Ⅱ.Anatomy of a crisis
Despite the fact that the whole world became aware of a massive financial crisis only by september 2008, the specialists could read its signals at least a year before. The first clue was the collapse of the two hedge funds owned by Bear Stearns after an important investment on the sub-prime market.
During 2007, many other financial institutions found out that their normally safe securities were tainted by the so-called “toxic mortgages”.
豪生大酒店服务部洗衣房实习报告The beginning of 2008 was marked by the action took by the Federal Reserve in order to stave off the bankruptcy of Bear Stearns (the Fed assumed 30 billion $ in liabilities and engineered its sale to JP Morgan Chase).
In september 2008 the events taking place on the American markets became of international interest, spreading their consequences all over Asia and Europe. The rescue of Fannie Mae and Freddie Mac which were placed under government control, the bankruptcy of Lehman Brothers, the sale of Merrill Lynch to Bank of America, the 85 billion $ injection got by AIG from the Treasurywere extraordinary events that lead Bush administration to the decision of drafting a plan to fight the crisis – the already famous 700 billion $ bail-out plan.
The plan was strongly debated within the Congress.。
Meanwhile, Goldman Sachs and Morgan Stanley, the last investment banks on Wall Street, reconsidered their way of making business， Wachovia Corporation was bought by Citigroup in order to be saved from bankruptcy and Washington Mutual (本文来自优.文~论.文,网原文请找腾讯3249.114 bank failure in American history) was taken over by Morgan Chase. Wachovia By October 2008 the crisis had already crossed the ocean: in Europe, Fortis bank was partially nationalized being acquired by BNP Parisbas while RBS and Nothern Rock were saved from bankruptcy. European officials decided that bail-out packages were needed for the banking sector and governments promised to guarantee private savings accounts to prevent massive withdrawals. In a matter of weeks,the financial crisis affected economies all over the world: US GDP dropped by 5% in the last quarter of 2008, the Japanese exports declined by 35%, the deterioration of real estate market continued,，
护生在肝胆外科实习中存在的问题和对策the auto market started its decline due to collapsing global demand, the risk of deflation became bigger, the job losses raised significantly and the 3rd world countries got less financial aids which translated into bigger poverty and hunger.
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