Global financial crisis of 2008–2009 | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-06-13

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008


00:01:44 1 Summary
00:01:53 1.1 Timeline
00:06:52 1.2 Subprime mortgage bubble
00:09:34 1.3 Banking crisis
00:11:47 1.4 Consequences
00:14:46 1.5 Background causes
00:18:17 2 Causes
00:24:20 2.1 Subprime lending
00:37:42 2.2 Growth of the housing bubble
00:42:49 2.3 Easy credit conditions
00:47:14 2.4 Weak and fraudulent underwriting practices
00:51:09 2.5 Predatory lending
00:53:04 2.6 Deregulation
00:59:35 2.7 Increased debt burden or overleveraging
01:06:20 2.8 Financial innovation and complexity
01:10:26 2.9 Incorrect pricing of risk
01:20:09 2.10 Boom and collapse of the shadow banking system
01:24:24 2.11 Commodities boom
01:27:50 2.12 Systemic crisis
01:33:19 2.13 Role of economic forecasting
01:39:15 2.14 Wrong banking model
01:40:14 3 Impact on financial markets
01:40:25 3.1 US stock market
01:42:30 3.2 Financial institutions
01:45:02 4 IndyMac
01:52:30 4.1 Collapse
01:58:21 4.2 Credit markets and the shadow banking system
02:02:07 4.3 Wealth effects
02:07:30 4.4 European contagion
02:09:08 5 Effects on the global economy (as of 2009)
02:09:21 5.1 Global effects
02:16:00 5.2 US economic effects
02:16:10 5.2.1 Real gross domestic product
02:17:37 5.2.2 Distribution of wealth in the US
02:18:56 5.3 Official economic projections
02:21:44 6 Government responses
02:21:54 6.1 Emergency and short-term responses
02:25:59 6.2 Regulatory proposals and long-term responses
02:29:02 6.3 United States Congress response
02:30:37 6.4 Court proceedings
02:31:14 6.5 Continuation of the financial crisis in the US housing market
02:31:49 7 Stabilization
02:34:15 8 Media coverage
02:36:42 9 Consequences for subsequent economic growth



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SUMMARY
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The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the most serious financial crisis since the Great Depression of the 1930s.It began in 2007 with a crisis in the subprime mortgage market in the United States, and developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers on September 15, 2008. Excessive risk-taking by banks such as Lehman Brothers helped to magnify the financial impact globally. Massive bail-outs of financial institutions and other palliative monetary and fiscal policies were employed to prevent a possible collapse of the world financial system. The crisis was nonetheless followed by a global economic downturn, the Great Recession. The European debt crisis, a crisis in the banking system of the European countries using the euro, followed later.
In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US following the crisis to "promote the financial stability of the United States". The Basel III capital and liquidity standards were adopted by countries around the world.