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A big financial crisis will accelerate the cuts and turn the recession into a potential depression. That is, of course, what happened in 2008. The effects of the emergence of balance-sheet constraints on spending and borrowing will, in brief, be revealed in the huge financial surpluses in the private sectors of crisis-hit economies." [6]
In August 1998, the value of the ruble fell 34% and people clamored to get their money out of banks (see 1998 Russian financial crisis). The government acted by dragging its feet on privatization programs. Russians responded to this situation with approval by electing the more pro-dirigist and less liberal Vladimir Putin as President in 2000 ...
The U.S. auto industry was profitable in every year since 1955, except those years following U.S. recessions and involvement in wars. U.S. auto industry profits suffered from 1971 to 1973 during the Vietnam War, during the recession in the late 1970s which impacted auto industry profits from 1981 to 1983, during and after the Gulf War when ...
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This was a reoccurring problem in the financial crisis. Since the crisis unfolded, fair value assets held by banks increasingly became Level 3 inputs (unobservable). Ultimately, most of the assets held by financial institutions were either not subject to fair value, or did not impact the income statement or balance sheet accounts. [4]
According to Barry Eichengreen, the roots of the financial crisis lay in the deregulation of financial markets. [332] A 2012 OECD study [333] suggest that bank regulation based on the Basel accords encourage unconventional business practices and contributed to or even reinforced the financial crisis. In other cases, laws were changed or ...
Banks make money from card products through interest charges and fees charged to credit and debit card holders, and transaction fees to retailers [30] who accept the bank's cards for payments. This helps in making a profit and facilitates economic development as a whole. [31]
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