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In March 2009, Blackstone Group CEO Stephen Schwarzman said that up to 45% of global wealth had been destroyed by the global financial crisis. [ 17 ] By March 9, 2009, the Dow had fallen to 6,500, a percentage decline exceeding the pace of the market's fall during the Great Depression and a level which the index had last seen in 1997.
This addition reflects the assessment of U.S. intelligence agencies that the global financial crisis presents a serious threat to international stability. [150] Business Week stated in March 2009 that global political instability is rising fast because of the global financial crisis and is creating new challenges that need managing. [151]
Subprime mortgage lending jumped dramatically during the 2004–2006 period preceding the crisis (source: Financial Crisis Inquiry Commission Report, p. 70 Figure 5.2). Number of U.S. household properties subject to foreclosure actions by quarter. In the early months of 2008, many observers believed that a U.S. recession had begun.
This article gives the timeline of the Great Recession, which hit many developed economies in the wake of the 2007–2008 financial crisis. Note: The date indicated is that of the official announcement by the department or the public agency in charge of the measurement of the economic activity of the country. Thus, because of possible lags in ...
In testimony yesterday before a Congressional Oversight Panel, Treasury Secretary Timothy Geithner sounded an optimistic note about the state of the economy, stating that financial institutions ...
Columbia Journalism Review this month took the first steps toward transforming the ghost stories and urban legends of America's current recession into the formalized analysis of history. In "The ...
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 1929 Wall Street crash and Great Depression.
The U.S. stock futures market fell at the open Sunday evening, not long after the Federal Reserve cut interest rates to zero to 0.25%, the first time interest rates have been that low since the ...