2008-2009 Economic crunch overview Free Essay, Term Paper and Book Report
The world wide financial crises that started at the end of the year 2007 and continued all the way down to 2009 has caused a lot of chaos and financial losses. The crisis was a result of market degeneration brought about by Collateralized Debt Obligations CDO's. These were just but bonds attached with mortgages on houses mainly bought in the US although a lot of banks from Europe and other regions went a head to invest in the same. These bonds were too appealing in that higher interest rates were to be paid than the U.S normal treasury bonds or the corporate bonds (Norman et al, 2009). When the CDO markets went down as a result of gross irregularities in the mortgages, the corresponding CDOs became useless and the banks that were holding them in large quantities became insolvent. The U.S government had to come up with an urgent measure to bail out the banks from the total collapse. Over 200 banks were thus given $350 billion dollars for their bailout. The same scenario was repeated in the Europe countries (Norman et al, 2009).
Incidentally this was not the first time such an economi......
Word Count: 1647
Page Count: 6.5 (250 words a page / double spaced)
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