Explaining the 2008 financial meltdown
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The 2008 financial crisis was caused by the repeal of regulations separating commercial and investment banking (Glass-Steagall Act). This led to excessive risk taking, complex financial products, lack of oversight, and the housing bubble. The crisis started with the collapse of the housing market but was exacerbated by factors like credit default swaps, subprime lending, and the use of leverage. Proper regulation and accounting standards are needed to prevent future crises and ensure stability and transparency in the financial system.
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The document discusses various factors that contributed to the 2008 financial crisis, including:
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2. As housing prices declined and subprime borrowers began to default, the value of these securities plummeted. This caused the failure of banks and other financial institutions highly exposed to subprime mortgages.
3. The crisis had ripple effects across borders, with investments devalued and economies impacted around the world. Governments enacted massive bailouts to stabilize the financial system and prevent a global economic depression.
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This summary provides the key details from the original script in 3 sentences:
The story follows Mr. and Mrs. Vinegar, who find gold coins after their house collapses. Mrs. Vinegar sends Mr. Vinegar to the market to buy a cow with the money so they can sell butter and cheese. However, through a series of bad decisions, Mr. Vinegar trades away the cow and money and ends up with nothing but a useless bagpipe and cold hands.
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- See more at: http://www.customwritingservice.org/blog/the-global-financial-crisis-of-2008-causes-and-effects/
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1) The subprime mortgage crisis began when many subprime borrowers took out mortgages that they could not afford due to low introductory rates and easy lending practices.
2) These risky subprime mortgages were packaged into mortgage-backed securities and CDOs that were given high credit ratings, obscuring the underlying risk.
3) When housing prices declined and borrowers began to default, it revealed the flaws in the mortgage securities and credit ratings, causing losses that spread through the global financial system.
SubPrime Crisis
The document summarizes the subprime mortgage crisis and its global impacts. It began with loose lending practices in the US that led to a housing bubble. When housing prices declined and borrowers defaulted, it sparked a financial crisis as risky loans were bundled into securities that spread the risks throughout the global financial system. Major banks and financial institutions collapsed. Credit tightened globally and stock markets plunged significantly. The crisis also impacted economies worldwide through tightening credit, falling markets, and reduced trade and business activity. While government interventions helped stabilize markets, full recovery will take time as the financial systems remain fragile.
Equinaire's TARP Overview
The document discusses the federal government's bailout programs in response to the financial crisis and economic downturn. It provides an overview of the Emergency Economic Stabilization Act of 2008 which authorized $700 billion for the Troubled Asset Relief Program (TARP) to purchase distressed assets from banks. It also describes the creation of the Term Asset-Backed Securities Loan Facility (TALF) to help restart the credit markets.
Subprime Mortgage Crisis Powerpoint Presentation Slides
Introducing Subprime Mortgage Crisis PowerPoint Presentation Slides. The presentation highlights the impact of the financial crisis of the year in percentages. Take the advantage of our ready-to-use PPT template to showcase fall in housing prices, unemployment, etc. during a crisis. The impact of a great recession on investment banks is also discussed in this presentation. This content-ready slide design also illustrates the significant financial bubble burst of financial years. Highlight the cost of the financial crisis and its key members. The effects of the crisis on the economy of the US can be effectively discussed using our PPT theme. Showcase how the crisis started spreading in various other parts of the country with the use of this PPT visual. Depict how CDO customers protect themselves during the recession. Explain the effect of subprime in many countries with this PPT theme. Further, describe the current scenario after a decade of a financial crisis in the US. Explain fed tapering, quantitative easing, etc. effectively by using this PPT slideshow. At last, the presentation discusses the vision, mission, and goals of the company. https://bit.ly/2PeSvsw
Global Recession?
The document discusses the events of the financial crisis and recession that began in 2007. It outlines key events such as the acquisition of Countrywide Financial by Bank of America in January 2008, the bailouts of Bear Stearns and AIG in March and September 2008, and the bankruptcies of Lehman Brothers and Washington Mutual in September 2008. It also examines the causes of the crisis, including risky subprime lending and the creation of complex financial products like collateralized debt obligations.
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Financial Crisis PowerPoint Presentation Slides
This complete deck can be used to present to your team. It has PPT slides on various topics highlighting all the core areas of your business needs. This complete deck focuses on Financial Crisis PowerPoint Presentation Slides and has professionally designed templates with suitable visuals and appropriate content. This deck consists of total of twenty eight slides. All the slides are completely customizable for your convenience. You can change the colour, text and font size of these templates. You can add or delete the content if needed. Get access to this professionally designed complete presentation by clicking the download button below. https://bit.ly/3fyIZc7
Ch11
Financial intermediaries exist because of transaction costs, information asymmetries, and the need for risk diversification. They help reduce transaction costs for smaller actors, pool funds to diversify risk, and have expertise in gathering credit information. However, information asymmetries like adverse selection and moral hazard remain issues. Over time, deregulation and technology have transformed the financial system, with money market funds, commercial paper, and institutional investors like pension funds growing in importance and traditional banks facing more competition and taking on greater risks.
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Jacobs Dofdd Frank&Basel3 Risk Nov11 11 8 11 V1
odd-Frank and Basel III Post-Financial Crisis Developments and New Expectations in Regulatory Capital. Following the recent global financial crisis of 2009, financial regulators have responded with arrays of proposals to revise existing risk frameworks for financial institutions with the objective to further strengthen and improve upon bank models. In this meeting, Dr. Michael Jacobs will discuss new developments and expectations in regulatory capital with particular reference to the definition of the capital base, counterparty credit risk, procyclicality of capital, liquidity risk management, and sound compensation practices. He will also explain the implications of the Frank-Dodd rule for financial institutions and will conclude by presenting the implementation schedule for Basel III.
How To Navigate
The document discusses how to navigate banking relationships during troubled economic times. It provides an overview of the shifts in the banking industry due to the financial crisis, including increased consolidation and losses from mortgage-backed securities and credit default swaps. It then offers advice on evaluating your bank's health, communicating proactively with your banker, understanding your loan terms and knowing when to seek other options.
Chap. 5. banking industry structure and competition (1)
The document discusses the historical development of the banking industry in the United States. It outlines several key events and regulations that shaped the industry, such as the Glass-Steagall Act of 1933 that separated commercial and investment banking and its repeal in 1999. It also discusses the growth of banking consolidation and the decline of traditional banking due to financial innovation and deregulation, which allowed other entities to engage in banking activities. Finally, it provides an overview of the structure of the US commercial banking industry and international banking.
Us crisis 2008
The document discusses the global financial crisis of 2007-2008. It describes how subprime lending and securitization of risky mortgages led to excessive leverage in the financial system. When the US housing market declined and subprime borrowers began defaulting, major financial institutions and investment banks suffered large losses. This triggered a liquidity crisis and concerns over solvency, leading to government intervention and mergers of some large banks and investment houses. The crisis highlighted regulatory failures and mismatches that exacerbated risks in the financial system.
After the storm 27 aug 2010
After the global financial crisis, the global banking industry will undergo significant changes due to new regulations. Growth and profitability for banks will likely decline as equity ratios increase. Lean years are ahead for US banks as revenue growth may remain low due to reduced lending. Private equity experienced booms and busts with the economic cycle, riding high during expansions but seeing deal volumes drop sharply during recessions. The industry is starting to see signs of recovery in 2010 in both developed and emerging markets like India.
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- 2. EXPLAINING THE 2008 FINANCIAL MELTDOWN It was not just the housing collapse! By Ed Lette, CPA, CEO Business Bank of Texas, N.A.
- 4. 1913 resulted in the formation of the Federal Reserve Bank
- 6. Separated Banking, Insurance, and Brokerage
- 7. 1998 – Citi Corp violates Glass-Stegall Act
- 11. Bucket Shops allowed AGAIN !
- 12. Cause of AIG collapse
- 13. 1999 - Glass-Stegall Act repealed- Banks, Insurance, and Brokerage no long segregated by law.
- 14. Bucket Shop of the early 1900’s
- 15. More of the Beginning of the End ? Bear Stearns, Merrill Lynch, Lehman Brothers, Morgan Stanley and Goldman Sach ask and receive increase in leverage above 12x capital Decision not made in a vacuum Granted US international banks right to leverage up to compete with dominating European international banks Hedge funds add to problem
- 16. Mortgage Loan and S&L History ***Savings & Loans Banks (S&L) “infected” by financing long term mortgages with short term deposits*** 1960’s Regulation Q Govt. set Savings and Certificate of Deposit rates 1970 Rule change - S&L’s to become Real Estate Developers 1980 S & L s went broke – took 20 years
- 18. Freddie Mac and Fannie Mae unforeseen consequences Effect of Common and Preferred Stock Purchase by Federal Savings Banks Allowed to purchase w/o limitations Political (govt.) agenda – homes for everyone!
- 19. Market Engineering the real collapse Credit Default Swaps Bucket shops/gambling on the stock market Subprime Loans to individuals that couldn’t afford them MSB (mortgage back securities) Pooled security – secured by individual mortgages CMOS (Collateralized Mortgage obligation) Pooled security – secured by commercial mortgages ARS (Auction Rate Securities) debt instrument (corporate/municipal bonds) with a long-term nominal maturity – interest rate regularly reset via a Dutch auction
- 20. The contributing Factors Excessive Leverage Leveraged investors can not survive a sharp drop in asset prices Volatility Widespread Product confusion ARS (Auction Rate Securities) MSB/CMOS (Mortgage Backed Securities) Subprime (loans/mortgages) No regulator controls CDS (Credit Default Swaps)
- 22. Wachovia 50% + of equity attributed to good will
- 23. Regions Bank 59% of equity attributed to goodwillAccounting should be reality (cost and cash flow) not theory
- 25. From inflation to deflation Deleveraging means less credit available Deflation seed sowed when external credit markets dried up Inflation comes from to much credit available Inflation caused by excessive credit creation outside commercial banking Fed gave up control of the banking system No opposition to repeal of 1907 and 1933 acts Explosive growth in non-banking lending UPS (united Parcel Service) making SBA loans
- 28. Dual banking
- 29. Thrift charters
- 30. Office of Thrift Supervision/Office of the Comptroller of the Currency Mergersource: Texas Bankers Assoc.
- 33. Regulation of the mortgage lending processAccounting/Mark to Market source: Texas Bankers Assoc.