yz2022/T2P-DownstreamNLP huggingface dataset:
Financial_crisis_of_2007%E2%80%9308

In testimony before the Senate Committee on Commerce, Science, and Transportation on June 3, 2008, former director of the CFTC Division of Trading & Markets (responsible for enforcement) Michael Greenberger specifically named the Atlanta-based IntercontinentalExchange, founded by Goldman Sachs, Morgan Stanley and BP as playing a key role in speculative run-up of oil futures prices traded off the regulated futures exchanges in London and New York. However, the IntercontinentalExchange (ICE) had been regulated by both European and U.S. authorities since its purchase of the International Petroleum Exchange in 2001. Mr Greenberger was later corrected on this matter.

Question: Who did Michael Greenberger erronesously name as a key player in speculative run-up of oil futures?
Answer: IntercontinentalExchange
Financial_crisis_of_2007%E2%80%9308

One of the first victims was Northern Rock, a medium-sized British bank. The highly leveraged nature of its business led the bank to request security from the Bank of England. This in turn led to investor panic and a bank run in mid-September 2007. Calls by Liberal Democrat Treasury Spokesman Vince Cable to nationalise the institution were initially ignored; in February 2008, however, the British government (having failed to find a private sector buyer) relented, and the bank was taken into public hands. Northern Rock's problems proved to be an early indication of the troubles that would soon befall other banks and financial institutions.

Question: Which medium sized British bank was the first victim of the financial crisis?
Answer: Northern Rock
Financial_crisis_of_2007%E2%80%9308

Typical American families did not fare as well, nor did those "wealthy-but-not wealthiest" families just beneath the pyramid's top. On the other hand, half of the poorest families did not have wealth declines at all during the crisis. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63 percent of all Americans declined in that period. 77 percent of the richest families had a decrease in total wealth, while only 50 percent of those on the bottom of the pyramid suffered a decrease.

Question: In a Federal Reserve survey of 4,000 households, what percent reported wealth decline between 2007 and 2009?
Answer: 63
Financial_crisis_of_2007%E2%80%9308

One of the first victims was Northern Rock, a medium-sized British bank. The highly leveraged nature of its business led the bank to request security from the Bank of England. This in turn led to investor panic and a bank run in mid-September 2007. Calls by Liberal Democrat Treasury Spokesman Vince Cable to nationalise the institution were initially ignored; in February 2008, however, the British government (having failed to find a private sector buyer) relented, and the bank was taken into public hands. Northern Rock's problems proved to be an early indication of the troubles that would soon befall other banks and financial institutions.

Question: When did Northern Rock investors panic and a bank run begin?
Answer: September 2007
Financial_crisis_of_2007%E2%80%9308

Typical American families did not fare as well, nor did those "wealthy-but-not wealthiest" families just beneath the pyramid's top. On the other hand, half of the poorest families did not have wealth declines at all during the crisis. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63 percent of all Americans declined in that period. 77 percent of the richest families had a decrease in total wealth, while only 50 percent of those on the bottom of the pyramid suffered a decrease.

Question: Which families experienced the least decline in wealth between 2007 and 2009?
Answer: poorest families

Question: How many families at the bottom of the pyramid had a decrease in total wealth between 2007 and 2009?
Answer: 50

Question: How many of the poorest families did not have any wealth decline during the financial crisis?
Answer: half

Question: How many of the richest families had a decrease in total wealth between 2007 and 2009?
Answer: 77
Financial_crisis_of_2007%E2%80%9308

One of the first victims was Northern Rock, a medium-sized British bank. The highly leveraged nature of its business led the bank to request security from the Bank of England. This in turn led to investor panic and a bank run in mid-September 2007. Calls by Liberal Democrat Treasury Spokesman Vince Cable to nationalise the institution were initially ignored; in February 2008, however, the British government (having failed to find a private sector buyer) relented, and the bank was taken into public hands. Northern Rock's problems proved to be an early indication of the troubles that would soon befall other banks and financial institutions.

Question: When was Northern Rock taken into public hands?
Answer: February 2008
Financial_crisis_of_2007%E2%80%9308

United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. In January 2010, Obama proposed additional regulations limiting the ability of banks to engage in proprietary trading. The proposals were dubbed "The Volcker Rule", in recognition of Paul Volcker, who has publicly argued for the proposed changes.

Question: What was one of the items important to consumers that was addressed by the new regulatory proposals introduced in June 2009?
Answer: consumer protection

Question: What was introduced by President Barack Obama in June 2009?
Answer: a series of regulatory proposals

Question: Regulations were proposed by Obama in January 2010 to limit the ability of banks to engage in which type trading?
Answer: proprietary
Financial_crisis_of_2007%E2%80%9308

One of the first victims was Northern Rock, a medium-sized British bank. The highly leveraged nature of its business led the bank to request security from the Bank of England. This in turn led to investor panic and a bank run in mid-September 2007. Calls by Liberal Democrat Treasury Spokesman Vince Cable to nationalise the institution were initially ignored; in February 2008, however, the British government (having failed to find a private sector buyer) relented, and the bank was taken into public hands. Northern Rock's problems proved to be an early indication of the troubles that would soon befall other banks and financial institutions.

Question: Which bank early problems in 2007 were an indicator of the troubles that would soon befall other banks and financial institutions?
Answer: Northern Rock
Financial_crisis_of_2007%E2%80%9308

United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. In January 2010, Obama proposed additional regulations limiting the ability of banks to engage in proprietary trading. The proposals were dubbed "The Volcker Rule", in recognition of Paul Volcker, who has publicly argued for the proposed changes.

Question: Who were proposed new regulations called "The Volcker Rule" named after?
Answer: Paul Volcker

Question: Who publicly argued for changes limiting the ability of banks to engage in proprietary trading?
Answer: Paul Volcker
Financial_crisis_of_2007%E2%80%9308

Falling prices also resulted in homes worth less than the mortgage loan, providing a financial incentive to enter foreclosure. The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to drain wealth from consumers and erodes the financial strength of banking institutions. Defaults and losses on other loan types also increased significantly as the crisis expanded from the housing market to other parts of the economy. Total losses are estimated in the trillions of U.S. dollars globally.

Question: What is the financial incentive when a home is worth less than the mortgage loan?
Answer: foreclosure
Financial_crisis_of_2007%E2%80%9308

The U.S. Senate passed a reform bill in May 2010, following the House which passed a bill in December 2009. These bills must now be reconciled. The New York Times provided a comparative summary of the features of the two bills, which address to varying extent the principles enumerated by the Obama administration. For instance, the Volcker Rule against proprietary trading is not part of the legislation, though in the Senate bill regulators have the discretion but not the obligation to prohibit these trades.

Question: When did the U.S. Senate first pass a financial reform bill?
Answer: May 2010

Question: What rule against proprietary trading was not part of legislation passed by either the Senate or House?
Answer: Volcker Rule
Financial_crisis_of_2007%E2%80%9308

Market strategist Phil Dow believes distinctions exist "between the current market malaise" and the Great Depression. He says the Dow Jones average's fall of more than 50% over a period of 17 months is similar to a 54.7% fall in the Great Depression, followed by a total drop of 89% over the following 16 months. "It's very troubling if you have a mirror image," said Dow. Floyd Norris, the chief financial correspondent of The New York Times, wrote in a blog entry in March 2009 that the decline has not been a mirror image of the Great Depression, explaining that although the decline amounts were nearly the same at the time, the rates of decline had started much faster in 2007, and that the past year had only ranked eighth among the worst recorded years of percentage drops in the Dow. The past two years ranked third, however.

Question: How much did the Dow Jones average fall during a period of 17 months?
Answer: 50%

Question: Who is the market strategist that believes distinctions exist between the current crisis and the Great Depression?
Answer: Phil Dow
Financial_crisis_of_2007%E2%80%9308

During a period of tough competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view of some analysts, the relatively conservative government-sponsored enterprises (GSEs) policed mortgage originators and maintained relatively high underwriting standards prior to 2003. However, as market power shifted from securitizers to originators and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated. The worst loans were originated in 2004–2007, the years of the most intense competition between securitizers and the lowest market share for the GSEs.

Question: What years were the worst mortgage loans originated?
Answer: 2004–2007

Question: In what year were high underwriting standards relaxed?
Answer: 2003

Question: What caused mortgage lenders to relax underwriting standards and approve riskier mortgages?
Answer: tough competition
Financial_crisis_of_2007%E2%80%9308

Market strategist Phil Dow believes distinctions exist "between the current market malaise" and the Great Depression. He says the Dow Jones average's fall of more than 50% over a period of 17 months is similar to a 54.7% fall in the Great Depression, followed by a total drop of 89% over the following 16 months. "It's very troubling if you have a mirror image," said Dow. Floyd Norris, the chief financial correspondent of The New York Times, wrote in a blog entry in March 2009 that the decline has not been a mirror image of the Great Depression, explaining that although the decline amounts were nearly the same at the time, the rates of decline had started much faster in 2007, and that the past year had only ranked eighth among the worst recorded years of percentage drops in the Dow. The past two years ranked third, however.

Question: Who was the chief financial correspondent of The New York Times in March 2009?
Answer: Floyd Norris
Financial_crisis_of_2007%E2%80%9308

During a period of tough competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view of some analysts, the relatively conservative government-sponsored enterprises (GSEs) policed mortgage originators and maintained relatively high underwriting standards prior to 2003. However, as market power shifted from securitizers to originators and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated. The worst loans were originated in 2004–2007, the years of the most intense competition between securitizers and the lowest market share for the GSEs.

Question: What years had the most intense competition between securitizers and the lowest market share for GSEs?
Answer: 2004–2007

Question: Who policed mortgage originators and maintained relatively high standards prior to 2003?
Answer: government-sponsored enterprises (GSEs)
Financial_crisis_of_2007%E2%80%9308

It threatened the collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis. The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 9, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity".

Question: What is the date the active phase of the financial crisis began as a liquidity crisis?
Answer: August 9, 2007

Question: How much estimated consumer wealth was lost as a result of the financial crisis of 2007?
Answer: trillions of U.S. dollars

Question: What action in 2007 by national governments prevented the collapse of large financial institutions?
Answer: bailout of banks

Question: What year did the global recession that followed the financial crisis of 2007 end?
Answer: 2012
Financial_crisis_of_2007%E2%80%9308

The U.S. Senate passed a reform bill in May 2010, following the House which passed a bill in December 2009. These bills must now be reconciled. The New York Times provided a comparative summary of the features of the two bills, which address to varying extent the principles enumerated by the Obama administration. For instance, the Volcker Rule against proprietary trading is not part of the legislation, though in the Senate bill regulators have the discretion but not the obligation to prohibit these trades.

Question: Which bill gave regulators the discretion to prohibit proprietary trades?
Answer: Senate
Financial_crisis_of_2007%E2%80%9308

It threatened the collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis. The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 9, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity".

Question: What was the name of the company that terminated withdrawals from three hedge funds in 2007 citing a liquidity crisis?
Answer: BNP Paribas
Financial_crisis_of_2007%E2%80%9308

The U.S. Senate passed a reform bill in May 2010, following the House which passed a bill in December 2009. These bills must now be reconciled. The New York Times provided a comparative summary of the features of the two bills, which address to varying extent the principles enumerated by the Obama administration. For instance, the Volcker Rule against proprietary trading is not part of the legislation, though in the Senate bill regulators have the discretion but not the obligation to prohibit these trades.

Question: When did the U.S. House first pass a financial reform bill?
Answer: December 2009
Financial_crisis_of_2007%E2%80%9308

Market strategist Phil Dow believes distinctions exist "between the current market malaise" and the Great Depression. He says the Dow Jones average's fall of more than 50% over a period of 17 months is similar to a 54.7% fall in the Great Depression, followed by a total drop of 89% over the following 16 months. "It's very troubling if you have a mirror image," said Dow. Floyd Norris, the chief financial correspondent of The New York Times, wrote in a blog entry in March 2009 that the decline has not been a mirror image of the Great Depression, explaining that although the decline amounts were nearly the same at the time, the rates of decline had started much faster in 2007, and that the past year had only ranked eighth among the worst recorded years of percentage drops in the Dow. The past two years ranked third, however.

Question: What was the percentage the Dow Jones fell in the Great Depression?
Answer: 54.7%
Financial_crisis_of_2007%E2%80%9308

The bursting of the U.S. (United States) housing bubble, which peaked in 2004, caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally. The financial crisis was triggered by a complex interplay of policies that encouraged home ownership, providing easier access to loans for subprime borrowers, overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers, compensation structures that prioritize short-term deal flow over long-term value creation, and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making. Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined. Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts. In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009.

Question: What year did the U.S. housing bubble peak?
Answer: 2004

Question: What year did Congress pass the American Recover and Reinvestment Act?
Answer: 2009

Question: Overvaluation of bundled subprime mortgages was based on the theory that housing prices would continue to do this?
Answer: escalate

Question: One of the causes of the financial crisis was easier access to loans by this type borrower?
Answer: subprime
Financial_crisis_of_2007%E2%80%9308

Others have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio Magazine, Michael Lewis spoke with one trader who noted that "There weren’t enough Americans with [bad] credit taking out [bad loans] to satisfy investors' appetite for the end product." Essentially, investment banks and hedge funds used financial innovation to enable large wagers to be made, far beyond the actual value of the underlying mortgage loans, using derivatives called credit default swaps, collateralized debt obligations and synthetic CDOs.

Question: What financial innovation enabled investment banks and hedge funds to make large wagers?
Answer: credit default swaps, collateralized debt obligations and synthetic CDOs.

Question: Credit default swaps, collateralized debt obligations and CDOS are all types of what?
Answer: derivatives

Question: Which magazine had an article where Michael Lewis spoke with a trader about bad loans?
Answer: Portfolio Magazine

Question: What financial innovation allows investment banks and hedge banks to make large wagers?
Answer: derivatives

Question: What are some names of derivatives?
Answer: credit default swaps, collateralized debt obligations and synthetic CDOs
Financial_crisis_of_2007%E2%80%9308

The bursting of the U.S. (United States) housing bubble, which peaked in 2004, caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally. The financial crisis was triggered by a complex interplay of policies that encouraged home ownership, providing easier access to loans for subprime borrowers, overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers, compensation structures that prioritize short-term deal flow over long-term value creation, and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making. Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined. Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts. In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009.

Question: In 2007, banks and insurance companies did not have adequate holdings of which type to back their financial commitments?
Answer: capital
Financial_crisis_of_2007%E2%80%9308

The majority report of the Financial Crisis Inquiry Commission, written by the six Democratic appointees, the minority report, written by 3 of the 4 Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend that government affordable housing policy was not the primary cause of the financial crisis. Although they concede that governmental policies had some role in causing the crisis, they contend that GSE loans performed better than loans securitized by private investment banks, and performed better than some loans originated by institutions that held loans in their own portfolios. Paul Krugman has even claimed that the GSE never purchased subprime loans – a claim that is widely disputed.

Question: How many Democratic appointees wrote the majority report of the Financial Crisis Inquiry Commission?
Answer: six

Question: According to reports, which loans performed better than some loans securitized by private investment banks?
Answer: GSE loans

Question: Who claimed that the GSE never purchased subprime loans - a claim that is widely disputed?
Answer: Paul Krugman

Question: How many Republican appointees wrote the minority report of the Financial Crisis Inquiry Commission?
Answer: 4