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September 12, 2009
Global Financial CrisisSummary of the medias coverage of the timeline, causes,implications, impact and recommended path forward
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Table of Contents
Objective and Methodology
Global Financial Crisis
Timeline of Events
Causes and Implications
Future Outlook and Recommendations
Appendixes
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Global Financial CrisisObjective and Methodology
Universe of ExpertOpinions and Articles
~100 articles and reportsfrom preferred sources
~50 Relevant Articlesfor analysis
Synopsis
Step 1
Selected 12 publications (e.g., Economist, FT, Wall Street Journal ), 8 think tanksand select sources from other media such as radio
Scanned all sources for coverage of the current global financial crisis between mid
2007 and October 2008
Objective: Provide a rich, yet concise summary of the media coverage on the current globalfinancial crisis
Step 2
Read ~100 articles and shortlisted them according to the following criteria:
Analytical insight Breadth of coverage Uniqueness of opinion
Step 3
Summarized shortlisted articles and incorporated them into the slides that followwhich cover:
Timeline of events (2007/08) Causes and Implications of the Global Financial Crisis Global Impact
Future Outlook and Recommendations
The synopsis was created using the following methodology:
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Table of Contents
Objective and Methodology
Global Financial Crisis
Timeline of Events
Causes and Implications
Future Outlook and Recommendations
Appendixes
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The current financial crisis is categorized as the worst since the Great Depression. Some ofthe major events related to the crisis are mapped to the Dow Jones Industrial Average
0
12,000
15,000
9,000
DJIA Index Value, June 2007-October 2008
Source: News Releases
Global Financial CrisisTimeline of Events 2007/08
Nov 07 Dec 07 Feb 08 Mar 08 Jun 08 Sep 08 Oct 08Jun 07-Jul07
Two hedgefunds of
BearSterns
forced todump
assets,due tolosses.Bear
Stearnsfunds file
forbankruptcy
Aug 07
LehmanBrothers
and HSBCshut some
of theiroffices
Sep 07
FederalReservereducesthe fed
fund ratesby half
percentage point
Oct 07
MerrillLynchreportsloss on
USD 8.4Bn write
down
MorganStanleysuffersloss ofUSD
3.7 Bn
Fed andother
centralbanksshare
~USD 40Bn in
specialloans tobanks
USfinancial
crisisaffects
UBS whichconfirmsloss of
USD 18.4Bn
JP Morganand FedReserve
take stepsto rescue
BearStearns
S&P cutsratings ofMorganStanley,Merrill
Lynch andLehmanBrothers
Jul 08
Merrill hasUSD 5.7
Bn of writedowns;
sellsshares
Governmentrescuesbanks by
nationalizing Fannie
Mae,Freddie Macand giving
AIG anemergencyloan of USD
85 Bn
LehmanBrothersfiles for
bankruptcy
Russia,Romania
and Ukraineclose their
stockexchange
for few daysdue to crisis
Icelands financial crisisgrows as all three of its
major banks arenationalized
Governments of manycountries announce
bailouts for theirfinancial institutions
Housingbubblebursts
Financial institutions fall
Stock market collapsesFuture
outlook
Henry Paulsonassures investorsthat the sub-prime
problem is contained Paulson shares that the USTreasury has no plans to
bailout Fannie Mae or
Freddie Mac
Paulson rejected thepossibility of the housing
crisis leading to abroader economic crisis
Bernanke and Paulsonurge fast action to
approve the USD 700Bn bailout
Nouriel Roubinistates that
governments willhave to come upwith even bigger
international rescues
Bank ofAmerica
buysMerrill
Lynch forUSD 50
Bn; Bankof China
buys 20%stake in
Rothschild
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Global Financial CrisisCauses: US Housing Market Collapse
Many experts believe that the global crisis was triggered by the US housing market collapse
Note: 1Collateralized Debt ObligationsSource: The Giant Pool of Money, NPR News and This American Life Episode, Sep 09, 2008; Crazy crisis may herald the end of new derivative folly, FT, Dec 23, 2007; Rethinking CapitalRegulation, WSJ, Aug 23, 2008; Central banks and financial crises, WSJ, Aug 23, 2008; Spooking investors - Financial markets remain on edge because the credit crunch has not been solved,
Economist, Oct 25, 2008; Out of the frying pan, Economist, Jun 05, 2008
Easy access to credit : Falling interest rates and rising availabilityof mortgages, combined with rising housing prices encouragedconsumers to buy homes
Relaxed lending standards : To cater to the growing number ofmortgage seekers, lenders relaxed standards and issued a large
number of sub-prime loansInadequate regulations : Regulations did not keep pace withinnovations in US financial products, leading to much highercomplexity, poor transparency and greater risk
Complex credit derivatives : The invention and use of complexdebt derivatives such as CDOs 1 made it difficult to identify andcontain the sub-prime lending problem, once default rates began to
riseMarket collapse: The property boom led an over-supply of housing and prices could no longer be supported.Just like the self-perpetuating behavior that led to the rise, the crash was also self-perpetuating. As prices fell,more foreclosures started taking place, increasing the supply of homes on the market. Lenders started totighten their standards and fewer consumers could qualify for mortgages and help reduce the supply
US Housing Market Collapse
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Global Financial CrisisCauses: US Housing Market Collapse
some experts have other opinions
New Bank Capital Requirements: Some experts believe that an internationalregulation (Basel I) that came into effect in 1988 contributed to the financial crisis.This regulation mandates that banks hold more capital if they make riskier loans orinvestments. This encouraged banks to get rid of risky loans by turning them intosecurities to be sold to investors
Role of the Credit Rating Agencies: Many experts blame ratings agencies suchas Moodys, Standard & Poors and Fitch for the crisis because they granted AAA
ratings to risky mortgage backed securities (MBS). Profits of ratings agencies grewrapidly over the last decade. Almost all agencies follow an issuer-pays revenuemodel 1, and this poses a potential conflict of interest, which some experts contendled to inappropriately high ratings for risky MBS.
Riskier Investment Decisions by Banks: Some experts blame poor decision-making on the part of banks for the crisis. Banks kepthuge amounts of MBS on their balance sheets in spite of the sub-prime risk involved. They financed these and other risky assets withshort-term market borrowing and with a decline in the housing market, banks found it difficult to roll over short-term loans against theseMBS and hence were forced to sell the assets at a substantial loss
Mark-to-Market Accountin g Rules: Financial regulation such as mark-to-market accounting stipulates that financial firms must treatpotential losses as cash losses. Even though many financial instruments may still yield returns in the future, their current asset price ishighly devalued. This concept makes firms ripe for forced liquidation, chases away capital, and leads to further decline in asset values
Misleading Economi c Statistics: Some statisticians believe that government statistics (e.g. GDP and unemployment rate) have beenrevised over the years to show the best possible picture of the US economy. These experts hold that such revisions in economicstatistics are misleading and were used by Wall Street to sell their over-valued products
Note: 1The entity that issues the security is also seeking the rating, and pays the rating agency for the ratingSource: New Bank Capital Requirement Helped to Spread Credit Woes, WSJ, Aug 30, 2008; How to Start the Healing Now, WSJ, Oct 01, 2008; Rethinking Capital Regulation, WSJ, Aug 23,2008; Economy lacked a trusted national leader, Washington Post, Oct 15, 2008; Wall Street: the dark theory, Fortune, Sep 19, 2008; Triple-A Failure, New York Times, Apr 27, 2008
Alternative Viewpoints
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Global Financial CrisisImpact: Global Economic Slowdown
Source: The Giant Pool of Money, NPR News and This American Life Episode, Sep 09, 2008; Off a cl iff, Economist, Oct 10, 2008; Market meltdown: Global problem, global cure, Fortune, Oct06, 2008; Europe to U.S.: You messed up the rescue, too, Fortune, Oct 13, 2008; The end of the beginning, Economist, Oct 16, 2008; When fortune frowned, Economist, Oct 09, 2008; But willit work, Economist, Oct 16, 2008; Yahoo expected to point to advert drop-off, Financial Times, Oct 20, 2008; Indias Jet Airways cuts 1,900 jobs, Oct 16, 2008; U.S. layoffs increase asbusinesses confront crisis, IHT, Oct 26, 2008
World stock markets have taken a beating,leading to a loss in confidence amongst investorswho are stepping back in spite of several cuts inlending rates by the banks
E.g. DJIA fell below 10,000 mark (first time infour years) plunging more than 800 points ina single day in October. The fall was mirroredin stock markets, such as NASDAQ, NYSE,Nikkei 225, Londons FTSE, Germanys DAX,etc
Impact on Stock Markets Globally
Both institutional investors and individualinvestors have suffered huge losses both in MBSand related products, and in equities
Banks alone are reported to have sufferedUSD 600 Bn of credit-related losses globally.According to IMF estimates, American andEuropean banks are predicted to loose USD10 trillion of assets
Losses to Investors
Failure of banks fueled anxiety in internationalbanking markets leading to a freeze in inter-banklending
Freeze in Inter Bank Credit
There have been job cuts in many companiesacross various sectors around the globe. This
trend has not been limited to the financial sectoralone High number of layoffs were announced in
the US through September 2008: 111,000 infinancial sector, 95,000 in automotive sector,62,000 in transportation, 51,000 in retail,28,000 in telecommunications and more inother sectors
There is considerable decline in business all overworld marked by reduced output and consumer
spending, particularly in Britain, France,Germany and Japan. The industries beingimpacted include automotive, airline, buildingmaterials etc. Automotive companies such asGM, Ford and Toyota reported 45%, 30% and23% decline in sales respectively, in October2008
Several bailout packages have been announcedby governments around the world to fight the
growing financial crisis The US has announced a USD 700 Bnbailout package for its banking sector,Germany announced a bailout package ofmore than USD 200 Bn and Britain more thanUSD 500 Bn for this financial crisis (seeappendix for more detail on global bailoutannouncements)
Increasing Unemployment Decline in Businesses Globally Bailout s
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Global Financial CrisisFuture Outlook
By Experts Most Common Future Outlook Scenarios
Consolidation and Restructuringof Banks Changes are alreadyevident with deals that are takingplace:
Bank of America taking overMerrill Lynch
Bank of China acquiring 20%stake in private banks such asRothschild
Barclays acquiring LehmanBrothers
BNP Paribas expected to take amajority stake in the Belgian andLuxembourg operations of FortisNV
Emerging Economies to Help OutDeveloped Nations Cash richeconomies of world (developing nationsand their Sovereign Wealth Funds) areexpected to bailout the developednations from the current crisis. As stockprices of the big banks from developed
nations fall, they are expected to attractinvestors from developing nations.Some experts believe that China willact as the savior of developedeconomies facing the risk of recessionby buying their banks
Worsening financial crisis due tothe unraveling of Alt-A mor tgages
This is the segment of mortgageloans given to prime borrowers butwithout complete documentation.From 2002 to 2007, Alt-A mortgagesas a percentage of total mortgages
have risen from 2% to ~13%, andexperts say that the defaults on thiscategory of mortgages will impactthe financial market even more thansub-prime lending
Source: How to build a better bailout, Fortune, Oct 06, 2008; Why it's stimulus time again, Fortune, Oct 14, 2008; Financial sector in crisis, FT, Sep 10, 2008; A Return to 'Normality'?, WSJ,Sep 03, 2008; Global breakdown: Winners and losers, Fortune, Sep 30, 2008; Market meltdown: Global problem, global cure, Fortune, Oct 06, 2008; A monetary malaise, Economist, Oct 09,2008; Barclays: Wall Street's new gambler, Fortune Oct 21, 2008
Opinions about what happens next gravitatetoward several scenarios
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Source: The $700 Billion Question: How Much Is That Exotic Security?, Knowledge@Wharton, Oct 01, 2008; How to build a better bailout, Fortune, Oct 06, 2008; Why it's stimulus time again,
Fortune, Oct 14, 2008; Financial sector in crisis, FT, Sep 10, 2008; A Return to 'Normality'?, WSJ, Sep 03, 2008; Europe to U.S.: You messed up the rescue, too, Fortune, Oct 13, 2008;Keeping U.S. Financial Markets Competitive And Orderly, Forbes, Mar 31, 2008
Global Financial CrisisRecommendations
Opinion leaders and governments have made various recommendations for how to managethe current global financial crisis and stabilize the economy
Paulsons suggestions for the US financial market include: Fed should be the highest authority regulating all financial institutions and a new
authority should look after consumer protection issues The Securities and Exchange Commission should be merged with the
Commodity Futures Trading Commission. Thus by tightening the regulatorygaps, banks will follow the Basel II guidelines (which it claims could havemitigated the credit crisis, if followed earlier)
Large investors, such as insurance companies, should be brought under thefederal regulations, by allowing them to opt for federal chartering and oversight(instead of state chartering)
European governments reportedly believe that rather thanbuying toxic assets, the government should focus torecapitalize the banks directly in exchange for some controlof operations of the banks
By Henry Paulson , Treasury Secretary of US By European Governments
Some experts have suggested alternative bail-out plans , such as: Government Loans: Funds allocated for bailout can be used to provide loans (with mortgage securities as collateral) rather than
buying the securities outright. This avoids the complexity of pricing the securities and enables interest from the loans to be returnedto taxpayers or used for their benefit
Reverse Auction: The government (one buyer) can invite lowest bids from many sellers for different categories of securities Issue T-Bonds Now: The US Treasury should borrow money to pay for the bailout now by issuing 5-year and 10-year notes, since
interest rates and the cost of funding the bailout will rise as the economy begins to recoverSome experts have also indicated that the real solution is to stabilize employment and h ence cash flow . They believe that thoughthe government is infusing liquidity into the market, households can still default on various debt instruments and hence the problemwill still remain unsolved
By Opinion L eaders
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Table of Contents
Objective and Methodology
Global Financial Crisis
Appendixes
A: Global Bailout Announcements
B: Bailout-GDP Ratio
C: Relevant Opinion Articles
D: Key Sources
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The total value of global bailout announcements to date is USD 3.56 trill ionMajor Regional
Bailouts
Global Financial Crisis Appendix A: Global Bailout Announcements as of September 12, 2009
Starting with the US financial sector, the crisis soon spread across the globe and into othermarkets beyond just financial servicesIn response to the crisis, governments around the world h ave infused capital to bail out andstabilize many private banks su ch as Fortis Bank, Royal Bank of Scotland, etc, and com paniesin other sectors
Note: All fig ures are in USD; Bailout anno uncements upd ated on September 12, 2009; Figures only inc lude capital allocated for inst itut ions in th eform of equity or debt; 1Loans provided by Institu tions suc h as IMF and World Bank or other countries.
US1038.5 Bn811.2 Bn
UK511.2 Bn138.2 Bn
France39.4 Bn34.3 Bn
Aust ria20.7 Bn9.1 Bn
Chile0.85 Bn
UAE52.6 Bn6.2Bn
Russia227.9 Bn24.5 Bn
Iceland12.7 Bn 10.7 Bn
Ukraine16.5 Bn 1 8.1 Bn
Spain83.7 Bn
Hungary31.9 Bn 10.5 Bn
Qatar9.4 Bn
Germany187.2 Bn119.9 Bn
Canada34.4 Bn12.8 Bn
Japan6.9 Bn3.9 Bn
Belgium26.6 Bn
Netherlands98.7 Bn
Denmark17.9 Bn1.1 Bn
Norway56.3 Bn0.8 Bn
Latvia11.4 Bn 10.5 Bn
Luxembourg4.2 Bn
India1.8 Bn
Switzerland39.1 Bn
Belarus5.5 Bn 1
0Bn 100Bn 101Bn 250Bn 251Bn 400Bn Above 400BnTotal BailoutLegendCompanyBailouts
Total BailoutFunds
ASEAN, Japan, Chin aand South Korea
120 Bn
China
8 Bn2.2 Bn
Pakistan10.9 Bn 1
Oman2 Bn
Kazakhstan3.9 Bn
International FinancialCorporation
(For banks of poorcountries)
3 Bn
Serbia4.0 Bn 1
Sweden8.8 Bn1.3 Bn
Austr alia1.28 Bn
0.2 Bn
Ireland136 Bn16.9 Bn
El Salvador0.8 Bn 1
Russia, Kazakhstan, Armeni a, Kyrg yzstan
and Tajikistan10 Bn
Greece
17.7 Bn
Italy15.9 Bn2.5 Bn
SouthKorea
42.2 Bn
Seychelles0.02 Bn 1 Indonesia
1.5 Bn 1
Mongolia0.38 Bn 1 Armeni a
0.8 Bn
IMF (For IMF MemberCountries)
283 Bn
EBRD, EIB and WorldBank (For East
European Banks)66.6 Bn
Saudi Arabia, Kuwait,Qatar, Bahrain, Oman
and the UAE ( For GulfInternational Bank )
4.8 Bn
Romania27.2 Bn 1
Thailand0.43 Bn World Bank, ADB,
ADC, CABEI and CDB(For Latin America)
90 Bn
European CentralBank (For Euro zone)
79.8 Bn
Argent ina0.07 Bn
Tanzania
0.7 Bn
Botswana
1.5 Bn
Vietnam0.35 Bn
China (For SCOMembers)
10 Bn
Antig ua andBarbuda0.05 Bn
Portugal5.2 Bn0.1 Bn
Nigeria2.6 Bn
Philippines0.5 Bn
Iran1 Bn
Bulgaria5.3 Bn
Trinidad andTobago1.0 Bn
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Global Financial Crisis Appendix A: Bailout-GDP Ratio as of September 12, 2009
Note: Figures only include capital allocated for institutions in the form of equity or debt; 1Loans provided by ins titutions such as the IMF andWorld Bank or oth er count ries; Bailou t-GDP Ratio based on World Bank & IMFs Nominal GDP Estimates for 2008.
US7.31%
UK19.32%
France1.38%
Austr ia4.97%
Chile0.50%
UAE32.21%
Russia14.17%
Iceland76.20% 1
Ukraine9.15% 1
Spain5.22%
Hungary20.64% 1
Qatar17.87%
Germany5.12%
Canada2.46%
SouthKorea4.35%
Belgium5.35%
Netherlands11.47%
Denmark5.22%
Norway12.52%
Latvia32.63% 1
Luxembourg7.74%
India0.14%
Switzerland8.00%
Belarus9.15% 1
0% 5% 5% 10% 10% 20% Abov e 20%RatioLegendCompanyBailouts
GovernmentBailout Funds
China0.18%
Pakistan6.48% 1
Oman5.60%
Kazakhstan2.95%
Serbia8.09% 1
Sweden1.83%
Austr alia0.14%
Ireland48.25%
El Salvador3.62% 1
Greece
4.95%
Mongolia7.30% 1 Armeni a
6.91% 1
Seychelles3.13% 1
Italy0.69%
Indonesia0.29% 1
Japan0.14%
Romania13.59% 1
Thailand0.16%
Botswana
11.57%1
Tanzania
3.37%1
Vietnam0.39%
Argent ina0.02%
Antig ua andBarbuda
4.08%
Portugal2.16%
Nigeria1.23% Philippines
0.3% 1
Iran0.27%
The total value of global bailout announcements to date is USD 3.56 trill ion
Bulgaria10.70%
Trinidad andTobago4.07%
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Global Financial Crisis Appendix A: Global St imulus Announcements as of September 12, 2009
Note: All fi gures are in USD; Stimu lus announ cements upd ated on September 12, 2009.
US4,910 Bn
UK30.3 Bn
France34.9 Bn
Slovenia2.5 Bn
Chile9.2 Bn
Oman2 Bn
Russia111.5 Bn
Spain85.1 Bn
Canada58.0 Bn
Japan684.4 Bn
Belgium2.6 Bn
Netherlands17.7 Bn
Norway4.3 Bn
Lithuania1.9 Bn
India13.5 Bn
Switzerland2.6 Bn
0Bn 100Bn 101Bn 250Bn 251Bn 400Bn Above 400BnTotal StimulusLegendGovernment
Stimulus Funds
The total value of global stimulus announcements to date is USD 9.46 tril lion
China
2,053.5 BnSerbia1.7 Bn
Sweden14.0 Bn
Austr alia80.6 Bn
Peru13.2 Bn
Italy134.5 Bn
Indonesia6.2 Bn
Mongolia0.97 Bn
Vietnam8 Bn
Saudi Arabia400 Bn
South Africa81.2 Bn
Kazakhstan21.1 Bn
Argent ina42.0 Bn
Georgia1.3Bn
Poland51.3 Bn
Mexico92.9 Bn
Bulgaria4 Bn
Malaysia18.2 Bn
Singapore13.6 Bn
South Korea116.5 Bn
Brazil80 Bn
Panama1.1 Bn
Kuwait5.2 Bn
Hungary6.5 Bn
Philippines11.2 Bn
Egypt5.4 Bn
Israel5.6 Bn
Kyrgyzstan0.1 Bn
Germany92.4 Bn
Cyprus0.4 Bn
Morocco1.4 Bn
Czech Republic3.3 Bn
Slovakia0.4 Bn
Aust ria6.9 Bn
Turkey9.8 Bn
Portugal2.9 Bn
Finland
2.6 Bn
Bangladesh0.7 Bn
Greece5.1 Bn
Colombia1.3 Bn
Sri Lanka0.14 Bn
Ethiopia0.5 Bn
Jamaica0.01 Bn
Thailand43.2 Bn
Kenya11.6 Bn
Tanzania
1.3 Bn
Nigeria4.1 Bn
Romania0.8 Bn
New Zealand1 Bn
Taiwan14.8 Bn
Ireland0.8 Bn
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Global Financial Crisis Appendix A: Stimulus-GDP Ratio as of September 12, 2009
Note: All fi gures are in USD; Stimu lus announ cements upd ated on September 12, 2009.
US34.57%
UK1.15%
France1.22%
Slovenia4.56%
Chile5.40%
Oman5.60%
Russia6.93%
Spain5.31%
Canada4.14%
Japan13.94%
Belgium0.52%
Netherlands2.06%
Norway0.97%
Lithuania3.97%
India1.11%
Switzerland0.53%
The total value of global stimulus announcements to date is USD 9.46 tril lion
China
46.65%Serbia3.40%
Sweden2.90%
Austr alia7.94%
Peru10.36%
Italy5.87%
Indonesia1.21%
Mongolia18.43%
Vietnam8.82%
Saudi Arabia85.54%
South Africa29.32%
Kazakhstan15.95%
Argent ina12.80%
Georgia10.35%
Poland9.74%
Mexico8.55%
Bulgaria8.03%
Malaysia9.35%
Singapore7.49%
South Korea12.54%
Brazil4.96%
Panama4.76%
Kuwait4.62%
Hungary4.21%
Philippines6.70%
Egypt3.34%
Israel2.79%
Kyrgyzstan2.26%
Germany2.53%
Cyprus2.11%
Morocco1.68%
Czech Republic1.53%
Slovakia0.46%
Aust ria1.67%
Turkey1.24%
Portugal1.21%
Finland
0.96%
Bangladesh0.90%
Greece1.42%
Colombia0.54%
Sri Lanka0.35%
Jamaica0.07%
0% 5% 5% 10% 10% 20% Above 20%RatioLegendGovernment Stimulu s
Funds
Thailand16.57%Ethiopia
0.19% Kenya33.51%
Tanzania
6.44%
Nigeria1.93%
Romania0.04%
Taiwan3.82%
New Zealand0.77%
Ireland0.27%
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Global Financial Crisis Appendix C: Relevant Opinion Articles and Radio Shows
Date Title Source Links
17-Oct-07 Think the credit crunch is over? Think again Fortune http://money.cnn.com/2007/10/17/news/economy/eavis_creditcrunch.fortune/index.htm
10-Jan-08 Same as it ever was - What do earlier banking crises reveal aboutAmerica's travails today? Economist http://www.economist.com/finance/displaystory.cfm?story_id=10496807
31-Mar-08 How to crack the credit crunch Fortune http://money.cnn.com/2008/03/27/news/fed-information.fortune/index.htm?postversion=2008032911
22-May-08 Predicting The U.S. Recovery: Some Leading Indicators Are BetterThan Others TD Bank Financial Group http://www.td.com/economics/special/bc0508_usecon.pdf
23-Jun-08 The U.S. Credit Crisis In Perspective Forbes http://www.forbes.com/2008/06/23/credit-crisis-japan-ent-fin-cs_kw_0623whartoncreditcrisis.html
23-Aug-08 Central banks and financial crises Wall Street Journal http://online.wsj.com/public/resources/documents/Fed-Buiter081608.pdf?mod=relevancy
23-Aug-08 Rethinking Capital Regulation Wall Street Journal http://online.wsj.com/public/resources/documents/Fed-JacksonHole.pdf?mod=relevancy
5-Sep-08 Giant Pool of Money This American Life (andNPR News) http://www.thislife.org/extras/radio/355_transcript.pdf
10-Sep-08 Financial sector in crisis Financial Times http://www.ft.com/cms/s/0/ffa3bbd4-7f18-11dd-a3da-000077b07658.html
17-Sep-08 Wharton Faculty Debate the Impact of the Financial Crisis Knowledge@Wharton http://knowledge.wharton.upenn.edu/article.cfm?articleid=2053
19-Sep-08 Wall Street: The dark theory Fortune http://money.cnn.com/2008/09/19/news/economy/siklos_shadowstats.fortune/
23-Sep-08 "Constructing a Financial Perfect Storm" by Jagadeesh Gokhale Cato Institute http://www.cato.org/dailypodcast/podcast-archive.php?podcast_id=745
30-Sep-08 Global breakdown: Winners and losers Fortune http://money.cnn.com/2008/09/29/news/economy/gumbel_world_economy.fortune/index.htm
01-Oct-08 The $700 Billion Question: How Much Is That Exotic Security? Knowledge@Wharton http://knowledge.wharton.upenn.edu/article.cfm?articleid=2064
01-Oct-08 How to Start the Healing Now Wall Street Journal http://online.wsj.com/article/SB122282734447293049.html
02-Oct-08 Blocked pipes - When banks find it hard to borrow, so do the rest of us Economist http://www.economist.com/displaystory.cfm?story_id=12342237
06-Oct-08 How to build a better bailout Fortune http://money.cnn.com/2008/10/06/news/economy/betterbailout_sloan.fortune/
9-Oct-08 A mo netar y m alais e Economist http://www.economist.com/specialreports/displaystory.cfm?story_id=12373682
10-Oct-08 Off a cliff Economist http://www.economist.com/finance/displaystory.cfm?story_id=12405370
13-Oct-08 Europe to U.S.: You messed up the rescue, too Fortune http://money.cnn.com/2008/10/13/news/international/gumbel_eurobank.fortune/index.htm
16-Oct-08 The end of the beginning? Economist http://www.economist.com/world/europe/displaystory.cfm?story_id=12436221
15-Oct-08 Analysis: Economy lacked a trusted national leader Washington Post http://www.washingtonpost.com/ac2/wp-dyn/emailafriend?contentId=AR2008101500432&sent=no
13-Oct-08 We can beat this crisis Fortune http://money.cnn .com/2008/10/10/news/economy/fox_great_depression.fortune/index.htm?postversion=2008101307
25-Oct-08 Spooking investors - Financial m arkets remain on edge becausethe credit crunch has not been solved Economisthttp://www.economist.com/finance/displaystory.cfm?story_id=10024679
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http://online.wsj.com/public/resources/documents/Fed-Buiter081608.pdf?mod=relevancyhttp://online.wsj.com/public/resources/documents/Fed-JacksonHole.pdf?mod=relevancyhttp://www.thislife.org/extras/radio/355_transcript.pdfhttp://www.cato.org/dailypodcast/podcast-archive.php?podcast_id=745http://money.cnn.com/2008/09/29/news/economy/gumbel_world_economy.fortune/index.htmhttp://www.economist.com/specialreports/displaystory.cfm?story_id=12373682http://www.economist.com/finance/displaystory.cfm?story_id=12405370http://money.cnn.com/2008/10/13/news/international/gumbel_eurobank.fortune/index.htmhttp://www.economist.com/world/europe/displaystory.cfm?story_id=12436221http://money.cnn.com/2008/10/10/news/economy/fox_great_depression.fortune/index.htm?postversion=2008101307http://www.economist.com/finance/displaystory.cfm?story_id=10024679http://www.economist.com/finance/displaystory.cfm?story_id=10024679http://money.cnn.com/2008/10/10/news/economy/fox_great_depression.fortune/index.htm?postversion=2008101307http://money.cnn.com/2008/10/10/news/economy/fox_great_depression.fortune/index.htm?postversion=2008101307http://www.washingtonpost.com/ac2/wp-dyn/emailafriend?contentId=AR2008101500432&sent=nohttp://www.economist.com/world/europe/displaystory.cfm?story_id=12436221http://money.cnn.com/2008/10/13/news/international/gumbel_eurobank.fortune/index.htmhttp://www.economist.com/finance/displaystory.cfm?story_id=12405370http://www.economist.com/specialreports/displaystory.cfm?story_id=12373682http://money.cnn.com/2008/10/06/news/economy/betterbailout_sloan.fortune/http://www.economist.com/displaystory.cfm?story_id=12342237http://online.wsj.com/article/SB122282734447293049.htmlhttp://knowledge.wharton.upenn.edu/article.cfm?articleid=2064http://money.cnn.com/2008/09/29/news/economy/gumbel_world_economy.fortune/index.htmhttp://www.cato.org/dailypodcast/podcast-archive.php?podcast_id=745http://money.cnn.com/2008/09/19/news/economy/siklos_shadowstats.fortune/http://knowledge.wharton.upenn.edu/article.cfm?articleid=2053http://www.ft.com/cms/s/0/ffa3bbd4-7f18-11dd-a3da-000077b07658.htmlhttp://www.thislife.org/extras/radio/355_transcript.pdfhttp://online.wsj.com/public/resources/documents/Fed-JacksonHole.pdf?mod=relevancyhttp://online.wsj.com/public/resources/documents/Fed-Buiter081608.pdf?mod=relevancyhttp://www.forbes.com/2008/06/23/credit-crisis-japan-ent-fin-cs_kw_0623whartoncreditcrisis.htmlhttp://www.td.com/economics/special/bc0508_usecon.pdfhttp://money.cnn.com/2008/03/27/news/fed-information.fortune/index.htm?postversion=2008032911http://www.economist.com/finance/displaystory.cfm?story_id=10496807http://money.cnn.com/2007/10/17/news/economy/eavis_creditcrunch.fortune/index.htm -
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Global Financial Crisis Appendix D: Key Sources
Think Tanks
Journals/Publications
Radio Stations
http://www.chicagopublicradio.org/default.aspxhttp://www.npr.org/http://edition.cnn.com/http://www.reuters.com/homehttp://www.grailresearch.com/Default.aspx -
8/14/2019 Global_Financial_Crisis GRail.pdf
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