Meltdown - The Global Financial Crisis? pt 1of 4

http://www.peoplestandup.ca
by Terrence MdKenna's voice that this is from "DocZone," a CBC.ca
The credit crunch
The global financial crisis (GFC) or global economic crisis is commonly believed to have begun in July 2007 with the credit crunch, when a loss of confidence by US investors in the value of sub-prime mortgages caused a liquidity crisis. This, in turn, resulted in the US Federal Bank injecting a large amount of capital into financial markets. By September 2008, the crisis had worsened as stock markets around the globe crashed and became highly volatile. Consumer confidence hit rock bottom as everyone tightened their belts in fear of what could lie ahead.




The sub-prime crisis and housing bubble
The housing market in the United States suffered greatly as many home owners who had taken out sub-prime loans found they were unable to meet their mortgage repayments. As the value of homes plummeted, the borrowers found themselves with negative equity. With a large number of borrowers defaulting on loans, banks were faced with a situation where the repossessed house and land was worth less on today's market than the bank had loaned out originally. The banks had a liquidity crisis on their hands, and giving and obtaining loans became increasingly difficult as the fallout from the sub-prime lending bubble burst. This is commonly referred to as the credit crunch.

Although the housing collapse in the United States is commonly referred to as the trigger for the global financial crisis, some experts who have examined the events over the past few years, and indeed even politicians in the United States, may believe that the financial system was needed better regulation to discourage unscrupulous lending.



The global financial crisis enters a new phase
The collapse of Lehman Brothers on September 14, 2008 marked the beginning of a new phase in the global financial crisis. Governments around the world struggled to rescue giant financial institutions as the fallout from the housing and stock market collapse worsened. Many financial institutions continued to face serious liquidity issues. The Australian government announced the first of it's stimulus packages aimed to jump-start the slowing economy.

The U.S. government proposed a $700 billion rescue plan, which subsequently failed to pass because some members of US Congress objected to the use of such a massive amount of taxpayer money being spent to bail out Wall Street investment bankers who some people may have believed could be one of the causes of the global financial crisis.

By September and October of 2008, people began investing heavily in gold, bonds and US dollar or Euro currency as it was seen as a safer alternative to the ailing housing or stock market.

In January of 2009 US President Obama proposed federal spending of around $1 trillion in an attempt to improve the state of the financial crisis. The Australian government also proposed another stimulus package, pledging to give cash handouts to tax payers, and spend more money on longer-term infrastructure projects. Australia's response to the global financial crisis - the first stimulus package
Australian prime minister Kevin Rudd and Treasurer Wayne Swan delivered their first budget in response to the global financial crisis, with the main objective being to fight inflation - a major problem in the local economy at the time.
The global financial crisis enters a new phase
The collapse of Lehman Brothers on September 14, 2008 marked the beginning of a new phase in the global financial crisis. Governments around the world struggled to rescue giant financial institutions as the fallout from the housing and stock market collapse worsened. Many financial institutions continued to face serious liquidity issues. The Australian government announced the first of it's stimulus packages aimed to jump-start the slowing economy.

The U.S. government proposed a $700 billion rescue plan, which subsequently failed to pass because some members of US Congress objected to the use of such a massive amount of taxpayer money being spent to bail out Wall Street investment bankers who some people may have believed could be one of the causes of the global financial crisis.

By September and October of 2008, people began investing heavily in gold, bonds and US dollar or Euro currency as it was seen as a safer alternative to the ailing housing or stock market.

In January of 2009 US President Obama proposed federal spending of around $1 trillion in an attempt to improve the state of the financial crisis. The Australian government also proposed another stimulus package, pledging to give cash handouts to tax payers, and spend more money on longer-term infrastructure projects.

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[Rama6RIP]

Marx wrote very little about Communism. However, his analysis about capitalism was spot on. P.S. Do not use racism to attack racism, it just does not work.

[Rama6RIP]

The Protocols of the Elders of Zion is not real! The problem is that you are an idiot.

[Rama6RIP]

Do you also believe in Santa Claus and the Easter Bunny?

[mwells219]

shame more american's won't see this.

[NativePrideification]

why do you dumb motherfuckers always justify your racist sentiments by saying that the financial meltdown was caused by Zionist Jews. its not just Jews, its a cabal of multinational elite powerbrokers white, yellow, brown it doesn't matter your either with them or against them and your with them if you knowingly serve their system. it's just rich and powerful people consolidating power

[Sarah Gold]

Bush reincarnation of Hitler was behind the events now its Obama the A/C turn, we will see more events till they get what they want martial law and forces into fema camps and kill us all. This will happen because we are mystery Babylon is the USA God is very angry with her and he will bring his wrath down on her, God tells us to leave her don't part take in her sins, If you can I would leave the USA now while you still have time. People repent your sins to Jesus and trust in him be saved NOW.

[mexjmort]

CBC Fking the Canadians tax payers

[David Robertson]

hey people, this is NOT capitslism! this is fascism/socialism! when only a few take control of banking and commerse systems. capitalism is when people have the power to invest in the economic and commerce systems that exist. unfortunately, the USA has not been capitalist since around the 1950`s. only a few have broken the trend, but needed massive backing to do so.