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The Financial Crisis of 2008 was a global financial crisis that is the worst the world has seen since 1933 with the Great Depression. The National Bureau of Economic Research The crisis has caused the Recession of 2008, which reached bottom in summer 2009, causing a worldwide economic decline that is the most severe since the 1930s.
Drastic measures to confront seemingly insurmountable financial calamity resulted in the creation of TARP (Troubled Assets Relief Program), 0 billion safety net appropriated by the U. As of 2013, there are still 4 million fewer jobs in the U. than in 2008 - despite trillion in federal stimulus spending. Initially governments across the world borrowed and spent huge sums of money to reverse the crisis, but the results were anaemic and the decline continued. government provided cash bailouts of several hundred billion dollars and long-term loan guarantees of over trillion (compared to a GDP of .6 trillion in 2008).
See video The NYTimes says Senator Charles Schumer D-NY, is the most responsible for Wall Street's collapse.
Schumer as a member of the Banking and Finance Committees, led efforts to regulate credit-rating agencies, shield financial institutions from government oversight and tougher regulations, and saved key industry players billions of dollars in taxes and fees.
They made sense if and only if the price of houses kept going up and the borrower could sell it in a year ot two at a huge profit.
" The higher price paid for a house the more profit would be made when it was resold ("flipped") in six or 12 months; prices were certain to keep going up and up.Timeline video showing Democrats opposing regulating housing market financing.President Bush, Senator Mc Cain and Alan Greenspan all predicting financial collapse and offering regulation.By Election day in November pessimistic reports were coming in daily from practically every sector of the American economy.There were no bright spots, and with tax revenues down, state governments began large-scale cutbacks, especially in New York and California.