The 2007-2009 global financial crisis, also known as the world financial crisis, the subprime mortgage crisis, and the credit crisis, was renamed the Financial Tsunami and the Wall Street Tsunami in 2008. crisis. After the subprime housing credit crisis broke out, investors began to lose confidence in the value of mortgage securities, triggering a liquidity crisis. Even if the central banks of many countries have injected huge amounts of funds into the financial markets on many occasions, this financial crisis cannot be prevented. Until September 9, 2008, the financial crisis began to get out of control and led to the collapse of a number of fairly large financial institutions or the government's takeover.
Global financial crisis
Fed interest rate changes (after January 1, 2008)
On Sunday, September 21, the two surviving investment banks Goldman Sachs Securities and
Bush holds emergency economic meeting of the two houses of parliament
On Sunday morning, the U.S. Treasury Secretary and House of Representatives announced that they had reached consensus on important issues, including that as long as the possibility of a mortgage insurance plan is retained, the sum of 700 billion yuan will not change.
according to
After a week
For the US government s $ 700 billion bailout, 65% of Americans are opposed. Americans point out that big banks first advocate
The mainstream economists agree that if the liquidity crisis is not resolved, a global recession will be a foregone conclusion, and many other media believe that under the best conditions, there will be a five-year economic downturn. On April 13, 2009, Kluman, an authority on economics, said in a speech that if the current practices of governments are still the same, and even the financial tsunami is nearing its end, then the worst depression in history will soon strike, because regardless of
Occurrence
Subprime housing credit crisis
2007 Events of the Global Financial Crisis 2007
August 9, 2007-Outbreak of liquidity crisis October 9, 2007-Dow Jones Industrial Average hits record high of 14,164 points
2008 Events of the global financial crisis in 2008
Global stock disaster in 2008 Bear Stearns was taken over by the Federal Reserve to take over Fannie Mae and Mortgage U.S.A. September 2008 Liquidity crisis AIG was in financial trouble Merrill Lynch was acquired by Bank of America Lehman Brothers filed for bankruptcy protection Washington reciprocity declared bankruptcy The deposit business sold to JP Morgan Wachovia after takeover may be acquired by Citibank, but Wells Fargo also intends to acquire the 2008 Economic Stability Emergency Act Hypo Real Estate to accept the German government's guarantee that Iceland is on the verge of bankruptcy. The first half of the plan s 290 billion bailout of the financial industry was not ideal, and the subsequent change to bailout consumers was tantamount to announcing that the economic recession has changed from a short-term storm to a long-term war of resistance. And Chrysler
2009 Events of the Global Financial Crisis 2009
On the eve of the Spring Festival, the Taiwan government issued a coupon for revitalizing the economy at NT $ 3,600 per person. And purchase of cars below 2000cc and locomotives below 150cc, each of which can be deducted from goods tax by NT $ 30,000 and NT $ 4,000. Chinese appliances go to the countryside and cars go to the countryside. Spain s unemployment rate rose to a record high of 13.3% in January. The sharp appreciation of the Japanese currency has affected the total financial losses of major Japanese auto and electronics companies in excess of 2.6 trillion yen. The pound has fallen sharply. The US unemployment rate rose to 7.4% in January. Both Germany's Qimonda and Canada's Nortel Networks have filed for bankruptcy protection. U.S. President Barack Obama signed and approved a US $ 787 billion economic revitalization plan on February 18, which will take effect today. It will revitalize the economy by reducing taxes, expanding public construction and social welfare, and subsidizing local governments. Create 3.5 million jobs. The Korean won has depreciated sharply, and the Taiwan dollar has depreciated to the 35-yuan mark, but has subsequently appreciated significantly to 33 yuan. On March 2nd, the US Treasury and the Federal Reserve Board provided another 30 billion US dollars in financial assistance to American International Group. American Chrysler Automobile announced on April 30 that it filed for bankruptcy protection. Italian Fiat Motors will merge and reform Chrysler. British unemployment rate climbed to 7.3% in May, with 2.27 million unemployed, the highest in 12 years. The US unemployment rate rose to 9.4% in May, hitting a 26-year high. The Taiwan's Executive Yuan's Accounting Office announced that the unemployment rate in May rose to 5.82%, and the number of unemployed was 633,000, a record high. American General Motors announced to the Manhattan District Court on June 1 that it filed for bankruptcy protection and organized a reorganization. It was taken over by the US and Canadian governments and announced that it would lay off another 10,000 employees. German department store retail and tourism giant Arcandor Group petitioned the court for bankruptcy protection in June, which will cause more than 43,000 people to lose their jobs.
