什么是 Northern Rock collapse，Bear Sterns, wider sub prime crisis?
The financial crisis of 2007–2009 began in July 2007[1] when a loss of confidence by investors in the value of securitized mortgages in the United States resulted in a liquidity crisis that prompted a substantial injection of capital into financial markets by the United States Federal Reserve, Bank of England and the European Central Bank.[2][3] The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008,[4] reaching a record 4.65% on October 10, 2008. In September 2008, the crisis deepened, as stock markets worldwide crashed and entered a period of high volatility, and a considerable number of banks, mortgage lenders and insurance companies failed in the following weeks.
Although America's housing collapse is often cited as having caused the crisis, the financial system was vulnerable because of intricate and highly-leveraged financial contracts and operations, a U.S. monetary policy making the cost of credit negligible therefore encouraging such high levels of leverage, and generally a "hypertrophy of the financial sector" (financialization).
The crisis in real estate, banking and credit in the United States had a global reach, affecting a wide range of financial and economic activities and institutions, including the:
Overall tightening of credit with financial institutions making both corporate and consumer credit harder to get;[6]
Financial markets (stock exchanges and derivative markets) that experienced steep declines;
Liquidity problems in equity funds and hedge funds;
Devaluation of the assets underpinning insurance contracts and pension funds leading to concerns about the ability of these instruments to meet future obligations:
Increased public debt public finance due to the provision of public funds to the financial services industry and other affected industries, and the
Devaluation of some currencies (Icelandic crown, some Eastern Europe and Latin America currencies) and increased currency volatility,
The first symptoms of what is now called the late 2000s recession ensued also in various countries and various industries. The financial crisis, albeit not the only cause among other economic imbalances, was a factor by making borrowing and equity raising harder.
Events of 2008
January, 2008: Stock Market Volatility
February, 2008: Nationalisation of Northern Rock[66]
March, 2008: Collapse of Bear Stearns
March, 2008: Federal takeover of Fannie Mae and Freddie Mac
June 27, 2008: Bear Market of 2008 declared
July, 2008: Oil prices peak at $145 per barrel as money flees housing and stock assets toward commodities
September, 2008: Global Financial Crisis
September, 2008: Bankruptcy of Lehman Brothers
September, 2008: Merrill Lynch sold to Bank of America Corporation
September, 2008: Morgan Stanley and Goldman Sachs confirmed that they would become traditional bank holding companies
September, 2008: partial nationalization of Fortis holding
October, 2008: Large losses in financial markets world wide throughout September and October
October, 2008: Passage of EESA of 2008
October, 2008: Iceland's major banks nationalized
November, 2008: China creates a stimulus plan
November, 2008: Dow Jones Industrial Average (DJIA) touches recent low point of 7,507 points[citation needed]
December, 2008: The Australian Government injects 'economic stimulus package' to avoid the country going into recession, December, 2008
December, 2008: Madoff Ponzi scheme scandal erupts
December, 2008: Belgium government resigns as a result of Fortis nationalization
Events of 2009
January 2009: U.S. President Barack Obama proposes federal spending bill approaching $1 trillion in value in an attempt to remedy financial crisis [67]
January 2009: Lawmakers propose massive bailout of failing U.S. banks [67]
January 2009: the U.S. House of Representatives passes the aforementioned spending bill.
January 2009: Government of Iceland collapses. [68]
February 2009: Canada's Parliament passes an early budget with a $40 billion stimulus package.
February 2009: JPMorgan Chase and Citigroup formally announce a temporary moratorium on residential foreclosures. The moratoriums will remain in effect until March 6 for JPMorgan and March 12 for Citigroup.[69]
February, 2009: U.S. President Barack Obama signs the $787 billion American Recovery and Reinvestment Act of 2009 into law. [70]
February 2009: The Australian Government seeks to enact another "economic stimulus package".
February 2009: 2009 Eastern European financial crisis arises.
February 2009: The Bank of Antigua is taken over by the Eastern Caribbean Central Bank after Sir Allen Stanford is accused by US financial authorities of involvement in an $8bn (£5.6bn) investment fraud. Peru, Venezuela, and Ecuador, had earlier suspended operations at banks owned by the group. [71]
February, 23rd 2009: The Dow Jones Industrial Average and the S&P 500 indexes stumbled to lows not seen since 1997.
February 27 2009: The S&P index closes at a level not seen since December 1996, and also closes the two month period beginning January 1 with the worst two month opening to a year in its history with a loss in value of 18.62%
March 2 2009: The S&P index finishes the first trading day of March with a drop of 4.7%, the worst opening to a March in NYSE history.
March 6 2009: The UK Government takes a controlling interest in Lloyds Banking Group by insuring their debt.
March 8th 2009: US bear market of 2007–2009 declared
March 18 2009: The Federal Reserve announced that it will purchase $1.15 trillion in US Assets ($750 billion in mortgage backed securities, $300 billion in Treasuries, $100 billion in Agencies) in a bid to prop up liquidity and lending to spur economic growth. The markets initially rallied on the news, however concerns began to grow regarding long term devaluation of the US dollar and subsequent inflation.
March 23 2009: In the United States, the FDIC, the Federal Reserve, and the Treasury Department jointly announce the Public-Private Investment Program to leverage $75–$100 billion of TARP funds with private capital to purchase $500 billion of Legacy Assets (a.k.a. toxic assets).
Bear Sterns：贝尔斯登，全球最大的投资银行与证券交易公司之一。2007年以来，受次贷危机影响，贝尔斯登面临严重的流动性短缺危机，导致大批客户兑现、抽出资金。2008年3月14日，美联储决定通过摩根大通公司向贝尔斯登提供应急资金,以缓解该公司的流动性短缺危机。这是自1929年美国经济大萧条以来,美联储首次向非商业银行提供应急资金。5月29日，贝尔斯登以每股10美元的价格被摩根大通收购。
wider sub prime crisis：扩大的次贷危机。次贷危机是指一场发生在美国，因次级抵押贷款机构破产、投资基金被迫关闭、股市剧烈震荡引起的风暴。它致使全球主要金融市场隐约出现流动性不足危机。美国“次贷危机”是从2006年春季开始逐步显现的。2007年8月席卷美国、欧盟和日本等世界主要金融市场。具体请参考http://baike.baidu.com/view/1256938.htm
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