rajpurkar/squad huggingface dataset:
Title: Financial_crisis_of_2007%E2%80%9308

When home prices declined in the latter half of 2007 and the secondary mortgage market collapsed, IndyMac was forced to hold $10.7 billion of loans it could not sell in the secondary market. Its reduced liquidity was further exacerbated in late June 2008 when account holders withdrew $1.55 billion or about 7.5% of IndyMac's deposits. This “run” on the thrift followed the public release of a letter from Senator Charles Schumer to the FDIC and OTS. The letter outlined the Senator’s concerns with IndyMac. While the run was a contributing factor in the timing of IndyMac’s demise, the underlying cause of the failure was the unsafe and unsound manner in which the thrift was operated.

Question: How much in deposits did account holders withdraw from IndyMac in late June 2008?
Answer: $1.55 billion

Question: What percent of IndyMac's deposits were withdrawn by account holders in late June 2008?
Answer: 7.5%

Question: What was the value of loans IndyMac was forced to hold when the secondary mortgage market collapsed in late 2007?
Answer: $10.7 billion

Question: Who is the Senator that released a letter to the FDIC and OTS that prompted a "run" on IndyMac?
Answer: Charles Schumer

Question: What was the underlying cause of the failure on IndyMac?
Answer: unsafe and unsound manner in which the thrift was operated
Title: Financial_crisis_of_2007%E2%80%9308

On July 11, 2008, citing liquidity concerns, the FDIC put IndyMac Bank into conservatorship. A bridge bank, IndyMac Federal Bank, FSB, was established to assume control of IndyMac Bank's assets, its secured liabilities, and its insured deposit accounts. The FDIC announced plans to open IndyMac Federal Bank, FSB on July 14, 2008. Until then, depositors would have access their insured deposits through ATMs, their existing checks, and their existing debit cards. Telephone and Internet account access was restored when the bank reopened. The FDIC guarantees the funds of all insured accounts up to US$100,000, and has declared a special advance dividend to the roughly 10,000 depositors with funds in excess of the insured amount, guaranteeing 50% of any amounts in excess of $100,000. Yet, even with the pending sale of Indymac to IMB Management Holdings, an estimated 10,000 uninsured depositors of Indymac are still at a loss of over $270 million.

Question: What was the name of the bridge bank established to assume control of IndyMac Bank's assets, liabilities and deposit accounts?
Answer: IndyMac Federal Bank, FSB

Question: What is the maximum amount of funds the FDIC guarantees in insured accounts?
Answer: US$100,000

Question: How many IndyMac account holders held funds in excess of the FDIC's insured amount of US$100,000?
Answer: roughly 10,000 depositors

Question: On what date did the FDIC put IndyMac Bank into conservatorship?
Answer: July 11, 2008

Question: On what date did the FDIC plan to open IndyMac Federal Bank, FSB?
Answer: July 14, 2008
Title: Financial_crisis_of_2007%E2%80%9308

Initially the companies affected were those directly involved in home construction and mortgage lending such as Northern Rock and Countrywide Financial, as they could no longer obtain financing through the credit markets. Over 100 mortgage lenders went bankrupt during 2007 and 2008. Concerns that investment bank Bear Stearns would collapse in March 2008 resulted in its fire-sale to JP Morgan Chase. The financial institution crisis hit its peak in September and October 2008. Several major institutions either failed, were acquired under duress, or were subject to government takeover. These included Lehman Brothers, Merrill Lynch, Fannie Mae, Freddie Mac, Washington Mutual, Wachovia, Citigroup, and AIG. On Oct. 6, 2008, three weeks after Lehman Brothers filed the largest bankruptcy in U.S. history, Lehman's former CEO found himself before Representative Henry A. Waxman, the California Democrat who chaired the House Committee on Oversight and Government Reform. Fuld said he was a victim of the collapse, blaming a "crisis of confidence" in the markets for dooming his firm.

Question: How many mortgage lenders went bankrupt during 2007 and 2008?
Answer: Over 100

Question: Who is the investment bank that was feared to collapse in March 2008 and was sold in a fire-sale to JP Morgan Chase?
Answer: Bear Stearns

Question: When did the financial institution crisis hit its peak?
Answer: September and October 2008

Question: When did Lehman's former CEO appear before Representative Henry A. Waxman?
Answer: Oct. 6, 2008

Question: What firm filed the largest bankruptcy in U.S. history?
Answer: Lehman Brothers
Title: Financial_crisis_of_2007%E2%80%9308

In September 2008, the crisis hit its most critical stage. There was the equivalent of a bank run on the money market funds, which frequently invest in commercial paper issued by corporations to fund their operations and payrolls. Withdrawal from money markets were $144.5 billion during one week, versus $7.1 billion the week prior. This interrupted the ability of corporations to rollover (replace) their short-term debt. The U.S. government responded by extending insurance for money market accounts analogous to bank deposit insurance via a temporary guarantee and with Federal Reserve programs to purchase commercial paper. The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008, reaching a record 4.65% on October 10, 2008.

Question: The equivalent of a bank run on which funds occurred in September 2008?
Answer: money market funds

Question: What do money market funds frequently invest in?
Answer: commercial paper issued by corporations

Question: When did the financial crisis hit its most critical stage?
Answer: September 2008

Question: How much was withdrawn from money markets during one week in September 2008?
Answer: $144.5 billion

Question: What was the record high for the TED spread on October 10, 2008?
Answer: 4.65%
Title: Financial_crisis_of_2007%E2%80%9308

Economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner explain the credit crisis via the implosion of the shadow banking system, which had grown to nearly equal the importance of the traditional commercial banking sector as described above. Without the ability to obtain investor funds in exchange for most types of mortgage-backed securities or asset-backed commercial paper, investment banks and other entities in the shadow banking system could not provide funds to mortgage firms and other corporations.

Question: Economist Paul Krugman explained the credit crisis via the implosion of which system?
Answer: shadow banking system

Question: What is the system with nearly equal the importance of traditional commercial banking?
Answer: shadow banking system

Question: The shadow banking system could not provide funds to mortgage firms and other corporations without the ability to obtain which funds?
Answer: investor funds

Question: What was Timothy Geithner's position during the fall of 2008?
Answer: U.S. Treasury Secretary
Title: Financial_crisis_of_2007%E2%80%9308

This meant that nearly one-third of the U.S. lending mechanism was frozen and continued to be frozen into June 2009. According to the Brookings Institution, the traditional banking system does not have the capital to close this gap as of June 2009: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume". The authors also indicate that some forms of securitization are "likely to vanish forever, having been an artifact of excessively loose credit conditions". While traditional banks have raised their lending standards, it was the collapse of the shadow banking system that is the primary cause of the reduction in funds available for borrowing.

Question: How much of the U.S. lending mechanism was frozen until June 2009?
Answer: nearly one-third

Question: What is the primary cause of the reduction in funds available for borrowing?
Answer: the collapse of the shadow banking system

Question: What institution reported that the traditional banking systems does not have the capital to close the gap in the lending mechanism?
Answer: Brookings Institution

Question: What is likely to vanish forever, as a result of excessively loose credit conditions?
Answer: some forms of securitization

Question: As of June 2009, the Brookings Institution reports that traditional banking system does not have enough of what to close the lending gap?
Answer: capital
Title: Financial_crisis_of_2007%E2%80%9308

There is a direct relationship between declines in wealth and declines in consumption and business investment, which along with government spending, represent the economic engine. Between June 2007 and November 2008, Americans lost an estimated average of more than a quarter of their collective net worth.[citation needed] By early November 2008, a broad U.S. stock index the S&P 500, was down 45% from its 2007 high. Housing prices had dropped 20% from their 2006 peak, with futures markets signaling a 30–35% potential drop. Total home equity in the United States, which was valued at $13 trillion at its peak in 2006, had dropped to $8.8 trillion by mid-2008 and was still falling in late 2008. Total retirement assets, Americans' second-largest household asset, dropped by 22%, from $10.3 trillion in 2006 to $8 trillion in mid-2008. During the same period, savings and investment assets (apart from retirement savings) lost $1.2 trillion and pension assets lost $1.3 trillion. Taken together, these losses total a staggering $8.3 trillion. Since peaking in the second quarter of 2007, household wealth is down $14 trillion.

Question: How much net worth did Americans lose between June 2007 and November 2008?
Answer: more than a quarter

Question: In November 2008, how much was the U.S. stock index down from its 2007 high?
Answer: 45%

Question: In November 2008, how much had housing prices drop from their 2006 peak?
Answer: 20%

Question: How much was home equity valued in the United States at its peak in 2006?
Answer: $13 trillion

Question: How much was home equity valued in the United States in mid-2008?
Answer: $8.8 trillion
Title: Financial_crisis_of_2007%E2%80%9308

In November 2008, economist Dean Baker observed: "There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the Great Depression. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007... While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $6 trillion in housing wealth and an even larger amount of stock wealth.

Question: According to economist Dean Baker, a homeowner who has no equity if this type default risk?
Answer: serious

Question: What is one of the major problems with the economy in November 2008?
Answer: loss of close to $6 trillion in housing wealth

Question: How many homeowners who had substantial equity in their homes two years ago, have little no equity as of November 2008?
Answer: Tens of millions

Question: What does the creditworthiness of businesses depend on?
Answer: future profits

Question: How did profit prospects for businesses look in November 2008 compared to November 2007?
Answer: much worse
Title: Financial_crisis_of_2007%E2%80%9308

Several commentators have suggested that if the liquidity crisis continues, an extended recession or worse could occur. The continuing development of the crisis has prompted fears of a global economic collapse although there are now many cautiously optimistic forecasters in addition to some prominent sources who remain negative. The financial crisis is likely to yield the biggest banking shakeout since the savings-and-loan meltdown. Investment bank UBS stated on October 6 that 2008 would see a clear global recession, with recovery unlikely for at least two years. Three days later UBS economists announced that the "beginning of the end" of the crisis had begun, with the world starting to make the necessary actions to fix the crisis: capital injection by governments; injection made systemically; interest rate cuts to help borrowers. The United Kingdom had started systemic injection, and the world's central banks were now cutting interest rates. UBS emphasized the United States needed to implement systemic injection. UBS further emphasized that this fixes only the financial crisis, but that in economic terms "the worst is still to come". UBS quantified their expected recession durations on October 16: the Eurozone's would last two quarters, the United States' would last three quarters, and the United Kingdom's would last four quarters. The economic crisis in Iceland involved all three of the country's major banks. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.

Question: In 2008, what type collapse was feared?
Answer: global economic collapse

Question: What investment bank stated on October 6 that 2008 would see a global recession lasting for at least two years?
Answer: UBS

Question: On October 16, 2008, how long did UBS predict the United States' recession would last?
Answer: three quarters

Question: Relative to the size of its economy, what country's banking collapse was the largest experienced by any country in economic history?
Answer: Iceland

Question: What was one of the actions taken by government to fix the financial crisis?
Answer: capital injection
Title: Financial_crisis_of_2007%E2%80%9308

The Brookings Institution reported in June 2009 that U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007. "The US economy has been spending too much and borrowing too much for years and the rest of the world depended on the U.S. consumer as a source of global demand." With a recession in the U.S. and the increased savings rate of U.S. consumers, declines in growth elsewhere have been dramatic. For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico.

Question: According to The Brookings Institution report in June 2009, how much growth did U.S. consumption account for between 2000 and 2007?
Answer: more than a third

Question: For the first quarter of 2009, what was the annualized rate of decline in GDP in Germany?
Answer: 14.4%

Question: For the first quarter of 2009, what was the annualized rate of decline in GDP in Mexico?
Answer: 21.5%

Question: Who depended on the U.S. consumer as a source of global demand?
Answer: the rest of the world

Question: What is one reason for the decline in growth around the world in 2009?
Answer: recession in the U.S.
Title: Financial_crisis_of_2007%E2%80%9308

Some developing countries that had seen strong economic growth saw significant slowdowns. For example, growth forecasts in Cambodia show a fall from more than 10% in 2007 to close to zero in 2009, and Kenya may achieve only 3–4% growth in 2009, down from 7% in 2007. According to the research by the Overseas Development Institute, reductions in growth can be attributed to falls in trade, commodity prices, investment and remittances sent from migrant workers (which reached a record $251 billion in 2007, but have fallen in many countries since). This has stark implications and has led to a dramatic rise in the number of households living below the poverty line, be it 300,000 in Bangladesh or 230,000 in Ghana. Especially states with a fragile political system have to fear that investors from Western states withdraw their money because of the crisis. Bruno Wenn of the German DEG recommends to provide a sound economic policymaking and good governance to attract new investors

Question: What is the growth forecast for Cambodia in 2009?
Answer: close to zero

Question: How much were remittances sent from migrant workers in 2007?
Answer: $251 billion

Question: How many people live below the poverty line in Bangladesh?
Answer: 300,000

Question: What does Bruno Wenn of the German DEG recommend to attract new investors?
Answer: sound economic policymaking and good governance

Question: According to Overseas Development Institute, what is one reason for the reduction in growth in developing countries?
Answer: falls in trade
Title: Financial_crisis_of_2007%E2%80%9308

The World Bank reported in February 2009 that the Arab World was far less severely affected by the credit crunch. With generally good balance of payments positions coming into the crisis or with alternative sources of financing for their large current account deficits, such as remittances, Foreign Direct Investment (FDI) or foreign aid, Arab countries were able to avoid going to the market in the latter part of 2008. This group is in the best position to absorb the economic shocks. They entered the crisis in exceptionally strong positions. This gives them a significant cushion against the global downturn. The greatest impact of the global economic crisis will come in the form of lower oil prices, which remains the single most important determinant of economic performance. Steadily declining oil prices would force them to draw down reserves and cut down on investments. Significantly lower oil prices could cause a reversal of economic performance as has been the case in past oil shocks. Initial impact will be seen on public finances and employment for foreign workers.

Question: What area of the world was less severely affected by the credit crunch according to The World Bank report In February 2009?
Answer: Arab World

Question: What does the abbreviation FDI stand for?
Answer: Foreign Direct Investment

Question: Arab countries entered the financial crisis in exceptionally strong positions giving them a cushion against this?
Answer: global downturn

Question: What will have the greatest impact on the global economic crisis?
Answer: lower oil prices

Question: What is the single most important determinant of economic performance?
Answer: oil prices
Title: Financial_crisis_of_2007%E2%80%9308

The output of goods and services produced by labor and property located in the United States—decreased at an annual rate of approximately 6% in the fourth quarter of 2008 and first quarter of 2009, versus activity in the year-ago periods. The U.S. unemployment rate increased to 10.1% by October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964. With the decline of gross domestic product came the decline in innovation. With fewer resources to risk in creative destruction, the number of patent applications flat-lined. Compared to the previous 5 years of exponential increases in patent application, this stagnation correlates to the similar drop in GDP during the same time period.

Question: What was the U.S. unemployment rate in October 2009?
Answer: 10.1%

Question: What was the average hours per work week in October 2009?
Answer: 33

Question: What was the annual rate of decrease for the output of goods and services produced by labor and property in 4Q 2008 and 1Q 2009?
Answer: 6%

Question: The U.E. employment rate was 10.2% in October 2009, which was the highest rate since what year?
Answer: 1983

Question: The decline of gross domestic product also caused a decline in innovation, evidenced by the flat-lining of what?
Answer: patent applications
Title: Financial_crisis_of_2007%E2%80%9308

European regulators introduced Basel III regulations for banks. It increased capital ratios, limits on leverage, narrow definition of capital (to exclude subordinated debt), limit counter-party risk, and new liquidity requirements. Critics argue that Basel III doesn’t address the problem of faulty risk-weightings. Major banks suffered losses from AAA-rated created by financial engineering (which creates apparently risk-free assets out of high risk collateral) that required less capital according to Basel II. Lending to AA-rated sovereigns has a risk-weight of zero, thus increasing lending to governments and leading to the next crisis. Johan Norberg argues that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see European sovereign-debt crisis) and the ECB pursues even more lending as the solution.

Question: Critics argue that Basel III doesn't address which problem?
Answer: faulty risk-weightings

Question: What term describes creating risk-free assets out of high risk collateral?
Answer: financial engineering

Question: What did European regulators introduce to increase the oversight of banks?
Answer: Basel III regulations

Question: Who argued that regulations led to excessive lending to risky governments?
Answer: Johan Norberg

Question: What was increased by Basel III regulations?
Answer: capital ratios
Title: Financial_crisis_of_2007%E2%80%9308

The U.S. recession that began in December 2007 ended in June 2009, according to the U.S. National Bureau of Economic Research (NBER) and the financial crisis appears to have ended about the same time. In April 2009 TIME magazine declared "More Quickly Than It Began, The Banking Crisis Is Over." The United States Financial Crisis Inquiry Commission dates the crisis to 2008. President Barack Obama declared on January 27, 2010, "the markets are now stabilized, and we've recovered most of the money we spent on the banks."

Question: When did the U.S. recession that began in December 2007 end?
Answer: June 2009

Question: When did the financial crisis appear to have ended?
Answer: June 2009

Question: When does the United States Financial Crisis Inquiry Commission date the crisis to?
Answer: 2008

Question: What was the name of the article that appeared in TIME magazine in April 2009 declaring the crisis over?
Answer: More Quickly Than It Began, The Banking Crisis Is Over."

Question: On what date did President Barack Obama declare that the markets are stabilized?
Answer: January 27, 2010
Title: Financial_crisis_of_2007%E2%80%9308

Advanced economies led global economic growth prior to the financial crisis with "emerging" and "developing" economies lagging behind. The crisis completely overturned this relationship. The International Monetary Fund found that "advanced" economies accounted for only 31% of global GDP while emerging and developing economies accounted for 69% of global GDP from 2007 to 2014. In the tables, the names of emergent economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.

Question: Who led global economic growth after the financial crisis?
Answer: "emerging" and "developing" economies

Question: How much global GDP did emerging and developing economies account for from 2007 to 2014?
Answer: 69%

Question: What relationship between advanced and emerging/developing was completely overturned by the financial crisis of 2007?
Answer: global economic growth

Question: How much global GDP did "advanced" economies account for from 2007 to 2014?
Answer: 31%

Question: What economies led global economic growth prior to the financial crisis?
Answer: Advanced economies