With soaring profits, all wanted in, even if it went beyond their area of expertise. For example, banks borrowed even more money to lend out so they could create more securitization. Some banks didnt need to rely on savers as much then, as long as they could borrow from other banks and sell those loans on as securities; bad loans would be the problem of whoever bought the securities. Some investment banks like lehman Brothers got into mortgages, buying them in order to securitize them and then sell them. Some banks loaned even more to have an excuse to securitize those loans. Running out of who to loan to, banks turned to the poor; the subprime, the riskier loans. Rising house prices led lenders to think it wasnt too risky; bad loans meant repossessing high-valued property.
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John Bird, john Fortune, subprime Crisis, february 14, 2008, while there are many technical explanations of how the sub-prime mortgage crisis came about, the mainstream British comedians, john Bird and John Fortune, describe the mind set of the investment banking community in this satirical interview. Together with impressionist Rory Bremner, derivatives (securities derived from other securities) are also explained: Bremner, bird, and Fortune, silly money: Where did all the money go?, part 3, november 10, 2008Bremner, bird, and Fortune, silly money: Where did all the money go?, part 4, november. However, as former us presidential speech writer, mark lange, notes, because derivatives are entirely unregulated and trade on no public exchanges, their originators can deliberately hide their vulnerabilities. Jonathan Jarvis explains the causes of the credit crisis in a short, engaging video: The Crisis of Credit Visualized, jonathan Jarvis If you are unable to see the video, or, for essay further details, the next two sections go into this further. Securitization and the subprime crisis The subprime crisis came about in large part because of financial instruments such as securitization where banks would pool their various loans into sellable assets, thus off-loading risky loans onto others. (For banks, millions can be made in money-earning loans, but they are tied up for decades. So they were turned into securities. The security buyer gets regular payments from all those mortgages; the banker off loads the risk. Securitization was seen as perhaps the greatest financial innovation in the 20th century.) As bbcs former economic editor and presenter, evan davies noted in a documentary called The city Uncovered with evan davis: Banks and How to Break them (January 14, 2008 rating agencies were. Starting in Wall Street, others followed quickly.
Reforming International Trade and the wto. Reforming the Bretton woods Institutions (imf and World Bank)? Reform and Resistance, rich countries resist meaningful reform, rethinking economics? A crisis so severe, the world financial system agreement is affected. Following a period of economic boom, a financial bubble—global in scope—has now burst. A collapse of the us sub-prime mortgage market and the reversal of the housing boom in other industrialized economies have had a ripple effect around the world. Furthermore, other weaknesses in the global financial system have surfaced. Some financial products and instruments have become so complex and twisted, that as things start to unravel, trust in the whole system started to fail.
A global food business crisis affecting the poorest the most. Human rights conditions made worse by the crisis. Poor nations will get less financing for funny development. Odious third world debt has remained for decades; Banks and military get money easily. A crisis that need not have happened. Dealing with recession, developing world saving the west? Rethinking the international financial system? Reforming international banking and finance?
A crisis so severe, the rest suffer too. The financial crisis and wealthy countries. A crisis signaling the decline of USs superpower status? Europe and the financial crisis, structural Adjustment for Industrialized Nations, focusing on debt instead of the economy. Austerity as ideological opportunity, austerity without economic growth backwards development. The financial crisis and the developing world. Asia and the financial crisis, africa and the financial crisis, latin America and the financial crisis. A crisis in context, a crisis of poverty for much of humanity.
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Featured video, director-General,. The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems. On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current migraine economics models werent so vocal, influential and inconsiderate of others viewpoints and concerns.
This article provides an overview of the crisis with links for further, more detailed, coverage at the end. On this page: A crisis so severe, the world financial system filler is affected. Securitization and the subprime crisis, creating more risk by trying to manage risk. The scale of the crisis: trillions in taxpayer bailouts. A crisis so severe, those responsible are bailed out.
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