Global financial crisis of 2008–2009

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The global financial crisis of 2008–2009 emerged in September 2008 with the failure, merger, or conservatorship of several large United States-based financial firms and spread with the insolvency of additional companies, governments in Europe, recession, and declining stock market prices around the globe.

Contents 1 Development and causation 2 Prelude 3 Government takeover of home mortgage lenders 4 Major financial firm crisis 4.1 Money market funds insurance and short sales prohibitions 4.2 Section 128 4.3 Troubled Asset Relief Program 5 Week of September 21 6 Week of September 28 7 Key risk indicators in September 8 October 9 November 10 See also 11 References 12 Further reading 13 External links

Development and causation

The underlying causes leading to the crisis had been reported in business journals for many months before September of 2008, with commentary about the financial stability of leading U.S. and European investment banks, insurance firms and mortgage banks consequent to the subprime mortgage crisis.^[1][2][3][4]

Beginning with failures caused by bad debts and debt insurance investment trading (derivatives) large financial institutions in the United States and Europe faced a credit crisis, deflation and sharp reductions in shipping.^[5][6] The impacts rapidly evolved and spread into a global shock resulting in a number of European bank failures and declines in various stock indexes, and large reductions in the market value of equities (stock)^[7] and commodities worldwide.^[1] The credit crisis was exacerbated by Section 128 of the Emergency Economic Stabilization Act of 2008 which allowed the Federal Reserve System (Fed) to pay interest on excess reserve requirement balances held on deposit from banks, removing the longstanding incentive for banks to extend credit instead of hoard cash on deposit with the Fed.^{[8][9][10][11][12][13]} The crisis led to a liquidity problem and the de-leveraging of financial institutions especially in the United States and Europe, which further accelerated the liquidity crisis, and a decrease in international shipping and commerce. World political leaders and national ministers of finance and central bank directors have coordinated their efforts^[14] to reduce fears but the crisis is ongoing and continues to change, evolving at the close of October into a currency crisis with investors transferring vast capital resources into stronger currencies such as the yen, the dollar and the Swiss franc, leading many emergent economies to seek aid from the International Monetary Fund.^[15][16] The crisis was triggered by the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2009.

Prelude

The subprime mortgage crisis reached a critical stage during the first week of September 2008, characterized by severely contracted liquidity in the global credit markets^[17] and insolvency threats to investment banks and other institutions.

Reserve balances from banks in the Federal Reserve System began increasing over required levels of about $10 billion at the beginning of September 2008, just after the Democratic and Republican national conventions, and just before the stock market crash and presidential debates. Beginning October 6, Section 128 of the Emergency Economic Stabilization Act of 2008 allowed the Federal Reserve System to pay interest on the excess balances, producing further pressure on international credit markets. Excess on reserve balances topped $870 billion by the end of the second week of January 2009. In comparison, the increase in reserve balances reached only $65 billion after September 11, 2001 before falling back to normal levels within a month.

House Representative Paul E. Kanjorski stated in a January 27, 2009 interview with CSPAN that there was an "electronic run on the banks" commencing at 11AM on September 11, 2008. According to Rep. Kanjorski, the Federal Reserve noted a tremendous withdrawal of $550 billion dollars from money market accounts in the U.S. within a two hour time-span. The Federal Reserve responded by releasing $105 billion dollars into the financial system to stem the tide and announced that FDIC would guarantee up to $250,000 in money market deposits. Representative Kanjorski claims that if these steps had not been taken, the U.S. would have lost all its wealth within twenty-four hours ^[18]. This timeline of events was told to policymakers by Secretary of the Treasury Paulson on September 15, 2008.

Government takeover of home mortgage lenders

Main article: Federal takeover of Fannie Mae and Freddie Mac

The United States director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III, on September 7, 2008 announced his decision to place two United States Government sponsored enterprises (GSEs), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), into conservatorship run by FHFA.^[19][20][21] United States Treasury Secretary Henry Paulson, at the same press conference stated that placing the two GSEs into conservatorship was a decision he fully supported, and said that he advised "that conservatorship was the only form in which I would commit taxpayer money to the GSEs." He further said that "I attribute the need for today's action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction."^[19] The same day, Federal Reserve Bank Chairman Ben Bernanke stated in support: "I strongly endorse both the decision by FHFA Director Lockhart to place Fannie Mae and Freddie Mac into conservatorship and the actions taken by Treasury Secretary Paulson to ensure the financial soundness of those two companies."^[22]

Major financial firm crisis

On Sunday, September 14, it was announced that Lehman Brothers would file for bankruptcy after the Federal Reserve Bank declined to participate in creating a financial support facility for Lehman Brothers. The significance of the Lehman Brothers bankruptcy is disputed with some assigning it a pivotal role in the unfolding of subsequent events. The principals involved, Ben Bernanke and Henry Paulson, dispute this view, citing a volume of toxic assets at Lehman which made a rescue impossible.^[23][24] Immediately following the bankruptcy, JPMorgan Chase provided the broker dealer unit of Lehman Brothers with $138 billion to "settle securities transactions with customers of Lehman and its clearance parties" according to a statement made in a New York City Bankruptcy court filing.^[25]

The same day, the sale of Merrill Lynch to Bank of America was announced.^[26] The beginning of the week was marked by extreme instability in global stock markets, with dramatic drops in market values on Monday, September 15, and Wednesday, September 17. On September 16, the large insurer American International Group (AIG), a significant participant in the credit default swaps markets suffered a liquidity crisis following the downgrade of its credit rating. The Federal Reserve, at AIG's request, and after AIG has shown that it could not find lenders willing to save it from insolvency, created a credit facility for up to US$85 billion in exchange for a 79.9% equity interest, and the right to suspend dividends to previously issued common and preferred stock.^[27]

Money market funds insurance and short sales prohibitions

On September 16, the Reserve Primary Fund, a large money market mutual fund, lowered its share price below $1 because of exposure to Lehman debt securities. This resulted in demands from investors to return their funds as the financial crisis mounted.^[28] By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.^[29] On September 19 the U.S. Treasury offered temporary insurance (akin to FDIC insurance of bank accounts) to money market funds.^[30] Toward the end of the week, short selling of financial stocks was suspended by the Financial Services Authority in the United Kingdom and by the Securities and Exchange Commission in the United States.^[31] Similar measures were taken by authorities in other countries.^[32] Some restoration of market confidence occurred with the publicity surrounding efforts of the Treasury and the Securities Exchange Commission^[33][34]

Section 128

Speculation that the Emergency Economic Stabilization Act of 2008 would accelerate the effective date of the Financial Services Regulatory Relief Act of 2006 from October 1, 2011 to October 1, 2008 may have precipitated this fall. By September 17th, dramatic increases began in deposits with the Fed. Section 128 was signed into law on October 3rd effectively ending the commercial paper market. ^[35]

Troubled Asset Relief Program

Main articles: Emergency Economic Stabilization Act of 2008 and Troubled Assets Relief Program

On September 19, 2008 a plan intended to ameliorate the difficulties caused by the subprime mortgage crisis was proposed by the Secretary of the Treasury, Henry Paulson. He proposed a Troubled Assets Relief Program (TARP), later incorporated into the Emergency Economic Stabilization Act, which would permit the United States government to purchase illiquid assets, informally termed toxic assets, from financial institutions.^[36][37] The value of the securities is extremely difficult to determine.^[38]

Consultations between the Secretary of the Treasury, the Chairman of the Federal Reserve, and the Chairman of the U.S. Securities and Exchange Commission, Congressional leaders and the President of the United States moved forward plans to advance a comprehensive solution to the problems created by illiquid mortgage-backed securities. At the close of the week the Secretary of the Treasury and President Bush announced a proposal for the federal government to buy up to US$700 billion of illiquid mortgage backed securities with the intent to increase the liquidity of the secondary mortgage markets and reduce potential losses encountered by financial institutions owning the securities. The draft proposal of the plan was received favorably by investors in the stock market. Details of the bailout remained to be acted upon by Congress.^{[39][40][41][42]}

Week of September 21

On Sunday, September 21, the two remaining investment banks, Goldman Sachs and Morgan Stanley, with the approval of the Federal Reserve, converted to bank holding companies, a status subject to more regulation, but with readier access to capital.^[43] On September 21, Treasury Secretary Henry Paulson announced that the original proposal, which would have excluded foreign banks, had been widened to include foreign financial institutions with a presence in the US. The US administration was pressuring other countries to set up similar bailout plans.^[44]

On Monday and Tuesday during the week of September 22, appearances were made by the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve before Congressional committees and on Wednesday a prime-time presidential address was delivered by the President of the United States on television. Behind the scenes, negotiations were held refining the proposal which had grown to 42 pages from its original 3 and was reported to include both an oversight structure and limitations on executive salaries, with other provisions under consideration.

On September 25, agreement was reported by congressional leaders on the basics of the package;^[45] however, general and vocal opposition to the proposal was voiced by the public.^[46] On Thursday afternoon at a White House meeting attended by congressional leaders and the presidential candidates, John McCain and Barack Obama, it became clear that there was no congressional consensus, with Republican representatives and the ranking member of the Senate Banking Committee, Richard C. Shelby, strongly opposing the proposal.^[47] The alternative advanced by conservative House Republicans was to create a system of mortgage insurance funded by fees on those holding mortgages; as the working week ended, negotiations continued on the plan, which had grown to 102 pages and included mortgage insurance as an option.^[48][49][50] On Thursday evening Washington Mutual, the nation's largest savings and loan, was seized by the Federal Deposit Insurance Corporation and most of its assets transferred to JPMorgan Chase.^[51] Wachovia, one of the largest US banks, was reported to be in negotiations with Citigroup and other financial institutions.^[52]

Week of September 28

Early into Sunday morning an announcement was made by the United States Secretary of the Treasury and congressional leaders that agreement had been reached on all major issues: the total amount of $700 billion remained with provision for the option of creating a scheme of mortgage insurance.^[53]

It was reported on Sunday, September 28, that a rescue plan had been crafted for the British mortgage lender Bradford & Bingley.^[54] Grupo Santander, the largest bank in Spain, was slated to take over the offices and savings accounts while the mortgage and loans business would be nationalized.^[55]

Fortis, a huge Benelux banking and finance company was partially nationalized on September 28, 2008, with Belgium, the Netherlands and Luxembourg investing a total of €11.2 billion (US$16.3 billion) in the bank. Belgium will purchase 49% of Fortis's Belgian division, with the Netherlands doing the same for the Dutch division. Luxembourg has agreed to a loan convertible into a 49% share of Fortis's Luxembourg division.^[56]

It was reported on Monday morning, September 29, that Wachovia, the 4th largest bank in the United States, would be acquired by Citigroup.^[57][58]

On Monday the German finance minister announced a rescue of Hypo Real Estate, a Munich-based holding company comprising a number of real estate financing banks, but the deal collapsed on Saturday, October 4.

The same day the government of Iceland nationalized Glitnir, Iceland’s third largest lender.^[59][60]

Stocks fell dramatically Monday in Europe and the US despite infusion of funds into the market for short term credit.^[61][62] In the US the Dow dropped 777 points (6.98%), the largest one-day point-drop in history (but only the 17th largest percentage drop).^[63]

The U.S. bailout plan, now named the Emergency Economic Stabilization Act of 2008 and expanded to 110 pages was slated for consideration in the House of Representatives on Monday, September 29 as HR 3997 and in the Senate later in the week.^[64][65] The plan failed after the vote being held open for 40 minutes in the House of Representatives, 205 for the plan, 228 against.^[66][67] Meanwhile US stock markets suffered steep declines, the Dow losing 300 points in a matter of minutes, ending down 777.68, the Nasdaq losing 199.61, falling below the 2000 point mark, and the S.&P. 500 off 8.77% for the day.^[68] By the end of the day, the Dow suffered the largest drop in the history of the index.^[69] The S&P 500 Banking Index fell 14% on September 29 with drops in the stock value of a number of US banks generally considered sound, including Bank of New York Mellon, State Street and Northern Trust; three Ohio banks, National City, Fifth Third, and KeyBank were down dramatically.^[70][71]

On Tuesday, September 30, stocks rebounded but credit markets remained tight with the London Interbank Offered Rate (overnight dollar Libor) rising 4.7% to 6.88%.^[72] 9 billion USD was made available by the French, Belgian and Luxembourg governments to the French-Belgian bank Dexia.^[73]

After Irish banks came under pressure on Monday, September 29, the Irish government undertook a two year "guarantee arrangement to safeguard all deposits (retail, commercial, institutional and inter-bank), covered bonds, senior debt and dated subordinated debt (lower tier II)" of 6 Irish banks: Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide and the EBS Building Society; the potential liability involved is about 400 billion dollars.^[74]

Key risk indicators in September

Key risk indicators became highly volatile during September 2008, a factor leading the U.S. government to pass the Emergency Economic Stabilization Act of 2008. The “TED spread” is a measure of credit risk for inter-bank lending. It is the difference between: 1) the risk-free three-month U.S. treasury bill rate; and 2) the three-month London InterBank Offered Rate (LIBOR), which represents the rate at which banks typically lend to each other. A higher spread indicates banks perceive each other as riskier counterparties. The t-bill is considered "risk-free" because the full faith and credit of the U.S. government is behind it; theoretically, the government could just print money so that the principal is fully repaid at maturity. The TED spread reached record levels in late September 2008. The diagram indicates that the Treasury yield movement was a more significant driver than the changes in LIBOR. A three month t-bill yield so close to zero means that people are willing to forgo interest just to keep their money (principal) safe for three months – a very high level of risk aversion and indicative of tight lending conditions. Driving this change were investors shifting funds from money market funds (generally considered nearly risk free but paying a slightly higher rate of return than t-bills) and other investment types to t-bills.^[75] These issues are consistent with the September 2008 aspects of the subprime mortgage crisis which prompted the Emergency Economic Stabilization Act of 2008 signed into law by the U.S. President on October 2, 2008.

In addition, an increase in LIBOR means that financial instruments with variable interest terms are increasingly expensive. For example, car loans and credit card interest rates are often tied to LIBOR; some estimate as much as $150 trillion in loans and derivatives are tied to LIBOR.^[76] Furthermore, the basis swap between one-month LIBOR and three-month LIBOR increased from 30 basis points in the beginning of September to a high of over 100 basis points. Financial institutions with liability exposure to 1 month LIBOR but funding from 3 month LIBOR faced increased funding costs. "Durvexity" spiked as markets rapidly deteriorated. Overall, higher interest rates place additional downward pressure on consumption, increasing the risk of recession.

October

Main article: Global financial crisis in October 2008

November

Main article: Global financial crisis in November 2008

Continued at Global financial crisis of 2008-2009, part 2

See also

Template:Business and economics portal

Category:Economics lists by country Great Depression 2008 G-20 Washington summit 2008 Icelandic financial crisis 2008-2009 Latvian financial crisis 2008–2009 Russian financial crisis 2008-2009 UK retail crisis Automotive industry crisis of 2008 China Stimulus Plan

Collateralized debt obligation Keynesian economics Market manipulation Subprime crisis impact timeline 2008 United Kingdom bank rescue package 2009 United Kingdom bank rescue package Glass-Steagall Act

References

Further reading

• Andrews, Edmund L. "Tracking the Bailout" Summary of U.S. bailout efforts, The New York Times November 25, 2008
• Baldwin, Richard, and Barry Eichengreen, eds., 2008. Rescuing our jobs and savings: What G7/8 leaders can do to solve the global credit crisis. Voxeu.org e-book.
• Brau, Eduard, and McDonald, Ian, eds., 2009. Successes of the International Monetary Fund: Untold stories of cooperation at work. Palgrave Macmillan. ISBN 0230203132
• Carney, Richard, ed., 2009. Lessons from the Asian financial crisis. Routledge. ISBN 0415481902
• Davidoff, Steven M. & Zaring, David, "Big Deal: The Government's Response to the Financial Crisis"
• Funnell, Warwick N., Jupe, R., and Andrew, J., 2009. In government we trust : market failure and the delusions of privatisation. Sydney: University of New South Wales Press. ISBN 9780868409665
• García, José, James Lardner, and Cindy Zeldin, 2008. 1975- Up to our eyeballs : how shady lenders and failed economic policies are drowning Americans in debt. With assistance from Myra Batchelder and Jennifer Wheary. New York: The New Press. Distributed by W.W. Norton. ISBN 9781595582119 (hbk.) ISBN 1595582118 (hbk.) 2563707
• Low, Albert, 2008. Conflict and Creativity at Work: Human Roots of Corporate Life, Sussex Academic Press. ISBN 9781845192723
• Norris, Floyd, "Looking to Washington Amid Turmoil, So Far in Vain." The New York Times, November 20, 2008.
• Read, Colin, c2009. 1959- Global financial meltdown : how we can avoid the next economic crisis. New York: Palgrave Macmillan. ISBN 9780230222182
• Robertson, Justin, 2008. 1972- US-Asia economic relations : a political economy of crisis and the rise of new business actors. Routledge. ISBN 9780415469517 (hbk.) ISBN 9780203890523 (ebook)
• Smick, David, " The World Is Curved: Hidden Dangers to the Global Economy." 90 minute book-TV presentation by author.
• Soros, George, 2008. The New Paradigm for Financial Markets - The Credit Crisis of 2008 and What it Means, New York: PublicAffairs. ISBN 9781586486839
• United States Congress, 2008. Working families in financial crisis : medical debt and bankruptcy. Hearing before the Subcommittee on Commercial and Administrative Law of the Committee on the Judiciary, 110th Congress, first session, July 17, 2007. Washington: U.S. G.P.O. : For sale by the Supt. of Docs., U.S. G.P.O.. ISBN 016081376X
• Woods, Thomas E., 2009. Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse / Regnery Publishing ISBN 1596985879
• "2008 Financial Crisis" on Wikinvest

External links

• Economic Crisis in a Globalized World from PBS Wide Angle, November 21, 2008
• [1] Financial Crisis-IMF
• [2] Financial Crisis-World Bank Group
• [3] From Global Financial Crisis-Asian Development Bank
• [4] 2008-2009 Global Financial Crisis
• [5] "This Time is Different"/Reinhart & Rogoff, April 2008
• [6] Global Financial Crisis-Brooking Institution
• [7] World Economic Outlook: Financial Stress, Downturns & Recoveries, IMF (2008)
• [8] Global Financial Crisis in Photos
• [9] U.S. Financial Crisis Continues, Harvard University Department of Economics
• [10] “The First Global Financial Crisis of the 21st Century: Part II, June-December 2008”, Reinhart & Felton, University of Maryland/MPRA
• [11] Global Financial Crisis: The Role of the IMF, M. Weiss/Oct. 2008, CRS for Congress
• [12] Twenty-five people at the heart of meltdown, Guardian.Co.UK

v • d • e Financial crisis of 2007–2009 Late 2000s recession · 2008 G-20 Washington summit · APEC Peru 2008 · 2009 G-20 London summit Specific issues United States housing market correction · World food price crisis · Energy crisis (Central Asia) · Subprime mortgage crisis (timeline, List of writedowns) · Automotive industry crisis · Future of newspapers · List of entities involved (Bankrupt or acquired banks, Bankrupt retailers) · Effects upon museums · Banking revelations in Ireland · Resurgence of Keynesianism By country (or region) Belgium · Iceland · Ireland · Latvia · Russia · Spain · Ukraine · (Europe · Africa · Americas · Asia · Australasia) Legislation and policy responses Banking and finance stability and reform Banking (Special Provisions) Act 2008 · Commercial Paper Funding Facility · Emergency Economic Stabilization Act of 2008 · Troubled Assets Relief Program · Term Asset-Backed Securities Loan Facility · Temporary Liquidity Guarantee Program · 2008 United Kingdom bank rescue package · 2008 East Asian meetings · Anglo Irish Bank Corporation Bill 2009 · 2009 G-20 London summit · Irish emergency budget, 2009 · National Asset Management Agency Stimulus and recovery National fiscal policy response to the late 2000s recession · Housing and Economic Recovery Act of 2008 · Economic Stimulus Act of 2008 · 2008 Chinese economic stimulus plan · 2008 European Union stimulus plan · American Recovery and Reinvestment Act of 2009 · Green New Deal Companies and banking institutions Companies in bankruptcy, administration, or other insolvency proceedings; or in failure New Century Financial Corporation · Woolworths · American Freedom Mortgage · American Home Mortgage · Bernard L. Madoff Investment Securities LLC · Charter Communications · Lehman Brothers (bankruptcy) · Linens 'n Things · Mervyns · NetBank · Terra Securities (scandal) · Sentinel Management Group · Washington Mutual · Icesave · Kaupthing Singer & Friedlander · Yamato Life · Circuit City · Allco Finance Group · Waterford Wedgwood · Saab Automobile · BearingPoint · Tweeter · Babcock & Brown · Silicon Graphics · Conquest Vacations · General Growth Properties  · Chrysler (bankruptcy) · Thornburg Mortgage · Great Southern Group · General Motors (bankruptcy) · Eddie Bauer · Nortel Government bailouts and takeovers Northern Rock (nationalisation) · Bear Stearns · IndyMac Federal Bank · Fannie Mae (takeover) · Freddie Mac (takeover) · AIG · Bradford & Bingley · Fortis · Glitnir · Hypo Real Estate · Dexia · CL Financial · Landsbanki · Kaupthing · Straumur · ING Group · Citigroup · General Motors · Chrysler · Bank of America · Anglo Irish Bank (nationalisation) · Parex Bank · Bank of Antigua · ACC Capital Holdings (reorganization) · U.S. Central Credit Union · Bank of Ireland · Allied Irish Bank Company acquisitions Ameriquest Mortgage · Countrywide Financial · Bear Stearns · Alliance & Leicester · Merrill Lynch · Washington Mutual · Derbyshire Building Society · Cheshire Building Society · HBOS · Wachovia · Sovereign Bank · Barnsley Building Society · Scarborough Building Society · National City Corp. · Dunfermline Building Society Other topics Alleged frauds and fraudsters Stanford Financial Group (Allen Stanford) · Fairfield Greenwich Group · UBS AG · Sean FitzPatrick (Anglo Irish Bank) · Kazutsugi Nami (Enten controversy) · Nicholas Cosmo · Arthur Nadel · Paul Greenwood · Stephen Walsh · Laura Pendergest-Holt · Angelo Mozilo · Barry Tannenbaum Proven or admitted frauds and fraudsters Bernard Madoff (Ponzi scheme)(Frank DiPascali) · Satyam Computer Services (accounting scandal) (Ramalinga Raju) · Marc Stuart Dreier · Norman Hsu · Joseph S. Forte Related entities Federal Deposit Insurance Corporation · Federal Reserve System · Federal Housing Administration · Federal Housing Finance Agency · Federal Housing Finance Board · Government National Mortgage Association · Office of Federal Housing Enterprise Oversight · Office of Financial Stability · UK Financial Investments Limited · Federal Home Loan Banks Securities involved and financial markets Auction rate securities · Collateralized debt obligations · Collateralized mortgage obligations · Credit default swaps · Mortgage-backed securities · Secondary mortgage market Related topics Bailout · Bank run · Credit crunch · Economic bubble · Error account · Financial contagion · Financial crisis · Interbank lending market · Liquidity crisis · Ponzi scheme · Prison consultant · Tea Party protests

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