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==Week of October 5, 2008==
==Week of October 5, 2008==
Germany and Denmark joined Ireland and Greece in guaranteeing bank deposits on Monday, October 6. A banking Bill easing rescues is slated for introduction in the British Parliament on Tuesday, October 7.<ref>{{cite news
Denmark joined Ireland and Greece in guaranteeing bank deposits on Monday, October 6. A banking Bill easing rescues is slated for introduction in the British Parliament on Tuesday, October 7.<ref>{{cite news
|url=http://business.timesonline.co.uk/tol/business/economics/article4888248.ece
|url=http://business.timesonline.co.uk/tol/business/economics/article4888248.ece
|title=German savings pledge raises stakes for Gordon Brown
|title=German savings pledge raises stakes for Gordon Brown

Revision as of 12:21, 6 October 2008

The Financial Collapse of 2007–2008, generally referred to in Britain as "the credit crunch" and in the United States as "the credit crisis," first became apparent on August 9, 2007 when a loss of confidence by investors in the value of securitized mortgages resulted in a liquidity crisis which prompted the massive injection of capital into financial markets by the Federal Reserve and the European Central Bank.[1][2] The TED spread over the period from August, 2007 to the present clearly shows increases dating from that time with a spike in September, 2008.[3] The TED spread is an indicator of perceived credit risk in the general economy.

Historical background

The initial liquidity crisis can in hindsight be seen to have resulted from the incipient subprime mortgage crisis. One of the first victims was Northern Rock, a major British bank.[4] The bank's inability to borrow additional funds, to payoff maturing debt obligations led to a run in mid-September 2007. The highly leveraged nature of its business, unsupportable without fresh infusions of cash, led to its takeover and provided an early indication of the troubles that would soon befall other banks and financial institutions.

Excessive lending under loosened underwriting standards, which was a hallmark of the United States housing bubble, resulted in a very large number of subprime mortgages. These high risk loans had been perceived to be mitigated by securitization. Rather than mitigating the risk, however, this strategy appears to have had the effect of broadcasting and amplifying it in a domino effect. The damage from these failing securitization schemes eventually cut across a large swath of the housing market and the housing business and led to the subprime mortgage crisis. The accelerating rate of foreclosure caused an ever greater number of homes to be dumped onto the market. This glut of homes decreased the value of other surrounding homes which themselves became subject to foreclosure or abandonment. The resulting spiral underlay a developing financial crisis.

Initially the companies affected were those directly involved in home construction and mortgage lending such as Northern Rock and Countrywide Financial. Financial institutions which had engaged in the securitization of mortgages such as Bear Stearns then fell prey. On July 11, 2008, the largest mortgage lender in the US collapsed. IndyMac Bank's assets were seized by federal regulators after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. That day the financial markets plunged as investors tried to gauge whether the government would attempt to save mortgage lenders Fannie Mae and Freddie Mac. The crisis further accelerated in late summer following the placement of Fannie Mae and Freddie Mac into federal conservatorship on September 7, 2008.

It then began to affect the general availability of credit to non-housing related businesses and to larger financial institutions not directly connected with mortgage lending. At the heart of many of these institution's portfolios were investments whose assets had been derived from bundled home mortgages. Exposure to these mortgage-backed securities, or to the credit derivatives used to insure them against failure, threatened an increasing number of firms such as Lehman Brothers, AIG, Merrill Lynch, and HBOS.[5][6][6][7] Other firms that came under pressure included Washington Mutual, the largest savings and loan in the United States, and the remaining large investment firms, Morgan Stanley and Goldman Sachs.[8][9]

Federal Reserve actions to lower interest rates and stimulate the economy

Federal reserve rates changes ( Just the most recent year )
Date Discount rate Discount rate Discount rate Fed funds Fed funds rate
Primary Secondary
rate change new interest rate new interest rate rate change new interest rate
Apr 30,2008 -.25% 2.25% 2.75% -.25% 2.00%
Mar 18, 2008 -.75% 2.50% 3.00% -.75% 2.25%
Mar 16, 2008 -.25% 3.25% 3.75%
Jan 30, 2008 -.50% 3.50% 4.00% -.50% 3.00%
Jan 22, 2008 -.75% 4.00% 4.50% -.75% 3.50%

See more detailed US federal discount rate chart: [1]

Week of September 14, 2008

Major financial firm crises

On Sunday, September 14, it was announced that Lehman Brothers would file for bankruptcy after the Federal Reserve Bank declined to participate in creating a financial support facility for Lehman Brothers. The same day, the sale of Merrill Lynch to Bank of America was announced.[6] The beginning of the week was marked by extreme instability in global stock markets, with dramatic drops in market values on Monday, September 15, and Wednesday, September 17. On September 16, the large insurer American International Group (AIG), a significant participant in the credit default swaps markets suffered a liquidity crisis following the downgrade of its credit rating. The Federal Reserve, at AIG's request, and after AIG has shown that it could not find lenders willing to save it from insolvency, created a credit facility for up to US$85 billion in exchange for an 79.9% equity interest, and the right to suspend dividends to previously issued common and preferred stock.[10]

Money market funds insurance; short sales prohibitions

On September 16, the Reserve Primary Fund, a large money market mutual fund, lowered its share price below $1 because of exposure to Lehman debt securities. This resulted in demands from investors to return their funds as the financial crisis mounted.[11] By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.[12] On September 19 the U.S. Treasury offered temporary insurance (akin to FDIC insurance of bank accounts) to money market funds.[13] Toward the end of the week, short selling of financial stocks was suspended by the Financial Services Authority in the United Kingdom and by the Securities and Exchange Commission in the United States.[14] Similar measures were taken by authorities in other countries.[15] Some restoration of market confidence occurred with the publicity surrounding efforts of the Treasury and the Securities Exchange Commission[16][17]

Troubled Asset Relief Program

Main article: Proposed bailout of U.S. financial system (2008)

On September 19, 2008, a plan intended to ameliorate the difficulties caused by the subprime mortgage crisis was proposed by the Secreatry of the Treasury, Henry Paulson. He proposed a Troubled Asset Relief Program (later incorporated into the Emergency Economic Stabilization Act of 2008) which would permit for the United States government to purchase illiquid assets (also termed toxic assets) from financial institutions.[18][19] The value of the securities is extremely difficult to determine.[20]

Consultations of between the Secretary of the Treasury, the Chairman of the Federal Reserve, and the Chairman of the U.S. Securities and Exchange Commission, Congressional leaders and the President of the United States moved forward plans to advance a comprehensive solution to the problems created by illiquid mortgage-backed securities. At the close of the week the Secretary of the Treasury and President Bush announced a proposal for the federal government to buy up to US$700 billion of illiquid mortgage backed securities with the intent to increase the liquidity of the secondary mortgage markets and reduce potential losses encountered by financial institutions owning the securities. The draft proposal of the plan was received favorably by investors in the stock market. Details of the bailout remained to be acted upon by Congress.[21][22][23][24]

Week of September 21, 2008

On Sunday, September 21, the two remaining investment banks, Goldman Sachs and Morgan Stanley, with the approval of the Federal Reserve, converted to bank holding companies, a status subject to more regulation, but with readier access to capital.[25] On September 21, Treasury Secretary Henry Paulson announced that the original proposal, which would have excluded foreign banks, had been widened to include foreign financial institutions with a presence in the US. The US administration was pressuring other countries to set up similar bailout plans.[26] On Monday and Tuesday during the week of September 22, appearances were made by by the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve before Congressional committees and on Wednesday a prime time presidential address was delivered by the President of the United States on television. Behind the scenes, negotiations were held refining the proposal which had grown to 42 pages from its original 3 and was reported to include both an oversight structure and limitations on executive salaries, with other provisions under consideration. On September 25, agreement was reported by congressional leaders on the basics of the package;[27] however, general and vocal opposition to the proposal was voiced by the public.[28] On Thursday afternoon at a White House meeting attended by congressional leaders and the presidential candidates, John McCain and Barack Obama, it became clear that there was no congressional consensus, with Republican representatives and the ranking member of the Senate Banking Committee, Richard C. Shelby, strongly opposing the proposal.[29] The alternative advanced by conservative House Republicans was to create a system of mortgage insurance funded by fees on those holding mortgages; as the working week ended, negotiations continued on the plan, which had grown to 102 pages and included mortgage insurance as an option.[30][31][32] On Thursday evening Washington Mutual, the nation's largest savings and loan, was seized by the Federal Deposit Insurance Corporation and most of its assets transferred to JPMorgan Chase.[33] Wachovia, one of the largest US banks, was reported to be in negotiations with Citigroup and other financial institutions.[34]

Week of September 28, 2008

Early into Sunday morning an announcement was made by the Secretary of the Treasury and congressional leaders that agreement had been reached on all major issues: the total amount of $700 billion remained with provision for the option of creating a scheme of mortgage insurance.[35] It was reported on Sunday, September 28, that a rescue plan had been crafted for the British mortgage lender Bradford & Bingley.[36] Grupo Santander, the largest bank in Spain, is slated to take over the offices and savings accounts while the mortgage and loans business will be nationalized.[37] Fortis, a huge Benelux banking and finance company was partially nationalized on September 28, 2008, with Belgium, the Netherlands and Luxembourg investing a total of 11.2 billion euros (16.3 billion U.S. dollars) in the bank. Belgium will purchase 49% of Fortis's Belgian division, with the Netherlands doing the same for the Dutch division. Luxembourg has agreed to a loan convertible into a 49% share of Fortis's Luxembourg division.[38] It was reported on Monday morning, September 29, that Wachovia, the 4th largest bank in the United States, would be acquired by Citigroup.[39][40] Other European rescues reported Monday were of Hypo Real Estate, a holding company based in Munich which comprises a number of real estate financing banks and of Glitnir, Iceland’s third largest lender [41]. Stocks fell dramatically Monday in Europe and the US despite infusion of funds into the market for short term credit.[42][43]

The bailout plan, now named the Emergency Economic Stabilization Act of 2008 and expanded to 110 pages was slated for consideration in the House of Representatives on Monday, September 29 as HR 3997 and in the Senate later in the week.[44][45] The plan failed after the vote being held open for 40 minutes in the House of Representatives, 205 for the plan, 228 against.[46][47] Meanwhile US stock markets suffered steep declines, the Dow losing 300 points in a matter of minutes, ending down 777.68, the Nasdaq losing 199.61, falling below the 2000 point mark, and the S.&P. 500 off 8.77% for the day.[48] By the end of the day, the Dow suffered the largest drop in the history of the index.[49] The S&P 500 Banking Index fell 14% on September 29 with drops in the stock value of a number of US banks generally considered sound, including Bank of New York Mellon, State Street and Northern Trust; three Ohio banks, National City, Fifth Third, and KeyBank were down dramatically.[50][51] On Tuesday, September 30, stocks rebounded but credit markets remained tight with the London Interbank Offered Rate (overnight dollar Libor) rising 4.7% to 6.88%.[52] On Tuesday, September 30, 9 billion was made available by the French, Belgian and Luxembourg governments to the French-Belgian bank Dexia.[53] After Irish banks came under pressure on Monday, September 29, the Irish government undertook a two year "guarantee arrangement to safeguard all deposits (retail, commercial, institutional and inter-bank), covered bonds, senior debt and dated subordinated debt (lower tier II)" of 6 Irish banks: Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide and the EBS Building Society; the potential liability involved is about 400 billion dollars.[54] The Senate's version of the $700 billion bailout plan, HR1424, modified to expand bank deposit guarantees to $250,000 and to include $100 billion in tax breaks for businesses and alternative energy, passed with bi-partisan support 74-25 on October 1st.[55] Reaction in the House was mixed,[56][57] but in a vote on Friday the House of Representatives passed the Emergency Economic Stabilization Act of 2008, as refashioned by the Senate, 263-171 in a bipartisan vote.[58]

Discussions are ongoing in Europe regarding possible remedies for financial instability in Europe leading up to a conference Saturday afternoon in Paris hosted by Nicolas Sarkozy, president of France. UniCredit of Italy was reported to be the latest bank to come under pressure.[59] During the night of October 2 Greece followed Ireland's lead and guaranteed all bank deposits.[60] On October 3 it was reported that Wachovia had rejected the previous offer from Citigroup in favor of acquisition by Wells Fargo.[61] In Britain, the Financial Services Authority announced on October 3 that effective Tuesday, October 7, the amount of the guarantee of bank deposits would be raised to £50,000 from £35,000.[62] On Friday, October 3, the government of the Netherlands took over the Dutch operations of Fortis, replacing the bailout plan of September 28.[63]

Week of October 5, 2008

Denmark joined Ireland and Greece in guaranteeing bank deposits on Monday, October 6. A banking Bill easing rescues is slated for introduction in the British Parliament on Tuesday, October 7.[64]

Predictions

A number of commentators have suggested that if the liquidity crisis continues, there could be an extended recession or worse.[65]

Timeline of events

Background

Events of 2007

  • Liquidity crisis emerges August 9, 2007[2]

Events of 2008

See also

References

  1. ^ Floyd Norris (August 10, 2007). "A New Kind of Bank Run Tests Old Safeguards". The New York Times.
  2. ^ a b Larry Elliott (August 5 2008). "Credit crisis - how it all began] Suddenly, one August day last year shook the world, turning an Edwardian summer of prosperity into a grim financial crisis". The Guardian. {{cite web}}: Check date values in: |date= (help)
  3. ^ "3 year chart" TED spread Bloomberg.com "Investment Tools"
  4. ^ HM Treasury, Bank of England and Financial Services Authority (September 14, 2007). "News Release: Liquidity Support Facility for Northern Rock plc".
  5. ^ "Pain Spreads as Credit Vise Grows Tighter" article by Louis Uchitelle in The New York Times September 18, 2008
  6. ^ a b c "Lehman Files for Bankruptcy; Merrill Is Sold" article by Andrew Ross Sorkin in The New York Times September 14, 2008
  7. ^ "Lloyds Bank Is Discussing Purchase of British Lender" article by Julia Werdigier in The New York Times September 17, 2008
  8. ^ "Washington Mutual Is Said to Consider Sale" article by Geraldine Fabrikant in The New York Times September 17, 2008
  9. ^ "As Fears Grow, Wall St. Titans See Shares Fall" article by Ben White and Eric Dash in The New York Times September 17, 2008
  10. ^ See American International Group for details and citations.
  11. ^ "Money Market Funds Enter a World of Risk" article by Tara Siegel Bernard in The New York Times September 17, 2008
  12. ^ Gray, Michael. "Almost Armageddon: Markets Were 500 Trades from a Meltdown (September 21, 2008 ) New York Post
  13. ^ "Treasury Announces Guaranty Program for Money Market Funds" ( September 19, 2008) Press Release. United States Department of the Treasury.
  14. ^ "S.E.C. Issues Temporary Ban on Short-Selling" article by Vikas Bajaj and Jonathan D. Glater in The New York Times September 19, 2008
  15. ^ "Australian short selling ban goes further than other bourses". NBR. 2008-09-22. Retrieved 2008-09-22. {{cite news}}: Check date values in: |date= (help); Italic or bold markup not allowed in: |publisher= (help)
  16. ^ "Stocks Surge as U.S. Acts to Shore Up Money Funds and Limits Short Selling" article by Graham Bowley in The New York Times September 19, 2008
  17. ^ "Congressional Leaders Were Stunned by Warnings" article by David M. Herszenhorn in The New York Times September 19, 2008
  18. ^ "Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis" article by Edmund L. Andrews in The New York Times September 18, 2008
  19. ^ "Paulson Argues for Need to Buy Mortgages" article by David Stout in The New York Times September 19, 2008
  20. ^ "Plan’s Mystery: What’s All This Stuff Worth?" article by Vikas Bajaj in The New York Times September 24, 2008
  21. ^ "Bush Officials Urge Swift Action on Rescue Powers}" article by Edmund L. Andrews in The New York Times September 19, 2008
  22. ^ Draft Proposal for Bailout Plan (September 21, 2008). New York Times
  23. ^ "Rescue Plan Seeks $700 Billion to Buy Bad Mortgages" article by The Associated Press in The New York Times September 20, 2008
  24. ^ "$700 Billion Is Sought for Wall Street in Vast Bailout" article by David M. Herszenhorn in The New York Times September 20, 2008
  25. ^ "Shift for Goldman and Morgan Marks the End of an Era" article by Andrew Ross Sorkin and Vikas Bajaj in The New York Times September 21, 2008
  26. ^ Schwartz, Nelson D. (2008-09-22). "Foreign Banks Hope Bailout Will Be Global". The New York Times. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  27. ^ "Lawmakers Agree on Outline of Bailout" article by David M. Herszenhorn in The New York Times September 25, 2008
  28. ^ "Lawmakers’ Constituents Make Their Bailout Views Loud and Clear" article by Sheryl Gay Stolberg in The New York Times September 24, 2008
  29. ^ "Talks Implode During Day of Chaos; Fate of Bailout Plan Remains Unresolved" article by David M. Herszenhorn, Carl Hulse, and Sheryl Gay Stolberg in The New York Times September 25, 2008
  30. ^ "Conservatives Viewed Bailout Plan as Last Straw" article by Carl Hulse in The New York Times September 26, 2008
  31. ^ "Politics Take Hold of Bailout Proposal" article by David M. Herszenhorn in The New York Times September 26, 2008
  32. ^ "House Republicans Support a Plan That Would Insure Troubled Mortgages" article by Edmund L. Andrews in The New York Times September 26, 2008
  33. ^ "Government Seizes WaMu and Sells Some Assets" article by Eric Dash and Andrew Ross Sorkin in The New York Times
  34. ^ "Wachovia, Looking for Help, Turns to Citigroup" article by Ben White and Eric Dash in The New York Times September 26, 2008
  35. ^ "Breakthrough Reached in Negotiations on Bailout" article by David M. Herszenhorn and Carl Hulse in The New York Times September 27, 2008
  36. ^ "Britain Close to Takeover of Another Lender" article by Landon Thomas, Jr. in The New York Times September 28, 2008
  37. ^ "Taxpayers must risk billions for Bradford & Bingley" article by Philip Webster, Patrick Hosking and Tim Reid in The Times of London September 29, 2008
  38. ^ van der Starre, Martijn (2008-09-29). "Fortis Gets EU11.2 Billion Rescue From Governments". Bloomberg. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  39. ^ Sorkin, Andrew Ross (2008-09-30). "Citigroup to Buy Wachovia Banking Operations". The New York Times blog Dealbook. Retrieved 2008-09-29. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  40. ^ Sorkin, Andrew Ross (2008-09-28). "Citigroup and Wells Fargo Said to Be Bidding for Wachovia". The New York Times. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  41. ^ http://news.bbc.co.uk/1/hi/business/7641753.stm
  42. ^ Hunter, Michael (2008-09-29). "Heavy stock losses after Fed action". The Financial Times. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  43. ^ Politi, James (2008-09-29). "Central banks pump cash into system". The Financial Times. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  44. ^ Information from C-Span September 29, 2008
  45. ^ Hulse, Carl (2008-09-28). "Bailout Plan in Hand, House Braces for Tough Vote". The New York Times. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  46. ^ C-Span 2 PM 9/30/08
  47. ^ Hulse, Carl (2008-09-29). "House Rejects Bailout Package, 228-205, But New Vote Is Planned; Stocks Plunge". The New York Times. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  48. ^ Grynbaum, Michael M. (2008-09-29). "For Stocks, Worst Single-Day Drop in Two Decades". The New York Times. Retrieved 2008-09-29. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  49. ^ Twin, Alexandra (2008-09-29). "Stocks crushed". CNN Money. Retrieved 2008-09-29.
  50. ^ Smith, Aaron (2008-09-29). "Wondering which bank is next: Analysts brace for more bank failures after Wachovia sells out banking assets to Citi; bank stocks plunge after House rejects bailout bill". CNN Money. Retrieved 2008-09-29. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  51. ^ Dash, Eric (2008-09-29). "With Wachovia Sale, the Banking Crisis Trickles Up". The New York Times. Retrieved 2008-09-29. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  52. ^ Guha, Krishna (2008-09-30). "Banking's crisis of confidence deepens". The Financial Times. Retrieved 2008-09-30. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  53. ^ Daneshkhu, Scheherazade (2008-09-30). "Dexia receives €6.4bn capital injection". The Financial Times. Retrieved 2008-09-30. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  54. ^ "Government statement (of the Government of Ireland)". The Irish Times. 2008-10-01. Retrieved 2008-10-01. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  55. ^ Hulse, Carl (2008-10-01). "Adding Sweeteners, Senate Passes Bailout Plan". The New York Times. Retrieved 2008-10-01. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  56. ^ Hulse, Carl (2008-10-01). "Senate to Vote Today on the Bailout Plan". The New York Times. Retrieved 2008-10-01. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  57. ^ Rowley, James (2008-10-01). "Senate Sets Financial-Rescue Vote, House Decision Likely Friday". Bloomberg. Retrieved 2008-10-01. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  58. ^ Herszenhorn, David M. (2008-10-03). "House Approves Bailout on Second Try". The New York Times. Retrieved 2008-10-03. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  59. ^ Castel, Stephen (2008-10-01). "European Officials Debate Need for a Bailout Package". The New York Times. Retrieved 2008-10-01. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  60. ^ Hosking, Patrick (2008-10-03). "European bank rescue plan in tatters amid savings stampede". The Times. Retrieved 2008-10-03. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  61. ^ Dash, Eric (2008-10-03). "Wells Fargo Swoops In". The New York Times. Retrieved 2008-10-04. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  62. ^ Larsen, Peter Thal (2008-10-03). "Savings guarantee to rise to £50,000". The Financial Times. Retrieved 2008-10-03. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  63. ^ Schwartz, Neson D. (2008-10-03). "Netherlands Takes Over Some Fortis Operations". The New York Times. Retrieved 2008-10-03. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  64. ^ Elliott, Francis (2008-10-06). "German savings pledge raises stakes for Gordon Brown". The Times. Retrieved 2008-10-06. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  65. ^ "Credit Enters a Lockdown" "Economic memo" by Peter S. Goodman in The New York Times September 25, 2008
  66. ^ "Citi to acquire Wachovia's banking operations". MarketWatch. 2008-09-29. Retrieved 2008-09-29.

The initial articles and some subsequent material were adapted from the Wikinfo article "Financial crisis of 2007-2008" http://www.wikinfo.org/index.php?title=Financial_crisis_of_2007-2008 released under the GNU Free Documentation License Version 1.2

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