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The 2008 financial crisis, also known as the global financial crisis, was a major worldwide economic crisis, centered in the United States, which triggered the Great Recession of late 2007 to mid-2009, the most severe downturn since the Wall Street crash of 1929 and Great Depression.
The Dodd–Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, reduced the amount authorized to $475 billion (approximately $648 billion in 2023). By October 11, 2012, the Congressional Budget Office (CBO) stated that total disbursements would be $431 billion, and estimated the total cost, including grants for ...
The New York State Comptroller's Office has said that in 2006, Wall Street executives took home bonuses totaling $23.9 billion (~$34.8 billion in 2023). "Wall Street traders were thinking of the bonus at the end of the year, not the long-term health of their firm.
The Wall Street bear highlighted the nation's monumental mountain of debt as one of the big issues. Spitznagel explained: “Debts need to get paid or they end in default.
[17] In his Rolling Stone op-ed, Wall Street investigative journalist Matt Taibbi, who once referred to Goldman Sachs as a "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.", [18] applauds the "extraordinary investigative effort" by the Senate subcommittee. He ...
Preparing for a crash In an interview with New York Magazine's Intelligencer last year, Spitznagel likened the Fed's “constant monetary intervention” to forest fire suppression.
Here's what else happened today: The Fed won't cut rates at all in 2025 , Deutsche Bank says. The area of the stock market investors should avoid next year , according to Wells Fargo.
The Countrywide financial political loan scandal in 2008-2009 involved U.S. politicians who allegedly received favorable mortgage rates.. In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates at Countrywide Financial because the corporation placed the officeholders in a program called "FOA's ...