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The U.S. economy is currently experiencing its worst crisis since the financial crisis. The crisis is triggered by the home mortgage market, especially the market for ‘subprime’ mortgages, and was spreading beyond subprime to prime mortgages, commercial real estate, corporate junk bonds, and other forms of debt that are related to a liquidity crisis in the United States banking system. It has resulted in the collapse of large financial institutions, the bailout of banks by national governments and downturns in stock markets around the world. (Moseley, Fred)
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The U.S. economy is currently experiencing its worst crisis since the financial crisis. The crisis is triggered by the home mortgage market, especially the market for ‘subprime’ mortgages, and was spreading beyond subprime to prime mortgages, commercial real estate, corporate junk bonds, and other forms of debt that are related to a liquidity crisis in the United States banking system. It has resulted in the collapse of large financial institutions, the bailout of banks by national governments and downturns in stock markets around the world. (Moseley, Fred)
The U.S. financial crisis had a huge effect on the global economy and great historical significance in that the financial capitalism has failed.
Between 1997 and 2006, the price of the typical American house increased by 124%. (CSI: credit crunch, 2008) In this period low interest rates and large inflows of foreign funds created easy credit conditions, fueling a housing construction boom and encouraging debt-
참고 자료
CSI: credit crunch, 2007, The Economist
Fred Moseley, The U.S. economic crisis: Causes and solutions, 2009, International Socialist Review
Economy, President Bush’s Speech to the Nation on the Economic Crisis, 2008, http://www.nytimes.com/2008/09/24/business/economy/24text-bush.html?_r=3&pagewanted=1&oref=slogin
Krugman, Paul, 2009, Revenge of the Glut, New York Times
Economist, 2008, A helping hand to homeowners
U.S. Foreclosure activity increases 75 percent in 2007
Harvard Report, State of the Nation`s Housing 2008 Report
Recession costs Arab banks $4 billion
Cho, David; Appelbaum, Binyamin (2008-10-07). "Unfolding Worldwide Turmoil Could Reverse Years of Prosperity". The Washington PostPaul Donovan, A plan to save the world, 2008
Brookings, The U.S. Financial and Economic Crisis: Where Does It Stand and Where Do We Go From Here?, 2009
Dirk Willem te Velde The global financial crisis and developing countries: taking stock, taking action, 2009, ODI Briefing Paper
Following crisis, Arab world loses $3 trillion
Unemployment in Arab world is a `time bomb`