-term perspective on it".
1798:
21025:
20685:
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20229:
20188:
20159:
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4269:
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standards. Moreover, during 2007, "defective mortgages (from mortgage originators contractually bound to perform underwriting to
3003:
1531:
937:
820:
815:, and provide banks with enough funds to allow customers to make withdrawals. In effect, the central banks went from being the "
598:
15279:
9735:
8404:
8093:
3369:
held a hearing, at the urging of the administration, to assess safety and soundness issues and to review a recent report by the
3332:, written by the six Democratic appointees, the minority report, written by three of the four Republican appointees, studies by
632:
credit, saw economic indicators reverse and stabilize less than a month after its February 17 enactment. The crisis sparked the
21260:
20292:
20131:
20116:
20041:
20024:
18586:
18490:
18455:
18312:
18150:
17645:
17258:
17110:
17078:
16555:
15886:
12640:
11035:
6583:
6101:
3190:-related financial products, and governments did not adjust their regulatory practices to address changes in financial markets.
2898:
2242:
2237:
2014: A report showed that the distribution of household incomes in the United States became more unequal during the post-2008
2214:
2074:
1940:
February 20, 2009: The DJIA closed at a 6-year low amidst worries that the largest banks in the United States would have to be
1633:
reached a deal to sell itself to Citigroup; however, the deal would have made shares worthless and required government funding.
14998:
12019:
9144:
8981:
8359:
593:
was the rapid development in financial products which targeted low-income, low-information homebuyers who largely belonged to
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20271:
20153:
20110:
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16753:
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16053:
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15138:
15063:
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14417:
14180:
14054:
13994:
13702:
13578:
13546:
13515:
13484:
13416:
13172:
11956:
Fisher, Graham (June 29, 2001). "Housing in the New Millennium: A Home without Equity Is Just a Rental with debt". Ssrn.com.
11864:
10455:
9413:
9300:
8234:
7982:
7511:
7300:
7128:"'It sent a tremor down my back': Alistair Darling reveals how Britain came within hours of the 'breakdown of law and order'"
7017:
6908:
5502:
5446:
5278:
5265:
4924:
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3391:
Others have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in
2867:
1728:
1724:
1681:
1611:
1041:
February 27, 2007: Stock prices in China and the U.S. fell by the most since 2003 as reports of a decline in home prices and
258:
20063:
13614:
10227:
6792:
6461:
6064:"Three Top Economists Agree 2009 Worst Financial Crisis Since Great Depression; Risks Increase if Right Steps are Not Taken"
3665:, on events during his tenure as the Business Chief Underwriter for Correspondent Lending in the Consumer Lending Group for
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19937:
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16784:
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16505:
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2031:
1232:
461:
415:
55:
13257:
12709:
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6913:
6737:
An example of a developing country which suffered decreases in these fields is Armenia. According to World Bank data, the
5038:. On October 6, 2008, three weeks after Lehman Brothers filed the largest bankruptcy in U.S. history, Lehman's former CEO
4181:
Then the model fell apart. Cracks started appearing early on, when financial markets began behaving in ways that users of
3473:
resulted in many homeowners refinancing their homes at lower interest rates, or financing consumer spending by taking out
21280:
21143:
20560:
20310:
19863:
19803:
19393:
18907:
18615:
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16387:
16356:
16347:
15906:
11613:
11076:
6561:
6122:
5102:
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4194:
As financial assets became more complex and harder to value, investors were reassured by the fact that the international
4156:
3788:
limit from $ 40,000 to $ 100,000 (thereby potentially lessening depositor scrutiny of lenders' risk management policies).
3690:
3655:
3329:
3030:
2279:
2104:
870:
13114:
10337:
5212:
Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System – and Themselves
3772:
of 1980 (DIDMCA) phased out several restrictions on banks' financial practices, broadened their lending powers, allowed
3285:
The relaxing of credit lending standards by investment banks and commercial banks allowed for a significant increase in
850:
at the time of the crisis, stated in 2018 that Britain came within hours of "a breakdown of law and order" the day that
21235:
21138:
20625:
20388:
20249:
20181:
20121:
19915:
19418:
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18644:
16929:
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16069:
13313:
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13017:
12889:
12871:
12851:
12155:
11441:
11221:
11202:
10995:
10964:
9653:
9206:
9005:
8335:
7196:
6304:
6008:
5273:
5074:
3877:
3455:
3317:
3010:
2995:
1007:
518:
248:
161:
114:
14977:
13377:
9910:
6439:
4832:. IndyMac Bank's parent corporation was IndyMac Bancorp until the FDIC seized IndyMac Bank. IndyMac Bancorp filed for
1955:
to 36%, raising further fears of nationalization and a report showed that GDP shrank at the sharpest pace in 26 years.
1696:
experienced a sharp decline. It dropped from over 21,000 points in January 2008 to below 8,000 points in October 2008.
21245:
21240:
20287:
20277:
19813:
19450:
19287:
18870:
18773:
18579:
18231:
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17071:
16824:
16809:
16733:
16391:
16299:
16267:
16200:
15332:
15289:
15224:
14511:
14484:
14451:
12918:
12692:
12494:
12380:
12353:
12326:
12037:
11940:
10060:
9755:
Chen, Xiaoping; Shao, Yuchen (September 11, 2017). "Trade policies for a small open economy: The case of Singapore".
8867:
6205:
5688:
5343:
4858:
The primary causes of its failure were largely associated with its business strategy of originating and securitizing
4603:
3944:
average of 46% during the 1990s to 73% during 2008, reaching $ 10.5 trillion (c. $ 14.6 trillion in 2023).
3841:
debacle in 1998, in which a highly leveraged shadow institution failed with systemic implications and was bailed out.
2195:
1391:
to buy $ 200 billion in subprime mortgages from banks. Officials thought this would contain the possible crisis. The
263:
243:
16004:
15765:
14097:
11586:
10437:"Bill Summary & Status – 111th Congress (2009–2010) – H.R.4173 – All Information – THOMAS (Library of Congress)"
10309:
9799:
8496:
6614:
4258:
may have pressured more traditional institutions to lower their underwriting standards and originate riskier loans.
1331:
January 2008: U.S. stocks had the worst January since 2000 over concerns about the exposure of companies that issue
20586:
19840:
19669:
19502:
19462:
19341:
18875:
18018:
17630:
17052:
16679:
16510:
16370:
15678:
14788:
13188:
11979:
11099:
10126:
8072:
6966:
6841:
5775:
5050:. Fuld said he was a victim of the collapse, blaming a "crisis of confidence" in the markets for dooming his firm.
4262:
3669:, where he was responsible for over 220 professional underwriters, suggests that by 2006 and 2007, the collapse of
3654:" because they encouraged borrowers to be less than honest in the loan application process. Testimony given to the
3380:
study of lending trends for 305 cities from 1993 to 1998 showed that $ 467 billion of mortgage lending was made by
2206:. The bank was acquitted in 2015. Abacus was the only bank prosecuted for misbehavior that precipitated the crisis.
1346:
410:
15650:
11658:
Young, M. R.; Miller, P. B. W. (May 2008). "The role of fair value accounting in the subprime mortgage meltdown".
9314:
8694:"World Economic Situation And Prospects: March 2018 Briefing, No. 112 | Department of Economic and Social Affairs"
4553:
the failure of gatekeepers, including auditors, boards of directors, Wall Street analysts, and career politicians.
3420:
bubbles in both markets developed even though only the residential market was affected by these potential causes.
888:, where the crisis was the most severe and led to the collapse of all three major Icelandic banks. In April 2012,
20787:
20521:
20477:
19873:
19371:
19227:
18420:
18194:
17681:
17115:
17007:
16500:
16131:
15556:
12960:
Babecký, Jan; Havránek, Tomáš; Matějů, Jakub; Rusnák, Marek; Šmídková, Kateřina; Vašíček, Bořek (July 11, 2017).
12661:
12423:
11975:
10979:"Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States"
10765:
7259:
7103:
6808:). The poverty headcount ratio at $ 1.90 (~$ 3.00 in 2023) a day increased after 2007/08, from 0.9% to 1.2% (see
5378:
5220:
3995:
3294:
2902:
2231:
2166:
1998:
949:
739:
prices in late 2008 and early 2009. The crisis rapidly spread into a global economic shock, resulting in several
647:
was enacted in the US as a response to the crisis to "promote the financial stability of the United States". The
454:
444:
405:
14196:
13718:
12220:
10436:
10209:
10003:
9353:
9041:
8580:
7279:
6901:"Government Support for Financial Assets and Liabilities Announced in 2008 and Soon Thereafter ($ in billions)"
2870:
also did a number of things, like raise the insurance cap from $ 100,000 to $ 250,000, to boost customer trust.
2150:
argued that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see
20257:
20126:
19893:
18608:
18572:
18483:
17355:
17273:
16924:
16659:
16654:
15811:
15608:"IndyMac Bancorp Announces Earnings Webcast & Teleconference Call for First Quarter 2008 Financial Results"
13948:. International Journal of Information Management: The Journal for Information Professionals. pp. 497–506.
13317:
13072:
12108:
12059:
11568:
10769:
10668:
10189:
9868:
9124:
7083:
6787:
6670:
5963:
4923:(D-NY) later pointed out that brokered deposits made up more than 37% of IndyMac's total deposits, and ask the
4438:
The cause of the global asset bubble can be partially attributable to the global savings glut. As theorized by
4126:
4094:
4065:
3933:
made it difficult for creditors and regulators to monitor and try to reduce financial institution risk levels.
3849:
3811:
3494:
3232:
2249:
1468:
for $ 50 billion in a transaction facilitated by the government. Lehman had been in talks to be sold to either
1096:
919:
Share of income going to the top 1% of earners, one measure of economic inequality in the US from 1913 to 2008.
839:
567:
563:
16028:
13864:
13013:
10168:
5081:
was published in 2009, which included a "2009 update" addendum at the end of each chapter. It was featured on
1456:
September 15, 2008: After the Federal Reserve declined to guarantee its loans as it did for Bear Stearns, the
21300:
21190:
20972:
20581:
20566:
20501:
20491:
20462:
20452:
19990:
18809:
18744:
18448:
18319:
18260:
18113:
17293:
17198:
17190:
16829:
16763:
16664:
16465:
16317:
15196:
14101:
12542:
12023:
12001:
10382:
9001:
6638:
5338:
4828:
history up until the crisis precipitated even larger failures, and the second largest failure of a regulated
4310:
3972:
3345:
3216:
3033:(FCIC, a committee of U.S. congressmen) concluded that the financial crisis was avoidable and was caused by:
2241:, a first for the United States but in line with the trend over the last ten economic recoveries since 1949.
2035:
1886:
1626:
1457:
1339:
1236:
1195:
548:
318:
268:
153:
15923:
13136:
9978:
7716:"Quarterly Homeownership Rates and Seasonally Adjusted Homeownership Rates for the United States: 1997–2014"
6939:
6270:
3921:
687:
since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in
20571:
20545:
20531:
20506:
20496:
20447:
20363:
19970:
19480:
19254:
19148:
18933:
18859:
18511:
18355:
18348:
18305:
18253:
18187:
17785:
17157:
17133:
16748:
16560:
15373:
14220:
13963:
13093:
12442:
11142:
10379:"Delinquency Rate on Single-Family Residential Mortgages, Booked in Domestic Offices, All Commercial Banks"
8642:
7063:
5142:
4875:
4829:
4809:
4702:
4281:
4164:
3848:
to move significant amounts of assets and liabilities off-balance sheet into complex legal entities called
3838:
3728:
3362:
3113:, a process in which many mortgages were bundled together and formed into new financial instruments called
1948:
1538:
1484:
1103:
1065:
340:
17125:
15718:
15577:
14528:
11801:
11272:
11263:
Reid, Carolina; Seidman, Ellen; Ratcliffe, Janneke; Silver, Josh; Ding, Lei; Willis, Mark (January 2013).
10493:
9495:
7839:
7762:
7179:
6418:
5816:
5077:, and warns of the impending decline. After many of the predictions came to pass, a second edition titled
4974:
Had been notified by bank and thrift regulators that IndyMac Bank was no longer deemed "well-capitalized";
3128:
in the private sector, especially after the federal government overrode anti-predatory state laws in 2004.
1242:
November 26, 2007: US markets enter a correction as worries about the financial sector continued to mount.
21001:
20897:
20467:
19736:
19113:
19078:
18667:
18659:
18333:
18326:
18246:
18173:
18165:
18157:
18135:
17534:
16444:
13299:
13035:
12073:
11731:
10960:
10831:
10787:
10030:
9516:
9389:
9082:
7698:
7305:
6048:
5617:
5373:
4986:
4939:
holders withdrew $ 1.55 billion (~$ 2.15 billion in 2023) or about 7.5% of IndyMac's deposits. This
4800:
The first visible institution to run into trouble in the United States was the Southern California–based
4783:
4720:
4541:
3761:
cases, laws were changed or enforcement weakened in parts of the financial system. Key examples include:
3720:
3220:
2260:
2199:
2185:
2070:, and enhanced authority for the Federal Reserve to safely wind down systemically important institutions.
1838:
1771:
1709:
1260:
1113:, the first banking casualty of the crisis, announces its bailout by German public financial institution
847:
721:
370:
204:
16113:
14806:
12619:
9246:
5899:
4550:
the management of earnings, mainly a focus on share price rather than the creation of genuine value; and
4076:
36% of CDO assets. As described in the section on subprime lending, the CDS and portfolio of CDS called
21176:
20591:
20576:
20441:
19955:
19297:
19073:
19043:
19008:
18651:
18556:
18362:
18040:
17803:
17223:
16534:
16427:
15506:
15354:"Austrian Business Cycle Theory and the Global Financial Crisis: Confessions of a Mainstream Economist"
13277:
12867:
12843:
11674:
11433:
10879:
10694:
10553:
10148:
9714:
9521:
9449:
7167:
6677:
6656:
4774:, Roubini was ridiculed for predicting a collapse of the housing market and worldwide recession, while
4745:
4655:
4532:
3948:
3881:
3381:
3310:
3132:
3114:
3075:
1460:
led to a 504.48-point (4.42%) drop in the DJIA, its worst decline in seven years. To avoid bankruptcy,
1310:
1292:
1110:
432:
13793:
12514:
11823:
11243:
10846:
10827:
10783:
9824:
9354:"FOMC statement: Federal Reserve and other central banks announce reductions in policy interest rates"
4820:
originator in the United States. The failure of IndyMac Bank on July 11, 2008, was the fourth largest
3107:
evaporated and banks who were heavily invested in these assets began to experience a liquidity crisis.
21265:
21250:
21081:
21066:
21056:
21015:
20937:
20902:
20472:
19539:
19366:
19336:
19105:
18766:
18690:
18462:
17945:
17348:
17324:
16944:
16854:
16522:
16495:
16275:
Calming the storms : the carry trade, the banking school and British financial crises since 1825
14784:
14342:
14172:
13534:
Where Deregulation Went Wrong: A Look at the Causes Behind the Savings and Loan Failures in the 1980s
12939:
11014:
10928:
10273:
10098:
10077:
9957:
9470:
9230:
9186:
9062:
8824:
7694:
7638:
6855:
6738:
6297:
5348:
4891:
4422:
3271:
2191:
2011: Median household wealth fell 35% in the U.S., from $ 106,591 to $ 68,839 between 2005 and 2011.
427:
400:
17937:
16209:, "The Invention of Money: How the heresies of two bankers became the basis of our modern economy",
15446:
14650:
14630:
12582:
11294:
11198:
10578:
9428:
9165:
8159:
8050:
7597:
7574:
7551:
6184:
4992:
With $ 32 billion in assets, IndyMac Bank was one of the largest bank failures in American history.
3235:(CDO), which derived their value from mortgage payments and housing prices, greatly increased. Such
3176:
and depository banks in the United States and increased speculation on the part of depository banks.
3142:
unit was increasingly incentivized and even mandated by government regulation. This may have caused
21230:
21086:
21061:
20977:
20882:
20842:
20434:
19980:
19823:
19808:
19709:
19657:
19615:
19603:
19440:
19242:
18843:
18427:
18090:
18062:
17899:
17228:
17094:
16939:
16694:
16570:
16458:
16413:
16259:
16192:
14918:
11505:
11481:
9568:
9251:
7321:
4956:
4952:
4913:
4887:
4455:
4306:
4061:
4057:
3800:
3638:
3631:
3520:
3490:
3280:
3228:
3208:
3022:
3014:
1779:
1081:
713:
544:
532:
104:
51:
19517:
14605:
14315:
14009:
12038:"Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs"
11780:
10621:
8803:
8425:
7664:
7343:
7176:
7148:
6369:
4084:
1983:
said it was profitable in January and February and would likely not need more government funding.
1815:
November 6, 2008: The IMF predicted a worldwide recession of −0.3% for 2009. On the same day, the
30:
21076:
21071:
21051:
20942:
20932:
20927:
20907:
20457:
19985:
19302:
19247:
19048:
18802:
18720:
18224:
18127:
17728:
16649:
16517:
16050:"FDIC: Failed Bank Information - Bank Closing Information for IndyMac Bank, F.S.B., Pasadena, CA"
15950:
15747:
15540:
15534:
15430:
14215:
12463:
12448:
11724:
11227:
10511:
10194:
9846:
9609:
8944:
8895:
8872:
8481:
7009:
5776:"Fiscal Spending Jobs Multipliers: Evidence from the 2009 American Recovery and Reinvestment Act"
5323:
4909:
4848:
4219:
3804:
2268:
1143:
617:
422:
222:
50:
in September 2008. The collapse of Lehman Brothers is often cited as both the culmination of the
18993:
16343:
14476:
14256:
14046:
12130:
11550:
10978:
10690:"This Chart Shows Just How (Un)Equal Things Are During A 'Champion' Of The 99%'s Administration"
10396:
8764:
6810:
4882:(FHLB) and from brokered deposits, led to its demise when the mortgage market declined in 2007.
4250:
There is strong evidence that the riskiest, worst performing mortgages were funded through the "
3567:
2271:) growth while emerging and developing economies accounted for 73.5% of global GDP (PPP) growth.
861:
was enacted in the United States to "promote the financial stability of the United States". The
21305:
21107:
21091:
21030:
20857:
20772:
20716:
20000:
19932:
19868:
19796:
19561:
19314:
19259:
19170:
19093:
18998:
18983:
18795:
18497:
17892:
17743:
17736:
17688:
17674:
17390:
16669:
16098:
15230:
14645:
14579:
13538:
13532:
12885:
11458:
10476:"Group of Governors and Heads of Supervision announces higher global minimum capital standards"
10329:
10294:
7503:
7493:
7385:
6512:
5467:
5319:
List of banks acquired or bankrupted in the United States during the 2007–2008 financial crisis
5288:
5211:
5201:
5146:
5137:
4879:
4694:
4651:
4347:
4215:
4097:, where institutions' instability destabilized other institutions and led to knock-on effects.
3344:
In his dissent to the majority report of the Financial Crisis Inquiry Commission, conservative
3244:
3165:
3056:
2264:
2059:
1783:
1712:(IMF) warned that the world financial system was teetering on the "brink of systemic meltdown".
1419:
1128:
869:
At least two major reports on the causes of the crisis were produced by the U.S. Congress: the
851:
705:
16439:
15310:
15193:"How Did Bank Lending to Small Business in the United States Fare After the Financial Crisis?"
15083:
14956:
14694:
14682:
14501:
14441:
12815:
12682:
12567:
12557:
11961:
9649:
8331:
7915:
7536:
7112:
6777:). This led to a dramatic rise in the number of households living below the poverty line (see
6491:
6086:
3701:
issuer's minimal underwriting standards) were subsequently securitized and sold to investors.
909:
charges after allegedly anticipating the crisis and selling toxic investments to its clients.
884:
In total, 47 bankers served jail time as a result of the crisis, over half of which were from
20892:
20887:
20762:
20485:
20036:
20019:
19995:
19888:
19883:
19830:
19652:
19620:
19428:
19413:
19003:
18978:
18963:
18727:
18120:
17974:
17637:
17619:
17546:
17525:
17019:
16966:
16919:
15021:
13570:
13499:
13382:
13214:
13164:
12904:
12837:
12468:
12135:
12107:
Litan, Robert E.; Retsinas, Nicolas P.; Belsky, Eric S.; White Haag, Susan (April 15, 2000).
12090:
11856:
11427:
11178:
10497:
9673:
9296:
8209:
8188:
7365:
7003:
6959:
6856:"The Federal Reserve's Policy Actions during the Financial Crisis and Lessons for the Future"
6544:
5925:
5494:
5438:
5283:
5089:
5003:
4851:
4805:
4735:
4712:
4334:
4321:
4277:
4255:
4251:
4211:
3913:
3834:
3716:
3670:
3139:
2839:
The expansion of central bank lending in response to the crisis was not only confined to the
2161:
November 3, 2010: To improve economic growth, the Federal Reserve announced another round of
2155:
2143:
2063:
2017:
1820:
1274:
rating agency downgrades the ratings of many monoline insurers which pay out bonds that fail.
1271:
1253:
1061:
816:
784:
510:
15864:
15485:
14143:
13660:
13637:
12961:
11908:
11700:
9936:
8915:
8846:
7237:
Noonan, Laura; Tilford, Cale; Milne, Richard; Mount, Ian; Wise, Peter (September 20, 2018).
7038:
6981:
6395:
4492:, believed that the decrease in GDP growth rates since the early 1970s is due to increasing
3731:
to seize the lender. One Countrywide employee—who would later plead guilty to two counts of
1559:
to temporarily insure money market funds and allow the credit markets to continue operating.
21163:
20982:
20947:
20852:
20827:
20516:
20013:
19965:
19905:
19741:
19662:
19522:
19445:
19403:
19282:
19232:
19217:
19200:
19100:
18988:
18958:
18674:
18504:
18048:
17660:
17565:
17557:
17469:
17042:
16049:
15511:
14760:
Credit Models and the Crisis: A Journey into CDOs, Copulas, Correlations and dynamic Models
14268:
9688:
7723:
7715:
7191:
6540:"The U.S. Financial and Economic Crisis: Where Does It Stand and Where Do We Go From Here?"
6022:
Confer Thomas Philippon: "The future of the financial industry", Finance Department of the
6003:
5242:
5170:
4624:
4476:
4414:
4370:
4207:
4052:
3889:
3815:
3662:
3557:
3401:
3336:
economists, and the work of several independent scholars generally contend that government
3236:
3179:
3099:
3079:
3048:
3037:
2936:
2918:
2210:
2151:
2067:
1831:
1747:
1578:
1488:
1392:
1322:
796:
709:
637:
540:
139:
15118:
15103:
9588:
8558:
7619:
7469:
4590:
3900:
famously referred to derivatives as "financial weapons of mass destruction" in early 2003.
3215:
Easy availability of credit in the US, fueled by large inflows of foreign funds after the
1937:, a $ 787 billion economic stimulus package. President Barack Obama signed it February 17.
8:
20967:
20917:
20872:
20862:
20847:
20837:
20822:
20802:
20777:
20767:
20757:
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20331:
20321:
19763:
19512:
19205:
19123:
19118:
19068:
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18340:
18238:
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18003:
17855:
17773:
17607:
17432:
17329:
17002:
16934:
16364:
16360:
15786:
15088:
14780:
14396:
14200:
14072:
13195:
11882:
11043:
10745:
10440:
10342:
10258:
9409:
9277:
9103:
8936:
Solomon, Deborah; Rappaport, Liz; Paletta, Damian; Hilsenrath, Jon (September 20, 2008).
7744:
6467:
6236:
6027:
5182:
5154:
5039:
4968:
4788:
4635:
4607:
4483:
4149:
3591:
3588:
3533:
3118:
3083:
2882:
2227:
2162:
2096:
2055:
1787:
1527:
via a temporary guarantee and with Federal Reserve programs to purchase commercial paper.
992:
812:
756:
579:
575:
109:
14337:
14272:
13477:
7864:
7432:
7212:
5073:. The book describes various features of the economy and housing market that led to the
4675:
3673:
standards was endemic. His testimony stated that by 2006, 60% of mortgages purchased by
1680:
October 7, 2008: In the U.S., per the Emergency Economic Stabilization Act of 2008, the
20987:
20962:
20867:
20807:
20782:
20752:
20742:
20341:
20336:
20326:
20316:
20029:
20007:
19527:
19386:
19361:
19331:
19292:
19175:
19018:
17513:
17298:
17283:
16984:
16960:
16618:
16591:
16222:
16075:
15870:
15517:
15491:
14850:
14740:
14663:
14585:
14469:
14292:
14149:
14078:
14035:
13926:
13666:
13643:
13620:
13609:
13430:
13422:
13220:
13209:
13053:
12991:
12945:
12821:
12645:
12519:
12270:
12201:
11914:
11888:
11706:
11680:
11605:
11118:
11020:
10724:
10713:
10652:
10641:
10584:
10421:
10333:
10314:
10009:
9852:
9780:
9527:
9501:
8966:
8921:
8852:
8564:
8553:
8214:
8194:
7921:
7370:
7044:
6497:
6424:
6401:
6390:
6375:
6165:
6130:
5875:
5842:
5694:
5574:
5472:
5235:
5206:
5098:
4760:
4750:
4379:
3955:
3937:
3853:
3625:) reached the U.S. financial markets. Foreign governments supplied funds by purchasing
3549:
3337:
3169:
2932:
1596:
1574:
1380:
1199:
1180:
765:
760:
583:
62:
12288:
Demyank, Y.; Hemert, V. O. (June 2011). "Understanding the subprime mortgage crisis".
9668:
5978:
3579:
deficit, which peaked along with the housing bubble in 2006. Federal Reserve chairman
1842:
1823:, respectively, reduced their interest rates from 4.5% to 3%, and from 3.75% to 3.25%.
547:. Financial institutions worldwide suffered severe damage, reaching a climax with the
21159:
20922:
20877:
20817:
20792:
20747:
20690:
19927:
19758:
19571:
19158:
18953:
18914:
17599:
17582:
17483:
17253:
17029:
16403:
16321:
16295:
16263:
16244:
16196:
16034:
15859:
15724:
15316:
15305:
15285:
15281:
Columbia University Press, Rational Investing Book, Page 61-62 What Can Be Forecasted
15134:
15059:
15025:
14932:
14763:
14690:
14626:
14507:
14480:
14447:
14369:
14284:
14237:
14176:
14093:
14050:
13930:
13698:
13692:
13574:
13542:
13511:
13434:
13412:
13349:
13189:"Hearing on Subprime Lending And Securitization And Government Sponsored Enterprises"
13168:
12914:
12847:
12688:
12563:
12534:
12490:
12376:
12349:
12322:
12262:
12193:
12087:
12015:
11993:
11957:
11936:
11860:
11546:
11437:
11158:"Victimizing the Borrowers: Predatory Lending's Role in the Subprime Mortgage Crisis"
11122:
10854:
10537:
10532:
10056:
10048:
Evolutions in Corporate Governance: Towards an Ethical Framework for Business Conduct
9784:
9772:
8179:
7532:
7507:
7499:
7495:
Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America
7108:
7013:
6982:"Fixing Global Finance: A Developing Country Perspective on Global Financial Reforms"
6634:
6567:
6241:
6157:
6082:
5945:
5880:
5862:
5798:
5698:
5684:
5578:
5566:
5498:
5442:
5407:"Victimizing the Borrowers: Predatory Lending's Role in the Subprime Mortgage Crisis"
5070:
5023:
4559:
4499:
4493:
4139:
4010:
3785:
3781:
3735:
and spent 18 months in prison—stated that, "If you had a pulse, we gave you a loan."
3709:
3618:
3552:
target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the
3351:
3125:
2253:
2238:
1607:
1524:
1523:. The U.S. government extended insurance for money market accounts analogous to bank
1511:
1503:
1461:
1399:
1353:
893:
717:
613:
502:
15944:
15741:
15424:
15265:""No One Saw This Coming": Understanding Financial Crisis Through Accounting Models"
14744:
14667:
13295:
12995:
11401:
8938:
8889:
8382:
8278:
6169:
5843:"Impact of 2008 global economic crisis on suicide: time trend study in 54 countries"
5228:
4203:
originators of synthetic products. It was a shocking abdication of responsibility."
4159:(FCIC) made the major government study of the crisis. It concluded in January 2011:
1731:
to guarantee the senior debt of all FDIC-insured institutions through June 30, 2009.
20952:
20832:
20797:
20695:
20610:
20605:
20096:
19534:
19497:
19423:
19381:
19277:
19237:
19038:
19033:
18564:
18079:
18074:
17490:
17462:
17439:
17371:
16423:
16313:
16012:
15972:
15658:
15589:
15466:
15402:
15014:
14900:
14877:
14842:
14732:
14724:
14710:"The devil is in the tails: actuarial mathematics and the subprime mortgage crisis"
14655:
14559:
14533:
14296:
14276:
14261:
Proceedings of the Royal Society A: Mathematical, Physical and Engineering Sciences
14229:
13918:
13809:
13771:
13507:
13457:
13404:
12981:
12977:
12973:
12810:
12772:"Delinquencies and Foreclosures Increase in Latest MBA National Delinquency Survey"
12297:
12254:
12185:
11639:
11248:
11244:"Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending"
11108:
10249:
10245:
9764:
9563:
9338:
9256:
8606:
8354:
8219:
8183:
7132:
6780:"The global financial crisis and developing countries: taking stock, taking action"
6147:
6139:
5937:
5870:
5854:
5790:
5676:
5592:
5556:
5368:
5249:
4265:
4231:
3827:
3777:
3286:
3251:
3059:" including too many financial firms acting recklessly and taking on too much risk.
1959:
1876:
1864:
1827:
1515:
1069:
1050:
843:
808:
684:
559:
506:
498:
494:
39:
14709:
13885:
9629:
7972:
7449:
Stone, Chad; Trisi, Danilo; Sherman, Arloc; Beltrán, Jennifer (January 13, 2020).
6880:
5926:"The Great Recession, Fertility, and Uncertainty: Evidence From the United States"
3880:, the U.S. Congress and President Bill Clinton allowed the self-regulation of the
3289:. Subprime had not become less risky; Wall Street just accepted this higher risk.
21020:
20957:
20912:
20812:
19818:
19751:
19647:
19608:
19492:
19435:
19307:
19210:
19108:
19028:
19023:
18973:
18524:
18374:
18209:
18055:
18011:
17910:
17411:
17170:
16978:
16481:
16377:
16285:
16206:
16151:"5 movies that explain what caused the financial crisis, and what happened after"
15742:"Crisis Deepens as Big Bank Fails: IndyMac Seized In Largest Bust In Two Decades"
15593:
15358:
15177:
15049:
14922:
14611:
14321:
14015:
13742:
13564:
13158:
13077:
13031:
12484:
12370:
12343:
12316:
11930:
11850:
11786:
10213:
10153:
10122:
10046:
8120:
7349:
7243:
7153:
7059:
6619:
6364:
5841:
Chang, Shu-Sen; Stuckler, David; Yip, Paul; Gunnell, David (September 17, 2013).
5488:
5432:
5358:
5298:
5043:
5015:
5011:
4982:
4948:
4920:
4765:
4728:
4679:
4667:
4242:
4187:
4105:
4022:
3999:
3969:
3917:
Leverage ratios of investment banks increased significantly between 2003 and 2007
3694:
3599:
3545:
3474:
3333:
3173:
3071:"collapsing mortgage-lending standards and the mortgage securitization pipeline".
3052:
2928:
2914:
2840:
2042:
2006:
1994:
1980:
1951:
closed its lowest value since 1997 as the U.S. government increased its stake in
1941:
1816:
1775:
1767:
1763:
1496:
1480:
1469:
1465:
1288:
1249:
1224:
1184:
828:
824:
804:
788:
780:
680:
651:
capital and liquidity standards were also adopted by countries around the world.
633:
571:
526:
190:
89:
43:
17063:
15766:"Audit Report - SAFETY AND SOUNDNESS: Material Loss Review of IndyMac Bank, FSB"
14829:
Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Olivier (Fall 2008).
12404:
10378:
8719:
8025:
6811:"Poverty headcount ratio at $ 1.90 a day (2011 PPP) (% of population) – Armenia"
6759:). Moreover, the remittances also decreased after 2007/08, then fluctuated (see
4510:
school represented by Foster, pointed to capitalism's long-term tendency of the
3432:(in December 2010): "We find limited evidence that substantial deterioration in
2818:
The twenty largest economies contributing to global GDP (PPP) growth (2007–2017)
720:
used to insure them against failure, which declined in value significantly. The
20700:
19768:
19746:
19724:
19702:
19697:
19222:
19153:
19083:
18828:
18289:
18201:
18106:
17476:
17455:
16893:
16839:
16623:
16432:
16382:
United States Senate Homeland Security Permanent Subcommittee on Investigations
16211:
16117:
14982:
14437:
14422:
14401:
14123:
13907:"Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or...)?"
13813:
13789:
13775:
13747:
13723:
13120:
12409:
11903:
11466:
10803:"UBS to pay $ 1.4 billion over fraud in residential mortgage-backed securities"
8745:
8500:
8306:
7280:"Mixed verdict for ex-PM of Iceland in trial tied to banking system's collapse"
6293:
6031:
5363:
5129:
5125:
5121:
4724:
4716:
4687:
4511:
4488:
4439:
4418:
4397:
4325:
4314:
4302:
4117:
4069:
3988:
3925:
3897:
3893:
3873:
3857:
3743:
3553:
3481:
3470:
3183:
3110:
2220:
announced that "The ECB is ready to do whatever it takes to preserve the euro".
2127:. The Volcker Rule against proprietary trading was not part of the legislation.
1890:
1807:
1759:
1716:
1637:
1589:
1570:
1492:
1373:
1332:
1318:
1314:
1303:
1264:
1228:
1167:
1073:
1046:
1014:
875:
United States Senate Homeland Security Permanent Subcommittee on Investigations
832:
594:
365:
288:
210:
198:
16442:– audio interviews with Timothy Geithner, Ben Bernanke and Henry Paulson from
14736:
14659:
11376:"Government Policies Caused The Financial Crisis And Made the Recession Worse"
6960:"Federal Reserve Liquidity Provision during the Financial Crisis of 2007–2009"
6652:
5747:"Paulson: Why I bailed out the banks and what would have happened if I hadn't"
5680:
4754:, "Taleb not only has an explanation for what's happening, he saw it coming."
3040:
and supervision", including the Federal Reserve's failure to stem the tide of
2290:
The top twenty growing economies (by increase in GDP (PPP) from 2007 to 2017)
1002:
2006: After years of above-average price increases, housing prices peaked and
21224:
19910:
19687:
17952:
17877:
17870:
17863:
17841:
17825:
17817:
17810:
17796:
17766:
17759:
17752:
17710:
17703:
17696:
17667:
17506:
17499:
17425:
17397:
17314:
16608:
16603:
16586:
16420:
documentation including additional background article and in-depth interviews
16410:
documentation including additional background article and in-depth interviews
15891:
15841:
15702:
15683:
15611:
15378:
15130:
14728:
14288:
14241:
14164:
14042:
14030:
13969:
13870:
13817:
13738:
13142:
12624:
12539:"Dissent from the Majority Report of the Financial Crisis Inquiry Commission"
12266:
12197:
11998:"Dissent from the Majority Report of the Financial Crisis Inquiry Commission"
10858:
10762:"Impact of the US Housing Crisis on the Racial Wealth Gap Across Generations"
10516:
9776:
8539:
8138:
7408:"Analysis: American inequality is rising despite higher wages | CNN Business"
7068:
6691:
6326:
6245:
6190:
6161:
6067:
5949:
5866:
5802:
5570:
5353:
5293:
5165:
5160:
5117:
5019:
4844:
4840:
4825:
4817:
4527:
4523:
4503:
4077:
4043:
3984:
3980:
3862:
3792:
3659:
3626:
3498:
3405:
3396:
3187:
3018:
2962:
2953:
2886:
2263:, from 2007 to 2017, "advanced" economies accounted for only 26.5% of global
2147:
1984:
1739:
1600:
1566:
1534:
1298:
January 18, 2008: Stock markets fell to a yearly low as the credit rating of
1202:
from its peak of 5.25% in response to worries about liquidity and confidence.
1176:
1163:
1003:
996:
988:
902:
897:
800:
609:
522:
375:
15987:
14881:
14233:
13462:
13449:
10397:"S.3217: Restoring American Financial Stability Act of 2010 – U.S. Congress"
4981:
On July 11, 2008, citing liquidity concerns, the FDIC put IndyMac Bank into
3844:
Regulators and accounting standard-setters allowed depository banks such as
2113:
First quarter 2010: Delinquency rates in the United States peaked at 11.54%.
2054:
and key advisers introduced a series of regulatory proposals that addressed
978:
724:
estimated that large U.S. and European banks lost more than $ 1 trillion on
597:. This market development went unattended by regulators and thus caught the
21214:
21202:
19899:
19835:
19376:
18281:
18032:
17833:
17404:
16291:
16240:
15561:
15079:
15055:
14811:
14600:
14574:
14280:
14138:
13688:
13426:
13398:
13353:
13009:
12962:"Leading indicators of crisis incidence: Evidence from developed countries"
12934:
12510:
11695:
10956:
10573:
10400:
10185:
9998:
9490:
9433:
9394:
8784:
8098:
7264:
7033:
6610:
6486:
5884:
5384:
5060:
5007:
4770:
4683:
4647:
4639:
4612:
4578:
4352:
4294:
4199:
4148:
insured obligations of various financial institutions through the usage of
4026:
4014:
3976:
3936:
U.S. households and financial institutions became increasingly indebted or
3773:
3765:
3607:
3580:
3528:
3509:
3416:
3154:
2217:
2100:
2092:
2051:
2010:
magazine declared "More Quickly Than It Began, The Banking Crisis Is Over".
1751:
1548:
1541:
1520:
1364:
1357:
1210:
1121:
1092:
1042:
831:
created then-significant amounts of new currency as a method to combat the
740:
696:
570:, permitting financial institutions to commingle low-risk operations, like
16220:
Deepening neoliberalism, austerity, and crisis: Europe's treasure Ireland,
15467:"The Black Swan: Quotes & Warnings that the Imbeciles Chose to Ignore"
14554:
13922:
13357:
10416:"New York Times-Major Parts of the Financial Regulation Overhaul-May 2010"
3876:
fought to keep the derivatives market unregulated. With the advice of the
3575:
Additional downward pressure on interest rates was created by rising U.S.
3017:, which occurred due to a high default rate and resulting foreclosures of
659:
19791:
19719:
19635:
19455:
19180:
18535:
17992:
17591:
17448:
17418:
16972:
16613:
16226:
15578:"Cross-country causes and consequences of the 2008 crisis: Early warning"
15264:
15122:
15107:
15045:
14928:
14897:
Getting up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide
14310:
12301:
12258:
12189:
12041:
11909:"The Reckoning-Pressured to Take More Risk, Fannie Reached Tipping Point"
11590:
11009:
10460:
10231:
9454:
9318:
9210:
8585:
7489:
6143:
5192:
5065:
4863:
originated over $ 90 billion (~$ 131 billion in 2023) of mortgages.
4813:
4719:, had predicted the crisis in 2005 when he became chief economist at the
4586:
4564:
4388:
4317:
system could not provide funds to mortgage firms and other corporations.
4195:
4182:
4122:
4100:
3803:
loans, began the process of banking deregulation, and contributed to the
3723:
3611:
3305:
3258:
the ability of financial institutions to lend, slowing economic activity.
3147:
3041:
2873:
2844:
1915:
1755:
1688:
1670:
1557:
Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility
1388:
1135:
1088:
1054:
1031:
sounded "the alarm about an impending crisis in the U.S. housing market"
1021:
889:
748:
725:
629:
536:
514:
360:
71:
35:
16167:
The initial articles and some subsequent material were adapted from the
14854:
14830:
13408:
12986:
12274:
12242:
12205:
12173:
11347:"How government regulation—not free markets—caused the financial crisis"
11113:
11094:
10880:"Financial crisis of 2007–08 | Definition, Causes, Effects, & Facts"
6152:
6044:"The Great Lockdown: Worst Economic Downturn Since the Great Depression"
5794:
5561:
5544:
3814:, which repealed provisions of the Glass-Steagall Act that prohibited a
2165:, dubbed QE2, which included the purchase of $ 600 billion in long-term
19878:
19786:
19692:
19625:
19398:
16281:
16232:
15480:
14952:
14846:
13762:
Healy, Paul M.; Palepu, Krishna G. (Spring 2003). "The Fall of Enron".
11746:"2014 Foreclosure Filings Hit Lowest Level Since 2006, RealtyTrac Says"
11216:
11062:
10475:
9768:
9689:"It's official: U.S. in a recession since December 2007 – Dec. 1, 2008"
8910:
5941:
5224:
produced several episodes investigating various aspects of the crisis:
4905:
4878:
was most pronounced—and heavy reliance on costly funds borrowed from a
4867:
4839:
IndyMac Bank was founded as Countrywide Mortgage Investment in 1985 by
4663:
4643:
4572:
4506:, Michael Roberts, and Guglielmo Carchedi, in contradistinction to the
4472:
4459:
3739:
3732:
3651:
3301:
3143:
2848:
2230:, dubbed QE3, which included the purchase of $ 40 billion in long-term
2203:
1979:
March 12, 2009: Stock market indices in the U.S. rose another 4% after
1958:
Early March 2009: The drop in stock prices was compared to that of the
1856:
1841:
after the failure of banks in Iceland resulted in a devaluation of the
1693:
1384:
1139:
769:
671:
355:
67:
47:
19714:
15699:"David S. Loeb, Former Chairman of IndyMac Bancorp, Inc., Passes Away"
11604:
Chari, V. V.; Christiano, Lawrence; Kehoe, Patrick J. (October 2008).
11587:"Declaration of the Summit on Financial Markets and the World Economy"
10741:"Income inequality seems to be rising in more than 2 in 3 metro areas"
10533:"Financial Crisis II: European governments fail to learn from history"
8477:"Stocks erase early losses, rise as concerns about bond insurers ease"
5858:
2103:, who publicly argued for the proposed changes. Obama also proposed a
2016:
May 1, 2009: People protested economic conditions globally during the
1906:
1882:
December 16, 2008: The federal funds rate was lowered to zero percent.
1414:
combined with strong demand from China encouraged people to invest in
1379:
March 18, 2008: In a contentious meeting, the Federal Reserve cut the
1158:
915:
19544:
19163:
19013:
16371:
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse
16155:
14758:
Brigo, Damiano; Pallavicini, Andrea; Torresetti, Roberto (May 2010).
13906:
13500:"Some Hope for the Future After a Failed National Policy for Thrifts"
13262:
12910:
11629:
10605:
10295:"H.R.4173: Dodd-Frank Wall Street Reform and Consumer Protection Act"
10052:
10026:"Obama Says Buy Stocks Now: Good Deals There for Long-Term Investors"
9573:
8763:
Poirier, John; Wutkowski, Karey; Younglai, Rachelle (July 11, 2008).
8602:"The Bear Stearns Books Still Don't Answer The Interesting Questions"
7950:
7326:
6106:
5966:(Act of Congress 111-203). The United States Congress. July 21, 2010.
5094:
5031:
4671:
4611:
U.S., the rate of commercial bank failures was almost triple that of
4360:
3845:
3683:
3679:
3674:
3666:
3622:
3561:
3096:
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse
2944:
2940:
2138:
2034:(NBER) declared June 2009 as the end date of the U.S. recession. The
1972:
1952:
1702:
1585:
1415:
1411:
1220:
879:
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse
862:
759:
also increased the linkage between large financial institutions. The
736:
648:
350:
14896:
8536:"Carlyle Capital Corporation Limited Issues Update on Its Liquidity"
8383:"Nasdaq Ends Year on a Down Note But Finishes 2007 With a 9.8% Gain"
7740:"10 years later: How the housing market has changed since the crash"
7238:
5163:
authored a best-selling non-fiction book about the crisis, entitled
3852:, masking the weakness of the capital base of the firm or degree of
3150:
to lose market share and to respond by lowering their own standards.
755:
corporate and institutional investors globally. Derivatives such as
19920:
19858:
19630:
19549:
17383:
17340:
16888:
16008:
15654:
15451:
15407:
15394:
14961:
14904:
13890:
13400:
Globalizing Capital: A History of the International Monetary System
13362:
11644:
10601:"Middle class households' wealth fell 35 percent from 2005 to 2011"
9634:
9087:
8497:"President Bush Signs H.R. 5140, the Economic Stimulus Act of 2008"
8143:
7977:
7474:
6885:
5618:"Don't blame the affordable housing goals for the financial crisis"
5027:
4940:
4821:
4597:
4273:
3964:
3200:
1894:
1630:
1615:
1507:
1473:
1368:
1188:
1095:
bailed out two of its hedge funds with $ 20 billion of exposure to
744:
732:
590:
552:
345:
16450:
15575:
13236:"All Clayton Trending Reports 1st quarter 2006 – 2nd quarter 2007"
10719:"Fed Says Growth Lifts the Affluent, Leaving Behind Everyone Else"
4276:
on the entities in the "parallel" banking system, also called the
4272:—placed significant blame for the freezing of credit markets on a
4173:
and CDS investors, issuers, and rating agencies. According to one
3810:
In November 1999, U.S. President Bill Clinton signed into law the
3544:
Lower interest rates encouraged borrowing. From 2000 to 2003, the
3068:
a "systemic breakdown in accountability and ethics" at all levels.
3025:. Some or all of the following factors contributed to the crisis:
2923:
2245:
grew from 2005 to 2012 in more than 2 out of 3 metropolitan areas.
1216:
October 9, 2007: The DJIA hit its peak closing price of 14,164.53.
16168:
15631:
14870:"The Impact of Index and Swap Funds on Commodity Futures Markets"
12795:
12755:
12734:
12586:
10119:"Untold Stories: Latvia: Sobering Lessons in Unregulated Lending"
9894:
9547:
9373:
8935:
8769:
8520:
8262:
8242:
8077:
8001:
7894:
7869:
7605:
7582:
7559:
7451:"A Guide to Statistics on Historical Trends in Income Inequality"
6444:
6349:
4898:
4871:
4801:
4237:
3404:
called credit default swaps, collateralized debt obligations and
3089:"the failures of credit rating agencies" to correctly price risk.
1803:
1426:
1206:
885:
792:
700:
605:
589:
Arguably the largest contributor to the conditions necessary for
509:
targeting low-income homebuyers, excessive risk-taking by global
16352:
13450:"Systemically Important Banks and Capital Regulation Challenges"
11564:"Alan Greenspan: 'Die Ratingagenturen wissen nicht was sie tun'"
9272:"Financial crisis: US stock markets suffer worst week on record"
8114:"News Release: Liquidity Support Facility for Northern Rock plc"
7552:"Here's How They Missed the Early Clues of the Financial Crisis"
5672:
Predatory Lending Practices Prior to the Global Financial Crisis
4963:
On July 7, 2008, IndyMac announced on the company blog that it:
1684:
increased deposit insurance coverage to $ 250,000 per depositor.
1618:
in which panicked depositors withdrew $ 16.7 billion in 10 days.
1024:
inverted, signaling a recession was likely within a year or two.
735:
and declines in credit availability led to plummeting stock and
21185:
16873:
List of banks acquired or bankrupted during the Great Recession
14899:(Report). Cambridge, MA: National Bureau of Economic Research.
14631:"The Subprime Turmoil: What's Old, What's New, and What's Next"
14214:
Elliott, Matthew; Golub, Benjamin; Jackson, Matthew O. (2014).
13848:
13242:
12020:"Why the Left Is Losing the Argument over the Financial Crisis"
11750:
11183:
9740:
9145:"The Financial Crisis: This Day – One Year Ago, Sept. 30, 2008"
9025:
8982:"The Financial Crisis: This Day – One Year Ago, Sept. 21, 2008"
7623:
7301:"Why Only One Top Banker Went to Jail for the Financial Crisis"
7213:"Helping Buyers Beware: The Need for Supervision of Big Retail"
6944:
5314:
List of banks acquired or bankrupted during the Great Recession
4708:
There were other economists that did warn of a pending crisis.
3348:
1837:
November 20, 2008: Iceland obtained an emergency loan from the
1502:
September 17, 2008: Investors withdrew $ 144 billion from U.S.
688:
624:
failed to slow the economic free-fall, but the similarly-sized
15787:"FDIC Board Approves Letter of Intent to Sell IndyMac Federal"
15173:"In Pictures: Banks vs. Credit Unions in the Financial Crisis"
15127:
Counting on Marilyn Waring: New Advances in Feminist Economics
13598:. Economics papers: A journal of applied economics and policy.
13504:
The Savings and Loan Crisis: Lessons from a Regulatory Failure
12602:"Waiting for the other shoe to drop in commercial real estate"
12109:"The Community Reinvestment Act After Financial Modernization"
10784:"International Monetary Fund, World Economic Outlook Database"
9564:"PNC will buy troubled National City Corp. for $ 5.58 billion"
7620:"Federal Reserve Bank of St. Louis' Financial Crisis Timeline"
1256:
to supply short-term credit to banks with sub-prime mortgages.
1049:
predicting a recession. Due to increased delinquency rates in
17219:
Acquired or bankrupt banks in the late 2000s financial crisis
13502:. In Barth, James R.; Trimbath, Susanne; Yago, Glenn (eds.).
12243:"The Subprime Crisis: Is Government Housing Policy to Blame?"
12106:
11631:
Did Fair-Value Accounting Contribute to the Financial Crisis?
8026:"Dow Jones Industrial Average (^DJI) Charts, Data & News"
7005:
Liquidity Lost: The Governance of the Global Financial Crisis
6744:"Foreign direct investment, net inflows (% of GDP) - Armenia"
4859:
3866:
3770:
Depository Institutions Deregulation and Monetary Control Act
3644:
2180:
1879:
began, sparked in part by economic conditions in the country.
1734:
October 16, 2008: A rescue plan was unveiled for Swiss banks
1383:
by 75 basis points, its 6th cut in 6 months. It also allowed
1299:
906:
768:
were due to falls in trade, commodity prices, investment and
16708:
16428:
Eight Days: the battle to save the American financial system
15968:"IndyMac stops new mortgage loans, to cut workforce by half"
15112:"Advances in Feminist Economics in Times of Economic Crisis"
14503:
Corporate Social Responsibility in the Global Business World
13808:
12791:"Update 4—One in 7 U.S. mortgages foreclosing or delinquent"
11935:. New York City: Algora Publishing. pp. 16–42, 67–119.
6562:"Euro crisis imperils recovering global economy, OECD warns"
5066:
Crash Proof: How to Profit From the Coming Economic Collapse
4901:
revealed that it may not be well capitalized in the future.
4897:
On May 12, 2008, in the "Capital" section of its last 10-Q,
1321:
tumbled 323.5 points or 5.5% in its largest crash since the
1057:
said that it would stop investing in certain subprime loans.
608:
of financial institutions and other palliative monetary and
604:
After the onset of the crisis, governments deployed massive
16287:
Crashed: How a Decade of Financial Crises Changed the World
15907:"Robert C. Daniels, et al. v. IndyMac Bancorp, Inc., et al"
15425:"Mr Rajan Was Unpopular (But Prescient) at Greenspan Party"
14395:
Harrington, Shannon D.; Moses, Abigail (November 6, 2008).
14197:"Financial Crisis Inquiry Commission – story of a security"
12959:
11499:
Keller, Christopher; Stocker, Michael (November 18, 2008).
11059:"Financial Meltdown Was Avoidable, Crisis Commission Finds"
9983:
9149:
8986:
8785:"Housing and Economic Recovery Act of 2008 (HERA) Programs"
7344:"Who was convicted because of the global financial crisis?"
6653:"Labor Force Statistics from the Current Population Survey"
4886:
borrower's needs, using an extensive array of risky option-
4406:
3433:
284:
Government intervention during the subprime mortgage crisis
16070:"IndyMac one of the largest bank failures in U.S. history"
14757:
14555:"Recipe for Disaster: The Formula That Killed Wall Street"
14118:"U.S. Considers Bringing Fannie & Freddie Onto Budget"
13944:
Chang, V.; Newman, R.; Walters, R.J.; Wills, G.B. (2016).
11295:"Federal Reserve Board – Community Reinvestment Act (CRA)"
11262:
10274:"Treasury Department Report – Financial Regulatory Reform"
7239:"Who went to jail for their role in the financial crisis?"
6102:"A tale of two depressions: What do the new data tell us?"
5519:"Why Didn't Bank Regulators Prevent the Financial Crisis?"
5010:
would collapse in March 2008 resulted in its fire-sale to
4458:
suggested that a financial crisis is a systemic crisis of
3908:
3686:
standards) increased ... to over 80% of production".
1400:
17214:
Dodd–Frank Wall Street Reform and Consumer Protection Act
16739:
Dodd–Frank Wall Street Reform and Consumer Protection Act
15928:
15337:
14831:"Financial Crash, Commodity Prices and Global Imbalances"
14471:
The Concise Encyclopedia of The Great Recession 2007–2012
13905:
Bordo, Michael D.; Redish, Angela; Rockoff, Hugh (2015).
13694:
The Return of Depression Economics and the Crisis of 2008
13403:(3rd ed.). Princeton University Press. p. 216.
13098:
13014:"The Global Saving Glut and U.S. Current Account Deficit"
12666:
11522:"Reflections on Glass-Steagall and Maniacal Deregulation"
11485:
10673:
10626:
10558:
10103:
10082:
9962:
9941:
9873:
9800:"Singapore recession deepens, government cuts 09 outlook"
9719:
9614:
9593:
9475:
9191:
9170:
9129:
9108:
9067:
9046:
8829:
8808:
8789:
United States Department of Housing and Urban Development
8724:
8627:
8430:
8409:
8164:
7844:
7767:
7284:
7087:
6588:
6538:
Baily, Martin Neil; Elliott, Douglas J. (June 15, 2009).
6513:"World Economic Outlook: Crisis and Recovery, April 2009"
6275:
5964:
Dodd-Frank Wall Street Reform and Consumer Protection Act
5309:
List of bank failures in the United States (2008–present)
5035:
4568:
4145:
3485:
3356:
United States Department of Housing and Urban Development
2911:
Indirect economic effects of the subprime mortgage crisis
2275:
2132:
Dodd–Frank Wall Street Reform and Consumer Protection Act
2125:
Dodd-Frank Wall Street Reform and Consumer Protection Act
2079:
Dodd–Frank Wall Street Reform and Consumer Protection Act
1735:
1665:
October 3, 2008: The House of Representatives passed the
1114:
1028:
958:
Dodd–Frank Wall Street Reform and Consumer Protection Act
859:
Dodd–Frank Wall Street Reform and Consumer Protection Act
645:
Dodd–Frank Wall Street Reform and Consumer Protection Act
380:
135:
Dodd–Frank Wall Street Reform and Consumer Protection Act
14828:
14708:
Donnelly, Catherine; Embrechts, Paul (January 4, 2010).
14073:"Agency's '04 Rule Let Banks Pile Up New Debt, and Risk"
14010:"Japan's lessons for a world of balance-sheet deflation"
12464:"US banking regulator's tab for failed banks nears $ 9B"
11265:"UNC Center Study Debunks Role of CRA in Housing Crisis"
11036:"Conclusions of the Financial Crisis Inquiry Commission"
10338:"Obama's 'Volcker Rule' shifts power away from Geithner"
10149:"More Quickly Than It Began, The Banking Crisis Is Over"
9367:
Wroughton, Lesley; Murphy, Francois (October 11, 2008).
9334:"Trading halted for first time since 2008 over pandemic"
8762:
8516:"Bush signs stimulus bill and cites economic resilience"
8452:"The Global Economic & Financial Crisis: A Timeline"
7448:
7364:
Morgenson, Gretchen; Story, Louise (December 24, 2009).
7064:"New $ 600B Fed Stimulus Fuels Fears of US Currency War"
6440:"Factbox–U.S., European bank write-downs, credit losses"
4874:
markets—states, alongside Nevada and Arizona, where the
3254:– the increased use of leverage in the financial system.
2062:, bank capital requirements, expanded regulation of the
1758:
soared against other major currencies, particularly the
1017:
warns clients of housing downturn, especially sub-prime.
728:
and from bad loans from January 2007 to September 2009.
15447:"Why Nassim Taleb is the True Predictor of this Crisis"
15246:"Why Economists Failed to Predict the Financial Crisis"
13943:
11501:"Executive Compensation's Role in the Financial Crisis"
10358:"Troubled Asset Relief Program: Two Year Retrospective"
9543:"Financial crisis may be worst in history – BoE's Bean"
8405:"Looking Back On Bank Of America's Countrywide Debacle"
8071:
Kar-Gupta, Sudip; Guernigou, Yann Le (August 9, 2007).
7811:
Haubrich, Joseph G.; Cherny, Kent (December 18, 2008).
7236:
7147:
Wheatley, Jonathan; Garnham, Peter (November 5, 2010).
6099:
5840:
5329:
List of entities involved in 2007–2008 financial crises
3227:
As part of the housing and credit booms, the number of
16850:
National fiscal policy response to the Great Recession
16132:"Oscars 2011: Inside Job banks best documentary award"
14785:"Reducing Systemic Risk in a Dynamic Financial System"
14529:"New theories attempt to explain the financial crisis"
13036:"Global Imbalances: Recent Developments and Prospects"
11883:"The Reckoning-Agency 04 Rule Lets Banks Pile on Debt"
10996:"Financial Crisis Inquiry Commission – Get the Report"
9207:"Congress Passes Emergency Economic Stabilization Act"
8189:"Markets Soar After Fed Cuts Key Rate by a Half Point"
7260:"Iceland ex-PM Geir Haarde cleared of bank negligence"
6419:"Lloyds Bank Is Discussing Purchase of British Lender"
6322:"Home Equity Extraction: The Real Cost of 'Free Cash'"
5135:
In October 2010, a documentary film about the crisis,
4246:
Securitization markets were impaired during the crisis
4038:
3749:
3341:
institutions that held loans in their own portfolios.
3323:
3138:
Reckless lending by lenders such as Bank of America's
2077:
passed bill H.R. 4173, a precursor to what became the
1476:
but neither bank wanted to acquire the entire company.
791:, provided then-unprecedented trillions of dollars in
777:
national fiscal policy response to the Great Recession
551:
on September 15, 2008, and a subsequent international
299:
National fiscal policy response to the Great Recession
21174:
17689:
Post-Napoleonic Irish grain price and land use shocks
16005:"Federal Regulators Close California Mortgage Lender"
14397:"Credit Swap Disclosure Obscures True Financial Risk"
13282:
Washington State Department of Financial Institutions
13215:"Raters Ignored Proof of Unsafe Loans, Panel Is Told"
12556:
Sanders, Anthony B.; An, Xudong (November 29, 2010).
12230:– via Levy Economics Institute of Bard College.
9888:
Cowan, Richard; Cornwell, Susan (February 15, 2009).
8669:"Commodity prices to rise more than expected in 2018"
7997:"Bear Stearns hedge funds near shutting down: report"
6762:"Personal remittances, received (% of GDP) – Armenia"
2202:
and 19 employees for selling fraudulent mortgages to
1546:
Speaker of the United States House of Representatives
1170:
to withdraw their savings during the financial crisis
15278:
Langlois, Hugues; Lussier, Jacques (March 7, 2017).
14868:
Irwin, Scott H.; Sanders, Dwight R. (June 1, 2010).
13984:
13982:
13980:
12839:
Zombie Economics: How Dead Ideas Still Walk among Us
12639:
Steverman, Ben; Bogoslaw, David (October 18, 2008).
12443:"FDIC's Tab For Failed U.S. Banks Nears $ 9 Billion"
11606:"Facts and Myths about the Financial Crisis of 2008"
11603:
11429:
Zombie Economics: How Dead Ideas Still Walk among Us
8559:"Search JP Morgan Pays $ 2 a Share for Bear Stearns"
6206:"5 of the World's Most Devastating Financial Crises"
5304:
List of acronyms associated with the eurozone crisis
3963:
for AAA-rated securities. The shift from first-loss
3756:
Government policies and the subprime mortgage crisis
2116:
April 15, 2010: U.S. Senate introduced bill S.3217,
1581:
to increase their protection by the Federal Reserve.
1555:
September 19, 2008: The Federal Reserve created the
1106:
closed above 14,000 for the first time at 14,000.41.
177:
Government policies and the subprime mortgage crisis
17264:
Public–Private Investment Program for Legacy Assets
15576:Andrew K. Rose and Mark M. Spiegel (January 2012).
15395:"Has Financial Development Made the World Riskier?"
14213:
12398:
12396:
12394:
12392:
11562:Kuls, Norbert; Tigges, Claus (September 22, 2007).
11459:"Fannie, Freddie, and the Subprime Mortgage Market"
11402:"How Government Failure Caused the Great Recession"
11015:"Financial Crisis Was Avoidable, Inquiry Concludes"
7940:
7938:
7936:
7433:"Wealth Inequality in the United States since 1913"
6692:"What China's economic problems mean for the world"
4808:. Before its failure, IndyMac Bank was the largest
4142:CDO was approximately five cents for every dollar.
3594:requires that a country (such as the US) running a
3367:
United States House Committee on Financial Services
3275:
US subprime lending expanded dramatically 2004–2006
2137:September 12, 2010: European regulators introduced
1930:
intensified and the Icelandic government collapsed.
1213:
and filed bankruptcy due to exposure to home loans.
982:
Cost of housing by State from the year 2000 to 2022
873:report, released January 2011, and a report by the
16969:(Europe, Middle East and North Africa, Asia; 2009)
16258:(Sociology of Crime Law and Deviance, Volume 16),
16114:"Overdose: A Film about the Next Financial Crisis"
16091:
16068:
16027:
15966:
15943:
15863:
15740:
15717:
15533:
15510:
15484:
15423:
15309:
15223:
15013:
14604:
14580:"News Analysis: Another Crisis, Another Guarantee"
14578:
14468:
14314:
14142:
14116:
14071:
14034:
14008:
13962:
13904:
13863:
13659:
13636:
13615:"Reinstating an Old Rule Is Not a Cure for Crisis"
13613:
13478:"History of the Eighties – Lessons for the Future"
13213:
13135:
13113:
12938:
12814:
12708:
12441:
12402:
12171:
11907:
11881:
11824:"Altruism: The Moral Root of the Financial Crisis"
11779:
11699:
11673:
11220:
11136:McArthur, Colin; Edelman, Sarah (April 13, 2017).
11013:
10717:
10645:
10577:
10414:
10002:
9845:
9520:
9496:"West Is in Talks on Credit to Aid Poorer Nations"
9494:
9270:
8961:"As Goldman and Morgan Shift, a Wall St. Era Ends"
8959:
8937:
8914:
8888:
8845:
8557:
8187:
8070:
7914:
7342:
7168:
7037:
6560:
6490:
6460:
6417:
6394:
6368:
6345:"Spending boosted by home equity loans: Greenspan"
6232:"A guide to the financial crisis – 10 years later"
6183:
5334:List of largest bank failures in the United States
5048:House Committee on Oversight and Government Reform
4971:since its May 12, 2008, quarterly earnings report;
4912:downgraded the ratings on a significant number of
4642:credits 12 economists with predicting the crisis:
2943:prices down, that usually puts the economy into a
2118:Restoring American Financial Stability Act of 2010
2091:January 22, 2010: President Obama introduced "The
1673:in a deal that did not require government funding.
1487:with $ 85 billion in debt and equity funding. The
17093:
14861:
14707:
13977:
12816:"U.S. Mortgage Delinquencies Reach a Record High"
12730:"Foreclosure rate almost doubled in 2007: report"
12638:
11400:Perry, Mark J.; Dell, Robert (January 18, 2011).
11321:"Did the CRA cause the mortgage market meltdown?"
10190:"It's Dippy to Fret About a Double-Dip Recession"
9332:Rahman, Riska; Wirayani, Prima (March 13, 2020).
8847:"U.S. Gives Banks Urgent Warning to Solve Crisis"
8581:"J.P. Morgan to buy Bear Stearns for $ 2 a share"
8579:Barr, Alistair; Morcroft, Greg (March 17, 2008).
7787:"The 2007 All-America Fixed-Income Research Team"
7575:"37 Critical Events of the 2008 Financial Crisis"
7341:Scannell, Kara; Milne, Richard (August 9, 2017).
6989:Centre for Research on Multinational Corporations
6298:"Sources and Uses of Equity Extracted from Homes"
3587:economies in Asia and oil-exporting nations. The
21222:
18858:
16777:
16093:"How Much Did Lehman CEO Dick Fuld Really Make?"
15739:Paletta, Damian; Enrich, David (July 12, 2008).
15719:"David Loeb, 79; Founded Mortgage Banking Firms"
15250:Wharton School of the University of Pennsylvania
14978:"The Financialization of Capital and the Crisis"
14255:Gai, Prasanna; Kapadia, Sujit (August 8, 2010).
13991:"A Minsky Meltdown: Lessons for Central Bankers"
13683:
13681:
13679:
13677:
13537:. U.S. League of Savings Institutions. pp.
12389:
11319:Bhutta, Neil; Canner, Glenn B. (March 1, 2009).
11299:Board of Governors of the Federal Reserve System
11163:Wharton School of the University of Pennsylvania
10760:Burd-Sharps, Sarah; Rasch, Rebecca (June 2015).
10759:
9979:"Dow Jones decline rate mimics Great Depression"
9890:"Congress sends $ 787 billion stimulus to Obama"
9125:"Citigroup buys Wachovia bank assets for $ 2.2B"
8890:"Bailout of Money Funds Seems to Stanch Outflow"
8758:
8756:
8132:
8130:
7933:
7865:"Fannie, Freddie tout limited subprime exposure"
7710:
7708:
7366:"Banks Bundled Bad Debt, Bet Against It and Won"
6860:Board of Governors of the Federal Reserve System
6292:
6123:"The Great Recession & the Great Depression"
5545:"Prone to Fail: The Pre-crisis Financial System"
5110:Overdose: A Film about the Next Financial Crisis
4629:Wharton School of the University of Pennsylvania
4598:Wrong banking model: resilience of credit unions
4486:, a political economy analyst and editor of the
4449:
4261:In a June 2008 speech, President and CEO of the
1309:January 21, 2008: As US markets were closed for
675:Share in GDP of U.S. financial sector since 1860
279:Federal Reserve responses to the subprime crisis
167:Causes of the 2000s United States housing bubble
16237:Collusion: How Central Bankers Rigged the World
15651:"Government shuts down mortgage lender IndyMac"
15277:
14876:. OECD Food, Agriculture and Fisheries Papers.
14394:
13719:"Banks' Hidden Junk Menaces $ 1 Trillion Purge"
13348:
13314:"Brown Sues Countrywide For Mortgage Deception"
12403:Johnston, Louis; Williamson, Samuel H. (2023).
12241:Avery, Robert B.; Brevoort, Kenneth P. (2015).
11581:
11579:
11222:"The Clinton-Era Roots of the Financial Crisis"
11179:"Lest We Forget: Why We Had A Financial Crisis"
11135:
10647:"Cautious Moves on Foreclosures Haunting Obama"
10244:
10228:"Remarks of the President on Regulatory Reform"
9410:"FDIC Announces Plan to Free Up Bank Liquidity"
9366:
7967:
7965:
7665:"The Outsiders Who Foresaw The Subprime Crisis"
7598:"How They Stopped the Financial Crisis in 2009"
7146:
6458:
5817:"Chart Book: The Legacy of the Great Recession"
5645:"Consequences of The Glass-Steagall Act Repeal"
4698:warned of the impending real estate collapse.
4013:and can cause or deepen a recession. Economist
3449:
779:, governments and central banks, including the
667:for 2009 (countries in brown were in recession)
17239:Federal takeover of Fannie Mae and Freddie Mac
16820:American Recovery and Reinvestment Act of 2009
16685:Office of Federal Housing Enterprise Oversight
15836:
15834:
15832:
15760:
15758:
15102:
14895:Gorton, Gary; Metrick, Andrew (January 2012).
14500:Mermod, Asli Yüksel; Idowu, Samuel O. (2013).
13795:Government regulation and derivative contracts
13378:"Road to Ruin: Mortgage Fraud Scandal Brewing"
13070:
10951:
10949:
10847:"What We've Learned from the Financial Crisis"
10169:"Minutes of the Federal Open Market Committee"
9331:
9247:"Wells Fargo Buys Wachovia for $ 15.1 Billion"
9042:"Morgan Stanley to sell stake to Japan's MUFG"
8235:"Dow High of 26,828.39 Set on October 3, 2018"
8094:"Three myths that sustain the economic crisis"
8073:"BNP freezes $ 2.2 bln of funds over subprime"
7810:
7784:
7695:"Median and Average Sale Price of Houses Sold"
7529:Levy Economics Institute Working Papers Series
7363:
6396:"Lehman Files for Bankruptcy; Merrill Is Sold"
4638:predicted the crisis, with varying arguments.
4571:Bank, suggested that large-scale momentum, or
4238:Boom and collapse of the shadow banking system
3947:U.S. household debt as a percentage of annual
3371:Office of Federal Housing Enterprise Oversight
2826:
1935:American Recovery and Reinvestment Act of 2009
1912:American Recovery and Reinvestment Act of 2009
1845:and threatened the government with bankruptcy.
1451:Federal takeover of Fannie Mae and Freddie Mac
626:American Recovery and Reinvestment Act of 2009
254:American Recovery and Reinvestment Act of 2009
172:Credit rating agencies and the subprime crisis
19129:Drafting and ratification of the Constitution
18844:
18817:List of stock market crashes and bear markets
17356:
17079:
16466:
15924:"Schumer: Don't blame me for IndyMac failure"
15738:
15672:
15670:
15668:
15644:
15642:
14894:
14824:
14822:
14366:"Lessons Not Learned From the Housing Crisis"
13957:
13955:
13674:
13255:
12684:Banking and Finance: Theory, Law and Practice
12287:
12240:
12014:
11802:"How Government Created the Financial Crisis"
11498:
9887:
9104:"Bailout plan rejected – supporters scramble"
9063:"Buffett's Berkshire invests $ 5B in Goldman"
8753:
8718:Rooney, Ben; Goldman, David (June 27, 2008).
8717:
8178:
8139:"The collapse of Northern Rock: Ten years on"
8136:
8127:
7890:"New Century files for Chapter 11 bankruptcy"
7763:"New Century files for Chapter 11 bankruptcy"
7757:
7755:
7705:
7689:
7687:
7685:
7340:
6605:
6603:
6601:
6599:
6533:
6531:
6529:
6527:
6525:
6080:
4727:, who was about to retire as chairman of the
4313:, investment banks and other entities in the
3527:After the bubble burst, Australian economist
3182:and investors failed to accurately price the
3172:, effectively removed the separation between
2095:" limiting the ability of banks to engage in
1774:. Later that day, the deputy governor of the
1692:During the 2008 global financial crisis, the
1245:December 2007: Unemployment in the US hit 5%.
462:
120:2000s United States housing market correction
20053:Dobbs v. Jackson Women's Health Organization
17209:Emergency Economic Stabilization Act of 2008
16744:Emergency Economic Stabilization Act of 2008
15051:The Big Mo: Why Momentum Now Rules Our World
14867:
14800:
14798:
14775:
14773:
14680:
12486:Who Really Drove the Economy into the Ditch?
12372:Who Really Drove the Economy into the Ditch?
12345:Who Really Drove the Economy into the Ditch?
12318:Who Really Drove the Economy into the Ditch?
12174:"Understanding the Subprime Mortgage Crisis"
11932:Who Really Drove the Economy into the Ditch?
11576:
11318:
11095:"Credit Default Swaps and the Credit Crisis"
10328:
8578:
7962:
6537:
6462:"Dollar tumbles as huge credit crunch looms"
6288:
6286:
6024:New York University Stern School of Business
4112:
3797:Garn–St. Germain Depository Institutions Act
3098:" (known as the Levin–Coburn Report) by the
1997:and bonuses paid to bankers resulted in the
1667:Emergency Economic Stabilization Act of 2008
1660:Emergency Economic Stabilization Act of 2008
1653:Emergency Economic Stabilization Act of 2008
1651:October 1, 2008: The U.S. Senate passed the
1623:Emergency Economic Stabilization Act of 2008
1153:
622:Emergency Economic Stabilization Act of 2008
620:. In the U.S., the October 3, $ 800 billion
274:Emergency Economic Stabilization Act of 2008
17279:2009 Supervisory Capital Assessment Program
17249:Homeowners Affordability and Stability Plan
15865:"Irregularity Is Uncovered at IndyMac Bank"
15829:
15755:
15330:
14999:"Carchedi, Foster and the causes of crisis"
14499:
14359:
14357:
13761:
13596:The global financial crisis and its effects
13396:
12375:. New York City: Algora. pp. 140–141.
12172:Demyanyk, Yuliya; Van Hemert, Otto (2011).
11719:
11717:
11657:
11538:
11269:University of North Carolina at Chapel Hill
10961:"Four Questions About the Financial Crisis"
10946:
10592:
9869:"Senate passes $ 787 billion stimulus bill"
8599:
8210:"Online Bank Fails, and Regulators Shut It"
7467:
6995:
6370:"Pain Spreads as Credit Vise Grows Tighter"
6316:
6314:
6264:
6262:
5769:
5767:
5669:Sarra, Janis; Wade, Cheryl L. (July 2020).
5462:
5460:
5458:
5053:
4627:, mostly failed to predict the crisis. The
4618:
4433:
3886:Commodity Futures Modernization Act of 2000
3872:As early as 1997, Federal Reserve chairman
3560:, as well as to combat a perceived risk of
3157:and contributed to a glut of risky lending.
1793:
1766:, as world investors sought safe havens. A
1530:September 18, 2008: In a dramatic meeting,
1439:August 2008: Unemployment hit 6% in the US.
962:Regulatory responses to the subprime crisis
304:Regulatory responses to the subprime crisis
18851:
18837:
17363:
17349:
17289:Term Asset-Backed Securities Loan Facility
17086:
17072:
16881:
16835:Fraud Enforcement and Recovery Act of 2009
16759:Term Asset-Backed Securities Loan Facility
16473:
16459:
16189:The Rise and Fall of Neoliberal Capitalism
16177:GNU Free Documentation License Version 1.2
15842:"Indymac Bancorp Inc – '10-Q' for 3/31/08"
15665:
15639:
15624:
14819:
14681:Lipton, Alexander; Rennie, Andrew (2007).
14548:
14546:
14544:
14254:
13952:
13743:"Citigroup SIV Accounting Tough to Defend"
13530:
13071:Mastrobattista, John (February 17, 2009).
12966:Journal of International Money and Finance
12809:
12770:Pacifici, Sabrina I. (September 6, 2008).
12131:"Did Liberals Cause the Sub-Prime Crisis?"
11561:
11215:
10929:"How The 2008 Financial Crisis Was Solved"
10598:
9083:"Washington Mutual Falls To Subprime Mess"
8886:
7946:"Timeline: Key events in financial crisis"
7752:
7682:
6596:
6522:
6459:Evans-Pritchard, Ambrose (July 25, 2007).
6339:
6337:
5783:American Economic Journal: Economic Policy
5190:Set on the night before the crisis broke,
5151:Academy Award for Best Documentary Feature
5069:, which was published in February 2007 by
5046:, the California Democrat who chaired the
4931:capital infusion nor found a ready buyer.
4060:; the bundling of subprime mortgages into
4002:by the U.S. government in September 2008.
3645:Weak and fraudulent underwriting practices
2853:Term Asset-Backed Securities Loan Facility
2158:pursues even more lending as the solution.
2142:suffered losses from AAA-rated created by
2025:Fraud Enforcement and Recovery Act of 2009
1850:Term Asset-Backed Securities Loan Facility
683:, which, at the time, was the most severe
469:
455:
314:Term Asset-Backed Securities Loan Facility
19577:Atomic bombings of Hiroshima and Nagasaki
18638:2015–2016 Chinese stock market turbulence
17204:Housing and Economic Recovery Act of 2008
17015:Effects of the Great Recession on museums
16845:Housing and Economic Recovery Act of 2008
16729:China–Japan–South Korea trilateral summit
16218:Julien Mercille & Enda Murphy, 2015,
16215:, August 5 & 12, 2019, pp. 28–31
16148:
16089:
15884:
15625:Shalal-Esa, Andrea (September 25, 2008).
15406:
15351:
14795:
14770:
14649:
14625:
14466:
14436:
14418:"Who's Who on AIG List of Counterparties"
14335:
14092:
13886:"Buffett warns on investment 'time bomb'"
13841:
13788:
13461:
13208:
13024:
12985:
12555:
12076:. United States House of Representatives.
11643:
11399:
11112:
10687:
10640:
10307:
9733:
9226:"Economic rescue swiftly signed into law"
9223:
8916:"As Crisis Spiraled, Alarm Led to Action"
8158:La Monica, Paul R. (September 18, 2007).
8157:
8137:O'Connell, Dominic (September 12, 2017).
7780:
7778:
7393:United States Patent and Trademark Office
6415:
6363:
6283:
6151:
5923:
5874:
5744:
5720:"Predatory lending: A decade of warnings"
5668:
5560:
5175:Academy Award for Best Adapted Screenplay
4904:IndyMac reported that during April 2008,
4734:Stock trader and financial risk engineer
4338:of excessively loose credit conditions".
4299:Nobel Memorial Prize in Economic Sciences
3884:derivatives market when they enacted the
3539:
2907:Subprime mortgage crisis solutions debate
2023:May 20, 2009: President Obama signed the
1933:February 13, 2009: Congress approved the
1434:Housing and Economic Recovery Act of 2008
1342:was enacted, which included a tax rebate.
966:Subprime mortgage crisis solutions debate
934:Global financial crisis in September 2008
309:Subprime mortgage crisis solutions debate
294:Housing and Economic Recovery Act of 2008
217:China–Japan–South Korea trilateral summit
16709:Government policy and spending responses
16675:Government National Mortgage Association
16149:Wilkinson, Alissa (September 15, 2018).
15773:United States Department of the Treasury
15732:
14779:
14683:"Credit Correlation: Life after Copulas"
14354:
13844:"Forbes-Geithner's Plan for Derivatives"
13829:United States Department of the Treasury
13562:
13454:OECD Economics Department Working Papers
13358:"If you had a pulse, we gave you a loan"
13332:"BofA Modifies 64,000 Countrywide Loans"
13156:
13030:
13008:
12906:China's Role in Global Economic Recovery
12769:
12680:
12583:"Commercial Real Estate and the Economy"
12533:
12116:United States Department of the Treasury
11992:
11976:"The State of the Nation's Housing 2008"
11848:
11714:
11519:
11456:
10955:
10712:
10599:Kurtzleben, Danielle (August 23, 2014).
10365:United States Department of the Treasury
10281:United States Department of the Treasury
10023:
9976:
9825:"GDP growth (annual %) – Singapore"
9754:
9610:"AmEx becomes bank to stabilize funding"
9429:"Switzerland unveils bank bail-out plan"
8720:"Oil settles at record high above $ 140"
8513:
8380:
8350:"Ex-Delta chief starts mortgage company"
8276:
8255:
8160:"Interest rates slashed to help economy"
7912:
7405:
7298:
7192:"Monitoring adoption of Basel standards"
7058:
6912:. Summer 2009. p. 7. Archived from
6558:
6311:
6259:
6041:
6004:"RCAP on timeliness: monitoring reports"
5764:
5745:Sakelaris, Nicholas (February 5, 2014).
5642:
5486:
5455:
5430:
4567:, a former executive at the Swiss-based
4468:The Downfall of Capitalism and Communism
4359:
4351:
4241:
4116:
4083:
4042:
3920:
3912:
3566:
3459:
3378:United States Department of the Treasury
3270:
2922:
2872:
2830:
1928:2009 Icelandic financial crisis protests
1905:
1797:
1687:
1281:
1183:British bank, received support from the
1157:
1035:
977:
946:Global financial crisis in December 2008
942:Global financial crisis in November 2008
914:
670:
658:
237:Government response and policy proposals
61:
29:
19732:Assassination of Martin Luther King Jr.
17320:Financial position of the United States
16769:2008 United Kingdom bank rescue package
16029:"IndyMac's shuffle ran over depositors"
15858:
15846:U.S. Securities and Exchange Commission
15715:
15677:LaCapra, Lauren Tara (August 1, 2008).
15676:
15554:
15304:
15262:
14996:
14917:
14804:
14567:
14541:
14526:
14363:
14137:
14114:
14069:
13687:
13657:
13635:Labaton, Stephen (September 27, 2008).
13634:
13497:
12933:
12835:
12562:. 46th Annual AREUEA Conference Paper.
12559:Default of CMBS Loans During the Crisis
12509:
11879:
11781:"We Need a Better Cushion Against Risk"
11694:
11425:
11176:
10800:
10738:
10530:
10494:"Basel III, the Banks, and the Economy"
10491:
10184:
10044:
9712:
9586:
9515:
9489:
9387:
9315:"The Sensex journey: From 2008 to 2013"
9101:
8887:Gullapalli, Diya (September 20, 2008).
8868:"The Federal Reserve's Crisis Response"
8822:
8738:
8620:
8474:
8402:
8091:
7887:
7232:
7230:
7210:
7032:
7001:
6937:
6416:Werdigier, Julia (September 17, 2008).
6334:
6100:Eichengreen; O'Rourke (March 8, 2010).
5897:
4270:United States Secretary of the Treasury
4068:(CDO) for sale to investors, a type of
3909:Increased debt burden or overleveraging
3824:U.S. Securities and Exchange Commission
3199:was issued as U.S. accounting standard
2248:June 2015: A study commissioned by the
1885:December 20, 2008: Financing under the
1810:advertising cheap "Credit Crunch Lunch"
1532:United States Secretary of the Treasury
1104:The Dow Jones Industrial Average (DJIA)
938:Global financial crisis in October 2008
821:2008 United Kingdom bank rescue package
14:
21296:September 2008 events in North America
21223:
18543:Venezuelan banking crisis of 2009–2010
18313:South American economic crisis of 2002
18210:Black Wednesday (1992 Sterling crisis)
16380:, Majority and Minority Staff Report,
16277:. Cham, Switzerland, pp. 295−305.
16025:
15985:
15505:
15479:
15444:
15421:
15044:
14976:Foster, John Bellamy (April 1, 2008).
14975:
14573:
14552:
14415:
14029:
13988:
13608:
13447:
12751:"Foreclosures soar 81 percent in 2008"
12581:Amadeo, Kimberly (February 28, 2019).
12580:
12348:. New York City: Algora. p. 148.
12247:The Review of Economics and Statistics
12167:
12165:
12149:
12128:
11955:
11902:
11545:Nr. 1, 1999. Munich, St. Gallen 1999,
11520:Weissman, Robert (November 12, 2009).
11482:"Money, Power and Wall Street, Part 1"
11369:
11367:
11344:
11340:
11338:
11241:
11199:"The Fed – Community Reinvestment Act"
11077:"Senate Financial Crisis Report, 2011"
10667:Censky, Annalyn (September 13, 2012).
10666:
10619:
10579:"Crisis Is Over, but Where's the Fix?"
10572:
10551:
10099:"A three-peat for Wall Street's bulls"
9997:
9908:
9866:
9669:"It's Not the Credit Crisis, Damn It!"
9285:from the original on January 10, 2022.
9224:Collinson, Stephen (October 4, 2008).
9163:
8909:
8552:
8514:Pelofsky, Jeremy (February 13, 2008).
8445:
8443:
8441:
8381:LaVallee, Andrew (December 31, 2007).
8301:
8299:
8232:
8020:
8018:
8016:
8009:from the original on December 7, 2022.
7985:from the original on December 1, 2023.
7877:from the original on December 7, 2022.
7862:
7775:
7737:
7595:
7573:Amadeo, Kimberly (November 20, 2019).
7572:
7549:
7488:
7125:
6609:
6485:
6475:from the original on January 10, 2022.
6389:
5821:Center on Budget and Policy Priorities
5773:
5542:
4623:Economists, particularly followers of
4547:the burgeoning executive compensation;
4228:Credit Correlation: Life After Copulas
2899:Subprime crisis background information
2243:Income inequality in the United States
2215:President of the European Central Bank
2075:United States House of Representatives
1138:blocked withdrawals from three of its
954:United States bear market of 2007–2009
578:, with higher-risk operations such as
517:within banks, and the bursting of the
21271:Great Recession in the United Kingdom
20660:
20422:
20084:
18888:
18832:
18594:2013 Chinese banking liquidity crisis
18550:2010–2014 Portuguese financial crisis
18026:Secondary banking crisis of 1973–1975
17344:
17067:
16754:Temporary Liquidity Guarantee Program
16724:Banking (Special Provisions) Act 2008
16707:
16645:Federal Deposit Insurance Corporation
16454:
16280:
16066:
16054:Federal Deposit Insurance Corporation
16026:Heisel, William (February 28, 2009).
15964:
15791:Federal Deposit Insurance Corporation
15648:
15627:"FACTBOX: Top ten U.S. bank failures"
15469:. fooledbyrandomness.com. April 2007.
15392:
15170:
15078:
15016:The Battle for the Soul of Capitalism
15011:
14951:
14835:Brookings Papers on Economic Activity
14606:"The worst market crisis in 60 years"
14599:
14316:"Reform of Regulation and Incentives"
14163:
14098:"The Last Trillion Dollar Commitment"
13995:Federal Reserve Bank of San Francisco
13485:Federal Deposit Insurance Corporation
13115:"Is a Housing Bubble About to Burst?"
12788:
12748:
12681:Clifford, Gomez (November 30, 2011).
12659:
12489:. New York City: Algora. p. 75.
12482:
12439:
12433:
12368:
12341:
12314:
12152:Fiscal Aspects of Aviation Management
12018:; Pinto, Edward (December 27, 2011).
11928:
11323:. Federal Reserve Bank of Minneapolis
11092:
10926:
10688:Tcherneva, Pavlina R. (August 2014).
10566:
10492:Elliott, Douglas J. (July 26, 2010).
10454:Orol, Ronald D. (December 29, 2010).
10310:"Glass-Steagall vs. the Volcker Rule"
10308:Uchitelle, Louis (January 22, 2010).
9956:Twin, Alexandra (February 27, 2009).
9935:Twin, Alexandra (February 20, 2009).
9734:Gutierrez, Carl (December 20, 2008).
9666:
9607:
9561:
9447:
9414:Federal Deposit Insurance Corporation
9301:Federal Deposit Insurance Corporation
9244:
9122:
9102:Isidore, Chris (September 29, 2008).
9060:
9039:
9021:"Say Goodbye To The Investment Banks"
9018:
8823:Isidore, Chris (September 15, 2008).
8801:
7973:"Timeline: Credit crunch to downturn"
7863:Rucker, Patrick (February 27, 2007).
7838:Twin, Alexandra (February 27, 2007).
7785:Pam Abramowitz (September 16, 2007).
7636:
7526:
7406:Goodkind, Nicole (November 1, 2023).
7257:
7217:University of Pennsylvania Law Review
6979:
6909:Federal Deposit Insurance Corporation
6581:
6120:
5279:2010 United States foreclosure crisis
5266:Banking (Special Provisions) Act 2008
4925:Federal Deposit Insurance Corporation
4723:. In 2005, at a celebration honoring
4670:& Jens Kjaer Sørensen (Denmark),
4520:The Battle for the Soul of Capitalism
4103:, chief economics commentator at the
3994:Fannie Mae and Freddie Mac, two U.S.
3954:From 2004 to 2007, the top five U.S.
3928:relative to disposable income and GDP
3896:rose to $ 683 trillion by June 2008.
2939:to slow inflation and get prices and
2123:May 2010: The U.S. Senate passed the
1729:Temporary Liquidity Guarantee Program
1725:Federal Deposit Insurance Corporation
1682:Federal Deposit Insurance Corporation
1612:Federal Deposit Insurance Corporation
1429:failed. Oil prices peaked at $ 147.50
1395:weakened and commodity prices soared.
1239:. The plan was abandoned in December.
1231:announced plans for the $ 80 billion
995:against subprime mortgage bonds with
259:Banking (Special Provisions) Act 2008
21276:Great Recession in the United States
18624:Russian financial crisis (2014–2016)
18477:2008–2011 Icelandic financial crisis
18470:2008–2009 Ukrainian financial crisis
18435:2000s U.S. housing market correction
18275:1998–2002 Argentine great depression
17370:
16640:Consumer Financial Protection Bureau
15997:
15988:"FDIC Notification to All Employees"
15531:
15333:"Peter Schiff: Oh, he saw it coming"
15160:. International Labour Organisation.
14309:
14115:Kopecki, Dawn (September 11, 2008).
14070:Labaton, Stephen (October 3, 2008).
13737:
13658:Labaton, Stephen (October 3, 2008).
13593:
13390:
13054:"Fed Historical Data-Fed Funds Rate"
12727:
12321:. New York City: Algora. p. 5.
12221:"Lessons from the Subprime Meltdown"
12218:
12086:
11880:Labaton, Stephen (October 2, 2008).
11675:"President Bush's Address to Nation"
11636:National Bureau of Economic Research
11627:
11177:Denning, Steve (November 22, 2011).
11008:
10927:Novik, Vitaliy (November 15, 2020).
10920:
10552:Censky, Annalyn (November 3, 2010).
10453:
10096:
10075:
9955:
9934:
9909:Sahadi, Jeanne (February 17, 2009).
9867:Sahadi, Jeanne (February 15, 2009).
9748:
9713:Isidore, Chris (December 16, 2008).
9469:Twin, Alexandra (October 24, 2008).
9468:
9450:"Indexes fall hard on bloody Friday"
9448:Kumar, V. Phani (October 24, 2008).
9184:
8843:
8643:"Commodities Prices to Rise in 2018"
8424:Twin, Alexandra (January 18, 2008).
8423:
8277:Gongloff, Mark (November 26, 2007).
7958:from the original on March 24, 2023.
7929:from the original on April 20, 2023.
7837:
7468:Schlesinger, Jill (March 25, 2011).
7322:"Why have no bankers been arrested?"
7319:
7227:
7100:
6835:
6741:decreased from 2008 until 2021 (see
6268:
5097:, was published in February 2009 by
5042:found himself before Representative
4475:suggests that growing inequality of
3704:
3205:Financial Accounting Standards Board
3193:Variations in the cost of borrowing.
2032:National Bureau of Economic Research
1721:2008–2011 Icelandic financial crisis
1610:went bankrupt and was seized by the
1233:Master Liquidity Enhancement Conduit
731:Lack of investor confidence in bank
693:2008–2011 Icelandic financial crisis
130:2008–2010 automotive industry crisis
56:Great Recession in the United States
18781:2023–2024 Egyptian financial crisis
18616:Puerto Rican government-debt crisis
18609:2014–2016 Brazilian economic crisis
17982:1963–1965 Indonesian hyperinflation
17885:Shanghai rubber stock market crisis
17574:Dutch Republic stock market crashes
16930:Collateralized mortgage obligations
16480:
16357:Financial Crisis Inquiry Commission
16348:Financial Crisis Inquiry Commission
16090:Sterngold, James (April 29, 2010).
15887:"Indymac Seeks to Preserve Capital"
15331:O'Keefe, Brian (January 23, 2009).
15221:
14553:Salmon, Felix (February 23, 2009).
13989:Yellen, Janet L. (April 16, 2009).
13842:Figlewski, Stephen (May 18, 2009).
13820:; Ranier, William (November 1999).
13091:
12599:
12162:
11816:
11794:
11766:"Estimate of Household Wealth Lost"
11614:Federal Reserve Bank of Minneapolis
11364:
11335:
10844:
10024:Mcauliff, Michael (March 4, 2009).
9797:
9715:"Fed slashes key rate to near zero"
9630:"IMF approves $ 2.1bn Iceland loan"
9562:Gogoi, Pallavi (October 24, 2008).
9426:
9388:Kollewe, Julia (October 14, 2008).
9185:Twin, Alexandra (October 2, 2008).
9123:Ellis, David (September 29, 2008).
9040:Ellis, David (September 22, 2008).
8449:
8438:
8296:
8256:Wilchins, Dan (December 21, 2007).
8233:Amadeo, Kimberly (March 20, 2020).
8013:
7888:Stempel, Jonathan (April 2, 2007).
7852:from the original on April 1, 2023.
7738:Lerner, Michele (October 4, 2018).
6559:Williams, Carol J. (May 22, 2012).
6271:"The $ 4 trillion housing headache"
5774:Wilson, Daniel J (August 1, 2012).
5643:Maverick, J.B. (October 22, 2019).
5103:The New York Times Best Seller list
5083:The New York Times Best Seller list
4341:
4157:Financial Crisis Inquiry Commission
4039:Financial innovation and complexity
3983:were sold at fire-sale prices, and
3750:Deregulation and lack of regulation
3691:Financial Crisis Inquiry Commission
3656:Financial Crisis Inquiry Commission
3477:secured by the price appreciation.
3330:Financial Crisis Inquiry Commission
3324:Role of affordable housing programs
3266:
3031:Financial Crisis Inquiry Commission
2988: Effective Federal Funds Rate
2280:United States Department of Justice
2105:Financial Crisis Responsibility Fee
1625:, which included the $ 700 billion
1443:
1187:. This led to investor panic and a
871:Financial Crisis Inquiry Commission
699:of all three of the major banks in
24:
19419:Pendleton Civil Service Reform Act
19409:Assassination of James A. Garfield
18587:2012–2013 Cypriot financial crisis
18491:2008–2014 Spanish financial crisis
18463:2008–2009 Russian financial crisis
18456:2008–2009 Belgian financial crisis
18151:1988–1992 Norwegian banking crisis
17646:British credit crisis of 1772–1773
16181:
15885:VAN DOORN, PHILIP (May 13, 2008).
15555:Brockes, Emma (January 24, 2009).
15422:Lahart, Justin (January 2, 2009).
15352:Tempelman, Jerry (July 30, 2014).
15225:"What Good Are Economists Anyway?"
14527:Regnier, Pat (February 27, 2009).
14416:Byrnes, Nanette (March 17, 2009).
14216:"Financial Networks and Contagion"
13058:Federal Reserve Board of Governors
13040:Federal Reserve Board of Governors
13018:Federal Reserve Board of Governors
12902:
12890:Federal Reserve Board of Governors
12872:Federal Reserve Board of Governors
12789:Haviv, Julie (November 19, 2009).
12660:Eavis, Peter (November 25, 2007).
12156:Southern Illinois University Press
11373:
11203:Federal Reserve Board of Governors
10965:Federal Reserve Board of Governors
10906:"Visualizing the Financial Crisis"
10801:Goswami, Rohan (August 14, 2023).
10739:Chokshi, Niraj (August 11, 2014).
10097:Twin, Alexandra (March 12, 2009).
10076:Twin, Alexandra (March 10, 2009).
9911:"Stimulus: How to measure success"
9654:Federal Reserve Board of Governors
9587:Isidore, Chris (October 8, 2008).
9164:Sahadi, Jeanne (October 2, 2008).
9061:Luhby, Tami (September 23, 2008).
9006:Federal Reserve Board of Governors
8802:Ellis, David (September 7, 2008).
8765:"IndyMac Taken Over By Regulators"
8741:"Marcial: U.S. Steel Is on a Roll"
8739:Marcial, Gene G. (June 27, 2008).
8623:"Fed cuts rates by 3/4 of a point"
8600:Falkenstein, Eric (May 18, 2009).
8336:Federal Reserve Board of Governors
8258:"Banks abandon plan for Super-SIV"
7916:"New Century Files for Bankruptcy"
7902:from the original on May 16, 2023.
7299:Eisinger, Jesse (April 30, 2014).
7197:Bank for International Settlements
7173:Tooltip Public Law (United States)
6881:"US Congress passes stimulus plan"
6305:Federal Reserve Board of Governors
6009:Bank for International Settlements
5900:"Mistrust and the Great Recession"
3878:Working Group on Financial Markets
3456:2000s United States housing bubble
3309:subprime loan aggregators such as
1708:October 11, 2008: The head of the
1263:filed bankruptcy after failing to
162:Causes of the European debt crisis
115:2000s United States housing bubble
25:
21317:
19451:Assassination of William McKinley
18774:2023 United States banking crisis
18580:2011 Bangladesh share market scam
18268:1998–1999 Ecuador economic crisis
18232:Venezuelan banking crisis of 1994
18158:Japanese asset price bubble crash
18099:Souk Al-Manakh stock market crash
17849:Australian banking crisis of 1893
17653:Dutch Republic financial collapse
17025:2007–2008 world food price crisis
16825:Chinese economic stimulus program
16810:2008 European Union stimulus plan
16734:Commercial Paper Funding Facility
16392:Federal Reserve Bank of St. Louis
16332:
15532:Mihm, Stephen (August 15, 2008).
15445:Triana, Pablo (August 19, 2009).
15393:Rajan, Raghuram (November 2005).
15171:Cropp, Matt (November 22, 2011).
14997:Roberts, Michael (July 3, 2011).
14364:Kourlas, James (April 12, 2012).
14257:"Contagion in financial networks"
13764:Journal of Economics Perspectives
13563:Williams, Mark (April 12, 2010).
13498:Leibold, Arthur (July 29, 2004).
13157:Williams, Mark (April 12, 2010).
12641:"The Financial Crisis Blame Game"
11849:Williams, Mark (April 12, 2010).
11628:Laux, Christian (November 2009),
11541:Strategische Unternehmensfuehrung
11219:; Solon, Mike (August 12, 2013).
10828:"World Economic Outlook Database"
9736:"GM And Chrysler Covered By TARP"
9667:Baker, Dean (November 29, 2008).
9608:Luhby, Tami (November 10, 2008).
9369:"IMF warns of financial meltdown"
9019:Moyer, Liz (September 21, 2008).
8844:Dash, Eric (September 12, 2008).
8621:Isidore, Chris (March 18, 2008).
8475:Paradis, Tim (January 31, 2008).
8403:Zarroli, Jim (January 11, 2013).
8307:"U.S. Bureau of Labor Statistics"
8092:Elliott, Larry (August 5, 2012).
7913:Creswell, Julie (April 2, 2007).
7662:
6838:"Exceedingly high interest rates"
6229:
6042:Gopinath, Gita (April 14, 2020).
5976:
5898:Wolfers, Justin (March 9, 2011).
5543:Duffie, Darrell (February 2019).
5344:Low-Income Countries Under Stress
5169:. In 2015, it was adapted into a
4781:In a 2012 article in the journal
4604:International Labour Organization
4536:, Bogle cites issues, including:
2299:Incremental GDP (billions in USD)
1645:
1599:made a $ 5 billion investment in
1495:" as a result of its exposure to
1142:with a total of $ 2.2 billion in
1045:orders stoked growth fears, with
1006:delinquency rose, leading to the
493:), was the most severe worldwide
264:Chinese economic stimulus program
244:2008 European Union stimulus plan
21208:
21196:
21184:
21158:
21149:
21148:
21113:
21112:
19670:Assassination of John F. Kennedy
19463:Nadir of American race relations
19342:Assassination of Abraham Lincoln
17631:Amsterdam banking crisis of 1763
17053:List of countries by public debt
16680:National Asset Management Agency
16414:"Money, Power & Wall Street"
16390:: A collection of papers at the
16142:
16124:
16106:
16083:
16060:
16042:
16019:
15979:
15958:
15936:
15916:
15899:
15878:
15852:
15797:
15779:
15709:
15691:
15618:
15600:
15569:
15548:
15525:
15499:
15473:
15459:
15438:
15415:
15386:
15366:
15345:
15324:
15298:
15271:
15267:. Munich Personal RePEc Archive.
15256:
15238:
15215:
15185:
15164:
15147:
15096:
15084:"The Heart of the Economic Mess"
15072:
15038:
15005:
14990:
14969:
14945:
14911:
14888:
14807:"Can the Fed's Uncrunch Credit?"
14789:Federal Reserve Bank of New York
14751:
14701:
14674:
14619:
14593:
14520:
14493:
14460:
14430:
14409:
14388:
14329:
14303:
14248:
14207:
14189:
14157:
14131:
14108:
14086:
14063:
14023:
14001:
13937:
13898:
13878:
13856:
13835:
13802:
13798:(Speech). Coral Gables, Florida.
13782:
13755:
13731:
13711:
13697:. W. W. Norton Company Limited.
13651:
13628:
13602:
13587:
13556:
13524:
13491:
13470:
13441:
13370:
13342:
13324:
13306:
13288:
13270:
13256:O'Connell, Brian (May 9, 2019).
13249:
13228:
13202:
13181:
13150:
13128:
13106:
13085:
13064:
13046:
13002:
12953:
12927:
12896:
12878:
12868:"Open Market Operations Archive"
12860:
12829:
12803:
12782:
12763:
12749:Adler, Lynn (January 15, 2009).
12742:
12721:
12701:
12674:
12653:
12632:
12612:
12593:
12574:
12549:
12527:
12503:
12476:
12456:
12362:
12335:
12308:
12281:
12234:
12212:
12143:
12129:Gordon, Robert (April 7, 2008).
12122:
12100:
12080:
12066:
12048:
12030:
12008:
11986:
11980:Joint Center for Housing Studies
11968:
11949:
11922:
11896:
11873:
11842:
11772:
11758:
11738:
11688:
11666:
11651:
11621:
11597:
11555:
11532:
11513:
11492:
11474:
11457:Calabria, Mark (March 7, 2011).
11450:
11419:
11393:
11312:
11287:
11256:
11235:
11209:
11191:
11170:
11150:
11129:
11100:Journal of Economic Perspectives
11086:
11069:
11051:
11028:
11002:
10988:
10971:
10898:
10872:
10845:Fox, Justin (November 1, 2013).
10838:
10820:
10794:
10776:
10753:
10732:
10706:
10681:
10660:
10634:
10613:
10545:
10524:
10504:
10485:
10468:
10456:"Bank-reform bill sent to Obama"
10447:
10429:
10407:
10389:
10371:
10350:
10322:
10301:
10287:
10266:
10238:
10220:
10202:
10178:
10161:
10141:
10111:
10090:
10069:
10038:
10017:
10004:"Plunging Markets, Then and Now"
9991:
9977:Kawamoto, Dawn (March 2, 2009).
9970:
9949:
9928:
9902:
9881:
9860:
9847:"Iceland's Government Collapses"
9838:
9817:
9791:
9727:
9706:
9681:
9660:
9642:
9622:
9601:
9580:
9555:
9535:
9509:
9483:
9462:
9441:
9420:
9402:
9381:
9360:
9346:
9325:
9307:
9289:
9263:
9238:
9217:
9199:
9178:
9157:
9137:
9116:
9095:
9075:
9054:
9033:
9012:
8994:
8974:
8952:
8929:
8903:
8880:
8860:
8837:
8825:"Bank of America to buy Merrill"
8816:
8804:"U.S. seizes Fannie and Freddie"
8795:
8777:
8732:
8711:
8686:
8661:
8635:
8614:
8593:
8572:
8546:
8528:
8507:
8489:
8468:
8417:
8396:
8374:
8342:
8324:
8270:
8249:
8226:
8202:
8172:
8151:
8106:
8085:
8064:
8043:
7989:
7813:"The Yield Curve, December 2008"
7596:Amadeo, Kimberly (May 4, 2020).
7550:Amadeo, Kimberly (May 4, 2020).
7320:Snow, Jon (September 13, 2011).
7258:Neate, Rupert (April 23, 2012).
7149:"Brazil in 'currency war' alert"
7084:"CNNMoney.com's bailout tracker"
6967:Federal Reserve Bank of New York
6791:. September 2009. Archived from
5549:Journal of Economic Perspectives
4263:Federal Reserve Bank of New York
4254:" and that competition from the
3996:government-sponsored enterprises
3973:went bankrupt and was liquidated
3791:In October 1982, U.S. President
3361:In the early and mid-2000s, the
3295:government-sponsored enterprises
3029:In its January 2011 report, the
2794:
2769:
2744:
2720:
2696:
2671:
2647:
2623:
2598:
2573:
2549:
2525:
2500:
2476:
2453:
2429:
2404:
2380:
2357:
2333:
2308:
2179:March 2011: Two years after the
2169:over the following eight months.
2045:in a context of price stability.
1347:nationalisation of Northern Rock
1078:Chapter 11 bankruptcy protection
19372:First transcontinental railroad
18356:2007 Chinese stock bubble crash
17682:Danish state bankruptcy of 1813
17008:2008 Central Asia energy crisis
16925:Collateralized debt obligations
16067:Story, Louise (July 13, 2008).
15716:Vincent, Roger (July 3, 2003).
14957:"Weapons of Mass Exploitation?"
14805:Gelinas, Nicole (Winter 2009).
14443:Financial Crisis Inquiry Report
12440:Sidel, Robin (March 16, 2011).
12424:Gross Domestic Product deflator
12178:The Review of Financial Studies
12074:"House Hearing on OFHEO Report"
12056:"OFHEO Report on Systemic Risk"
10766:Social Science Research Council
10297:. U.S. Congress. July 21, 2010.
9427:Gow, David (October 16, 2008).
9245:Lepro, Sara (October 3, 2008).
7906:
7881:
7856:
7831:
7804:
7731:
7656:
7630:
7612:
7589:
7566:
7543:
7520:
7482:
7461:
7442:
7425:
7399:
7378:
7357:
7334:
7313:
7292:
7272:
7251:
7211:Van Loo, Rory (April 1, 2015).
7204:
7184:
7161:
7140:
7119:
7104:Social Science Research Network
7094:
7076:
7052:
7026:
6973:
6952:
6938:Collins, Mike (July 14, 2015).
6931:
6893:
6873:
6848:
6842:D+C Development and Cooperation
6829:
6731:
6706:
6684:
6663:
6645:
6627:
6575:
6552:
6505:
6479:
6452:
6432:
6409:
6383:
6357:
6296:; Kennedy, James (March 2007).
6223:
6198:
6176:
6114:
6093:
6074:
6056:
6035:
6016:
5996:
5970:
5956:
5917:
5891:
5834:
5809:
5738:
5712:
5662:
5379:Subprime crisis impact timeline
4816:market and the seventh largest
4066:collateralized debt obligations
3233:collateralized debt obligations
3168:, which partially repealed the
3055:at many systemically important
2903:Subprime crisis impact timeline
1999:2009 G20 London summit protests
1124:liquidated the two hedge funds.
1097:collateralized debt obligations
1087:June 20, 2007: After receiving
950:Global financial crisis in 2009
628:, which included a substantial
18737:Chinese property sector crisis
18645:2015–2016 stock market selloff
18573:August 2011 stock markets fall
18484:2008–2011 Irish banking crisis
18181:1990s Swedish financial crisis
17930:Weimar Republic hyperinflation
17274:Primary Dealer Credit Facility
17143:Role of credit rating agencies
17103:Background / timeline
16815:2008–2009 Keynesian resurgence
16660:Federal Housing Finance Agency
16655:Federal Housing Administration
15986:Wagner, Evan (July 11, 2008).
15679:"IndyMac Bancorp to Liquidate"
14924:The Cancer Stage of Capitalism
13638:"SEC Concedes Oversight Flaws"
13318:Attorney General of California
12978:10.1016/j.jimonfin.2013.01.001
12903:Fu, Xiaolan (March 12, 2012).
12710:"A Helping Hand to Homeowners"
12060:Federal Housing Finance Agency
11569:Frankfurter Allgemeine Zeitung
11242:Carney, John (June 27, 2009).
11093:Stulz, René M. (Winter 2010).
10669:"Federal Reserve launches QE3"
10210:"FOMC Statement June 24, 2009"
10125:. May 18, 2009. Archived from
10078:"Stocks: Biggest gains of '09"
9798:Lim, Kevin (January 2, 2009).
9471:"Stocks can't shake the blues"
8426:"Disastrous Dow tumbles again"
8358:. May 20, 2008. Archived from
7470:"Fed Survey: We're 45% Poorer"
6788:Overseas Development Institute
5930:Journal of Marriage and Family
5636:
5610:
5585:
5536:
5511:
5480:
5424:
5399:
5274:2008–2009 Keynesian resurgence
4127:AIG bonus payments controversy
4095:cascades in financial networks
3850:structured investment vehicles
3833:Financial institutions in the
3807:of the late 1980s/early 1990s.
3746:may be a cause of the crisis.
3495:collateralized debt obligation
2278:reaches an agreement with the
2152:European sovereign-debt crisis
1636:September 30, 2008: President
1237:structured investment vehicles
840:AIG bonus payments controversy
249:2008–2009 Keynesian resurgence
13:
1:
21261:Economy of the United Kingdom
18810:List of sovereign debt crises
18752:2022 Russian financial crisis
18449:2008 Latvian financial crisis
18442:U.S. bear market of 2007–2009
18320:Stock market downturn of 2002
18261:1998 Russian financial crisis
18114:1983 Israel bank stock crisis
17294:Troubled Asset Relief Program
17199:Economic Stimulus Act of 2008
17095:U.S. subprime mortgage crisis
16830:Economic Stimulus Act of 2008
16764:Troubled Asset Relief Program
16690:Office of Financial Stability
16665:Federal Housing Finance Board
16599:Société Générale trading loss
16318:American Enterprise Institute
16173:Financial crisis of 2007–2008
15649:Veiga, Alex (July 12, 2008).
15284:. Columbia University Press.
15263:Bezemer, Dirk J (June 2009).
15222:Coy, Peter (April 16, 2009).
15197:Small Business Administration
14638:Journal of Structured Finance
14336:Samuelson, Robert J. (2011).
14102:American Enterprise Institute
13137:"When a Flow Becomes a Flood"
12728:Yoon, Al (January 29, 2008).
12543:American Enterprise Institute
12405:"What Was the U.S. GDP Then?"
12024:American Enterprise Institute
12002:American Enterprise Institute
11345:Carter, Joe (July 31, 2017).
10620:Rooney, Ben (July 26, 2012).
10383:Federal Reserve Economic Data
8939:"Shock Forced Paulson's Hand"
7637:Lewis, Michael (March 2010).
7126:Martin, Will (May 28, 2018).
6639:Federal Reserve Economic Data
6635:"Real Gross Domestic Product"
6582:Luhby, Tami (June 11, 2009).
5392:
5339:Stock market crashes in India
5180:Simon Reid-Henry's 2019 book
4450:Systemic crisis of capitalism
4311:asset-backed commercial paper
4129:is interviewed by news media.
4009:simultaneously is called the
3689:In separate testimony to the
3346:American Enterprise Institute
3217:1998 Russian financial crisis
3203:in 2006 by the privately run
2036:Federal Open Market Committee
1918:credit repealed in late 2010.
1887:Troubled Asset Relief Program
1855:November 29, 2008: Economist
1627:Troubled Asset Relief Program
1514:, which frequently invest in
1458:Bankruptcy of Lehman Brothers
1340:Economic Stimulus Act of 2008
1196:Federal Open Market Committee
1099:including subprime mortgages.
905:paid $ 550 million to settle
811:markets, avoid the risk of a
654:
549:bankruptcy of Lehman Brothers
319:Troubled Asset Relief Program
269:Economic Stimulus Act of 2008
46:ultimately led to the firm's
18:Financial crisis of 2007–2008
21286:Presidency of George W. Bush
21256:Economy of the United States
20540:Hispanic and Latino American
19394:Second Industrial Revolution
19228:Nat Turner's slave rebellion
18934:Exploration of North America
18860:History of the United States
18512:Greek government-debt crisis
18349:2004 Argentine energy crisis
18306:2001 Turkish economic crisis
18195:1990s Armenian energy crisis
18188:1990s Finnish banking crisis
18049:1976 British currency crisis
18019:1973–1974 stock market crash
17134:United States housing bubble
16749:Irish emergency budget, 2009
15965:Veiga, Alex (July 7, 2008).
15594:10.1016/j.japwor.2011.11.001
15399:NBER Working Paper No. 11728
14467:Rosenberg, Jerry M. (2012).
14221:The American Economic Review
13258:"What Is Predatory Lending?"
13092:Max, Sarah (July 27, 2004).
12096:. The International Economy.
11143:Center for American Progress
10554:"QE2: Fed pulls the trigger"
10254:"A New Financial Foundation"
10031:U.S. News & World Report
9958:"Stocks end at 12-year lows"
6836:Wenn, Bruno (January 2013).
6671:"The Recession of 2007–2009"
6269:Barr, Colin (May 27, 2009).
5597:Council on Foreign Relations
5075:United States housing bubble
4810:savings and loan association
3839:Long-Term Capital Management
3729:Office of Thrift Supervision
3450:Growth of the housing bubble
3318:United States housing bubble
3011:United States housing bubble
2982: 3 month Treasury Bond
2970: 10 Year Treasury Bond
2173:
2038:release in June 2009 stated:
1539:Chair of the Federal Reserve
1485:American International Group
1179:, a medium-sized and highly
1066:real estate investment trust
1008:United States housing bubble
519:United States housing bubble
376:Royal Bank of Scotland Group
341:American International Group
70:, an indicator of perceived
7:
21291:Premiership of Gordon Brown
20064:Indictments of Donald Trump
19255:First Industrial Revolution
19089:Declaration of Independence
19079:Second Continental Congress
18668:2017 Sri Lankan fuel crisis
18334:2003 Myanmar banking crisis
18327:2002 Uruguay banking crisis
18247:1997 Asian financial crisis
18174:1991 Indian economic crisis
18166:Rhode Island banking crisis
18136:Cameroonian economic crisis
17922:Early Soviet hyperinflation
17535:Crisis of the Third Century
15582:Japan and the World Economy
15512:"The Behavioral Revolution"
14563:. Vol. 17, no. 3.
14475:. Scarecrow Press. p.
13911:The Economic History Review
13397:Eichengreen, Barry (2019).
13300:Legal Information Institute
12290:Review of Financial Studies
11732:International Monetary Fund
10908:. Yale School of Management
10832:International Monetary Fund
10788:International Monetary Fund
10531:Norberg, Johan (May 2012).
10045:Dempsey, Alison L. (2017).
9187:"Bailout fears sink stocks"
7840:"Brutal day on Wall Street"
7699:United States Census Bureau
7639:"Betting on the Blind Side"
7306:The New York Times Magazine
6049:International Monetary Fund
5847:BMJ (Clinical Research Ed.)
5724:Center for Public Integrity
5593:"The U.S. Financial Crisis"
5374:Private equity in the 2000s
5258:
5245:" (Season 2009: Episode 15)
5218:The US documentary program
5022:, Fannie Mae, Freddie Mac,
4784:Japan and the World Economy
4721:International Monetary Fund
4711:The former Governor of the
4088:Diagram of CMLTI 2006 – NC2
4047:IMF Diagram of CDO and RMBS
4029:discussed these paradoxes:
3721:California Attorney General
3328:The majority report of the
3221:1997 Asian financial crisis
2976: 2 Year Treasury Bond
2835:Housing Finance Reform Bill
2827:Fed's action towards crisis
2261:International Monetary Fund
2200:Abacus Federal Savings Bank
2196:Manhattan District Attorney
2186:International Monetary Fund
1993:April 2, 2009: Unrest over
1839:International Monetary Fund
1772:International Monetary Fund
1710:International Monetary Fund
1261:Delta Financial Corporation
987:May 19, 2005: Fund manager
973:
927:
848:Chancellor of the Exchequer
722:International Monetary Fund
539:, as well as a vast web of
54:, and the catalyst for the
10:
21322:
21281:Presidency of Barack Obama
20661:
20423:
20085:
19956:Killing of Osama bin Laden
19044:First Continental Congress
18889:
18699:Sri Lankan economic crisis
18557:Energy crisis in Venezuela
18536:2009 Dubai debt standstill
18386:2007–2008 financial crisis
18041:Latin American debt crisis
17804:Paris Bourse crash of 1882
17224:Capital Assistance Program
17166:2007–2008 financial crisis
17048:2007–2008 financial crisis
16940:Mortgage-backed securities
16551:Automotive industry crisis
15155:"Resilience in a downturn"
14173:W. W. Norton & Company
13946:Review of economic bubbles
13776:10.1257/089533003765888403
12998:– via RePEc – IDEAS.
12844:Princeton University Press
11434:Princeton University Press
10695:Independent Journal Review
9937:"Dow closes at 6-year low"
8058:IKB Deutsche Industriebank
6678:Bureau of Labor Statistics
6657:Bureau of Labor Statistics
5924:Schneider, Daniel (2015).
5385:The Chicago Plan Revisited
5252:" (Season 2009: Episode 2)
5238:" (Season 2009: Episode 9)
5231:" (Season 2009: Episode 8)
4995:IndyMac Bancorp filed for
4947:On June 26, 2008, Senator
4795:
4738:, author of the 2007 book
4693:Shiller, a founder of the
4345:
4307:mortgage-backed securities
4062:mortgage-backed securities
3949:disposable personal income
3753:
3632:mortgage-backed securities
3571:US current account deficit
3453:
3382:Community Reinvestment Act
3300:A contrarian view is that
3278:
3229:mortgage-backed securities
3133:Community Reinvestment Act
3115:mortgage-backed securities
2896:
2815:
2209:July 26, 2012: During the
1971:March 10, 2009: Shares of
1360:on its mortgage bond fund.
1311:Martin Luther King Jr. Day
1111:IKB Deutsche Industriebank
931:
714:mortgage-backed securities
564:Glass-Steagall legislation
558:The preconditions for the
533:Mortgage-backed securities
513:, a continuous buildup of
483:2007–2008 financial crisis
125:2007–2008 financial crisis
21236:2000s in economic history
21134:
21100:
21044:
21008:
20996:
20735:
20709:
20671:
20667:
20656:
20429:
20418:
20091:
20080:
19946:
19849:
19777:
19678:
19589:
19540:Wall Street Crash of 1929
19471:
19352:
19337:Emancipation Proclamation
19268:
19191:
19139:
19106:Articles of Confederation
19059:
18944:Native American epidemics
18924:
18899:
18895:
18884:
18866:
18790:
18767:2022 stock market decline
18759:Pakistani economic crisis
18745:2021–2023 inflation surge
18691:Lebanese liquidity crisis
18660:Venezuelan hyperinflation
18652:Brexit stock market crash
18601:Venezuela economic crisis
18523:
18373:
18363:Zimbabwean hyperinflation
18073:
17991:
17962:
17946:Wall Street Crash of 1929
17909:
17786:2nd Industrial Revolution
17784:
17720:
17620:1st Industrial Revolution
17618:
17545:
17523:
17378:
17325:Foreclosure rescue scheme
17307:
17234:Federal Reserve responses
17189:
17181:Indirect economic effects
17156:
17138:housing market correction
17124:
17101:
17038:
16995:
16953:
16945:Secondary mortgage market
16910:
16866:rescues, and acquisitions
16864:Government interventions,
16863:
16855:Zero interest-rate policy
16802:
16714:
16703:
16632:
16579:
16566:Housing market correction
16543:
16488:
16398:Journalism and interviews
16310:Bad History, Worse Policy
16256:Economic Crisis and Crime
15945:"The $ 4 Billion Senator"
14660:10.3905/JSF.2009.15.1.006
14506:. Springer. p. 127.
14343:Claremont Review of Books
12219:Wray, Randall L. (2007).
11351:Acton Institute PowerBlog
11138:"The 2008 Housing Crisis"
10512:"Third time's the charm?"
9522:"Trouble Without Borders"
9390:"Iceland markets plummet"
9231:The Sydney Morning Herald
8279:"Credit Woes Slam Stocks"
6739:foreign direct investment
6615:"The Great Crash of 2008"
5681:10.1017/9781108865715.004
5468:"The Giant Pool of Money"
5349:Mark-to-market accounting
5236:Ten Trillion and Counting
5209:'s 2009 non-fiction book
5108:A 2010 documentary film,
4892:secondary mortgage market
4888:adjustable-rate mortgages
4778:labelled him "Dr. Doom".
4533:The Managerial Revolution
4423:Pierre-Olivier Gourinchas
4163:The Commission concludes
4113:Incorrect pricing of risk
3521:adjustable-rate mortgages
3023:adjustable-rate mortgages
2892:
2790:
2765:
2740:
2717:
2692:
2667:
2644:
2619:
2594:
2569:
2546:
2521:
2496:
2473:
2450:
2425:
2400:
2377:
2354:
2329:
2304:
2297:
2294:
1926:January 20–26, 2009: The
1295:for $ 4 billion in stock.
1162:People queuing outside a
1154:2007 (September–December)
27:Worldwide economic crisis
21246:2008 in economic history
21241:2007 in economic history
21026:Northern Mariana Islands
19599:Strike wave of 1945–1946
18428:Subprime mortgage crisis
18091:Brazilian hyperinflation
18063:Brazilian hyperinflation
17900:Financial crisis of 1914
17608:Mississippi bubble crash
17229:Capital Purchase Program
16963:(United States; c. 2009)
16695:UK Financial Investments
16580:Banking losses and fraud
16571:Subprime mortgage crisis
16556:California budget crisis
16260:Emerald Group Publishing
16193:Harvard University Press
14729:10.2143/AST.40.1.2049222
13448:Slovik, Patrick (2012).
12886:"Open Market Operations"
11634:, Working Paper Series,
11506:The National Law Journal
7386:"U.S. Patent Statistics"
6980:Singh, Kavaljit (2010).
5124:, with funding from the
5054:Notable books and movies
4957:Joint Economic Committee
4955:, chairman of Congress'
4953:Senate Banking Committee
4951:(D-NY), a member of the
4914:Mortgage-backed security
4619:Prediction by economists
4434:The Globals Savings Glut
4282:asset–liability mismatch
4058:adjustable-rate mortgage
3801:adjustable-rate mortgage
3639:adjustable-rate mortgage
3497:that were assigned safe
3491:mortgage-backed security
3281:Subprime mortgage crisis
3036:"widespread failures in
3015:subprime mortgage crisis
2954:30 year mortgage average
1794:2008 (November–December)
1479:September 16, 2008: The
1235:to provide liquidity to
1194:September 18, 2007: The
1082:subprime mortgage crisis
105:Subprime mortgage crisis
52:subprime mortgage crisis
34:A continuous buildup of
20561:Middle Eastern American
20378:Technology and industry
19248:Seneca Falls Convention
19049:Continental Association
18949:Settlement of Jamestown
18803:List of economic crises
18721:2020 stock market crash
18714:Financial market impact
18683:Turkish economic crisis
18298:9/11 stock market crash
18254:October 1997 mini-crash
18225:1994 bond market crisis
18217:Yugoslav hyperinflation
18128:Savings and loan crisis
17729:European potato failure
17244:Government intervention
16981:(worldwide; 2011–2012)
16920:Auction rate securities
16650:Federal Home Loan Banks
16440:Panic, Fear, and Regret
16376:April 18, 2011, at the
16187:Kotz, David M. (2015).
15951:The Wall Street Journal
15748:The Wall Street Journal
15541:New York Times Magazine
15431:The Wall Street Journal
14882:10.1787/5kmd40wl1t5f-en
14234:10.1257/aer.104.10.3115
14037:Unintended Consequences
13964:"The End of the Affair"
13463:10.1787/5kg0ps8cq8q6-en
12515:"CRE-ative destruction"
12449:The Wall Street Journal
11228:The Wall Street Journal
10851:Harvard Business Review
9166:"Senate passes bailout"
8945:The Wall Street Journal
8896:The Wall Street Journal
8873:American Action Network
8482:Pittsburgh Post-Gazette
7010:Oxford University Press
6210:Encyclopedia Britannica
5751:Dallas Business Journal
5487:Williams, Mark (2010).
5431:Williams, Mark (2010).
5324:List of economic crises
5063:authored a book titled
4542:principal–agent problem
4230:, published in 2007 by
4220:assets under management
4216:institutional investors
3805:savings and loan crisis
3610:referred to this as a "
3124:Lax regulation allowed
2085:
1947:February 27, 2009: The
1901:
1848:November 25, 2008: The
1449:September 7, 2008: The
1367:, with $ 46 billion of
1345:February 22, 2008: The
1338:February 13, 2008: The
1270:December 19, 2007: the
1248:December 12, 2007: The
1144:assets under management
881:, released April 2011.
679:The crisis sparked the
618:global financial system
535:(MBS) tied to American
487:global financial crisis
84:Part of a series on the
21191:Business and economics
20681:Admission to the Union
20047:Afghanistan withdrawal
20042:January 6 insurrection
19961:Rise in mass shootings
19933:Virginia Tech shooting
19486:Paris Peace Conference
19260:Second Great Awakening
18999:American Enlightenment
18796:List of banking crises
18565:Syrian economic crisis
18498:Blue Monday Crash 2009
18107:Chilean crisis of 1982
17938:Shōwa financial crisis
17744:Highland Potato Famine
17600:South Sea bubble crash
17391:Commodity price shocks
17111:Background information
16670:Federal Reserve System
16544:United States-specific
16388:What Caused the Crisis
16273:Read, Charles (2022).
16099:Bloomberg Businessweek
15374:"Recession in America"
15308:(September 17, 2007).
15231:Bloomberg Businessweek
14446:. DIANE. p. 352.
14281:10.1098/rspa.2009.0410
14144:"Financial Reform 101"
14096:(September 30, 2008).
13212:(September 26, 2010).
13034:(September 11, 2007).
12836:Quiggin, John (2010).
12483:Fried, Joseph (2012).
12369:Fried, Joseph (2012).
12342:Fried, Joseph (2012).
12315:Fried, Joseph (2012).
12150:Robert, W. K. (2000).
11929:Fried, Joseph (2012).
11828:The Objective Standard
11660:Journal of Accountancy
11539:
11426:Quiggin, John (2010).
10702:on September 13, 2014.
10622:"Draghi to the rescue"
8186:(September 18, 2007).
7791:Institutional Investor
7002:Langley, Paul (2015).
6940:"The Big Bank Bailout"
6393:(September 14, 2008).
6367:(September 18, 2008).
5289:2000s commodities boom
5149:. In 2011, it won the
5147:Sony Pictures Classics
4880:Federal Home Loan Bank
4668:Jakob Broechner Madsen
4530:'s 1941 seminal book,
4410:
4357:
4348:2000s commodities boom
4291:
4247:
4192:
4170:
4130:
4089:
4048:
4036:
3929:
3918:
3812:Gramm–Leach–Bliley Act
3738:Former employees from
3572:
3540:Easy credit conditions
3503:credit rating agencies
3465:
3447:
3400:mortgage loans, using
3276:
3180:Credit rating agencies
3166:Gramm-Leach-Bliley Act
3057:financial institutions
3047:"dramatic failures of
3006:
2878:
2877:Federal Reserve System
2864:Department of Treasury
2836:
2047:
1919:
1889:was made available to
1875:December 6, 2008: The
1869:
1811:
1784:PNC Financial Services
1697:
1579:bank holding companies
1506:, the equivalent of a
1420:2000s commodities boom
1171:
1129:American Home Mortgage
1080:. This propagated the
983:
920:
852:Royal Bank of Scotland
799:, including expansive
691:in late 2009, and the
676:
668:
511:financial institutions
205:G-20 Washington summit
76:
59:
20673:Territorial evolution
20037:George Floyd Protests
20020:Unite the Right rally
19889:Oklahoma City bombing
19884:Republican Revolution
19831:Space Shuttle program
19653:Civil Rights Movement
19621:North Atlantic Treaty
19429:Sherman Antitrust Act
19414:Chinese Exclusion Act
19004:French and Indian War
18994:Prelude to Revolution
18979:First Great Awakening
18939:European colonization
18121:Black Saturday (1983)
17975:Kennedy Slide of 1962
17547:Commercial revolution
17020:Decline of newspapers
16967:2009 May Day protests
16913:and financial markets
16803:Stimulus and recovery
15862:(December 22, 2008).
15805:"Letter from IndyMac"
15022:Yale University Press
14921:(December 10, 1998).
14577:(November 24, 2008).
14094:Calomiris, Charles W.
13923:10.1111/1468-0289.665
13874:. September 18, 2008.
13792:(February 21, 1997).
13571:McGraw-Hill Education
13531:Strunk; Case (1988).
13383:American News Project
13165:McGraw-Hill Education
13094:"The Bubble Question"
12940:"Dubya's Double Dip?"
12813:(November 20, 2009).
12469:The Portsmouth Herald
12228:Working Paper No. 522
12136:The American Prospect
12044:. September 19, 2008.
11857:McGraw-Hill Education
11701:"Revenge of the Glut"
11684:. September 24, 2008.
10716:(September 4, 2014).
10520:. September 13, 2010.
10498:Brookings Institution
10481:. September 12, 2010.
9674:The American Prospect
9153:. September 30, 2009.
9091:. September 26, 2008.
9008:. September 21, 2008.
8990:. September 18, 2009.
8970:. September 21, 2008.
8876:. September 12, 2013.
8791:. September 20, 2017.
8222:. September 29, 2007.
8123:. September 14, 2007.
7954:. September 8, 2013.
6545:Brookings Institution
6185:"Cracks in the crust"
6121:Temin, Peter (2010).
5495:McGraw-Hill Education
5439:McGraw-Hill Education
5284:2012 May Day protests
5171:film of the same name
5101:. It was featured on
5004:Countrywide Financial
4944:way it was operated.
4910:Standard & Poor's
4852:Countrywide Financial
4806:Countrywide Financial
4764:noted that economist
4736:Nassim Nicholas Taleb
4713:Reserve Bank of India
4634:Several followers of
4398:Triple Superphosphate
4363:
4355:
4335:Brookings Institution
4322:Brookings Institution
4286:
4278:shadow banking system
4256:shadow banking system
4252:shadow banking system
4245:
4212:investment management
4179:
4161:
4120:
4087:
4046:
4031:
3924:
3916:
3865:, which brought down
3835:shadow banking system
3799:, which provided for
3754:Further information:
3717:Countrywide Financial
3671:mortgage underwriting
3570:
3463:
3443:
3274:
3197:Fair value accounting
3140:Countrywide Financial
2963:30 Year Treasury Bond
2926:
2876:
2834:
2156:European Central Bank
2144:financial engineering
2064:shadow banking system
2039:
2018:2009 May Day protests
1909:
1860:
1821:European Central Bank
1801:
1701:October 8, 2008: The
1691:
1293:Countrywide Financial
1282:2008 (January–August)
1254:Term auction facility
1161:
1036:2007 (January–August)
981:
918:
817:lender of last resort
785:European Central Bank
710:cash out refinancings
695:, which involved the
674:
665:real GDP growth rates
662:
543:linked to those MBS,
65:
33:
21301:Stock market crashes
20587:Palestinian American
20014:Obergefell v. Hodges
19906:September 11 attacks
19742:Second-wave feminism
19663:Cuban Missile Crisis
19523:Bath School disaster
19441:Spanish–American War
19404:The Gospel of Wealth
19283:California Gold Rush
19243:Mexican–American War
19233:Nullification crisis
19201:Era of Good Feelings
19101:Confederation period
19009:Proclamation of 1763
18959:Atlantic slave trade
18675:Ghana banking crisis
18505:European debt crisis
18290:Dot-com bubble crash
18202:Cuban Special Period
17661:Copper Panic of 1789
17566:The Great Debasement
17558:Great Bullion Famine
17330:Property derivatives
17269:Regulatory responses
17043:European debt crisis
16935:Credit default swaps
16911:Securities involved
16717:stability and reform
16138:. February 28, 2011.
15817:on February 16, 2012
15775:. February 26, 2009.
15509:(October 28, 2008).
15486:"Risk Mismanagement"
15382:. November 15, 2007.
15012:Bogle, John (2005).
14781:Geithner, Timothy F.
14603:(January 22, 2008).
14019:. February 17, 2009.
13741:(October 24, 2007).
12620:"CSI: credit crunch"
12259:10.1162/REST_a_00491
11996:(December 9, 2008).
11804:. Hoover Institution
11725:"IMF Loss Estimates"
11593:. November 15, 2008.
11166:. February 20, 2008.
11012:(January 25, 2011).
10336:(January 22, 2010).
10174:. April 28–29, 2009.
9656:. November 25, 2008.
9638:. November 20, 2008.
9589:"Fed: Emergency cut"
9519:(October 23, 2008).
9493:(October 23, 2008).
9281:. October 10, 2008.
8503:. February 13, 2008.
8362:on September 3, 2020
8338:. December 12, 2007.
7724:United States Census
7062:(November 5, 2010).
7036:(October 12, 2008).
6889:. February 14, 2009.
6694:. September 28, 2023
6489:(October 24, 2008).
6194:. December 11, 2008.
6144:10.1162/DAED_a_00048
6070:. February 13, 2009.
4997:Chapter 7 bankruptcy
4967:Had failed to raise
4834:Chapter 7 bankruptcy
4625:mainstream economics
4477:financial capitalism
4415:Ricardo J. Caballero
4356:Global copper prices
4268:—who in 2009 became
4208:conflict of interest
4150:credit default swaps
4053:financial innovation
3890:credit default swaps
3816:bank holding company
3795:signed into law the
3663:Richard M. Bowen III
3598:deficit also have a
3558:September 11 attacks
3237:financial innovation
3100:United States Senate
3084:credit default swaps
3049:corporate governance
3038:financial regulation
2937:Inverted yield curve
2919:Inverted yield curve
2211:European debt crisis
1832:bank holding company
1748:United States dollar
1606:September 26, 2008:
1595:September 23, 2008:
1584:September 22, 2008:
1565:September 21, 2008:
1489:Reserve Primary Fund
1323:September 11 attacks
1205:September 28, 2007:
1175:September 14, 2007:
827:in major banks. The
766:developing countries
757:credit default swaps
638:European debt crisis
525:", which led to the
140:European debt crisis
21036:U.S. Virgin Islands
20522:Lithuanian American
20478:Vietnamese American
19824:End of the Cold War
19814:Invasion of Grenada
19764:Iran hostage crisis
19513:Tulsa race massacre
19320:Election of Lincoln
19315:Dred Scott decision
19303:Kansas–Nebraska Act
19206:Missouri Compromise
19124:Northwest Ordinance
19114:Pennsylvania Mutiny
19109:and Perpetual Union
19069:American Revolution
18984:War of Jenkins' Ear
18631:2015 Nepal blockade
18341:2000s energy crisis
18239:Mexican peso crisis
18144:Black Monday (1987)
18004:1970s energy crisis
17964:Post–WWII expansion
17638:Bengal bubble crash
17433:Financial contagion
17148:Government policies
17003:2000s energy crisis
16715:Banking and finance
16633:Government entities
16404:Inside the Meltdown
16365:Stanford Law School
16361:Stanford University
16359:(maintained by the
16175:released under the
15483:(January 4, 2009).
14338:"Reckless Optimism"
14273:2010RSPSA.466.2401G
14267:(2120): 2401–2423.
14201:Stanford University
13973:. October 30, 2008.
13865:"A Nuclear Winter?"
13610:Sorkin, Andrew Ross
13409:10.2307/j.ctvd58rxg
13296:"predatory lending"
13278:"Predatory Lending"
13210:Morgenson, Gretchen
13196:Stanford University
13146:. January 22, 2009.
12717:. October 23, 2008.
12628:. October 18, 2007.
12600:Gierach, Denice A.
12513:(January 7, 2010).
12426:figures follow the
12062:. February 4, 2003.
11906:(October 4, 2008).
11830:. February 20, 2009
11754:. January 15, 2015.
11114:10.1257/jep.24.1.73
11044:Stanford University
10746:The Washington Post
10714:Binyamin, Appelbaum
10644:(August 19, 2012).
10642:Appelbaum, Binyamin
10441:Library of Congress
10343:The Washington Post
10334:Appelbaum, Binyamin
10259:The Washington Post
9856:. January 26, 2009.
9551:. October 24, 2008.
9416:. October 14, 2008.
9321:. November 1, 2013.
9278:The Daily Telegraph
8913:(October 1, 2008).
8647:blogs.worldbank.org
8554:Sorkin, Andrew Ross
8283:Wall Street Journal
7745:The Washington Post
7200:. October 18, 2017.
6468:The Daily Telegraph
6448:. November 5, 2009.
6391:Sorkin, Andrew Ross
6237:The Washington Post
6028:New York University
6012:. October 18, 2017.
5795:10.1257/pol.4.3.251
5562:10.1257/jep.33.1.81
5229:Inside the Meltdown
5183:Empire of Democracy
5155:83rd Academy Awards
5040:Richard S. Fuld Jr.
4636:heterodox economics
4608:cooperative banking
4484:John Bellamy Foster
4125:in the wake of the
3589:balance of payments
3534:Smoot-Hawley tariff
3426:residential housing
3363:Bush administration
3212:plans to sell them.
3209:mortgage securities
3119:credit default swap
3013:and the subsequent
2883:Quantitative Easing
2291:
2228:quantitative easing
2163:quantitative easing
2097:proprietary trading
2073:December 11, 2009:
2056:consumer protection
1826:November 10, 2008:
1788:National City Corp.
1432:July 30, 2008: The
1272:Standard and Poor's
1259:December 17, 2007:
1198:began reducing the
993:credit default swap
813:deflationary spiral
580:proprietary trading
110:2000s energy crisis
20686:Historical regions
20642:Transgender people
20200:Capital punishment
20059:Support of Ukraine
20008:Black Lives Matter
19916:War in Afghanistan
19841:Invasion of Panama
19797:Iran–Contra affair
19658:Early–mid Cold War
19528:Harlem Renaissance
19387:Compromise of 1877
19362:Reconstruction era
19298:Fugitive Slave Act
19293:Compromise of 1850
19238:Westward expansion
19176:Louisiana Purchase
19019:Stamp Act Congress
18964:King William's War
17893:Panic of 1910–1911
17737:Great Irish Famine
17675:Panic of 1796–1797
17514:Stock market crash
17299:Wall Street reform
17284:Tea Party protests
16985:Occupy Wall Street
16961:Tea Party protests
16619:Scott W. Rothstein
16262:, pp. 25–45.
16223:Palgrave Macmillan
16076:The New York Times
15871:The New York Times
15860:Andrews, Edmund L.
15793:. January 2, 2009.
15518:The New York Times
15492:The New York Times
15306:Shiller, Robert J.
15203:on August 28, 2019
15119:Bjørnholt, Margunn
15104:Bjørnholt, Margunn
14874:OECD Working Paper
14847:10.1353/eca.0.0013
14737:20.500.11850/20517
14627:Calomiris, Charles
14586:The New York Times
14167:(March 15, 2010).
14150:The New York Times
14079:The New York Times
13667:The New York Times
13644:The New York Times
13621:The New York Times
13510:. pp. 58–59.
13356:(March 22, 2009).
13350:Greenberg, Richard
13221:The New York Times
13073:"Fixing Mortgages"
13012:(April 14, 2005).
12946:The New York Times
12937:(August 2, 2002).
12846:. pp. 63–64.
12822:The New York Times
12646:The Economic Times
12535:Wallison, Peter J.
12520:The New York Times
12302:10.1093/rfs/hhp033
12190:10.1093/rfs/hhp033
12088:Wallison, Peter J.
12016:Wallison, Peter J.
11994:Wallison, Peter J.
11915:The New York Times
11889:The New York Times
11707:The New York Times
11681:The New York Times
11275:on August 17, 2020
11021:The New York Times
10959:(April 14, 2009).
10725:The New York Times
10653:The New York Times
10585:The New York Times
10576:(March 10, 2011).
10422:The New York Times
10315:The New York Times
10010:The New York Times
9853:The New York Times
9769:10.1111/twec.12555
9528:The New York Times
9502:The New York Times
9303:. October 7, 2008.
9213:. October 3, 2008.
8967:The New York Times
8922:The New York Times
8853:The New York Times
8565:The New York Times
8556:(March 17, 2008).
8215:The New York Times
8195:The New York Times
8180:Andrews, Edmund L.
7981:. August 7, 2009.
7922:The New York Times
7500:Spiegel & Grau
7371:The New York Times
7045:The New York Times
7039:"Gordon Does Good"
7012:. pp. 83–86.
6815:data.worldbank.org
6766:data.worldbank.org
6748:data.worldbank.org
6498:The New York Times
6425:The New York Times
6402:The New York Times
6376:The New York Times
5942:10.1111/jomf.12212
5675:. pp. 23–68.
5624:. January 24, 2018
5523:www.stlouisfed.org
5473:This American Life
5207:Andrew Ross Sorkin
5145:, was released by
5099:Regnery Publishing
4999:on July 31, 2008.
4776:The New York Times
4761:The New York Times
4751:The New York Times
4729:US Federal Reserve
4695:Case–Shiller index
4465:In his 1978 book,
4411:
4380:Potassium chloride
4364:Fertilizer prices
4358:
4297:, laureate of the
4248:
4131:
4090:
4081:became worthless.
4049:
3930:
3919:
3782:checkable deposits
3617:A flood of funds (
3573:
3550:federal funds rate
3484:-winning program,
3466:
3338:affordable housing
3277:
3170:Glass-Steagall Act
3007:
2933:Federal funds rate
2879:
2837:
2289:
1920:
1812:
1786:agreed to acquire
1698:
1597:Berkshire Hathaway
1512:money market funds
1504:money market funds
1381:federal funds rate
1287:January 11, 2008:
1219:October 15, 2007:
1200:federal funds rate
1172:
984:
921:
857:In July 2010, the
718:credit derivatives
677:
669:
663:World map showing
591:financial collapse
584:investment banking
572:commercial banking
545:collapsed in value
507:subprime mortgages
223:G-20 London Summit
77:
60:
40:subprime mortgages
21172:
21171:
21130:
21129:
21126:
21125:
20691:American frontier
20652:
20651:
20582:Lebanese American
20567:Egyptian American
20502:Estonian American
20492:Albanian American
20486:European American
20463:Japanese American
20453:Filipino American
20414:
20413:
20076:
20075:
20072:
20071:
20025:COVID-19 pandemic
19928:Hurricane Katrina
19869:Los Angeles riots
19759:Watergate scandal
19604:Start of Cold War
19572:Manhattan Project
19159:Whiskey Rebellion
18989:King George's War
18954:Thirteen Colonies
18915:Pre-Columbian Era
18826:
18825:
18707:COVID-19 pandemic
17592:Tulip mania crash
17583:Kipper und Wipper
17560:(c. 1400–c. 1500)
17338:
17337:
17259:Loan modification
17254:Hope Now Alliance
17061:
17060:
17030:Retail apocalypse
16975:(MENA; 2010–2012)
16906:
16905:
16902:
16901:
16798:
16797:
16778:Bank stress tests
16424:Stewart, James B.
16338:Reports on causes
16326:978-0-8447-7238-7
16308:Wallison, Peter,
16035:Los Angeles Times
15789:(Press release).
15725:Los Angeles Times
15701:(Press release).
15614:. August 8, 2008.
15610:(Press release).
15317:Project Syndicate
15140:978-1-927335-27-7
15133:. pp. 7–20.
15082:(July 25, 2008).
15065:978-0-7535-3937-8
15031:978-0-300-11971-8
14938:978-0-7453-1347-4
14370:The Atlas Society
14313:(June 23, 2009).
14228:(10): 3115–3153.
14182:978-0-393-07223-5
14141:(April 1, 2010).
14056:978-1-4708-2357-3
13810:Summers, Lawrence
13704:978-0-393-07101-6
13594:Edey, M. (2009).
13580:978-0-07-163829-6
13566:Uncontrolled Risk
13548:978-0-929097-32-9
13517:978-1-4020-7871-2
13418:978-0-691-19390-8
13316:(Press release).
13174:978-0-07-163829-6
13160:Uncontrolled Risk
12811:Streitfeld, David
12472:. March 17, 2011.
11866:978-0-07-163829-6
11852:Uncontrolled Risk
11790:. March 26, 2009.
11698:(March 2, 2009).
11374:Michel, Norbert.
11082:. April 13, 2011.
10886:. August 14, 2023
10252:(June 14, 2009).
10250:Summers, Lawrence
10246:Geithner, Timothy
10230:(Press release).
10188:(July 15, 2010).
10157:. April 10, 2009.
10001:(March 5, 2009).
9763:(11): 2500–2511.
9757:The World Economy
9652:(Press release).
9412:(Press release).
9299:(Press release).
9209:(Press release).
9004:(Press release).
8538:(Press release).
8499:(Press release).
8334:(Press release).
8184:Peters, Jeremy W.
8119:(Press release).
8005:. June 20, 2007.
7819:on August 8, 2022
7513:978-0-385-52995-2
7288:. April 23, 2012.
7019:978-0-19-968378-9
6718:Deloitte Insights
6714:"ConsumerSignals"
6568:Los Angeles Times
6353:. April 23, 2007.
6330:. April 25, 2007.
6066:(Press release).
5977:James, Margaret.
5859:10.1136/bmj.f5239
5504:978-0-07-163829-6
5490:Uncontrolled Risk
5448:978-0-07-163829-6
5434:Uncontrolled Risk
5411:Knowledge@Wharton
5243:Breaking the Bank
5024:Washington Mutual
4789:contagion effects
4591:Margunn Bjørnholt
4500:Marxian economics
4494:market saturation
4413:In a 2008 paper,
4214:professional and
4140:mezzanine capital
4011:paradox of thrift
3786:deposit insurance
3784:, and raised the
3778:savings and loans
3719:was sued by then
3710:Predatory lending
3705:Predatory lending
3678:originations met
3352:Peter J. Wallison
3126:predatory lending
3074:deregulation of '
2824:
2823:
2254:racial wealth gap
2239:economic recovery
1608:Washington Mutual
1525:deposit insurance
1354:The Carlyle Group
1131:filed bankruptcy.
1020:August 2006: The
894:Kareem Serageldin
595:racial minorities
521:culminated in a "
503:Predatory lending
479:
478:
333:Business failures
16:(Redirected from
21313:
21266:Financial crises
21251:Economic bubbles
21213:
21212:
21211:
21201:
21200:
21199:
21189:
21188:
21180:
21162:
21152:
21151:
21116:
21115:
21045:Outlying islands
21002:Washington, D.C.
20997:Federal District
20696:Manifest destiny
20669:
20668:
20658:
20657:
20600:Native Americans
20572:Iranian American
20546:Mexican American
20532:Serbian American
20517:Italian American
20507:Finnish American
20497:English American
20448:Chinese American
20435:African American
20420:
20419:
20225:Direct democracy
20215:The Constitution
20174:Higher education
20097:American Century
20082:
20081:
19535:Great Depression
19508:Women's suffrage
19498:Roaring Twenties
19424:Haymarket affair
19382:Enforcement Acts
19171:Jeffersonian era
19119:Shays' Rebellion
19039:Intolerable Acts
19034:Boston Tea Party
18969:Queen Anne's War
18897:
18896:
18886:
18885:
18853:
18846:
18839:
18830:
18829:
18819:
18812:
18805:
18798:
18783:
18776:
18769:
18762:
18754:
18747:
18740:
18730:
18723:
18716:
18709:
18702:
18694:
18686:
18678:
18670:
18663:
18655:
18647:
18640:
18633:
18626:
18619:
18611:
18604:
18596:
18589:
18582:
18575:
18568:
18560:
18552:
18545:
18538:
18514:
18507:
18500:
18493:
18486:
18479:
18472:
18465:
18458:
18451:
18444:
18437:
18430:
18423:
18416:
18409:
18402:
18395:
18388:
18366:
18358:
18351:
18344:
18336:
18329:
18322:
18315:
18308:
18301:
18293:
18285:
18277:
18270:
18263:
18256:
18249:
18242:
18234:
18227:
18220:
18212:
18205:
18197:
18190:
18183:
18176:
18169:
18161:
18153:
18146:
18139:
18131:
18123:
18116:
18109:
18102:
18094:
18080:Great Regression
18075:Great Moderation
18066:
18058:
18051:
18044:
18036:
18028:
18021:
18014:
18007:
17984:
17977:
17955:
17948:
17941:
17933:
17925:
17902:
17895:
17888:
17880:
17873:
17866:
17859:
17851:
17844:
17837:
17829:
17821:
17813:
17806:
17799:
17777:
17769:
17762:
17755:
17746:
17739:
17732:
17713:
17706:
17699:
17692:
17684:
17677:
17670:
17663:
17656:
17648:
17641:
17633:
17611:
17603:
17595:
17587:
17577:
17569:
17561:
17538:
17516:
17509:
17502:
17493:
17486:
17479:
17472:
17465:
17463:Liquidity crisis
17458:
17451:
17442:
17440:Social contagion
17435:
17428:
17421:
17414:
17407:
17400:
17393:
17386:
17372:Financial crises
17365:
17358:
17351:
17342:
17341:
17088:
17081:
17074:
17065:
17064:
16954:Social responses
16879:
16878:
16775:
16774:
16705:
16704:
16475:
16468:
16461:
16452:
16451:
16384:, April 13, 2011
16353:Archived website
16314:Washington, D.C.
16305:
16207:Lanchester, John
16161:
16160:
16146:
16140:
16139:
16128:
16122:
16121:
16110:
16104:
16103:
16095:
16087:
16081:
16080:
16072:
16064:
16058:
16057:
16046:
16040:
16039:
16031:
16023:
16017:
16016:
16015:. July 11, 2008.
16013:Associated Press
16001:
15995:
15994:
15992:
15983:
15977:
15976:
15973:Associated Press
15971:. Mercury News.
15970:
15962:
15956:
15955:
15954:. July 15, 2008.
15947:
15940:
15934:
15933:
15932:. July 13, 2008.
15920:
15914:
15913:
15911:
15903:
15897:
15896:
15882:
15876:
15875:
15867:
15856:
15850:
15849:
15838:
15827:
15826:
15824:
15822:
15816:
15810:. Archived from
15809:
15801:
15795:
15794:
15783:
15777:
15776:
15770:
15762:
15753:
15752:
15744:
15736:
15730:
15729:
15721:
15713:
15707:
15706:
15695:
15689:
15688:
15674:
15663:
15662:
15659:Associated Press
15646:
15637:
15636:
15622:
15616:
15615:
15604:
15598:
15597:
15573:
15567:
15566:
15552:
15546:
15545:
15537:
15529:
15523:
15522:
15514:
15503:
15497:
15496:
15488:
15477:
15471:
15470:
15463:
15457:
15456:
15442:
15436:
15435:
15427:
15419:
15413:
15412:
15410:
15390:
15384:
15383:
15370:
15364:
15363:
15349:
15343:
15342:
15328:
15322:
15321:
15313:
15311:"Bubble Trouble"
15302:
15296:
15295:
15275:
15269:
15268:
15260:
15254:
15253:
15242:
15236:
15235:
15227:
15219:
15213:
15212:
15210:
15208:
15199:. Archived from
15189:
15183:
15182:
15168:
15162:
15161:
15159:
15151:
15145:
15144:
15116:
15100:
15094:
15093:
15076:
15070:
15069:
15042:
15036:
15035:
15019:
15009:
15003:
15002:
14994:
14988:
14987:
14973:
14967:
14966:
14949:
14943:
14942:
14915:
14909:
14908:
14892:
14886:
14885:
14865:
14859:
14858:
14826:
14817:
14816:
14802:
14793:
14792:
14783:(June 9, 2008).
14777:
14768:
14767:
14755:
14749:
14748:
14714:
14705:
14699:
14698:
14687:World Scientific
14678:
14672:
14671:
14653:
14635:
14623:
14617:
14616:
14608:
14597:
14591:
14590:
14582:
14571:
14565:
14564:
14550:
14539:
14538:
14524:
14518:
14517:
14497:
14491:
14490:
14474:
14464:
14458:
14457:
14434:
14428:
14427:
14413:
14407:
14406:
14392:
14386:
14385:
14383:
14381:
14372:. Archived from
14361:
14352:
14351:
14333:
14327:
14326:
14318:
14307:
14301:
14300:
14252:
14246:
14245:
14211:
14205:
14204:
14193:
14187:
14186:
14161:
14155:
14154:
14146:
14135:
14129:
14128:
14120:
14112:
14106:
14105:
14090:
14084:
14083:
14075:
14067:
14061:
14060:
14040:
14027:
14021:
14020:
14012:
14005:
13999:
13998:
13986:
13975:
13974:
13966:
13959:
13950:
13949:
13941:
13935:
13934:
13902:
13896:
13895:
13894:. March 4, 2003.
13882:
13876:
13875:
13867:
13860:
13854:
13853:
13839:
13833:
13832:
13826:
13806:
13800:
13799:
13786:
13780:
13779:
13759:
13753:
13752:
13735:
13729:
13728:
13715:
13709:
13708:
13685:
13672:
13671:
13663:
13655:
13649:
13648:
13640:
13632:
13626:
13625:
13617:
13612:(May 22, 2012).
13606:
13600:
13599:
13591:
13585:
13584:
13560:
13554:
13552:
13528:
13522:
13521:
13508:Milken Institute
13495:
13489:
13488:
13487:. December 1997.
13482:
13474:
13468:
13467:
13465:
13445:
13439:
13438:
13394:
13388:
13387:
13374:
13368:
13367:
13346:
13340:
13339:
13328:
13322:
13321:
13320:. June 25, 2008.
13310:
13304:
13303:
13292:
13286:
13285:
13274:
13268:
13267:
13253:
13247:
13246:
13240:
13232:
13226:
13225:
13217:
13206:
13200:
13199:
13198:. April 7, 2010.
13193:
13185:
13179:
13178:
13154:
13148:
13147:
13139:
13132:
13126:
13125:
13124:. July 19, 2004.
13117:
13110:
13104:
13103:
13089:
13083:
13082:
13068:
13062:
13061:
13050:
13044:
13043:
13032:Bernanke, Ben S.
13028:
13022:
13021:
13006:
13000:
12999:
12989:
12957:
12951:
12950:
12942:
12931:
12925:
12924:
12900:
12894:
12893:
12882:
12876:
12875:
12864:
12858:
12857:
12833:
12827:
12826:
12818:
12807:
12801:
12800:
12786:
12780:
12779:
12767:
12761:
12760:
12746:
12740:
12739:
12725:
12719:
12718:
12712:
12705:
12699:
12698:
12687:. PHI Learning.
12678:
12672:
12671:
12657:
12651:
12650:
12636:
12630:
12629:
12616:
12610:
12609:
12597:
12591:
12590:
12578:
12572:
12571:
12553:
12547:
12546:
12537:(January 2011).
12531:
12525:
12524:
12507:
12501:
12500:
12480:
12474:
12473:
12460:
12454:
12453:
12445:
12437:
12431:
12421:
12419:
12417:
12400:
12387:
12386:
12366:
12360:
12359:
12339:
12333:
12332:
12312:
12306:
12305:
12296:(6): 1848–1880.
12285:
12279:
12278:
12238:
12232:
12231:
12225:
12216:
12210:
12209:
12184:(6): 1848–1880.
12169:
12160:
12159:
12147:
12141:
12140:
12126:
12120:
12119:
12113:
12104:
12098:
12097:
12095:
12084:
12078:
12077:
12070:
12064:
12063:
12052:
12046:
12045:
12034:
12028:
12027:
12012:
12006:
12005:
11990:
11984:
11983:
11982:. June 23, 2008.
11972:
11966:
11965:
11953:
11947:
11946:
11926:
11920:
11919:
11911:
11900:
11894:
11893:
11885:
11877:
11871:
11870:
11846:
11840:
11839:
11837:
11835:
11820:
11814:
11813:
11811:
11809:
11798:
11792:
11791:
11783:
11776:
11770:
11769:
11762:
11756:
11755:
11742:
11736:
11735:
11729:
11721:
11712:
11711:
11703:
11692:
11686:
11685:
11677:
11670:
11664:
11663:
11655:
11649:
11648:
11647:
11625:
11619:
11618:
11610:
11601:
11595:
11594:
11583:
11574:
11573:
11559:
11553:
11544:
11536:
11530:
11529:
11517:
11511:
11510:
11496:
11490:
11489:
11478:
11472:
11471:
11463:
11454:
11448:
11447:
11423:
11417:
11416:
11414:
11412:
11397:
11391:
11390:
11388:
11386:
11371:
11362:
11361:
11359:
11357:
11342:
11333:
11332:
11330:
11328:
11316:
11310:
11309:
11307:
11305:
11291:
11285:
11284:
11282:
11280:
11271:. Archived from
11260:
11254:
11253:
11249:Business Insider
11239:
11233:
11232:
11224:
11213:
11207:
11206:
11195:
11189:
11188:
11174:
11168:
11167:
11154:
11148:
11147:
11133:
11127:
11126:
11116:
11090:
11084:
11083:
11081:
11073:
11067:
11066:
11055:
11049:
11048:
11040:
11032:
11026:
11025:
11017:
11006:
11000:
10999:
10992:
10986:
10985:
10983:
10975:
10969:
10968:
10957:Bernanke, Ben S.
10953:
10944:
10943:
10941:
10939:
10924:
10918:
10917:
10915:
10913:
10902:
10896:
10895:
10893:
10891:
10884:Britannica Money
10876:
10870:
10869:
10867:
10865:
10842:
10836:
10835:
10824:
10818:
10817:
10815:
10813:
10798:
10792:
10791:
10780:
10774:
10773:
10757:
10751:
10750:
10736:
10730:
10729:
10721:
10710:
10704:
10703:
10698:. Archived from
10685:
10679:
10678:
10664:
10658:
10657:
10649:
10638:
10632:
10631:
10617:
10611:
10610:
10596:
10590:
10589:
10581:
10570:
10564:
10563:
10549:
10543:
10542:
10528:
10522:
10521:
10508:
10502:
10501:
10489:
10483:
10482:
10480:
10472:
10466:
10465:
10451:
10445:
10444:
10443:. July 21, 2010.
10433:
10427:
10426:
10418:
10411:
10405:
10404:
10403:. July 21, 2010.
10393:
10387:
10386:
10375:
10369:
10368:
10362:
10354:
10348:
10347:
10326:
10320:
10319:
10305:
10299:
10298:
10291:
10285:
10284:
10278:
10270:
10264:
10263:
10242:
10236:
10235:
10234:. June 17, 2009.
10224:
10218:
10217:
10216:. June 24, 2009.
10206:
10200:
10199:
10182:
10176:
10175:
10173:
10165:
10159:
10158:
10145:
10139:
10138:
10136:
10134:
10115:
10109:
10108:
10094:
10088:
10087:
10073:
10067:
10066:
10042:
10036:
10035:
10021:
10015:
10014:
10006:
9995:
9989:
9988:
9974:
9968:
9967:
9953:
9947:
9946:
9932:
9926:
9925:
9923:
9921:
9906:
9900:
9899:
9885:
9879:
9878:
9864:
9858:
9857:
9849:
9842:
9836:
9835:
9833:
9831:
9821:
9815:
9814:
9812:
9810:
9795:
9789:
9788:
9752:
9746:
9745:
9731:
9725:
9724:
9710:
9704:
9703:
9701:
9699:
9685:
9679:
9678:
9664:
9658:
9657:
9646:
9640:
9639:
9626:
9620:
9619:
9605:
9599:
9598:
9584:
9578:
9577:
9559:
9553:
9552:
9539:
9533:
9532:
9524:
9513:
9507:
9506:
9498:
9487:
9481:
9480:
9466:
9460:
9459:
9445:
9439:
9438:
9424:
9418:
9417:
9406:
9400:
9399:
9385:
9379:
9378:
9364:
9358:
9357:
9350:
9344:
9343:
9339:The Jakarta Post
9329:
9323:
9322:
9311:
9305:
9304:
9293:
9287:
9286:
9274:
9267:
9261:
9260:
9257:Associated Press
9242:
9236:
9235:
9221:
9215:
9214:
9203:
9197:
9196:
9182:
9176:
9175:
9161:
9155:
9154:
9141:
9135:
9134:
9120:
9114:
9113:
9099:
9093:
9092:
9079:
9073:
9072:
9058:
9052:
9051:
9037:
9031:
9030:
9016:
9010:
9009:
8998:
8992:
8991:
8978:
8972:
8971:
8963:
8956:
8950:
8949:
8941:
8933:
8927:
8926:
8918:
8907:
8901:
8900:
8892:
8884:
8878:
8877:
8864:
8858:
8857:
8849:
8841:
8835:
8834:
8820:
8814:
8813:
8799:
8793:
8792:
8781:
8775:
8774:
8760:
8751:
8750:
8736:
8730:
8729:
8715:
8709:
8708:
8706:
8704:
8690:
8684:
8683:
8681:
8679:
8665:
8659:
8658:
8656:
8654:
8649:. April 27, 2018
8639:
8633:
8632:
8618:
8612:
8611:
8607:Business Insider
8597:
8591:
8590:
8576:
8570:
8569:
8561:
8550:
8544:
8543:
8542:. March 5, 2008.
8532:
8526:
8525:
8511:
8505:
8504:
8493:
8487:
8486:
8472:
8466:
8465:
8463:
8461:
8456:
8450:Guillén, Mauro.
8447:
8436:
8435:
8421:
8415:
8414:
8400:
8394:
8393:
8391:
8389:
8378:
8372:
8371:
8369:
8367:
8355:New York Newsday
8346:
8340:
8339:
8328:
8322:
8321:
8319:
8317:
8303:
8294:
8293:
8291:
8289:
8274:
8268:
8267:
8253:
8247:
8246:
8230:
8224:
8223:
8220:Associated Press
8206:
8200:
8199:
8191:
8176:
8170:
8169:
8155:
8149:
8148:
8134:
8125:
8124:
8118:
8110:
8104:
8103:
8089:
8083:
8082:
8068:
8062:
8061:
8055:
8047:
8041:
8040:
8038:
8036:
8022:
8011:
8010:
7993:
7987:
7986:
7969:
7960:
7959:
7942:
7931:
7930:
7918:
7910:
7904:
7903:
7885:
7879:
7878:
7860:
7854:
7853:
7835:
7829:
7828:
7826:
7824:
7815:. Archived from
7808:
7802:
7801:
7799:
7797:
7782:
7773:
7772:
7771:. April 3, 2007.
7759:
7750:
7749:
7735:
7729:
7728:
7720:
7712:
7703:
7702:
7691:
7680:
7679:
7677:
7675:
7663:Lewis, Michael.
7660:
7654:
7653:
7651:
7649:
7634:
7628:
7627:
7616:
7610:
7609:
7593:
7587:
7586:
7570:
7564:
7563:
7547:
7541:
7540:
7524:
7518:
7517:
7486:
7480:
7479:
7465:
7459:
7458:
7446:
7440:
7439:
7437:
7429:
7423:
7422:
7420:
7418:
7403:
7397:
7396:
7390:
7382:
7376:
7375:
7361:
7355:
7354:
7346:
7338:
7332:
7331:
7317:
7311:
7310:
7296:
7290:
7289:
7276:
7270:
7269:
7255:
7249:
7248:
7234:
7225:
7224:
7208:
7202:
7201:
7188:
7182:
7174:
7170:
7165:
7159:
7158:
7144:
7138:
7137:
7133:Business Insider
7123:
7117:
7116:
7098:
7092:
7091:
7080:
7074:
7073:
7060:Stiglitz, Joseph
7056:
7050:
7049:
7041:
7030:
7024:
7023:
6999:
6993:
6992:
6986:
6977:
6971:
6970:
6964:
6956:
6950:
6949:
6935:
6929:
6928:
6926:
6924:
6919:on July 31, 2020
6918:
6905:
6897:
6891:
6890:
6877:
6871:
6870:
6868:
6866:
6852:
6846:
6845:
6833:
6827:
6825:
6823:
6821:
6807:
6805:
6803:
6798:on July 12, 2020
6797:
6784:
6776:
6774:
6772:
6758:
6756:
6754:
6735:
6729:
6728:
6726:
6724:
6710:
6704:
6703:
6701:
6699:
6688:
6682:
6681:
6680:. February 2012.
6675:
6667:
6661:
6660:
6649:
6643:
6642:
6631:
6625:
6624:
6613:(January 2009).
6611:Altman, Roger C.
6607:
6594:
6593:
6579:
6573:
6572:
6564:
6556:
6550:
6549:
6535:
6520:
6519:
6517:
6509:
6503:
6502:
6494:
6483:
6477:
6476:
6464:
6456:
6450:
6449:
6436:
6430:
6429:
6421:
6413:
6407:
6406:
6398:
6387:
6381:
6380:
6372:
6365:Uchitelle, Louis
6361:
6355:
6354:
6341:
6332:
6331:
6318:
6309:
6308:
6302:
6290:
6281:
6280:
6266:
6257:
6256:
6254:
6252:
6227:
6221:
6220:
6218:
6216:
6202:
6196:
6195:
6187:
6180:
6174:
6173:
6155:
6127:
6118:
6112:
6111:
6097:
6091:
6090:
6078:
6072:
6071:
6060:
6054:
6053:
6039:
6033:
6020:
6014:
6013:
6000:
5994:
5993:
5991:
5989:
5974:
5968:
5967:
5960:
5954:
5953:
5936:(5): 1144–1156.
5921:
5915:
5914:
5912:
5910:
5895:
5889:
5888:
5878:
5838:
5832:
5831:
5829:
5827:
5813:
5807:
5806:
5780:
5771:
5762:
5761:
5759:
5757:
5742:
5736:
5735:
5733:
5731:
5716:
5710:
5709:
5707:
5705:
5666:
5660:
5659:
5657:
5655:
5640:
5634:
5633:
5631:
5629:
5614:
5608:
5607:
5605:
5603:
5589:
5583:
5582:
5564:
5540:
5534:
5533:
5531:
5529:
5515:
5509:
5508:
5484:
5478:
5477:
5464:
5453:
5452:
5428:
5422:
5421:
5419:
5417:
5403:
5369:PIGS (economics)
5268:(United Kingdom)
5173:, which won the
5143:Charles Ferguson
5114:Financial Fiasco
4804:, a spin-off of
4676:Kurt Richebächer
4602:A report by the
4454:In a 1998 book,
4404:
4395:
4386:
4377:
4368:
4342:Commodity prices
4266:Timothy Geithner
4232:World Scientific
3956:investment banks
3882:over-the-counter
3828:net capital rule
3475:second mortgages
3287:subprime lending
3267:Subprime lending
3252:Financialization
3174:investment banks
3076:over-the-counter
3002:
2993:
2987:
2981:
2975:
2969:
2960:
2951:
2881:They engaged in
2819:
2810:
2809:
2800:
2798:
2797:
2785:
2784:
2775:
2773:
2772:
2760:
2759:
2750:
2748:
2747:
2735:
2734:
2726:
2724:
2723:
2712:
2711:
2702:
2700:
2699:
2687:
2686:
2677:
2675:
2674:
2662:
2661:
2653:
2651:
2650:
2639:
2638:
2631:
2629:
2627:
2626:
2614:
2613:
2604:
2602:
2601:
2589:
2588:
2579:
2577:
2576:
2564:
2563:
2555:
2553:
2552:
2541:
2540:
2531:
2529:
2528:
2516:
2515:
2506:
2504:
2503:
2491:
2490:
2482:
2480:
2479:
2468:
2467:
2459:
2457:
2456:
2445:
2444:
2435:
2433:
2432:
2420:
2419:
2410:
2408:
2407:
2395:
2394:
2386:
2384:
2383:
2372:
2371:
2363:
2361:
2360:
2349:
2348:
2339:
2337:
2336:
2324:
2323:
2314:
2312:
2311:
2292:
2288:
2004:April 10, 2009:
1960:Great Depression
1877:2008 Greek riots
1865:Great Depression
1828:American Express
1588:acquired 20% of
1575:investment banks
1516:commercial paper
1464:was acquired by
1453:was implemented.
1444:2008 (September)
1406:
1402:
1363:March 17, 2008:
1134:August 9, 2007:
1127:August 6, 2007:
1070:subprime lending
1068:specializing in
1051:subprime lending
844:Alistair Darling
809:commercial paper
685:global recession
560:financial crisis
499:Great Depression
471:
464:
457:
81:
80:
21:
21321:
21320:
21316:
21315:
21314:
21312:
21311:
21310:
21231:Great Recession
21221:
21220:
21219:
21209:
21207:
21197:
21195:
21183:
21175:
21173:
21168:
21122:
21096:
21040:
21004:
20992:
20731:
20705:
20663:
20648:
20554:Jewish American
20527:Polish American
20468:Korean American
20458:Indian American
20425:
20410:
20265:Merchant Marine
20235:Law enforcement
20087:
20068:
19942:
19938:Great Recession
19845:
19819:Reagan Doctrine
19773:
19752:Stonewall riots
19674:
19648:Project Mercury
19609:Truman Doctrine
19585:
19493:First Red Scare
19467:
19436:Progressive Era
19348:
19308:Bleeding Kansas
19264:
19211:Monroe Doctrine
19187:
19135:
19094:Treaty of Paris
19055:
19029:Boston Massacre
19024:Sons of Liberty
18920:
18891:
18880:
18862:
18857:
18827:
18822:
18815:
18808:
18801:
18794:
18786:
18779:
18772:
18765:
18757:
18750:
18743:
18735:
18726:
18719:
18712:
18705:
18697:
18689:
18681:
18673:
18666:
18658:
18650:
18643:
18636:
18629:
18622:
18614:
18607:
18599:
18592:
18585:
18578:
18571:
18563:
18555:
18548:
18541:
18534:
18527:
18525:Information Age
18519:
18510:
18503:
18496:
18489:
18482:
18475:
18468:
18461:
18454:
18447:
18440:
18433:
18426:
18419:
18412:
18405:
18398:
18391:
18384:
18377:
18375:Great Recession
18369:
18361:
18354:
18347:
18339:
18332:
18325:
18318:
18311:
18304:
18296:
18288:
18280:
18273:
18266:
18259:
18252:
18245:
18237:
18230:
18223:
18215:
18208:
18200:
18193:
18186:
18179:
18172:
18164:
18156:
18149:
18142:
18134:
18126:
18119:
18112:
18105:
18097:
18089:
18082:
18078:
18069:
18061:
18056:1979 oil crisis
18054:
18047:
18039:
18031:
18024:
18017:
18012:1973 oil crisis
18010:
18002:
17995:
17993:Great Inflation
17987:
17980:
17973:
17966:
17958:
17951:
17944:
17936:
17928:
17920:
17913:
17911:Interwar period
17905:
17898:
17891:
17883:
17876:
17869:
17862:
17854:
17847:
17840:
17832:
17824:
17816:
17809:
17802:
17795:
17788:
17780:
17772:
17765:
17758:
17751:
17742:
17735:
17727:
17716:
17709:
17702:
17695:
17687:
17680:
17673:
17666:
17659:
17651:
17644:
17636:
17629:
17622:
17614:
17606:
17598:
17590:
17580:
17572:
17564:
17556:
17549:
17541:
17533:
17519:
17512:
17505:
17498:
17489:
17482:
17475:
17468:
17461:
17454:
17447:
17438:
17431:
17424:
17417:
17412:Currency crisis
17410:
17403:
17396:
17389:
17382:
17374:
17369:
17339:
17334:
17303:
17185:
17171:Great Recession
17152:
17120:
17116:Impact timeline
17097:
17092:
17062:
17057:
17034:
16991:
16979:Occupy movement
16949:
16912:
16898:
16877:
16865:
16859:
16794:
16773:
16716:
16710:
16699:
16628:
16575:
16539:
16484:
16482:Great Recession
16479:
16378:Wayback Machine
16335:
16302:
16184:
16182:Further reading
16165:
16164:
16147:
16143:
16130:
16129:
16125:
16120:. May 17, 2010.
16112:
16111:
16107:
16088:
16084:
16065:
16061:
16048:
16047:
16043:
16024:
16020:
16003:
16002:
15998:
15993:. IndyMac Bank.
15990:
15984:
15980:
15963:
15959:
15942:
15941:
15937:
15922:
15921:
15917:
15909:
15905:
15904:
15900:
15883:
15879:
15857:
15853:
15840:
15839:
15830:
15820:
15818:
15814:
15807:
15803:
15802:
15798:
15785:
15784:
15780:
15768:
15764:
15763:
15756:
15737:
15733:
15714:
15710:
15705:. July 2, 2003.
15697:
15696:
15692:
15675:
15666:
15647:
15640:
15623:
15619:
15606:
15605:
15601:
15574:
15570:
15557:"He Told Us So"
15553:
15549:
15530:
15526:
15504:
15500:
15478:
15474:
15465:
15464:
15460:
15443:
15439:
15420:
15416:
15391:
15387:
15372:
15371:
15367:
15359:Mises Institute
15350:
15346:
15329:
15325:
15303:
15299:
15292:
15276:
15272:
15261:
15257:
15252:. May 13, 2009.
15244:
15243:
15239:
15220:
15216:
15206:
15204:
15191:
15190:
15186:
15178:The Motley Fool
15169:
15165:
15157:
15153:
15152:
15148:
15141:
15114:
15101:
15097:
15077:
15073:
15066:
15043:
15039:
15032:
15010:
15006:
14995:
14991:
14974:
14970:
14955:(May 8, 2011).
14950:
14946:
14939:
14916:
14912:
14893:
14889:
14866:
14862:
14827:
14820:
14803:
14796:
14778:
14771:
14756:
14752:
14712:
14706:
14702:
14679:
14675:
14651:10.1.1.628.2224
14633:
14629:(Spring 2009).
14624:
14620:
14612:Financial Times
14598:
14594:
14572:
14568:
14551:
14542:
14525:
14521:
14514:
14498:
14494:
14487:
14465:
14461:
14454:
14438:Angelides, Phil
14435:
14431:
14414:
14410:
14393:
14389:
14379:
14377:
14376:on June 8, 2020
14362:
14355:
14334:
14330:
14322:Financial Times
14308:
14304:
14253:
14249:
14212:
14208:
14195:
14194:
14190:
14183:
14162:
14158:
14136:
14132:
14113:
14109:
14091:
14087:
14068:
14064:
14057:
14028:
14024:
14016:Financial Times
14007:
14006:
14002:
13987:
13978:
13961:
13960:
13953:
13942:
13938:
13903:
13899:
13884:
13883:
13879:
13862:
13861:
13857:
13840:
13836:
13824:
13814:Greenspan, Alan
13807:
13803:
13790:Greenspan, Alan
13787:
13783:
13760:
13756:
13736:
13732:
13717:
13716:
13712:
13705:
13686:
13675:
13661:"The Reckoning"
13656:
13652:
13633:
13629:
13607:
13603:
13592:
13588:
13581:
13561:
13557:
13549:
13529:
13525:
13518:
13496:
13492:
13480:
13476:
13475:
13471:
13446:
13442:
13419:
13395:
13391:
13386:. May 13, 2009.
13376:
13375:
13371:
13347:
13343:
13338:. May 31, 2009.
13330:
13329:
13325:
13312:
13311:
13307:
13294:
13293:
13289:
13276:
13275:
13271:
13254:
13250:
13238:
13234:
13233:
13229:
13207:
13203:
13191:
13187:
13186:
13182:
13175:
13167:. p. 124.
13155:
13151:
13134:
13133:
13129:
13112:
13111:
13107:
13090:
13086:
13078:National Review
13069:
13065:
13052:
13051:
13047:
13029:
13025:
13007:
13003:
12958:
12954:
12932:
12928:
12921:
12901:
12897:
12884:
12883:
12879:
12866:
12865:
12861:
12854:
12834:
12830:
12808:
12804:
12787:
12783:
12768:
12764:
12747:
12743:
12726:
12722:
12707:
12706:
12702:
12695:
12679:
12675:
12662:"CDO Explained"
12658:
12654:
12637:
12633:
12618:
12617:
12613:
12598:
12594:
12579:
12575:
12554:
12550:
12532:
12528:
12508:
12504:
12497:
12481:
12477:
12462:
12461:
12457:
12438:
12434:
12415:
12413:
12401:
12390:
12383:
12367:
12363:
12356:
12340:
12336:
12329:
12313:
12309:
12286:
12282:
12239:
12235:
12223:
12217:
12213:
12170:
12163:
12148:
12144:
12127:
12123:
12111:
12105:
12101:
12093:
12091:"Ominous Signs"
12085:
12081:
12072:
12071:
12067:
12054:
12053:
12049:
12036:
12035:
12031:
12013:
12009:
11991:
11987:
11974:
11973:
11969:
11954:
11950:
11943:
11927:
11923:
11904:Duhigg, Charles
11901:
11897:
11878:
11874:
11867:
11859:. p. 125.
11847:
11843:
11833:
11831:
11822:
11821:
11817:
11807:
11805:
11800:
11799:
11795:
11787:Financial Times
11778:
11777:
11773:
11764:
11763:
11759:
11744:
11743:
11739:
11727:
11723:
11722:
11715:
11693:
11689:
11672:
11671:
11667:
11656:
11652:
11626:
11622:
11608:
11602:
11598:
11585:
11584:
11577:
11560:
11556:
11537:
11533:
11518:
11514:
11497:
11493:
11480:
11479:
11475:
11461:
11455:
11451:
11444:
11424:
11420:
11410:
11408:
11398:
11394:
11384:
11382:
11372:
11365:
11355:
11353:
11343:
11336:
11326:
11324:
11317:
11313:
11303:
11301:
11293:
11292:
11288:
11278:
11276:
11261:
11257:
11240:
11236:
11214:
11210:
11197:
11196:
11192:
11175:
11171:
11156:
11155:
11151:
11134:
11130:
11091:
11087:
11079:
11075:
11074:
11070:
11057:
11056:
11052:
11038:
11034:
11033:
11029:
11007:
11003:
10994:
10993:
10989:
10981:
10977:
10976:
10972:
10954:
10947:
10937:
10935:
10925:
10921:
10911:
10909:
10904:
10903:
10899:
10889:
10887:
10878:
10877:
10873:
10863:
10861:
10843:
10839:
10826:
10825:
10821:
10811:
10809:
10799:
10795:
10782:
10781:
10777:
10758:
10754:
10737:
10733:
10711:
10707:
10686:
10682:
10665:
10661:
10639:
10635:
10618:
10614:
10597:
10593:
10571:
10567:
10550:
10546:
10529:
10525:
10510:
10509:
10505:
10490:
10486:
10478:
10474:
10473:
10469:
10452:
10448:
10435:
10434:
10430:
10425:. May 20, 2010.
10413:
10412:
10408:
10395:
10394:
10390:
10385:. January 1991.
10377:
10376:
10372:
10360:
10356:
10355:
10351:
10327:
10323:
10306:
10302:
10293:
10292:
10288:
10276:
10272:
10271:
10267:
10243:
10239:
10226:
10225:
10221:
10214:Federal Reserve
10208:
10207:
10203:
10183:
10179:
10171:
10167:
10166:
10162:
10147:
10146:
10142:
10132:
10130:
10129:on June 8, 2020
10123:Pulitzer Center
10117:
10116:
10112:
10095:
10091:
10074:
10070:
10063:
10043:
10039:
10022:
10018:
9996:
9992:
9975:
9971:
9954:
9950:
9933:
9929:
9919:
9917:
9907:
9903:
9886:
9882:
9865:
9861:
9844:
9843:
9839:
9829:
9827:
9823:
9822:
9818:
9808:
9806:
9796:
9792:
9753:
9749:
9732:
9728:
9711:
9707:
9697:
9695:
9687:
9686:
9682:
9665:
9661:
9650:"Press Release"
9648:
9647:
9643:
9628:
9627:
9623:
9606:
9602:
9585:
9581:
9560:
9556:
9541:
9540:
9536:
9517:Fackler, Martin
9514:
9510:
9488:
9484:
9467:
9463:
9446:
9442:
9425:
9421:
9408:
9407:
9403:
9386:
9382:
9365:
9361:
9352:
9351:
9347:
9330:
9326:
9313:
9312:
9308:
9295:
9294:
9290:
9269:
9268:
9264:
9243:
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9218:
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9179:
9162:
9158:
9143:
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9138:
9121:
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9076:
9059:
9055:
9038:
9034:
9017:
9013:
9000:
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8995:
8980:
8979:
8975:
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8957:
8953:
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8930:
8908:
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8866:
8865:
8861:
8842:
8838:
8821:
8817:
8800:
8796:
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8782:
8778:
8761:
8754:
8737:
8733:
8716:
8712:
8702:
8700:
8692:
8691:
8687:
8677:
8675:
8667:
8666:
8662:
8652:
8650:
8641:
8640:
8636:
8619:
8615:
8598:
8594:
8577:
8573:
8551:
8547:
8534:
8533:
8529:
8512:
8508:
8495:
8494:
8490:
8473:
8469:
8459:
8457:
8454:
8448:
8439:
8422:
8418:
8401:
8397:
8387:
8385:
8379:
8375:
8365:
8363:
8348:
8347:
8343:
8332:"Press Release"
8330:
8329:
8325:
8315:
8313:
8305:
8304:
8297:
8287:
8285:
8275:
8271:
8254:
8250:
8231:
8227:
8208:
8207:
8203:
8177:
8173:
8156:
8152:
8135:
8128:
8121:Bank of England
8116:
8112:
8111:
8107:
8090:
8086:
8069:
8065:
8060:, July 31, 2007
8053:
8051:"KfW backs IKB"
8049:
8048:
8044:
8034:
8032:
8024:
8023:
8014:
7995:
7994:
7990:
7971:
7970:
7963:
7944:
7943:
7934:
7911:
7907:
7886:
7882:
7861:
7857:
7836:
7832:
7822:
7820:
7809:
7805:
7795:
7793:
7783:
7776:
7761:
7760:
7753:
7736:
7732:
7718:
7714:
7713:
7706:
7693:
7692:
7683:
7673:
7671:
7661:
7657:
7647:
7645:
7635:
7631:
7618:
7617:
7613:
7594:
7590:
7571:
7567:
7548:
7544:
7525:
7521:
7514:
7487:
7483:
7466:
7462:
7447:
7443:
7435:
7431:
7430:
7426:
7416:
7414:
7404:
7400:
7388:
7384:
7383:
7379:
7362:
7358:
7350:Financial Times
7339:
7335:
7318:
7314:
7297:
7293:
7278:
7277:
7273:
7256:
7252:
7244:Financial Times
7235:
7228:
7209:
7205:
7190:
7189:
7185:
7172:
7166:
7162:
7154:Financial Times
7145:
7141:
7124:
7120:
7099:
7095:
7082:
7081:
7077:
7057:
7053:
7031:
7027:
7020:
7000:
6996:
6984:
6978:
6974:
6962:
6958:
6957:
6953:
6936:
6932:
6922:
6920:
6916:
6903:
6899:
6898:
6894:
6879:
6878:
6874:
6864:
6862:
6854:
6853:
6849:
6834:
6830:
6819:
6817:
6809:
6801:
6799:
6795:
6782:
6778:
6770:
6768:
6760:
6752:
6750:
6742:
6736:
6732:
6722:
6720:
6712:
6711:
6707:
6697:
6695:
6690:
6689:
6685:
6673:
6669:
6668:
6664:
6651:
6650:
6646:
6633:
6632:
6628:
6620:Foreign Affairs
6608:
6597:
6580:
6576:
6557:
6553:
6536:
6523:
6515:
6511:
6510:
6506:
6484:
6480:
6457:
6453:
6438:
6437:
6433:
6414:
6410:
6388:
6384:
6362:
6358:
6343:
6342:
6335:
6320:
6319:
6312:
6300:
6294:Greenspan, Alan
6291:
6284:
6267:
6260:
6250:
6248:
6228:
6224:
6214:
6212:
6204:
6203:
6199:
6182:
6181:
6177:
6125:
6119:
6115:
6098:
6094:
6079:
6075:
6062:
6061:
6057:
6040:
6036:
6030:, link to blog
6021:
6017:
6002:
6001:
5997:
5987:
5985:
5975:
5971:
5962:
5961:
5957:
5922:
5918:
5908:
5906:
5896:
5892:
5839:
5835:
5825:
5823:
5815:
5814:
5810:
5778:
5772:
5765:
5755:
5753:
5743:
5739:
5729:
5727:
5718:
5717:
5713:
5703:
5701:
5691:
5667:
5663:
5653:
5651:
5641:
5637:
5627:
5625:
5616:
5615:
5611:
5601:
5599:
5591:
5590:
5586:
5541:
5537:
5527:
5525:
5517:
5516:
5512:
5505:
5485:
5481:
5466:
5465:
5456:
5449:
5441:. p. 213.
5429:
5425:
5415:
5413:
5405:
5404:
5400:
5395:
5390:
5359:Occupy movement
5299:Kondratiev wave
5261:
5202:Too Big to Fail
5079:Crash Proof 2.0
5056:
5044:Henry A. Waxman
5016:Lehman Brothers
5012:JP Morgan Chase
4983:conservatorship
4949:Charles Schumer
4921:Charles Schumer
4849:collateralizing
4798:
4766:Nouriel Roubini
4703:Austrian School
4680:Nouriel Roubini
4621:
4606:concluded that
4600:
4452:
4436:
4409:
4402:
4400:
4393:
4391:
4384:
4382:
4375:
4373:
4366:
4350:
4344:
4240:
4188:Gaussian copula
4121:A protester on
4115:
4106:Financial Times
4041:
4023:Federal Reserve
4021:In April 2009,
4000:conservatorship
3970:Lehman Brothers
3961:risk weightings
3911:
3856:or risk taken.
3758:
3752:
3744:mortgage frauds
3707:
3695:too big to fail
3647:
3600:capital account
3596:current account
3577:current account
3546:Federal Reserve
3542:
3458:
3452:
3334:Federal Reserve
3326:
3283:
3269:
3053:risk management
3021:, particularly
3000:
2999:
2991:
2989:
2985:
2983:
2979:
2977:
2973:
2971:
2967:
2965:
2958:
2956:
2949:
2929:Federal Reserve
2921:
2915:Great Recession
2895:
2841:Federal Reserve
2829:
2817:
2811:
2807:
2806:
2795:
2793:
2786:
2782:
2781:
2770:
2768:
2761:
2757:
2756:
2745:
2743:
2736:
2732:
2731:
2721:
2719:
2713:
2709:
2708:
2697:
2695:
2688:
2684:
2683:
2672:
2670:
2663:
2659:
2658:
2648:
2646:
2640:
2636:
2635:
2624:
2622:
2620:
2615:
2611:
2610:
2599:
2597:
2590:
2586:
2585:
2574:
2572:
2565:
2561:
2560:
2550:
2548:
2542:
2538:
2537:
2526:
2524:
2517:
2513:
2512:
2501:
2499:
2492:
2488:
2487:
2477:
2475:
2469:
2465:
2464:
2454:
2452:
2446:
2442:
2441:
2430:
2428:
2421:
2417:
2416:
2405:
2403:
2396:
2392:
2391:
2387:European Union
2381:
2379:
2373:
2369:
2368:
2358:
2356:
2350:
2346:
2345:
2334:
2332:
2325:
2321:
2320:
2309:
2307:
2300:
2176:
2130:July 21, 2010:
2107:on large banks.
2088:
2050:June 17, 2009:
2043:economic growth
2030:June 2009: The
1995:economic policy
1981:Bank of America
1904:
1843:Icelandic króna
1830:converted to a
1817:Bank of England
1796:
1776:Bank of England
1768:currency crisis
1764:Canadian dollar
1648:
1573:converted from
1521:short-term debt
1497:Lehman Brothers
1481:Federal Reserve
1470:Bank of America
1466:Bank of America
1446:
1425:July 11, 2008:
1396:
1352:March 5, 2008:
1289:Bank of America
1284:
1267:subprime loans.
1252:instituted the
1250:Federal Reserve
1225:Bank of America
1185:Bank of England
1156:
1120:July 31, 2007:
1109:July 30, 2007:
1102:July 19, 2007:
1060:April 2, 2007:
1038:
1027:November 2006:
976:
968:
930:
829:Federal Reserve
825:preferred stock
805:monetary policy
789:Bank of England
781:Federal Reserve
681:Great Recession
657:
634:Great Recession
610:fiscal policies
599:U.S. government
527:Great Recession
505:in the form of
495:economic crisis
475:
439:
438:
437:
395:
387:
386:
385:
371:Lehman Brothers
335:
325:
324:
323:
238:
230:
229:
228:
219:(December 2008)
213:(November 2008)
207:(November 2008)
193:
191:Summit meetings
183:
182:
181:
156:
146:
145:
144:
99:
90:Great Recession
44:Lehman Brothers
38:in the form of
28:
23:
22:
15:
12:
11:
5:
21319:
21309:
21308:
21303:
21298:
21293:
21288:
21283:
21278:
21273:
21268:
21263:
21258:
21253:
21248:
21243:
21238:
21233:
21218:
21217:
21205:
21193:
21170:
21169:
21167:
21166:
21156:
21146:
21144:Historiography
21141:
21135:
21132:
21131:
21128:
21127:
21124:
21123:
21121:
21120:
21110:
21104:
21102:
21098:
21097:
21095:
21094:
21089:
21084:
21082:Navassa Island
21079:
21074:
21069:
21067:Johnston Atoll
21064:
21059:
21057:Howland Island
21054:
21048:
21046:
21042:
21041:
21039:
21038:
21033:
21028:
21023:
21018:
21016:American Samoa
21012:
21010:
21006:
21005:
21000:
20998:
20994:
20993:
20991:
20990:
20985:
20980:
20975:
20970:
20965:
20960:
20955:
20950:
20945:
20940:
20938:South Carolina
20935:
20930:
20925:
20920:
20915:
20910:
20905:
20903:North Carolina
20900:
20895:
20890:
20885:
20880:
20875:
20870:
20865:
20860:
20855:
20850:
20845:
20840:
20835:
20830:
20825:
20820:
20815:
20810:
20805:
20800:
20795:
20790:
20785:
20780:
20775:
20770:
20765:
20760:
20755:
20750:
20745:
20739:
20737:
20733:
20732:
20730:
20729:
20727:The West Coast
20724:
20719:
20713:
20711:
20707:
20706:
20704:
20703:
20701:Indian removal
20698:
20693:
20688:
20683:
20677:
20675:
20665:
20664:
20654:
20653:
20650:
20649:
20647:
20646:
20645:
20644:
20639:
20634:
20622:
20615:
20614:
20613:
20608:
20596:
20595:
20594:
20592:Saudi American
20589:
20584:
20579:
20577:Iraqi American
20574:
20569:
20557:
20550:
20549:
20548:
20536:
20535:
20534:
20529:
20524:
20519:
20514:
20512:Irish American
20509:
20504:
20499:
20494:
20482:
20481:
20480:
20475:
20470:
20465:
20460:
20455:
20450:
20442:Asian American
20438:
20430:
20427:
20426:
20416:
20415:
20412:
20411:
20409:
20408:
20407:
20406:
20401:
20396:
20391:
20386:
20374:
20373:
20372:
20370:Sexual slavery
20360:
20353:
20346:
20345:
20344:
20339:
20334:
20329:
20324:
20319:
20307:
20306:
20305:
20300:
20295:
20290:
20285:
20280:
20268:
20261:
20254:
20253:
20252:
20247:
20242:
20240:Postal service
20237:
20232:
20230:Foreign policy
20227:
20222:
20217:
20212:
20207:
20202:
20197:
20185:
20178:
20177:
20176:
20164:
20163:
20162:
20150:
20149:
20148:
20136:
20135:
20134:
20129:
20124:
20119:
20107:
20100:
20092:
20089:
20088:
20078:
20077:
20074:
20073:
20070:
20069:
20067:
20066:
20061:
20056:
20049:
20044:
20039:
20034:
20033:
20032:
20022:
20017:
20010:
20005:
20004:
20003:
19998:
19993:
19988:
19983:
19978:
19973:
19968:
19958:
19952:
19950:
19944:
19943:
19941:
19940:
19935:
19930:
19925:
19924:
19923:
19918:
19908:
19903:
19896:
19891:
19886:
19881:
19876:
19871:
19866:
19861:
19855:
19853:
19847:
19846:
19844:
19843:
19838:
19833:
19828:
19827:
19826:
19821:
19816:
19806:
19804:Crack epidemic
19801:
19800:
19799:
19794:
19783:
19781:
19775:
19774:
19772:
19771:
19769:Moral Majority
19766:
19761:
19756:
19755:
19754:
19747:Gay liberation
19744:
19739:
19737:Counterculture
19734:
19729:
19728:
19727:
19725:Fall of Saigon
19722:
19717:
19707:
19706:
19705:
19703:Apollo program
19700:
19698:Project Gemini
19690:
19684:
19682:
19676:
19675:
19673:
19672:
19667:
19666:
19665:
19655:
19650:
19645:
19640:
19639:
19638:
19633:
19628:
19623:
19616:Early Cold War
19613:
19612:
19611:
19601:
19595:
19593:
19587:
19586:
19584:
19583:
19582:
19581:
19580:
19579:
19569:
19564:
19554:
19553:
19552:
19547:
19542:
19532:
19531:
19530:
19525:
19520:
19515:
19510:
19505:
19495:
19490:
19489:
19488:
19477:
19475:
19469:
19468:
19466:
19465:
19460:
19459:
19458:
19453:
19448:
19443:
19433:
19432:
19431:
19426:
19421:
19416:
19411:
19406:
19396:
19391:
19390:
19389:
19384:
19379:
19374:
19369:
19358:
19356:
19350:
19349:
19347:
19346:
19345:
19344:
19339:
19329:
19328:
19327:
19322:
19317:
19312:
19311:
19310:
19300:
19295:
19288:Prelude to War
19285:
19280:
19278:Antebellum Era
19274:
19272:
19266:
19265:
19263:
19262:
19257:
19252:
19251:
19250:
19245:
19240:
19235:
19230:
19225:
19223:Trail of Tears
19218:Jacksonian era
19215:
19214:
19213:
19208:
19197:
19195:
19189:
19188:
19186:
19185:
19184:
19183:
19178:
19168:
19167:
19166:
19161:
19154:Federalist Era
19151:
19149:Bill of Rights
19145:
19143:
19137:
19136:
19134:
19133:
19132:
19131:
19126:
19121:
19116:
19111:
19098:
19097:
19096:
19091:
19086:
19084:Lee Resolution
19081:
19076:
19065:
19063:
19057:
19056:
19054:
19053:
19052:
19051:
19046:
19041:
19036:
19031:
19026:
19021:
19016:
19011:
19006:
19001:
18991:
18986:
18981:
18976:
18971:
18966:
18961:
18956:
18951:
18946:
18941:
18936:
18930:
18928:
18922:
18921:
18919:
18918:
18911:
18903:
18901:
18893:
18892:
18882:
18881:
18879:
18878:
18873:
18867:
18864:
18863:
18856:
18855:
18848:
18841:
18833:
18824:
18823:
18821:
18820:
18813:
18806:
18799:
18791:
18788:
18787:
18785:
18784:
18777:
18770:
18763:
18761:(2022–present)
18755:
18748:
18741:
18739:(2020–present)
18733:
18732:
18731:
18724:
18717:
18703:
18701:(2019–present)
18695:
18693:(2019–present)
18687:
18685:(2018–present)
18679:
18671:
18664:
18656:
18648:
18641:
18634:
18627:
18620:
18612:
18605:
18603:(2013–present)
18597:
18590:
18583:
18576:
18569:
18567:(2011–present)
18561:
18559:(2010–present)
18553:
18546:
18539:
18531:
18529:
18528:(2009–present)
18521:
18520:
18518:
18517:
18516:
18515:
18508:
18501:
18494:
18487:
18480:
18473:
18466:
18459:
18452:
18445:
18438:
18431:
18424:
18417:
18410:
18403:
18396:
18393:September 2008
18381:
18379:
18371:
18370:
18368:
18367:
18365:(2007–present)
18359:
18352:
18345:
18337:
18330:
18323:
18316:
18309:
18302:
18294:
18286:
18278:
18271:
18264:
18257:
18250:
18243:
18235:
18228:
18221:
18213:
18206:
18198:
18191:
18184:
18177:
18170:
18162:
18154:
18147:
18140:
18132:
18124:
18117:
18110:
18103:
18095:
18086:
18084:
18071:
18070:
18068:
18067:
18059:
18052:
18045:
18037:
18029:
18022:
18015:
18008:
17999:
17997:
17989:
17988:
17986:
17985:
17978:
17970:
17968:
17960:
17959:
17957:
17956:
17949:
17942:
17934:
17926:
17917:
17915:
17907:
17906:
17904:
17903:
17896:
17889:
17881:
17874:
17867:
17860:
17852:
17845:
17838:
17830:
17822:
17814:
17807:
17800:
17792:
17790:
17782:
17781:
17779:
17778:
17770:
17763:
17756:
17749:
17748:
17747:
17740:
17724:
17722:
17718:
17717:
17715:
17714:
17707:
17700:
17693:
17685:
17678:
17671:
17664:
17657:
17655:(c. 1780–1795)
17649:
17642:
17634:
17626:
17624:
17616:
17615:
17613:
17612:
17604:
17596:
17588:
17578:
17576:(c. 1600–1760)
17570:
17562:
17553:
17551:
17543:
17542:
17540:
17539:
17530:
17528:
17521:
17520:
17518:
17517:
17510:
17503:
17496:
17495:
17494:
17487:
17480:
17473:
17459:
17456:Hyperinflation
17452:
17445:
17444:
17443:
17429:
17422:
17415:
17408:
17401:
17394:
17387:
17379:
17376:
17375:
17368:
17367:
17360:
17353:
17345:
17336:
17335:
17333:
17332:
17327:
17322:
17317:
17315:Error accounts
17311:
17309:
17308:Related topics
17305:
17304:
17302:
17301:
17296:
17291:
17286:
17281:
17276:
17271:
17266:
17261:
17256:
17251:
17246:
17241:
17236:
17231:
17226:
17221:
17216:
17211:
17206:
17201:
17195:
17193:
17187:
17186:
17184:
17183:
17178:
17173:
17168:
17162:
17160:
17154:
17153:
17151:
17150:
17145:
17140:
17130:
17128:
17122:
17121:
17119:
17118:
17113:
17107:
17105:
17099:
17098:
17091:
17090:
17083:
17076:
17068:
17059:
17058:
17056:
17055:
17050:
17045:
17039:
17036:
17035:
17033:
17032:
17027:
17022:
17017:
17012:
17011:
17010:
16999:
16997:
16996:Related topics
16993:
16992:
16990:
16989:
16988:
16987:
16976:
16970:
16964:
16957:
16955:
16951:
16950:
16948:
16947:
16942:
16937:
16932:
16927:
16922:
16916:
16914:
16908:
16907:
16904:
16903:
16900:
16899:
16897:
16896:
16894:General Motors
16891:
16885:
16883:
16876:
16875:
16869:
16867:
16861:
16860:
16858:
16857:
16852:
16847:
16842:
16840:Green New Deal
16837:
16832:
16827:
16822:
16817:
16812:
16806:
16804:
16800:
16799:
16796:
16795:
16793:
16792:
16787:
16781:
16779:
16772:
16771:
16766:
16761:
16756:
16751:
16746:
16741:
16736:
16731:
16726:
16720:
16718:
16712:
16711:
16701:
16700:
16698:
16697:
16692:
16687:
16682:
16677:
16672:
16667:
16662:
16657:
16652:
16647:
16642:
16636:
16634:
16630:
16629:
16627:
16626:
16624:Allen Stanford
16621:
16616:
16611:
16606:
16601:
16596:
16595:
16594:
16583:
16581:
16577:
16576:
16574:
16573:
16568:
16563:
16561:Housing bubble
16558:
16553:
16547:
16545:
16541:
16540:
16538:
16537:
16532:
16531:
16530:
16520:
16515:
16514:
16513:
16508:
16498:
16492:
16490:
16486:
16485:
16478:
16477:
16470:
16463:
16455:
16449:
16448:
16437:
16433:The New Yorker
16421:
16411:
16395:
16394:
16385:
16368:
16350:
16334:
16333:External links
16331:
16330:
16329:
16306:
16300:
16278:
16271:
16252:
16249:978-1568585628
16230:
16216:
16212:The New Yorker
16204:
16183:
16180:
16163:
16162:
16141:
16123:
16118:Cato Institute
16105:
16082:
16059:
16041:
16018:
15996:
15978:
15957:
15935:
15915:
15898:
15877:
15851:
15828:
15796:
15778:
15754:
15731:
15708:
15690:
15664:
15638:
15617:
15599:
15568:
15547:
15524:
15498:
15472:
15458:
15437:
15414:
15408:10.3386/w11728
15385:
15365:
15344:
15323:
15297:
15290:
15270:
15255:
15237:
15214:
15184:
15163:
15146:
15139:
15095:
15071:
15064:
15037:
15030:
15004:
14989:
14983:Monthly Review
14968:
14944:
14937:
14910:
14905:10.3386/w17778
14887:
14860:
14818:
14794:
14769:
14750:
14717:ASTIN Bulletin
14700:
14673:
14618:
14592:
14566:
14540:
14519:
14512:
14492:
14485:
14459:
14452:
14429:
14423:Bloomberg News
14408:
14402:Bloomberg News
14387:
14353:
14328:
14302:
14247:
14206:
14188:
14181:
14165:Lewis, Michael
14156:
14130:
14124:Bloomberg News
14107:
14085:
14062:
14055:
14031:Conard, Edward
14022:
14000:
13976:
13951:
13936:
13917:(1): 218–243.
13897:
13877:
13855:
13834:
13818:Levitt, Arthur
13801:
13781:
13754:
13748:Bloomberg News
13739:Weil, Jonathan
13730:
13724:Bloomberg News
13710:
13703:
13673:
13650:
13627:
13601:
13586:
13579:
13573:. p. 44.
13555:
13547:
13523:
13516:
13490:
13469:
13440:
13417:
13389:
13369:
13341:
13323:
13305:
13287:
13269:
13248:
13227:
13201:
13180:
13173:
13149:
13127:
13121:Bloomberg News
13105:
13084:
13063:
13045:
13023:
13001:
12952:
12926:
12919:
12895:
12877:
12859:
12853:978-1400842087
12852:
12828:
12802:
12781:
12762:
12741:
12720:
12700:
12693:
12673:
12652:
12631:
12611:
12592:
12573:
12548:
12526:
12502:
12495:
12475:
12455:
12432:
12428:MeasuringWorth
12422:United States
12410:MeasuringWorth
12388:
12381:
12361:
12354:
12334:
12327:
12307:
12280:
12253:(2): 352–363.
12233:
12211:
12161:
12142:
12121:
12099:
12079:
12065:
12047:
12029:
12007:
11985:
11967:
11948:
11941:
11921:
11895:
11872:
11865:
11841:
11815:
11793:
11771:
11757:
11737:
11713:
11687:
11665:
11650:
11645:10.3386/w15515
11620:
11596:
11575:
11554:
11531:
11512:
11491:
11473:
11467:Cato Institute
11449:
11443:978-1400842087
11442:
11436:. p. 62.
11418:
11392:
11363:
11334:
11311:
11286:
11255:
11234:
11208:
11190:
11169:
11149:
11128:
11085:
11068:
11050:
11027:
11001:
10987:
10970:
10945:
10919:
10897:
10871:
10837:
10819:
10793:
10775:
10752:
10731:
10705:
10680:
10659:
10633:
10612:
10591:
10565:
10544:
10523:
10503:
10484:
10467:
10446:
10428:
10406:
10388:
10370:
10349:
10321:
10300:
10286:
10265:
10237:
10219:
10201:
10177:
10160:
10140:
10110:
10089:
10068:
10061:
10037:
10016:
9990:
9969:
9948:
9927:
9901:
9880:
9859:
9837:
9816:
9790:
9747:
9726:
9705:
9680:
9659:
9641:
9621:
9600:
9579:
9554:
9534:
9508:
9482:
9461:
9440:
9419:
9401:
9380:
9359:
9345:
9324:
9306:
9288:
9262:
9237:
9216:
9198:
9177:
9156:
9136:
9115:
9094:
9074:
9053:
9032:
9011:
8993:
8973:
8951:
8928:
8902:
8879:
8859:
8836:
8815:
8794:
8776:
8752:
8746:Bloomberg News
8731:
8710:
8685:
8660:
8634:
8613:
8592:
8571:
8545:
8527:
8506:
8501:whitehouse.gov
8488:
8467:
8437:
8416:
8395:
8373:
8341:
8323:
8295:
8269:
8248:
8225:
8201:
8171:
8150:
8126:
8105:
8084:
8063:
8042:
8012:
7988:
7961:
7932:
7905:
7880:
7855:
7830:
7803:
7774:
7751:
7730:
7727:. May 5, 2006.
7704:
7681:
7655:
7629:
7611:
7588:
7565:
7542:
7519:
7512:
7481:
7460:
7441:
7424:
7398:
7377:
7356:
7333:
7312:
7291:
7271:
7250:
7226:
7203:
7183:
7177:111–203 (text)
7160:
7139:
7118:
7093:
7075:
7051:
7025:
7018:
6994:
6972:
6951:
6930:
6892:
6872:
6847:
6828:
6730:
6705:
6683:
6662:
6644:
6626:
6595:
6574:
6551:
6521:
6504:
6492:"United Panic"
6478:
6451:
6431:
6408:
6382:
6356:
6333:
6310:
6282:
6258:
6230:Merle, Renae.
6222:
6197:
6175:
6138:(4): 115–124.
6113:
6092:
6073:
6055:
6034:
6015:
5995:
5969:
5955:
5916:
5890:
5833:
5808:
5789:(3): 251–282.
5763:
5737:
5711:
5689:
5661:
5635:
5609:
5584:
5535:
5510:
5503:
5479:
5476:. May 9, 2008.
5454:
5447:
5423:
5397:
5396:
5394:
5391:
5389:
5388:
5381:
5376:
5371:
5366:
5364:Pessimism porn
5361:
5356:
5351:
5346:
5341:
5336:
5331:
5326:
5321:
5316:
5311:
5306:
5301:
5296:
5291:
5286:
5281:
5276:
5270:
5269:
5262:
5260:
5257:
5256:
5255:
5254:
5253:
5246:
5239:
5232:
5216:
5199:The 2011 film
5197:
5188:
5178:
5158:
5133:
5130:Cato Institute
5122:Alan Greenspan
5106:
5086:
5055:
5052:
4976:
4975:
4972:
4876:housing bubble
4847:as a means of
4836:in July 2008.
4797:
4794:
4741:The Black Swan
4725:Alan Greenspan
4717:Raghuram Rajan
4688:Robert Shiller
4656:Michael Hudson
4620:
4617:
4599:
4596:
4555:
4554:
4551:
4548:
4545:
4518:In 2005 book,
4512:rate of profit
4508:Monthly Review
4489:Monthly Review
4451:
4448:
4440:Andrew Metrick
4435:
4432:
4419:Emmanuel Farhi
4401:
4392:
4383:
4374:
4365:
4346:Main article:
4343:
4340:
4326:securitization
4315:shadow banking
4303:malign neglect
4239:
4236:
4114:
4111:
4070:securitization
4040:
4037:
3989:Morgan Stanley
3926:Household debt
3910:
3907:
3902:
3901:
3898:Warren Buffett
3894:notional value
3874:Alan Greenspan
3870:
3858:Bloomberg News
3842:
3831:
3820:
3808:
3789:
3751:
3748:
3715:In June 2008,
3706:
3703:
3646:
3643:
3627:Treasury bonds
3554:dot-com bubble
3541:
3538:
3471:housing bubble
3454:Main article:
3451:
3448:
3406:synthetic CDOs
3325:
3322:
3279:Main article:
3268:
3265:
3264:
3263:
3259:
3255:
3249:
3240:
3225:
3213:
3194:
3191:
3186:involved with
3184:financial risk
3177:
3162:
3158:
3151:
3136:
3129:
3122:
3111:Securitization
3108:
3104:
3092:
3091:
3090:
3087:
3072:
3069:
3066:
3063:
3060:
3045:
3019:mortgage loans
2990:
2984:
2978:
2972:
2966:
2957:
2948:
2894:
2891:
2828:
2825:
2822:
2821:
2813:
2812:
2805:
2803:
2788:
2787:
2780:
2778:
2763:
2762:
2755:
2753:
2738:
2737:
2730:
2728:
2715:
2714:
2707:
2705:
2690:
2689:
2682:
2680:
2665:
2664:
2657:
2655:
2642:
2641:
2634:
2632:
2630:United Kingdom
2617:
2616:
2609:
2607:
2592:
2591:
2584:
2582:
2567:
2566:
2559:
2557:
2544:
2543:
2536:
2534:
2519:
2518:
2511:
2509:
2494:
2493:
2486:
2484:
2471:
2470:
2463:
2461:
2448:
2447:
2440:
2438:
2423:
2422:
2415:
2413:
2398:
2397:
2390:
2388:
2375:
2374:
2367:
2365:
2364:United States
2352:
2351:
2344:
2342:
2327:
2326:
2319:
2317:
2302:
2301:
2298:
2296:
2284:
2283:
2272:
2259:2017: Per the
2257:
2246:
2235:
2224:
2221:
2207:
2194:May 2012: The
2192:
2189:
2175:
2172:
2171:
2170:
2159:
2135:
2128:
2121:
2114:
2111:
2108:
2099:, named after
2087:
2084:
2083:
2082:
2071:
2048:
2028:
2021:
2014:
2011:
2002:
1991:
1988:
1987:was convicted.
1977:
1969:
1966:
1963:
1956:
1945:
1938:
1931:
1924:
1903:
1900:
1899:
1898:
1891:General Motors
1883:
1880:
1873:
1870:
1853:
1852:was announced.
1846:
1835:
1824:
1808:United Kingdom
1802:Restaurant in
1795:
1792:
1791:
1790:
1743:
1732:
1717:OMX Iceland 15
1713:
1706:
1686:
1685:
1678:
1674:
1663:
1656:
1647:
1646:2008 (October)
1644:
1643:
1642:
1638:George W. Bush
1634:
1619:
1604:
1593:
1590:Morgan Stanley
1582:
1571:Morgan Stanley
1563:
1560:
1553:
1528:
1500:
1493:broke the buck
1477:
1454:
1445:
1442:
1441:
1440:
1437:
1430:
1423:
1407:
1377:
1374:JPMorgan Chase
1361:
1350:
1349:was completed.
1343:
1336:
1333:bond insurance
1329:
1326:
1319:United Kingdom
1315:FTSE 100 Index
1307:
1304:bond insurance
1296:
1291:agreed to buy
1283:
1280:
1279:
1278:
1275:
1268:
1257:
1246:
1243:
1240:
1229:JPMorgan Chase
1217:
1214:
1209:suffered from
1203:
1192:
1168:United Kingdom
1166:branch in the
1155:
1152:
1151:
1150:
1147:
1132:
1125:
1118:
1107:
1100:
1085:
1074:securitization
1064:, an American
1058:
1047:Alan Greenspan
1037:
1034:
1033:
1032:
1025:
1018:
1011:
1000:
975:
972:
929:
926:
896:, a banker at
833:liquidity trap
656:
653:
553:banking crisis
477:
476:
474:
473:
466:
459:
451:
448:
447:
441:
440:
436:
435:
430:
425:
420:
419:
418:
413:
403:
397:
396:
393:
392:
389:
388:
384:
383:
378:
373:
368:
366:General Motors
363:
358:
353:
348:
343:
337:
336:
331:
330:
327:
326:
322:
321:
316:
311:
306:
301:
296:
291:
289:Green New Deal
286:
281:
276:
271:
266:
261:
256:
251:
246:
240:
239:
236:
235:
232:
231:
227:
226:
220:
214:
208:
202:
199:34th G8 summit
195:
194:
189:
188:
185:
184:
180:
179:
174:
169:
164:
158:
157:
152:
151:
148:
147:
143:
142:
137:
132:
127:
122:
117:
112:
107:
101:
100:
97:
96:
93:
92:
86:
85:
26:
9:
6:
4:
3:
2:
21318:
21307:
21306:Systemic risk
21304:
21302:
21299:
21297:
21294:
21292:
21289:
21287:
21284:
21282:
21279:
21277:
21274:
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21269:
21267:
21264:
21262:
21259:
21257:
21254:
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21242:
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21237:
21234:
21232:
21229:
21228:
21226:
21216:
21206:
21204:
21194:
21192:
21187:
21182:
21181:
21178:
21165:
21161:
21157:
21155:
21147:
21145:
21142:
21140:
21139:List of years
21137:
21136:
21133:
21119:
21111:
21109:
21108:Urban history
21106:
21105:
21103:
21099:
21093:
21090:
21088:
21087:Palmyra Atoll
21085:
21083:
21080:
21078:
21075:
21073:
21070:
21068:
21065:
21063:
21062:Jarvis Island
21060:
21058:
21055:
21053:
21050:
21049:
21047:
21043:
21037:
21034:
21032:
21029:
21027:
21024:
21022:
21019:
21017:
21014:
21013:
21011:
21009:Insular areas
21007:
21003:
20999:
20995:
20989:
20986:
20984:
20981:
20979:
20978:West Virginia
20976:
20974:
20971:
20969:
20966:
20964:
20961:
20959:
20956:
20954:
20951:
20949:
20946:
20944:
20941:
20939:
20936:
20934:
20931:
20929:
20926:
20924:
20921:
20919:
20916:
20914:
20911:
20909:
20906:
20904:
20901:
20899:
20896:
20894:
20891:
20889:
20886:
20884:
20883:New Hampshire
20881:
20879:
20876:
20874:
20871:
20869:
20866:
20864:
20861:
20859:
20856:
20854:
20851:
20849:
20846:
20844:
20843:Massachusetts
20841:
20839:
20836:
20834:
20831:
20829:
20826:
20824:
20821:
20819:
20816:
20814:
20811:
20809:
20806:
20804:
20801:
20799:
20796:
20794:
20791:
20789:
20786:
20784:
20781:
20779:
20776:
20774:
20771:
20769:
20766:
20764:
20761:
20759:
20756:
20754:
20751:
20749:
20746:
20744:
20741:
20740:
20738:
20734:
20728:
20725:
20723:
20720:
20718:
20715:
20714:
20712:
20708:
20702:
20699:
20697:
20694:
20692:
20689:
20687:
20684:
20682:
20679:
20678:
20676:
20674:
20670:
20666:
20659:
20655:
20643:
20640:
20638:
20635:
20633:
20630:
20629:
20628:
20627:
20623:
20621:
20620:
20616:
20612:
20609:
20607:
20604:
20603:
20602:
20601:
20597:
20593:
20590:
20588:
20585:
20583:
20580:
20578:
20575:
20573:
20570:
20568:
20565:
20564:
20563:
20562:
20558:
20556:
20555:
20551:
20547:
20544:
20543:
20542:
20541:
20537:
20533:
20530:
20528:
20525:
20523:
20520:
20518:
20515:
20513:
20510:
20508:
20505:
20503:
20500:
20498:
20495:
20493:
20490:
20489:
20488:
20487:
20483:
20479:
20476:
20474:
20473:Thai American
20471:
20469:
20466:
20464:
20461:
20459:
20456:
20454:
20451:
20449:
20446:
20445:
20444:
20443:
20439:
20437:
20436:
20432:
20431:
20428:
20421:
20417:
20405:
20402:
20400:
20397:
20395:
20392:
20390:
20387:
20385:
20382:
20381:
20380:
20379:
20375:
20371:
20368:
20367:
20366:
20365:
20361:
20359:
20358:
20354:
20352:
20351:
20347:
20343:
20340:
20338:
20335:
20333:
20330:
20328:
20325:
20323:
20320:
20318:
20315:
20314:
20313:
20312:
20311:Party Systems
20308:
20304:
20301:
20299:
20296:
20294:
20291:
20289:
20286:
20284:
20281:
20279:
20276:
20275:
20274:
20273:
20269:
20267:
20266:
20262:
20260:
20259:
20255:
20251:
20250:Voting rights
20248:
20246:
20243:
20241:
20238:
20236:
20233:
20231:
20228:
20226:
20223:
20221:
20218:
20216:
20213:
20211:
20208:
20206:
20203:
20201:
20198:
20196:
20193:
20192:
20191:
20190:
20186:
20184:
20183:
20179:
20175:
20172:
20171:
20170:
20169:
20165:
20161:
20158:
20157:
20156:
20155:
20151:
20147:
20144:
20143:
20142:
20141:
20137:
20133:
20130:
20128:
20125:
20123:
20120:
20118:
20115:
20114:
20113:
20112:
20108:
20106:
20105:
20101:
20099:
20098:
20094:
20093:
20090:
20083:
20079:
20065:
20062:
20060:
20057:
20055:
20054:
20050:
20048:
20045:
20043:
20040:
20038:
20035:
20031:
20028:
20027:
20026:
20023:
20021:
20018:
20016:
20015:
20011:
20009:
20006:
20002:
19999:
19997:
19994:
19992:
19989:
19987:
19984:
19982:
19979:
19977:
19974:
19972:
19969:
19967:
19964:
19963:
19962:
19959:
19957:
19954:
19953:
19951:
19949:
19945:
19939:
19936:
19934:
19931:
19929:
19926:
19922:
19919:
19917:
19914:
19913:
19912:
19911:War on terror
19909:
19907:
19904:
19902:
19901:
19897:
19895:
19892:
19890:
19887:
19885:
19882:
19880:
19877:
19875:
19872:
19870:
19867:
19865:
19862:
19860:
19857:
19856:
19854:
19852:
19848:
19842:
19839:
19837:
19834:
19832:
19829:
19825:
19822:
19820:
19817:
19815:
19812:
19811:
19810:
19809:Late Cold War
19807:
19805:
19802:
19798:
19795:
19793:
19790:
19789:
19788:
19785:
19784:
19782:
19780:
19776:
19770:
19767:
19765:
19762:
19760:
19757:
19753:
19750:
19749:
19748:
19745:
19743:
19740:
19738:
19735:
19733:
19730:
19726:
19723:
19721:
19718:
19716:
19713:
19712:
19711:
19708:
19704:
19701:
19699:
19696:
19695:
19694:
19691:
19689:
19688:Great Society
19686:
19685:
19683:
19681:
19677:
19671:
19668:
19664:
19661:
19660:
19659:
19656:
19654:
19651:
19649:
19646:
19644:
19643:Post-war boom
19641:
19637:
19634:
19632:
19629:
19627:
19624:
19622:
19619:
19618:
19617:
19614:
19610:
19607:
19606:
19605:
19602:
19600:
19597:
19596:
19594:
19592:
19588:
19578:
19575:
19574:
19573:
19570:
19568:
19565:
19563:
19560:
19559:
19558:
19555:
19551:
19548:
19546:
19543:
19541:
19538:
19537:
19536:
19533:
19529:
19526:
19524:
19521:
19519:
19516:
19514:
19511:
19509:
19506:
19504:
19501:
19500:
19499:
19496:
19494:
19491:
19487:
19484:
19483:
19482:
19479:
19478:
19476:
19474:
19470:
19464:
19461:
19457:
19454:
19452:
19449:
19447:
19444:
19442:
19439:
19438:
19437:
19434:
19430:
19427:
19425:
19422:
19420:
19417:
19415:
19412:
19410:
19407:
19405:
19402:
19401:
19400:
19397:
19395:
19392:
19388:
19385:
19383:
19380:
19378:
19375:
19373:
19370:
19368:
19365:
19364:
19363:
19360:
19359:
19357:
19355:
19351:
19343:
19340:
19338:
19335:
19334:
19333:
19330:
19326:
19323:
19321:
19318:
19316:
19313:
19309:
19306:
19305:
19304:
19301:
19299:
19296:
19294:
19291:
19290:
19289:
19286:
19284:
19281:
19279:
19276:
19275:
19273:
19271:
19267:
19261:
19258:
19256:
19253:
19249:
19246:
19244:
19241:
19239:
19236:
19234:
19231:
19229:
19226:
19224:
19221:
19220:
19219:
19216:
19212:
19209:
19207:
19204:
19203:
19202:
19199:
19198:
19196:
19194:
19190:
19182:
19179:
19177:
19174:
19173:
19172:
19169:
19165:
19162:
19160:
19157:
19156:
19155:
19152:
19150:
19147:
19146:
19144:
19142:
19138:
19130:
19127:
19125:
19122:
19120:
19117:
19115:
19112:
19110:
19107:
19104:
19103:
19102:
19099:
19095:
19092:
19090:
19087:
19085:
19082:
19080:
19077:
19075:
19072:
19071:
19070:
19067:
19066:
19064:
19062:
19058:
19050:
19047:
19045:
19042:
19040:
19037:
19035:
19032:
19030:
19027:
19025:
19022:
19020:
19017:
19015:
19012:
19010:
19007:
19005:
19002:
19000:
18997:
18996:
18995:
18992:
18990:
18987:
18985:
18982:
18980:
18977:
18975:
18972:
18970:
18967:
18965:
18962:
18960:
18957:
18955:
18952:
18950:
18947:
18945:
18942:
18940:
18937:
18935:
18932:
18931:
18929:
18927:
18923:
18917:
18916:
18912:
18910:
18909:
18905:
18904:
18902:
18898:
18894:
18887:
18883:
18877:
18874:
18872:
18869:
18868:
18865:
18861:
18854:
18849:
18847:
18842:
18840:
18835:
18834:
18831:
18818:
18814:
18811:
18807:
18804:
18800:
18797:
18793:
18792:
18789:
18782:
18778:
18775:
18771:
18768:
18764:
18760:
18756:
18753:
18749:
18746:
18742:
18738:
18734:
18729:
18725:
18722:
18718:
18715:
18711:
18710:
18708:
18704:
18700:
18696:
18692:
18688:
18684:
18680:
18676:
18672:
18669:
18665:
18661:
18657:
18653:
18649:
18646:
18642:
18639:
18635:
18632:
18628:
18625:
18621:
18617:
18613:
18610:
18606:
18602:
18598:
18595:
18591:
18588:
18584:
18581:
18577:
18574:
18570:
18566:
18562:
18558:
18554:
18551:
18547:
18544:
18540:
18537:
18533:
18532:
18530:
18526:
18522:
18513:
18509:
18506:
18502:
18499:
18495:
18492:
18488:
18485:
18481:
18478:
18474:
18471:
18467:
18464:
18460:
18457:
18453:
18450:
18446:
18443:
18439:
18436:
18432:
18429:
18425:
18422:
18418:
18415:
18414:December 2008
18411:
18408:
18407:November 2008
18404:
18401:
18397:
18394:
18390:
18389:
18387:
18383:
18382:
18380:
18376:
18372:
18364:
18360:
18357:
18353:
18350:
18346:
18342:
18338:
18335:
18331:
18328:
18324:
18321:
18317:
18314:
18310:
18307:
18303:
18299:
18295:
18291:
18287:
18283:
18279:
18276:
18272:
18269:
18265:
18262:
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18255:
18251:
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18244:
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18236:
18233:
18229:
18226:
18222:
18218:
18214:
18211:
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18199:
18196:
18192:
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18182:
18178:
18175:
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18159:
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18145:
18141:
18137:
18133:
18129:
18125:
18122:
18118:
18115:
18111:
18108:
18104:
18100:
18096:
18092:
18088:
18087:
18085:
18081:
18076:
18072:
18064:
18060:
18057:
18053:
18050:
18046:
18042:
18038:
18034:
18030:
18027:
18023:
18020:
18016:
18013:
18009:
18005:
18001:
18000:
17998:
17994:
17990:
17983:
17979:
17976:
17972:
17971:
17969:
17965:
17961:
17954:
17953:Panic of 1930
17950:
17947:
17943:
17939:
17935:
17931:
17927:
17923:
17919:
17918:
17916:
17912:
17908:
17901:
17897:
17894:
17890:
17886:
17882:
17879:
17878:Panic of 1907
17875:
17872:
17871:Panic of 1901
17868:
17865:
17864:Panic of 1896
17861:
17857:
17853:
17850:
17846:
17843:
17842:Panic of 1893
17839:
17835:
17831:
17827:
17826:Baring crisis
17823:
17819:
17818:Arendal crash
17815:
17812:
17811:Panic of 1884
17808:
17805:
17801:
17798:
17797:Panic of 1873
17794:
17793:
17791:
17787:
17783:
17775:
17771:
17768:
17767:Panic of 1866
17764:
17761:
17760:Panic of 1857
17757:
17754:
17753:Panic of 1847
17750:
17745:
17741:
17738:
17734:
17733:
17730:
17726:
17725:
17723:
17719:
17712:
17711:Panic of 1837
17708:
17705:
17704:Panic of 1825
17701:
17698:
17697:Panic of 1819
17694:
17690:
17686:
17683:
17679:
17676:
17672:
17669:
17668:Panic of 1792
17665:
17662:
17658:
17654:
17650:
17647:
17643:
17639:
17635:
17632:
17628:
17627:
17625:
17621:
17617:
17609:
17605:
17601:
17597:
17593:
17589:
17585:
17584:
17579:
17575:
17571:
17567:
17563:
17559:
17555:
17554:
17552:
17548:
17544:
17536:
17532:
17531:
17529:
17527:
17522:
17515:
17511:
17508:
17507:Social crisis
17504:
17501:
17500:Minsky moment
17497:
17492:
17488:
17485:
17481:
17478:
17474:
17471:
17467:
17466:
17464:
17460:
17457:
17453:
17450:
17446:
17441:
17437:
17436:
17434:
17430:
17427:
17426:Energy crisis
17423:
17420:
17416:
17413:
17409:
17406:
17402:
17399:
17398:Credit crunch
17395:
17392:
17388:
17385:
17381:
17380:
17377:
17373:
17366:
17361:
17359:
17354:
17352:
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17331:
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17318:
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17096:
17089:
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17077:
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17066:
17054:
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17044:
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17037:
17031:
17028:
17026:
17023:
17021:
17018:
17016:
17013:
17009:
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17000:
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16994:
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16862:
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16791:
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16776:
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16706:
16702:
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16688:
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16678:
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16641:
16638:
16637:
16635:
16631:
16625:
16622:
16620:
16617:
16615:
16612:
16610:
16609:Bernie Madoff
16607:
16605:
16604:Forex scandal
16602:
16600:
16597:
16593:
16590:
16589:
16588:
16587:Libor scandal
16585:
16584:
16582:
16578:
16572:
16569:
16567:
16564:
16562:
16559:
16557:
16554:
16552:
16549:
16548:
16546:
16542:
16536:
16533:
16529:
16526:
16525:
16524:
16521:
16519:
16516:
16512:
16511:South America
16509:
16507:
16506:United States
16504:
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16502:
16499:
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16494:
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16487:
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16476:
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16412:
16409:
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16400:
16399:
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16311:
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16301:9780670024933
16297:
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16268:9780857248022
16265:
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16214:
16213:
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16201:9780674725652
16198:
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16000:
15989:
15982:
15974:
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15953:
15952:
15946:
15939:
15931:
15930:
15925:
15919:
15908:
15902:
15894:
15893:
15892:TheStreet.com
15888:
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15866:
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15761:
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15749:
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15735:
15727:
15726:
15720:
15712:
15704:
15703:Business Wire
15700:
15694:
15686:
15685:
15684:TheStreet.com
15680:
15673:
15671:
15669:
15660:
15656:
15652:
15645:
15643:
15634:
15633:
15628:
15621:
15613:
15612:Business Wire
15609:
15603:
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15591:
15587:
15583:
15579:
15572:
15564:
15563:
15558:
15551:
15543:
15542:
15536:
15528:
15520:
15519:
15513:
15508:
15507:Brooks, David
15502:
15494:
15493:
15487:
15482:
15476:
15468:
15462:
15454:
15453:
15448:
15441:
15433:
15432:
15426:
15418:
15409:
15404:
15400:
15396:
15389:
15381:
15380:
15379:The Economist
15375:
15369:
15361:
15360:
15355:
15348:
15340:
15339:
15334:
15327:
15319:
15318:
15312:
15307:
15301:
15293:
15291:9780231543781
15287:
15283:
15282:
15274:
15266:
15259:
15251:
15247:
15241:
15233:
15232:
15226:
15218:
15202:
15198:
15194:
15188:
15180:
15179:
15174:
15167:
15156:
15150:
15142:
15136:
15132:
15131:Demeter Press
15128:
15124:
15120:
15113:
15109:
15105:
15099:
15091:
15090:
15085:
15081:
15080:Reich, Robert
15075:
15067:
15061:
15057:
15053:
15052:
15047:
15041:
15033:
15027:
15023:
15018:
15017:
15008:
15000:
14993:
14985:
14984:
14979:
14972:
14964:
14963:
14958:
14954:
14948:
14940:
14934:
14930:
14926:
14925:
14920:
14919:McMurty, John
14914:
14906:
14902:
14898:
14891:
14883:
14879:
14875:
14871:
14864:
14856:
14852:
14848:
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14840:
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14825:
14823:
14814:
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14808:
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14704:
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14661:
14657:
14652:
14647:
14643:
14639:
14632:
14628:
14622:
14614:
14613:
14607:
14602:
14601:Soros, George
14596:
14588:
14587:
14581:
14576:
14575:Norris, Floyd
14570:
14562:
14561:
14556:
14549:
14547:
14545:
14536:
14535:
14530:
14523:
14515:
14513:9783642376207
14509:
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14504:
14496:
14488:
14486:9780810883406
14482:
14478:
14473:
14472:
14463:
14455:
14453:9781437980721
14449:
14445:
14444:
14439:
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14425:
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14419:
14412:
14404:
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14398:
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14375:
14371:
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14360:
14358:
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14339:
14332:
14324:
14323:
14317:
14312:
14306:
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14286:
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14278:
14274:
14270:
14266:
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14251:
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14239:
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14231:
14227:
14223:
14222:
14217:
14210:
14202:
14198:
14192:
14184:
14178:
14174:
14170:
14169:The Big Short
14166:
14160:
14152:
14151:
14145:
14140:
14139:Krugman, Paul
14134:
14126:
14125:
14119:
14111:
14103:
14099:
14095:
14089:
14081:
14080:
14074:
14066:
14058:
14052:
14048:
14044:
14043:Penguin Group
14039:
14038:
14032:
14026:
14018:
14017:
14011:
14004:
13996:
13992:
13985:
13983:
13981:
13972:
13971:
13970:The Economist
13965:
13958:
13956:
13947:
13940:
13932:
13928:
13924:
13920:
13916:
13912:
13908:
13901:
13893:
13892:
13887:
13881:
13873:
13872:
13871:The Economist
13866:
13859:
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13850:
13845:
13838:
13830:
13823:
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13815:
13811:
13805:
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13769:
13765:
13758:
13750:
13749:
13744:
13740:
13734:
13726:
13725:
13720:
13714:
13706:
13700:
13696:
13695:
13690:
13689:Krugman, Paul
13684:
13682:
13680:
13678:
13669:
13668:
13662:
13654:
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13645:
13639:
13631:
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13611:
13605:
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13406:
13402:
13401:
13393:
13385:
13384:
13379:
13373:
13365:
13364:
13359:
13355:
13354:Hansen, Chris
13351:
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13315:
13309:
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13211:
13205:
13197:
13190:
13184:
13176:
13170:
13166:
13162:
13161:
13153:
13145:
13144:
13143:The Economist
13138:
13131:
13123:
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13116:
13109:
13101:
13100:
13095:
13088:
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13079:
13074:
13067:
13059:
13055:
13049:
13041:
13037:
13033:
13027:
13019:
13015:
13011:
13010:Bernanke, Ben
13005:
12997:
12993:
12988:
12983:
12979:
12975:
12971:
12967:
12963:
12956:
12948:
12947:
12941:
12936:
12935:Krugman, Paul
12930:
12922:
12920:9781136632488
12916:
12912:
12908:
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12899:
12891:
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12869:
12863:
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12824:
12823:
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12812:
12806:
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12777:
12773:
12766:
12758:
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12752:
12745:
12737:
12736:
12731:
12724:
12716:
12715:The Economist
12711:
12704:
12696:
12694:9788120342378
12690:
12686:
12685:
12677:
12669:
12668:
12663:
12656:
12648:
12647:
12642:
12635:
12627:
12626:
12625:The Economist
12621:
12615:
12607:
12603:
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12588:
12584:
12577:
12569:
12565:
12561:
12560:
12552:
12544:
12540:
12536:
12530:
12522:
12521:
12516:
12512:
12511:Krugman, Paul
12506:
12498:
12496:9780875869445
12492:
12488:
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12471:
12470:
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12393:
12384:
12382:9780875869445
12378:
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12355:9780875869445
12351:
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12330:
12328:9780875869445
12324:
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11999:
11995:
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11944:
11942:9780875869445
11938:
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11803:
11797:
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11782:
11775:
11767:
11761:
11753:
11752:
11747:
11741:
11734:. April 2009.
11733:
11726:
11720:
11718:
11709:
11708:
11702:
11697:
11696:Krugman, Paul
11691:
11683:
11682:
11676:
11669:
11661:
11654:
11646:
11641:
11637:
11633:
11632:
11624:
11616:
11615:
11607:
11600:
11592:
11588:
11582:
11580:
11571:
11570:
11565:
11558:
11552:
11548:
11543:
11542:
11535:
11527:
11526:Common Dreams
11523:
11516:
11508:
11507:
11502:
11495:
11487:
11483:
11477:
11469:
11468:
11460:
11453:
11445:
11439:
11435:
11431:
11430:
11422:
11407:
11403:
11396:
11381:
11377:
11370:
11368:
11352:
11348:
11341:
11339:
11322:
11315:
11300:
11296:
11290:
11274:
11270:
11266:
11259:
11251:
11250:
11245:
11238:
11230:
11229:
11223:
11218:
11212:
11204:
11200:
11194:
11186:
11185:
11180:
11173:
11165:
11164:
11159:
11153:
11145:
11144:
11139:
11132:
11124:
11120:
11115:
11110:
11106:
11102:
11101:
11096:
11089:
11078:
11072:
11064:
11060:
11054:
11046:
11045:
11037:
11031:
11023:
11022:
11016:
11011:
11005:
10997:
10991:
10980:
10974:
10966:
10962:
10958:
10952:
10950:
10934:
10933:Big Economics
10930:
10923:
10912:September 29,
10907:
10901:
10890:September 29,
10885:
10881:
10875:
10864:September 29,
10860:
10856:
10852:
10848:
10841:
10833:
10829:
10823:
10808:
10804:
10797:
10789:
10785:
10779:
10771:
10767:
10763:
10756:
10748:
10747:
10742:
10735:
10727:
10726:
10720:
10715:
10709:
10701:
10697:
10696:
10691:
10684:
10676:
10675:
10670:
10663:
10655:
10654:
10648:
10643:
10637:
10629:
10628:
10623:
10616:
10608:
10607:
10602:
10595:
10587:
10586:
10580:
10575:
10574:Norris, Floyd
10569:
10561:
10560:
10555:
10548:
10540:
10539:
10534:
10527:
10519:
10518:
10517:The Economist
10513:
10507:
10499:
10495:
10488:
10477:
10471:
10463:
10462:
10457:
10450:
10442:
10438:
10432:
10424:
10423:
10417:
10410:
10402:
10398:
10392:
10384:
10380:
10374:
10366:
10359:
10353:
10345:
10344:
10339:
10335:
10331:
10325:
10317:
10316:
10311:
10304:
10296:
10290:
10282:
10275:
10269:
10261:
10260:
10255:
10251:
10247:
10241:
10233:
10229:
10223:
10215:
10211:
10205:
10197:
10196:
10191:
10187:
10186:Hulbert, Mark
10181:
10170:
10164:
10156:
10155:
10150:
10144:
10128:
10124:
10120:
10114:
10106:
10105:
10100:
10093:
10085:
10084:
10079:
10072:
10064:
10062:9781351277389
10058:
10054:
10050:
10049:
10041:
10033:
10032:
10027:
10020:
10012:
10011:
10005:
10000:
9999:Norris, Floyd
9994:
9986:
9985:
9980:
9973:
9965:
9964:
9959:
9952:
9944:
9943:
9938:
9931:
9916:
9912:
9905:
9897:
9896:
9891:
9884:
9876:
9875:
9870:
9863:
9855:
9854:
9848:
9841:
9826:
9820:
9805:
9801:
9794:
9786:
9782:
9778:
9774:
9770:
9766:
9762:
9758:
9751:
9743:
9742:
9737:
9730:
9722:
9721:
9716:
9709:
9694:
9690:
9684:
9676:
9675:
9670:
9663:
9655:
9651:
9645:
9637:
9636:
9631:
9625:
9617:
9616:
9611:
9604:
9596:
9595:
9590:
9583:
9575:
9571:
9570:
9565:
9558:
9550:
9549:
9544:
9538:
9530:
9529:
9523:
9518:
9512:
9504:
9503:
9497:
9492:
9491:Landler, Mark
9486:
9478:
9477:
9472:
9465:
9457:
9456:
9451:
9444:
9436:
9435:
9430:
9423:
9415:
9411:
9405:
9397:
9396:
9391:
9384:
9376:
9375:
9370:
9363:
9355:
9349:
9341:
9340:
9335:
9328:
9320:
9316:
9310:
9302:
9298:
9292:
9284:
9280:
9279:
9273:
9266:
9258:
9254:
9253:
9248:
9241:
9233:
9232:
9227:
9220:
9212:
9208:
9202:
9194:
9193:
9188:
9181:
9173:
9172:
9167:
9160:
9152:
9151:
9146:
9140:
9132:
9131:
9126:
9119:
9111:
9110:
9105:
9098:
9090:
9089:
9084:
9078:
9070:
9069:
9064:
9057:
9049:
9048:
9043:
9036:
9028:
9027:
9022:
9015:
9007:
9003:
8997:
8989:
8988:
8983:
8977:
8969:
8968:
8962:
8955:
8947:
8946:
8940:
8932:
8924:
8923:
8917:
8912:
8906:
8898:
8897:
8891:
8883:
8875:
8874:
8869:
8863:
8855:
8854:
8848:
8840:
8832:
8831:
8826:
8819:
8811:
8810:
8805:
8798:
8790:
8786:
8780:
8772:
8771:
8766:
8759:
8757:
8748:
8747:
8742:
8735:
8727:
8726:
8721:
8714:
8699:
8695:
8689:
8674:
8670:
8664:
8648:
8644:
8638:
8630:
8629:
8624:
8617:
8609:
8608:
8603:
8596:
8588:
8587:
8582:
8575:
8567:
8566:
8560:
8555:
8549:
8541:
8540:Business Wire
8537:
8531:
8523:
8522:
8517:
8510:
8502:
8498:
8492:
8484:
8483:
8478:
8471:
8453:
8446:
8444:
8442:
8433:
8432:
8427:
8420:
8412:
8411:
8406:
8399:
8384:
8377:
8361:
8357:
8356:
8351:
8345:
8337:
8333:
8327:
8312:
8308:
8302:
8300:
8284:
8280:
8273:
8265:
8264:
8259:
8252:
8244:
8240:
8236:
8229:
8221:
8217:
8216:
8211:
8205:
8197:
8196:
8190:
8185:
8181:
8175:
8167:
8166:
8161:
8154:
8146:
8145:
8140:
8133:
8131:
8122:
8115:
8109:
8101:
8100:
8095:
8088:
8080:
8079:
8074:
8067:
8059:
8052:
8046:
8031:
8030:Yahoo Finance
8027:
8021:
8019:
8017:
8008:
8004:
8003:
7998:
7992:
7984:
7980:
7979:
7974:
7968:
7966:
7957:
7953:
7952:
7947:
7941:
7939:
7937:
7928:
7924:
7923:
7917:
7909:
7901:
7897:
7896:
7891:
7884:
7876:
7872:
7871:
7866:
7859:
7851:
7847:
7846:
7841:
7834:
7818:
7814:
7807:
7792:
7788:
7781:
7779:
7770:
7769:
7764:
7758:
7756:
7747:
7746:
7741:
7734:
7726:
7725:
7717:
7711:
7709:
7700:
7696:
7690:
7688:
7686:
7670:
7666:
7659:
7644:
7640:
7633:
7625:
7621:
7615:
7607:
7603:
7599:
7592:
7584:
7580:
7576:
7569:
7561:
7557:
7553:
7546:
7538:
7534:
7530:
7523:
7515:
7509:
7505:
7501:
7497:
7496:
7491:
7485:
7477:
7476:
7471:
7464:
7456:
7452:
7445:
7434:
7428:
7413:
7409:
7402:
7394:
7387:
7381:
7373:
7372:
7367:
7360:
7352:
7351:
7345:
7337:
7329:
7328:
7323:
7316:
7308:
7307:
7302:
7295:
7287:
7286:
7281:
7275:
7267:
7266:
7261:
7254:
7246:
7245:
7240:
7233:
7231:
7222:
7218:
7214:
7207:
7199:
7198:
7193:
7187:
7181:
7178:
7171:
7164:
7156:
7155:
7150:
7143:
7135:
7134:
7129:
7122:
7114:
7110:
7106:
7105:
7097:
7089:
7085:
7079:
7071:
7070:
7069:Democracy Now
7065:
7061:
7055:
7047:
7046:
7040:
7035:
7034:Krugman, Paul
7029:
7021:
7015:
7011:
7007:
7006:
6998:
6990:
6983:
6976:
6968:
6961:
6955:
6947:
6946:
6941:
6934:
6915:
6911:
6910:
6902:
6896:
6888:
6887:
6882:
6876:
6861:
6857:
6851:
6843:
6839:
6832:
6816:
6812:
6794:
6790:
6789:
6781:
6767:
6763:
6749:
6745:
6740:
6734:
6719:
6715:
6709:
6693:
6687:
6679:
6672:
6666:
6658:
6654:
6648:
6641:. April 1947.
6640:
6636:
6630:
6622:
6621:
6616:
6612:
6606:
6604:
6602:
6600:
6591:
6590:
6585:
6578:
6570:
6569:
6563:
6555:
6547:
6546:
6541:
6534:
6532:
6530:
6528:
6526:
6518:. April 2009.
6514:
6508:
6500:
6499:
6493:
6488:
6487:Norris, Floyd
6482:
6474:
6470:
6469:
6463:
6455:
6447:
6446:
6441:
6435:
6427:
6426:
6420:
6412:
6404:
6403:
6397:
6392:
6386:
6378:
6377:
6371:
6366:
6360:
6352:
6351:
6346:
6340:
6338:
6329:
6328:
6327:Seeking Alpha
6323:
6317:
6315:
6306:
6299:
6295:
6289:
6287:
6278:
6277:
6272:
6265:
6263:
6247:
6243:
6239:
6238:
6233:
6226:
6211:
6207:
6201:
6193:
6192:
6191:The Economist
6186:
6179:
6171:
6167:
6163:
6159:
6154:
6149:
6145:
6141:
6137:
6133:
6132:
6124:
6117:
6109:
6108:
6103:
6096:
6088:
6084:
6077:
6069:
6068:Business Wire
6065:
6059:
6051:
6050:
6045:
6038:
6032:
6029:
6025:
6019:
6011:
6010:
6005:
5999:
5984:
5980:
5973:
5965:
5959:
5951:
5947:
5943:
5939:
5935:
5931:
5927:
5920:
5905:
5901:
5894:
5886:
5882:
5877:
5872:
5868:
5864:
5860:
5856:
5852:
5848:
5844:
5837:
5822:
5818:
5812:
5804:
5800:
5796:
5792:
5788:
5784:
5777:
5770:
5768:
5752:
5748:
5741:
5726:. May 6, 2009
5725:
5721:
5715:
5700:
5696:
5692:
5690:9781108865715
5686:
5682:
5678:
5674:
5673:
5665:
5650:
5646:
5639:
5623:
5619:
5613:
5598:
5594:
5588:
5580:
5576:
5572:
5568:
5563:
5558:
5555:(1): 81–106.
5554:
5550:
5546:
5539:
5524:
5520:
5514:
5506:
5500:
5496:
5492:
5491:
5483:
5475:
5474:
5469:
5463:
5461:
5459:
5450:
5444:
5440:
5436:
5435:
5427:
5412:
5408:
5402:
5398:
5387:
5386:
5382:
5380:
5377:
5375:
5372:
5370:
5367:
5365:
5362:
5360:
5357:
5355:
5354:Neoliberalism
5352:
5350:
5347:
5345:
5342:
5340:
5337:
5335:
5332:
5330:
5327:
5325:
5322:
5320:
5317:
5315:
5312:
5310:
5307:
5305:
5302:
5300:
5297:
5295:
5294:Crisis theory
5292:
5290:
5287:
5285:
5282:
5280:
5277:
5275:
5272:
5271:
5267:
5264:
5263:
5251:
5247:
5244:
5240:
5237:
5233:
5230:
5226:
5225:
5223:
5222:
5217:
5214:
5213:
5208:
5204:
5203:
5198:
5195:
5194:
5189:
5187:expectations.
5185:
5184:
5179:
5176:
5172:
5168:
5167:
5166:The Big Short
5162:
5161:Michael Lewis
5159:
5156:
5152:
5148:
5144:
5140:
5139:
5134:
5131:
5127:
5123:
5120:and features
5119:
5118:Johan Norberg
5115:
5111:
5107:
5104:
5100:
5096:
5092:
5091:
5087:
5084:
5080:
5076:
5072:
5068:
5067:
5062:
5058:
5057:
5051:
5049:
5045:
5041:
5037:
5033:
5029:
5025:
5021:
5020:Merrill Lynch
5017:
5013:
5009:
5005:
5000:
4998:
4993:
4990:
4988:
4984:
4979:
4973:
4970:
4966:
4965:
4964:
4961:
4958:
4954:
4950:
4945:
4942:
4936:
4932:
4928:
4926:
4922:
4917:
4915:
4911:
4907:
4902:
4900:
4895:
4893:
4889:
4883:
4881:
4877:
4873:
4869:
4864:
4861:
4856:
4853:
4850:
4846:
4845:Angelo Mozilo
4842:
4841:David S. Loeb
4837:
4835:
4831:
4827:
4826:United States
4823:
4819:
4818:mortgage loan
4815:
4811:
4807:
4803:
4793:
4790:
4786:
4785:
4779:
4777:
4773:
4772:
4767:
4763:
4762:
4755:
4753:
4752:
4747:
4743:
4742:
4737:
4732:
4730:
4726:
4722:
4718:
4714:
4709:
4706:
4704:
4699:
4696:
4691:
4689:
4685:
4681:
4677:
4673:
4669:
4666:(Australia),
4665:
4661:
4657:
4653:
4652:Fred Harrison
4649:
4645:
4641:
4637:
4632:
4630:
4626:
4616:
4614:
4613:credit unions
4609:
4605:
4595:
4592:
4588:
4583:
4580:
4576:
4574:
4570:
4566:
4562:
4561:
4552:
4549:
4546:
4543:
4539:
4538:
4537:
4535:
4534:
4529:
4528:James Burnham
4525:
4524:John C. Bogle
4521:
4516:
4513:
4509:
4505:
4504:Andrew Kliman
4501:
4497:
4495:
4491:
4490:
4485:
4481:
4478:
4474:
4470:
4469:
4463:
4461:
4457:
4456:John McMurtry
4447:
4443:
4441:
4431:
4427:
4424:
4420:
4416:
4408:
4399:
4390:
4381:
4372:
4362:
4354:
4349:
4339:
4336:
4330:
4327:
4323:
4318:
4316:
4312:
4308:
4304:
4300:
4296:
4290:
4285:
4283:
4279:
4275:
4271:
4267:
4264:
4259:
4257:
4253:
4244:
4235:
4233:
4229:
4223:
4221:
4217:
4213:
4209:
4204:
4201:
4197:
4191:
4189:
4184:
4178:
4176:
4169:
4166:
4160:
4158:
4153:
4151:
4147:
4143:
4141:
4135:
4128:
4124:
4119:
4110:
4108:
4107:
4102:
4098:
4096:
4086:
4082:
4079:
4078:synthetic CDO
4073:
4071:
4067:
4063:
4059:
4054:
4045:
4035:
4030:
4028:
4024:
4019:
4016:
4012:
4006:
4003:
4001:
3997:
3992:
3990:
3986:
3985:Goldman Sachs
3982:
3981:Merrill Lynch
3978:
3974:
3971:
3966:
3962:
3957:
3952:
3950:
3945:
3941:
3939:
3938:overleveraged
3934:
3927:
3923:
3915:
3906:
3899:
3895:
3891:
3887:
3883:
3879:
3875:
3871:
3868:
3864:
3863:Enron scandal
3859:
3855:
3851:
3847:
3843:
3840:
3836:
3832:
3829:
3825:
3822:In 2004, the
3821:
3817:
3813:
3809:
3806:
3802:
3798:
3794:
3793:Ronald Reagan
3790:
3787:
3783:
3779:
3775:
3774:credit unions
3771:
3767:
3764:
3763:
3762:
3757:
3747:
3745:
3741:
3736:
3734:
3730:
3725:
3722:
3718:
3713:
3711:
3702:
3700:
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3660:whistleblower
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2019:
2015:
2012:
2009:
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1985:Bernie Madoff
1982:
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1601:Goldman Sachs
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1567:Goldman Sachs
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1535:Henry Paulson
1533:
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1462:Merrill Lynch
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1177:Northern Rock
1174:
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1164:Northern Rock
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1043:durable goods
1040:
1039:
1030:
1026:
1023:
1019:
1016:
1012:
1009:
1005:
1004:mortgage loan
1001:
998:
997:Deutsche Bank
994:
990:
989:Michael Burry
986:
985:
980:
971:
967:
963:
959:
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951:
947:
943:
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904:
903:Goldman Sachs
899:
898:Credit Suisse
895:
891:
887:
882:
880:
876:
872:
867:
864:
860:
855:
853:
849:
846:, the U.K.'s
845:
841:
836:
834:
830:
826:
822:
818:
814:
810:
806:
802:
801:fiscal policy
798:
794:
790:
786:
782:
778:
773:
771:
767:
762:
761:de-leveraging
758:
752:
750:
746:
742:
741:bank failures
738:
734:
729:
727:
723:
719:
715:
711:
707:
702:
698:
694:
690:
686:
682:
673:
666:
661:
652:
650:
646:
643:In 2010, the
641:
639:
635:
631:
627:
623:
619:
615:
612:to prevent a
611:
607:
602:
601:by surprise.
600:
596:
592:
587:
585:
581:
577:
573:
569:
565:
561:
556:
554:
550:
546:
542:
538:
534:
530:
528:
524:
523:perfect storm
520:
516:
512:
508:
504:
500:
496:
492:
488:
484:
472:
467:
465:
460:
458:
453:
452:
450:
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446:
443:
442:
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431:
429:
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424:
421:
417:
416:United States
414:
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411:South America
409:
408:
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404:
402:
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398:
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390:
382:
379:
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136:
133:
131:
128:
126:
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121:
118:
116:
113:
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108:
106:
103:
102:
98:Major aspects
95:
94:
91:
88:
87:
83:
82:
79:
73:
69:
64:
57:
53:
49:
45:
42:purchased by
41:
37:
32:
19:
21077:Midway Atoll
21072:Kingman Reef
21052:Baker Island
21031:Puerto Rico
20943:South Dakota
20933:Rhode Island
20928:Pennsylvania
20908:North Dakota
20624:
20617:
20598:
20559:
20552:
20538:
20484:
20440:
20433:
20376:
20362:
20355:
20348:
20309:
20283:Marine Corps
20270:
20263:
20256:
20220:Debt ceiling
20205:Civil Rights
20187:
20180:
20166:
20152:
20138:
20109:
20104:Antisemitism
20102:
20095:
20051:
20012:
19948:2008–present
19900:Bush v. Gore
19898:
19836:War on drugs
19710:Mid Cold War
19562:Pearl Harbor
19557:World War II
19377:Ku Klux Klan
18974:Dummer's War
18913:
18906:
18900:Pre-Colonial
18400:October 2008
18385:
18282:Samba effect
18138:(1987–2000s)
18033:Steel crisis
17856:Black Monday
17834:Encilhamento
17774:Black Friday
17581:
17537:(235–284 CE)
17405:Credit cycle
17165:
17136: /
17047:
16443:
16431:
16417:
16407:
16397:
16396:
16344:Final Report
16337:
16336:
16309:
16292:Viking Press
16290:. New York:
16286:
16274:
16255:
16241:Nation Books
16236:
16219:
16210:
16188:
16166:
16154:
16144:
16136:The Guardian
16135:
16126:
16108:
16097:
16085:
16074:
16062:
16044:
16033:
16021:
15999:
15981:
15960:
15949:
15938:
15927:
15918:
15901:
15890:
15880:
15869:
15854:
15821:February 24,
15819:. Retrieved
15812:the original
15799:
15781:
15746:
15734:
15723:
15711:
15693:
15682:
15630:
15620:
15602:
15585:
15581:
15571:
15562:The Guardian
15560:
15550:
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15527:
15516:
15501:
15490:
15475:
15461:
15450:
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15429:
15417:
15398:
15388:
15377:
15368:
15357:
15347:
15336:
15326:
15315:
15300:
15280:
15273:
15258:
15240:
15229:
15217:
15207:November 29,
15205:. Retrieved
15201:the original
15187:
15176:
15166:
15149:
15126:
15123:McKay, Ailsa
15108:McKay, Ailsa
15098:
15087:
15074:
15056:Virgin Books
15050:
15046:Roeder, Mark
15040:
15015:
15007:
14992:
14981:
14971:
14960:
14947:
14923:
14913:
14890:
14873:
14863:
14838:
14834:
14812:City Journal
14810:
14759:
14753:
14720:
14716:
14703:
14686:
14676:
14641:
14637:
14621:
14610:
14595:
14584:
14569:
14558:
14532:
14522:
14502:
14495:
14470:
14462:
14442:
14432:
14421:
14411:
14400:
14390:
14378:. Retrieved
14374:the original
14347:
14341:
14331:
14320:
14311:Wolf, Martin
14305:
14264:
14260:
14250:
14225:
14219:
14209:
14191:
14168:
14159:
14148:
14133:
14122:
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14088:
14077:
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14025:
14014:
14003:
13968:
13945:
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13914:
13910:
13900:
13889:
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13858:
13847:
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13804:
13794:
13784:
13767:
13763:
13757:
13746:
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13713:
13693:
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13642:
13630:
13619:
13604:
13595:
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13565:
13558:
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13472:
13453:
13443:
13399:
13392:
13381:
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13361:
13344:
13335:
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13308:
13290:
13272:
13261:
13251:
13230:
13219:
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13183:
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13141:
13130:
13119:
13108:
13097:
13087:
13076:
13066:
13048:
13026:
13004:
12987:10419/153919
12969:
12965:
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12905:
12898:
12880:
12862:
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12831:
12820:
12805:
12794:
12784:
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12765:
12754:
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12714:
12703:
12683:
12676:
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12644:
12634:
12623:
12614:
12605:
12595:
12576:
12558:
12551:
12529:
12518:
12505:
12485:
12478:
12467:
12458:
12447:
12435:
12427:
12416:November 30,
12414:. Retrieved
12408:
12371:
12364:
12344:
12337:
12317:
12310:
12293:
12289:
12283:
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11951:
11931:
11924:
11913:
11898:
11887:
11875:
11851:
11844:
11832:. Retrieved
11827:
11818:
11806:. Retrieved
11796:
11785:
11774:
11760:
11749:
11740:
11705:
11690:
11679:
11668:
11659:
11653:
11630:
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11557:
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11525:
11515:
11504:
11494:
11476:
11465:
11452:
11428:
11421:
11409:. Retrieved
11405:
11395:
11383:. Retrieved
11379:
11354:. Retrieved
11350:
11325:. Retrieved
11314:
11302:. Retrieved
11298:
11289:
11277:. Retrieved
11273:the original
11258:
11247:
11237:
11226:
11211:
11193:
11182:
11172:
11161:
11152:
11141:
11131:
11107:(1): 73–92.
11104:
11098:
11088:
11071:
11053:
11042:
11030:
11019:
11010:Chan, Sewell
11004:
10990:
10973:
10936:. Retrieved
10932:
10922:
10910:. Retrieved
10900:
10888:. Retrieved
10883:
10874:
10862:. Retrieved
10850:
10840:
10822:
10810:. Retrieved
10806:
10796:
10778:
10755:
10744:
10734:
10723:
10708:
10700:the original
10693:
10683:
10672:
10662:
10651:
10636:
10625:
10615:
10604:
10594:
10583:
10568:
10557:
10547:
10536:
10526:
10515:
10506:
10487:
10470:
10459:
10449:
10431:
10420:
10409:
10401:Congress.gov
10391:
10373:
10352:
10341:
10324:
10313:
10303:
10289:
10268:
10257:
10240:
10222:
10204:
10193:
10180:
10163:
10152:
10143:
10131:. Retrieved
10127:the original
10113:
10102:
10092:
10081:
10071:
10047:
10040:
10029:
10019:
10008:
9993:
9982:
9972:
9961:
9951:
9940:
9930:
9920:February 12,
9918:. Retrieved
9914:
9904:
9893:
9883:
9872:
9862:
9851:
9840:
9830:December 19,
9828:. Retrieved
9819:
9809:December 19,
9807:. Retrieved
9803:
9793:
9760:
9756:
9750:
9739:
9729:
9718:
9708:
9696:. Retrieved
9692:
9683:
9672:
9662:
9644:
9633:
9624:
9613:
9603:
9592:
9582:
9567:
9557:
9546:
9537:
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9511:
9500:
9485:
9474:
9464:
9453:
9443:
9434:The Guardian
9432:
9422:
9404:
9395:The Guardian
9393:
9383:
9372:
9362:
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9337:
9327:
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9014:
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8839:
8828:
8818:
8807:
8797:
8779:
8768:
8744:
8734:
8723:
8713:
8701:. Retrieved
8697:
8688:
8676:. Retrieved
8672:
8663:
8651:. Retrieved
8646:
8637:
8626:
8616:
8605:
8595:
8584:
8574:
8563:
8548:
8530:
8519:
8509:
8491:
8480:
8470:
8458:. Retrieved
8429:
8419:
8408:
8398:
8386:. Retrieved
8376:
8364:. Retrieved
8360:the original
8353:
8344:
8326:
8314:. Retrieved
8311:data.bls.gov
8310:
8286:. Retrieved
8282:
8272:
8261:
8251:
8238:
8228:
8213:
8204:
8193:
8174:
8163:
8153:
8142:
8108:
8099:The Guardian
8097:
8087:
8076:
8066:
8057:
8045:
8035:February 15,
8033:. Retrieved
8029:
8000:
7991:
7976:
7949:
7920:
7908:
7893:
7883:
7868:
7858:
7843:
7833:
7821:. Retrieved
7817:the original
7806:
7796:September 7,
7794:. Retrieved
7790:
7766:
7743:
7733:
7722:
7672:. Retrieved
7668:
7658:
7646:. Retrieved
7642:
7632:
7614:
7601:
7591:
7578:
7568:
7555:
7545:
7528:
7522:
7494:
7490:Taibbi, Matt
7484:
7473:
7463:
7454:
7444:
7427:
7415:. Retrieved
7411:
7401:
7380:
7369:
7359:
7348:
7336:
7325:
7315:
7304:
7294:
7283:
7274:
7265:The Guardian
7263:
7253:
7242:
7220:
7216:
7206:
7195:
7186:
7163:
7152:
7142:
7131:
7121:
7102:
7096:
7078:
7067:
7054:
7043:
7028:
7004:
6997:
6975:
6969:. July 2012.
6954:
6943:
6933:
6921:. Retrieved
6914:the original
6907:
6895:
6884:
6875:
6863:. Retrieved
6859:
6850:
6831:
6818:. Retrieved
6814:
6800:. Retrieved
6793:the original
6786:
6769:. Retrieved
6765:
6751:. Retrieved
6747:
6733:
6721:. Retrieved
6717:
6708:
6696:. Retrieved
6686:
6665:
6647:
6629:
6618:
6587:
6577:
6566:
6554:
6543:
6507:
6496:
6481:
6466:
6454:
6443:
6434:
6423:
6411:
6400:
6385:
6374:
6359:
6348:
6325:
6274:
6251:November 24,
6249:. Retrieved
6235:
6225:
6215:December 19,
6213:. Retrieved
6209:
6200:
6189:
6178:
6153:1721.1/60250
6135:
6129:
6116:
6105:
6095:
6076:
6058:
6047:
6037:
6018:
6007:
5998:
5986:. Retrieved
5983:Investopedia
5982:
5972:
5958:
5933:
5929:
5919:
5907:. Retrieved
5904:Freakonomics
5903:
5893:
5850:
5846:
5836:
5824:. Retrieved
5820:
5811:
5786:
5782:
5754:. Retrieved
5750:
5740:
5728:. Retrieved
5723:
5714:
5702:. Retrieved
5671:
5664:
5652:. Retrieved
5649:Investopedia
5648:
5638:
5626:. Retrieved
5621:
5612:
5600:. Retrieved
5596:
5587:
5552:
5548:
5538:
5526:. Retrieved
5522:
5513:
5489:
5482:
5471:
5433:
5426:
5414:. Retrieved
5410:
5401:
5383:
5219:
5210:
5205:is based on
5200:
5191:
5181:
5164:
5141:directed by
5136:
5113:
5109:
5105:for 10 weeks
5088:
5078:
5064:
5061:Peter Schiff
5008:Bear Stearns
5001:
4994:
4991:
4980:
4977:
4962:
4946:
4937:
4933:
4929:
4918:
4903:
4896:
4884:
4865:
4857:
4838:
4822:bank failure
4799:
4782:
4780:
4775:
4771:The Guardian
4769:
4759:
4756:
4749:
4746:David Brooks
4739:
4733:
4710:
4707:
4700:
4692:
4684:Peter Schiff
4660:Eric Janszen
4648:Wynne Godley
4640:Dirk Bezemer
4633:
4622:
4601:
4584:
4579:Robert Reich
4577:
4558:
4557:In his book
4556:
4531:
4519:
4517:
4507:
4498:
4487:
4482:
4466:
4464:
4453:
4444:
4437:
4428:
4412:
4331:
4319:
4295:Paul Krugman
4292:
4287:
4260:
4249:
4227:
4224:
4205:
4200:George Soros
4193:
4180:
4174:
4171:
4162:
4154:
4144:
4136:
4132:
4104:
4099:
4091:
4074:
4050:
4032:
4027:Janet Yellen
4020:
4015:Hyman Minsky
4007:
4004:
3993:
3977:Bear Stearns
3960:
3953:
3946:
3942:
3935:
3931:
3903:
3826:relaxed the
3766:Jimmy Carter
3759:
3737:
3714:
3708:
3698:
3688:
3648:
3636:
3616:
3608:Ben Bernanke
3604:
3585:
3581:Ben Bernanke
3574:
3548:lowered the
3543:
3529:John Quiggin
3526:
3518:
3514:
3510:supply chain
3507:
3479:
3467:
3444:
3437:
3430:
3425:
3422:
3417:Paul Krugman
3414:
3410:
3392:
3390:
3386:
3375:
3360:
3343:
3327:
3315:
3299:
3291:
3284:
3155:moral hazard
3042:toxic assets
3008:
2880:
2861:
2857:
2838:
2816:
2792:
2767:
2742:
2694:
2669:
2605:Saudi Arabia
2596:
2571:
2556:South Korea
2523:
2498:
2427:
2402:
2331:
2306:
2285:
2218:Mario Draghi
2101:Paul Volcker
2093:Volcker Rule
2052:Barack Obama
2040:
2005:
1942:nationalized
1861:
1780:Charlie Bean
1752:Japanese yen
1727:created the
1549:Nancy Pelosi
1542:Ben Bernanke
1436:was enacted.
1401:data missing
1398:
1365:Bear Stearns
1358:margin calls
1211:bank failure
1122:Bear Stearns
1093:Bear Stearns
1089:margin calls
1076:, filed for
969:
922:
911:
883:
868:
856:
837:
774:
753:
749:foreclosures
730:
726:toxic assets
697:bank failure
678:
642:
603:
588:
557:
531:
515:toxic assets
490:
486:
482:
480:
225:(April 2009)
124:
78:
36:toxic assets
21092:Wake Island
20858:Mississippi
20773:Connecticut
20717:New England
20384:Agriculture
20303:Coast Guard
20298:Space Force
20146:Immigration
19874:WTC bombing
19792:Reaganomics
19720:Vietnam War
19636:McCarthyism
19518:Second Klan
19503:Prohibition
19481:World War I
19456:Square Deal
19446:Imperialism
19181:War of 1812
18908:Prehistoric
18677:(2017–2018)
18662:(2016–2022)
18618:(2014–2022)
18378:(2007–2009)
18343:(2003–2008)
18292:(2000–2004)
18241:(1994–1996)
18219:(1992–1994)
18204:(1991–2000)
18168:(1990–1992)
18160:(1990–1992)
18130:(1986–1995)
18093:(1982–1994)
18083:(1982–2007)
18065:(1980–1982)
18043:(1975–1982)
18035:(1973–1982)
18006:(1973–1980)
17996:(1973–1982)
17967:(1945–1973)
17932:(1921–1923)
17924:(1917–1924)
17914:(1918–1939)
17836:(1890–1893)
17789:(1870–1914)
17731:(1845–1856)
17691:(1815–1816)
17640:(1769–1784)
17623:(1760–1840)
17586:(1621–1623)
17568:(1544–1551)
17550:(1000–1760)
17449:Flash crash
17419:Debt crisis
16973:Arab Spring
16882:Non-banking
16614:Tom Petters
16445:Marketplace
16282:Tooze, Adam
16227:Basingstoke
15588:(1): 1–16.
15481:Nocera, Joe
14953:Batra, Ravi
14929:Pluto Press
14841:(2): 1–55.
14723:(1): 1–33.
14644:(1): 6–52.
14045:. pp.
13427:j.ctvd58rxg
12972:(C): 1–19.
12042:White House
11591:White House
11327:February 1,
11217:Gramm, Phil
10461:MarketWatch
10232:White House
9455:Marketwatch
9319:NDTV Profit
9211:Steny Hoyer
8911:Nocera, Joe
8586:MarketWatch
8239:The Balance
7674:January 24,
7648:January 24,
7643:Vanity Fair
7602:The Balance
7579:The Balance
7556:The Balance
5979:"Basel III"
5250:The Warning
5193:Margin Call
5128:think tank
5126:libertarian
4987:bridge bank
4814:Los Angeles
4587:Ailsa McKay
4585:Economists
4565:Mark Roeder
4389:Phosphorite
4196:bond rating
4123:Wall Street
4101:Martin Wolf
4025:vice-chair
3724:Jerry Brown
3612:saving glut
3402:derivatives
3311:Countrywide
3306:Freddie Mac
3148:Freddie Mac
3080:derivatives
2935:causing an
2931:raised the
2845:Freddie Mac
2801:Philippines
2256:in the U.S.
2234:each month.
2068:derivatives
1916:payroll tax
1914:provided a
1756:Swiss franc
1671:Wells Fargo
1499:securities.
1418:during the
1416:commodities
1393:U.S. dollar
1389:Freddie Mac
1140:hedge funds
1136:BNP Paribas
1062:New Century
1055:Freddie Mac
1022:yield curve
890:Geir Haarde
775:As part of
770:remittances
630:payroll tax
541:derivatives
537:real estate
361:Freddie Mac
201:(July 2008)
72:credit risk
21225:Categories
20973:Washington
20893:New Mexico
20888:New Jersey
20763:California
20258:Journalism
20210:Corruption
20189:Government
20140:Demography
20127:Newspapers
19976:Sandy Hook
19879:Waco siege
19787:Reagan era
19693:Space Race
19626:Korean War
19567:home front
19399:Gilded Age
19367:Amendments
17470:Accounting
17176:Writedowns
16233:Nomi Prins
15535:"Dr. Doom"
12776:Bespacific
11063:LexisNexis
10938:October 5,
10812:August 22,
10330:Cho, David
8698:www.un.org
8673:World Bank
8388:August 11,
8288:August 11,
7502:. p.
7223:(5): 1311.
5393:References
5138:Inside Job
4868:California
4686:(US), and
4664:Steve Keen
4644:Dean Baker
4573:The Big Mo
4560:The Big Mo
4502:followers
4473:Ravi Batra
4460:capitalism
4293:Economist
3740:Ameriquest
3733:wire fraud
3652:liar loans
3415:Economist
3395:magazine,
3302:Fannie Mae
3231:(MBS) and
3144:Fannie Mae
3004:Recessions
2897:See also:
2849:Fannie Mae
2232:Treasuries
2204:Fannie Mae
2167:Treasuries
2154:) and the
1857:Dean Baker
1703:Indonesian
1694:BSE SENSEX
1483:took over
1385:Fannie Mae
1265:securitize
1013:May 2006:
932:See also:
655:Background
497:since the
356:Fannie Mae
68:TED spread
48:bankruptcy
20983:Wisconsin
20948:Tennessee
20853:Minnesota
20828:Louisiana
20722:The South
20293:Air Force
20168:Education
20030:recession
19986:Las Vegas
19894:Columbine
19851:1991–2008
19779:1980–1991
19680:1964–1980
19591:1945–1964
19545:Dust Bowl
19473:1917–1945
19354:1865–1917
19332:Civil War
19325:Secession
19270:1849–1865
19193:1815–1849
19164:Quasi-War
19141:1789–1815
19061:1776–1789
19014:Sugar Act
18728:Recession
17721:1840–1870
17191:Responses
16592:Tom Hayes
16489:By region
16418:Frontline
16408:Frontline
16156:Vox Media
15565:. London.
14646:CiteSeerX
14289:1364-5021
14242:0002-8282
13931:154482588
13770:(2): 13.
13435:240840930
13263:TheStreet
12911:Routledge
12267:0034-6535
12198:0893-9454
11551:1436-5812
11123:154418474
10859:0017-8012
10606:Vox Media
10053:Routledge
9915:CNN Money
9785:158182047
9777:0378-5920
9693:CNN Money
9574:USA Today
8703:March 11,
8678:March 11,
8653:March 11,
7951:USA Today
7823:August 8,
7417:March 11,
7327:Channel 4
6865:March 11,
6723:March 11,
6698:March 11,
6246:0190-8286
6162:0011-5266
6107:VoxEU.org
5988:April 27,
5950:1741-3737
5909:April 27,
5867:1756-1833
5853:: f5239.
5826:April 27,
5803:1945-7731
5756:April 27,
5730:August 5,
5704:August 5,
5699:234722538
5654:August 5,
5628:August 5,
5602:August 5,
5579:159107916
5571:0895-3309
5528:August 5,
5416:August 5,
5221:Frontline
5095:Tom Woods
5059:In 2006,
5032:Citigroup
4672:Med Jones
4177:article:
4064:(MBS) or
4051:The term
3846:Citigroup
3780:to offer
3680:Citigroup
3675:Citigroup
3667:Citigroup
3623:liquidity
3562:deflation
3393:Portfolio
3248:globally.
3164:The 1999
2998:year/year
2945:recession
2941:commodity
2887:mortgages
2411:Indonesia
2198:indicted
2174:Post-2010
2139:Basel III
1973:Citigroup
1953:Citigroup
1859:observed:
1586:MUFG Bank
1544:met with
1412:inflation
1356:received
1221:Citigroup
1181:leveraged
991:closed a
877:entitled
863:Basel III
745:evictions
737:commodity
649:Basel III
606:bail-outs
576:insurance
485:, or the
351:Citigroup
211:APEC Peru
21154:Category
20968:Virginia
20918:Oklahoma
20898:New York
20873:Nebraska
20863:Missouri
20848:Michigan
20838:Maryland
20823:Kentucky
20803:Illinois
20778:Delaware
20768:Colorado
20758:Arkansas
20637:Lesbians
20611:Comanche
20606:Cherokee
20399:Medicine
20357:Genocide
20350:Religion
20272:Military
20245:Taxation
20195:Abortion
20111:Cultural
19991:Parkland
19921:Iraq War
19859:Gulf War
19631:Ivy Mike
19550:New Deal
18926:Colonial
18871:Timeline
17384:Bank run
16889:Chrysler
16501:Americas
16374:Archived
16363:and the
16320:, 2013)
16284:(2018).
16171:article
16009:Fox News
15655:Fox News
15452:HuffPost
15125:(eds.).
15110:(2014).
15089:Guernica
15048:(2011).
14962:Truthout
14855:27720394
14745:14201831
14668:15660445
14440:(2011).
14350:(1): 13.
14033:(2012).
13891:BBC News
13691:(2009).
13363:NBC News
12996:18761719
12430:series.
12275:43556179
12206:20869292
11662:: 34–38.
11406:HuffPost
10768:and the
10195:Barron's
9635:BBC News
9569:ABC News
9283:Archived
9252:ABC News
9088:CBS News
8460:March 5,
8366:June 17,
8316:March 4,
8144:BBC News
8007:Archived
7983:Archived
7978:BBC News
7956:Archived
7927:Archived
7900:Archived
7875:Archived
7850:Archived
7492:(2010).
7475:CBS News
7455:cbpp.org
6886:BBC News
6802:June 17,
6473:Archived
6170:57568335
6131:Daedalus
5885:24046155
5259:See also
5028:Wachovia
4941:bank run
4919:Senator
4462:itself.
4210:between
3965:tranches
3905:bodies.
3869:in 2001.
3854:leverage
3592:identity
3556:and the
3493:and the
3245:trillion
3201:SFAS 157
3103:Street".
2776:Thailand
2483:Germany
2295:Economy
2134:enacted.
1976:decline.
1895:Chrysler
1819:and the
1754:and the
1631:Wachovia
1616:bank run
1614:after a
1552:Monday".
1508:bank run
1474:Barclays
1369:mortgage
1189:bank run
1015:JPMorgan
974:Pre-2007
928:Timeline
797:stimulus
793:bailouts
787:and the
733:solvency
614:collapse
568:repealed
445:Timeline
406:Americas
346:Chrysler
21177:Portals
20988:Wyoming
20963:Vermont
20868:Montana
20808:Indiana
20788:Georgia
20783:Florida
20753:Arizona
20743:Alabama
20710:Regions
20632:Gay men
20404:Railway
20364:Slavery
20160:Banking
20154:Economy
19996:El Paso
19981:Orlando
19715:Détente
18876:Outline
17484:Funding
17477:Capital
17158:Impacts
16535:Oceania
16528:Iceland
16355:of the
16346:of the
16169:Wikinfo
15632:Reuters
14695:1478374
14380:June 8,
14297:9945658
14269:Bibcode
14047:145–155
13336:DS News
13245:. 2007.
12796:Reuters
12756:Reuters
12735:Reuters
12587:Dotdash
12568:1717062
11962:1162456
11834:May 25,
11808:May 25,
11488:. 2012.
11411:May 25,
11385:May 25,
11356:May 25,
11304:May 25,
11279:June 8,
10133:June 8,
9895:Reuters
9804:Reuters
9548:Reuters
9374:Reuters
8770:Reuters
8521:Reuters
8263:Reuters
8243:Dotdash
8078:Reuters
8002:Reuters
7895:Reuters
7870:Reuters
7669:NPR.org
7606:Dotdash
7583:Dotdash
7560:Dotdash
7537:1585409
7531:(159).
7169:Pub. L.
7113:1686982
6923:June 8,
6820:May 12,
6771:May 12,
6753:May 12,
6445:Reuters
6350:Reuters
6087:2612243
5876:3776046
5153:at the
4969:capital
4906:Moody's
4899:IndyMac
4872:Florida
4812:in the
4802:IndyMac
4796:IndyMac
4690:(US).
4430:mixed.
3619:capital
3501:by the
3499:ratings
3376:A 2000
2994:
2727:Canada
2678:Nigeria
2654:France
1804:Bristol
1427:IndyMac
1317:in the
1207:NetBank
886:Iceland
701:Iceland
616:of the
433:Oceania
394:Regions
21164:Portal
21118:Cities
21101:Cities
20923:Oregon
20878:Nevada
20818:Kansas
20793:Hawaii
20748:Alaska
20736:States
20662:Places
20424:Groups
20394:Lumber
20332:Fourth
20322:Second
20132:Sports
20117:Cinema
20086:Topics
20001:Uvalde
19971:Aurora
19966:Tucson
18890:Events
18654:(2016)
18300:(2001)
18284:(1999)
18101:(1982)
17940:(1927)
17887:(1910)
17858:(1894)
17828:(1890)
17820:(1886)
17776:(1869)
17610:(1720)
17602:(1720)
17594:(1637)
17491:Market
17126:Causes
16523:Europe
16496:Africa
16416:– PBS
16406:– PBS
16324:
16298:
16266:
16247:
16243:2018,
16199:
15288:
15137:
15062:
15028:
14935:
14853:
14743:
14693:
14666:
14648:
14510:
14483:
14450:
14295:
14287:
14240:
14179:
14053:
13929:
13849:Forbes
13701:
13577:
13545:
13514:
13433:
13425:
13415:
13243:FRASER
13171:
12994:
12917:
12850:
12691:
12606:hg.org
12566:
12493:
12379:
12352:
12325:
12273:
12265:
12204:
12196:
11960:
11939:
11863:
11751:Forbes
11549:
11440:
11380:Forbes
11184:Forbes
11121:
10857:
10538:Reason
10059:
9783:
9775:
9741:Forbes
9698:May 3,
9026:Forbes
7624:FRASER
7535:
7510:
7175:
7111:
7016:
6945:Forbes
6244:
6168:
6160:
6085:
5948:
5883:
5873:
5865:
5801:
5697:
5687:
5577:
5569:
5501:
5445:
5034:, and
4830:thrift
4682:(US),
4678:(US),
4662:(US),
4658:(US),
4654:(UK),
4650:(UK),
4646:(US),
4421:, and
4405:
4403:
4396:
4394:
4387:
4385:
4378:
4376:
4369:
4367:
3684:Citi's
3349:fellow
3001:
2992:
2986:
2980:
2974:
2968:
2961:
2959:
2952:
2950:
2917:, and
2893:Causes
2799:
2774:
2749:
2725:
2701:
2676:
2652:
2628:
2603:
2580:Mexico
2578:
2554:
2532:Brazil
2530:
2507:Russia
2505:
2481:
2460:Japan
2458:
2436:Turkey
2434:
2409:
2385:
2362:
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