http://www.peoplestandup.ca
by Terrence MdKenna’s voice that this is from “DocZone,” a CBC.ca
The credit crunch
The global financial crisis (GFC) or global economic crisis is commonly believed to have begun in July 2007 with the credit crunch, when a loss of confidence by US investors in the value of sub-prime mortgages caused a liquidity crisis. This, in turn, resulted in the US Federal Bank injecting a large amount of capital into financial markets. By September 2008, the crisis had worsened as stock markets around the globe crashed and became highly volatile. Consumer confidence hit rock bottom as everyone tightened their belts in fear of what could lie ahead.
The sub-prime crisis and housing bubble
The housing market in the United States suffered greatly as many home owners who had taken out sub-prime loans found they were unable to meet their mortgage repayments. As the value of homes plummeted, the borrowers found themselves with negative equity. With a large number of borrowers defaulting on loans, banks were faced with a situation where the repossessed house and land was worth less on today’s market than the bank had loaned out originally. The banks had a liquidity crisis on their hands, and giving and obtaining loans became increasingly difficult as the fallout from the sub-prime lending bubble burst. This is commonly referred to as the credit crunch.
Although the housing collapse in the United States is commonly referred to as the trigger for the global financial crisis, some experts who have examined the events over the past few years, and indeed even politicians in the United States, may believe that the financial system was needed better regulation to discourage unscrupulous lending.
The global financial crisis enters a new phase
The collapse of Lehman Brothers on September 14, 2008 marked the beginning of a new phase in the global financial crisis. Governments around the world struggled to rescue giant financial institutions as the fallout from the housing and stock market collapse worsened. Many financial institutions continued to face serious liquidity issues. The Australian government announced the first of it’s stimulus packages aimed to jump-start the slowing economy.
The U.S. government proposed a $700 billion rescue plan, which subsequently failed to pass because some members of US Congress objected to the use of such a massive amount of taxpayer money being spent to bail out Wall Street investment bankers who some people may have believed could be one of the causes of the global financial crisis.
By September and October of 2008, people began investing heavily in gold, bonds and US dollar or Euro currency as it was seen as a safer alternative to the ailing housing or stock market.
In January of 2009 US President Obama proposed federal spending of around $1 trillion in an attempt to improve the state of the financial crisis. The Australian government also proposed another stimulus package, pledging to give cash handouts to tax payers, and spend more money on longer-term infrastructure projects.
Australia’s response to the global financial crisis – the first stimulus package
Australian prime minister Kevin Rudd and Treasurer Wayne Swan delivered their first budget in response to the global financial crisis, with the main objective being to fight inflation – a major problem in the local economy at the time.
The global financial crisis enters a new phase
The collapse of Lehman Brothers on September 14, 2008 marked the beginning of a new phase in the global financial crisis. Governments around the world struggled to rescue giant financial institutions as the fallout from the housing and stock market collapse worsened. Many financial institutions continued to face serious liquidity issues. The Australian government announced the first of it’s stimulus packages aimed to jump-start the slowing economy.
The U.S. government proposed a $700 billion rescue plan, which subsequently failed to pass because some members of US Congress objected to the use of such a massive amount of taxpayer money being spent to bail out Wall Street investment bankers who some people may have believed could be one of the causes of the global financial crisis.
By September and October of 2008, people began investing heavily in gold, bonds and US dollar or Euro currency as it was seen as a safer alternative to the ailing housing or stock market.
In January of 2009 US President Obama proposed federal spending of around $1 trillion in an attempt to improve the state of the financial crisis. The Australian government also proposed another stimulus package, pledging to give cash handouts to tax payers, and spend more money on longer-term infrastructure projects.
Duration : 0:44:58
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Jan. 20 (Bloomberg) — Steven Blitz, an economist at ITG Investment Research, Daniel Alpert, managing director at Westwood Capital LLC, and Stephen Wood, chief market strategist at Russell Investments, talk about the U.S. housing market, increased lending standards at banks and the European sovereign debt crisis.
They speak with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)
Duration : 0:15:50
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http://www.rudramani.com. Rudramani Shilajit From Himalayan Mountains.
American Subprime Mortgage and financial crisis explained in layman’s terms and documentary. Real estate bubble.
Duration : 0:5:8
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Technorati Tags: collapse, credit, Crisis, Economic, equity, explained, financial crisis 2008, global recession, Home, Line, mortgage, subprime, Subprime Lending, what is subprime crisis, what is subprime mortgage
The Stench of Truth radio show airs every Friday 7-9PM Eastern time on:
http://www.inceptionradionetwork.com
and
http://www.talkstreamlive.com
http://www.platformforthefuture.com
http://www.tenebroust-thestenchoftruth.blogspot.com
http://www.tenebroust-populistpolitics.blogspot.com
The Stench of Truth (493).mp4
Some background. It may seem like I focus on the republicans and the lunatic right a lot but I have and will continue to call out the democrats for their shill behavior. I was on Obama long before he was the democratic candidate in 2008. One need look at the campaign financing to see that both parties are paid by the same people. Look at Pelosi and Reid bith got big money from “healthcare industry” which is 99% health insurance companies that’s why we have the mis-named “Affordable Care Act” or Obamacare which is a bailout of insurance companies which are wedded to the banks and deep in the fraud of derivatives and the mortgage fiasco. Under it you are forced to pay too much for a crappy policy that doesn’t cover much. THE INSURANCE INDUSTRY IS THE BIGGEST COST FACTOR BY FAR IN THE WHOLE HEALTHCARE DEBATE. Get rid of them with single payer and you save hundreds of billions of dollars every year. Should the protesters be in Wall Street, Chicago, London to protest the banks or should they be protesting the FED? Wall Street and the banks of course. Why? Because how do you think it works? Do you think Ben and the boys call up JP Morgan and tell them what to do or is it the other way around? The banks are the problem. There is a multistate deal being floated right now which would absolve the banks of any wrongdoing in the mortgage fiasco that led to the depression we are in and the restitution amount is 20 Billion. That is a ludicrous joke. If they say 1 Trillion I’ll start to listen. Schneiderman the DA of NY has bowed out of those talks because he says he wants to air it out and chase the fraud. His office has already been attacked with the outing of a female employee that moonlighted as a dominatrix. If he is serious expect more of this activity against him. Don’t let the banks get away with the largest fraud, theft scheme in world history! For more proof that it is the banks just look at Europe and their so-called “sovereign debt crisis”. There is not a single country that has a debt crisis, they have a bank bailout crisis.
Duration : 0:16:17
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Mortgage Broker, Yamila Ayad, shares her views on the San Diego housing crisis and how easy it used to be to get a home loan and how difficult it can be today.
Duration : 0:5:30
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Technorati Tags: Crisis, economy, Home, housing, kpbs, market, mortgage
http://theelevationgroup.net/presentation/register.php?a_aid=161534&a_bid=290b868b&chan=M
Riots will break out in the streets when people realize their money isn’t worth the paper it’s written on!
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http://www.mikedillard.info
http://www.youtube.com/user/johnnyb0087?feature=mhee
Duration : 0:2:14
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This video is an informative look at the factors that are causing our current financial and economic crisis. It discusses policy changes 13 years ago that unleashed the sub-prime mortgage-backed securities market, which accelerated prices erratically, inviting speculation and loose lending practices which were both condoned and encouraged by existing regulation and carried out by risk-blind executives and Fannie Mae and Freddie Mac.
Aside from ripping the corporate goons in the media, please be respectful in your comments. Thanks.
Obama Bombshell Redistribution of Wealth Audio Uncovered
Duration : 0:10:52
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December 6, 2011: In a Brooklyn neighborhood hard hit by the foreclosure crisis, Occupy Wall Street joins local community groups to reclaim a bank-owned property for a homeless family.
Duration : 0:5:2
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December 06, 2011 MSNBC
http://MOXNews.com
Duration : 0:7:38
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The subprime crisis impact timeline lists dates relevant to the creation of a United States housing bubble and the 2005 housing bubble burst (or market correction) and the subprime mortgage crisis which developed during 2007 and 2008. It includes United States enactment of government laws and regulations, as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States, such as bankruptcies and takeovers, and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see Financial crisis of 2007–2010 or Global financial crisis of September–October 2008. Home sales continue to fall. The plunge in existing-home sales is the steepest since 1989. In Q1/2007, S&P/Case-Shiller house price index records first year-over-year decline in nationwide house prices since 1991. The subprime mortgage industry collapses, and a surge of foreclosure activity (twice as bad as 2006) and rising interest rates threaten to depress prices further as problems in the subprime markets spread to the near-prime and prime mortgage markets.
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Duration : 0:13:12
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