From Wikipedia, the free encyclopedia
This article is about the financial market conditions of 2008 and 2009. For background financial market events dating from July 2007, see
Financial crisis of 2007–2009. For an overview of all economic problems during the late 2000s, see
Late 2000s recession.
The global financial crisis of 2008–2009 began in July 2007[1] when a loss of confidence by investors in the value of securitized mortgages in the United States resulted in a liquidity crisis that prompted a substantial injection of capital into financial markets by the United States Federal Reserve, Bank of England and the European Central Bank.[2][3] The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008,[4] reaching a record 4.65% on October 10, 2008. In September 2008, the crisis deepened, as stock markets worldwide crashed and entered a period of high volatility, and a considerable number of banks, mortgage lenders and insurance companies failed in the following weeks.
[edit] Development and cause
[edit] Timeline
[edit] See also
[edit] References
- ^ Wall Street Journal. "TED Spread spikes in July 2007". Wall Street Journal. http://www.princeton.edu/~pkrugman/ted-spread-wsj.gif.
- ^ Norris, Floyd (August 10, 2007), "A New Kind of Bank Run Tests Old Safeguards", The New York Times, http://www.nytimes.com/2007/08/10/business/10liquidity.html, retrieved on 2009-03-08
- ^ Elliott, Larry (August 5, 2008), "Credit crisis - how it all began", The Guardian, http://www.guardian.co.uk/business/2008/aug/05/northernrock.banking, retrieved on 2009-03-08
- ^ "3 year chart" TED spread Bloomberg.com "Investment Tools"
[edit] Further reading
- Andrews, Edmund L. "Tracking the Bailout" Summary of U.S. bailout efforts, The New York Times November 25, 2008
- Baldwin, Richard, and Barry Eichengreen, eds., 2008. Rescuing our jobs and savings: What G7/8 leaders can do to solve the global credit crisis. Voxeu.org e-book.
- Brau, Eduard, and McDonald, Ian, eds., 2009. Successes of the International Monetary Fund: Untold stories of cooperation at work. Palgrave Macmillan. ISBN 0230203132
- Carney, Richard, ed., 2009. Lessons from the Asian financial crisis. Routledge. ISBN 0415481902
- Davidoff, Steven M. & Zaring, David, "Big Deal: The Government's Response to the Financial Crisis"
- Funnell, Warwick N., Jupe, R., and Andrew, J., 2009. In government we trust : market failure and the delusions of privatisation. Sydney: University of New South Wales Press. ISBN 9780868409665
- García, José, James Lardner, and Cindy Zeldin, 2008. 1975- Up to our eyeballs : how shady lenders and failed economic policies are drowning Americans in debt. With assistance from Myra Batchelder and Jennifer Wheary. New York: The New Press. Distributed by W.W. Norton. ISBN 9781595582119 (hbk.) ISBN 1595582118 (hbk.) 2563707
- Low, Albert, 2008. Conflict and Creativity at Work: Human Roots of Corporate Life, Sussex Academic Press. ISBN 9781845192723
- Norris, Floyd, "Looking to Washington Amid Turmoil, So Far in Vain." The New York Times, November 20, 2008.
- Read, Colin, c2009. 1959- Global financial meltdown : how we can avoid the next economic crisis. New York: Palgrave Macmillan. ISBN 9780230222182
- Robertson, Justin, 2008. 1972- US-Asia economic relations : a political economy of crisis and the rise of new business actors. Routledge. ISBN 9780415469517 (hbk.) ISBN 9780203890523 (ebook)
- Smick, David, " The World Is Curved: Hidden Dangers to the Global Economy." 90 minute book-TV presentation by author.
- Soros, George, 2008. The New Paradigm for Financial Markets - The Credit Crisis of 2008 and What it Means, New York: PublicAffairs. ISBN 9781586486839
- United States Congress, 2008. Working families in financial crisis : medical debt and bankruptcy. Hearing before the Subcommittee on Commercial and Administrative Law of the Committee on the Judiciary, 110th Congress, first session, July 17, 2007. Washington: U.S. G.P.O. : For sale by the Supt. of Docs., U.S. G.P.O.. ISBN 016081376X
- Woods, Thomas E., 2009. Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse / Regnery Publishing ISBN 1596985879
- "2008 Financial Crisis" on Wikinvest
[edit] External links
[edit] G20 documents
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