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2007年—2008年環球金融危機（英語： Financial crisis of 2007–2008 ），又稱2008年世界金融危機、次貸危機、信用危機、2008年華爾街金融危機、2008年金融崩潰，在2008年又出現了金融海嘯及華爾街海嘯等名稱，是一場在2007年8月9日開始浮現的金融危機
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression.
A number of stock market crashes have occurred in the Hong Kong stock market since the 1960s: 1960s. Stock disaster in 1965 (Canton Trust Bank run) Stock disaster in 1967 (Hong Kong 1967 Leftist riots) 1970s.
Beginning of October. The policy response to the subprime crisis started in earnest after Lehman's failure in mid September 2008, accelerated after February 2009, and had become very large by September 2009. Governments have relied on a portfolio of intervention tools, but the biggest commitments and outlays have been in the form of ...
- Overview
- Sowing the Seeds of the Crisis
- Signs of Trouble
- August 2007: The Dominoes Start to Fall
- March 2008: The Demise of Bear Stearns
- September 2008: The Fall of Lehman Brothers
- The Aftermath
- What Is a Mortgage-Backed Security?
- Who Is to Blame for the Great Recession?
- Which Banks Failed in 2008?
The financial crisis of 2007–2008 was years in the making. By the summer of 2007, financial markets around the world were showing signs that the reckoning was overdue for a years-long binge on cheap credit. Two
hedge funds had collapsed, BNP Paribas was warning investors that they might not be able to withdraw money from three of its funds, and the British bank Northern Rock was about to seek emergency funding from the Bank of England.
Yet despite the warning signs, few investors suspected that the
worst crisis in nearly eight decades
was about to engulf the global financial system, bringing Wall Street's giants to their knees and triggering the Great Recession.
It was an epic financial and economic collapse that cost many ordinary people their jobs, their life savings, their homes, or all three.
The seeds of the financial crisis were planted during years of rock-bottom interest rates and loose lending standards that fueled a housing price bubble in the U.S. and elsewhere.
It began, as usual, with good intentions. Faced with the bursting of the dot-com bubble, a series of corporate accounting scandals, and the
, the Federal Reserve lowered the
from 6.5% in May 2000 to 1% in June 2003. The aim was to boost the economy by making money available to businesses and consumers at bargain rates.
The result was an upward spiral in home prices as borrowers took advantage of the low mortgage rates. Even
, those with poor or no credit history, were able to realize the dream of buying a home.
Eventually, interest rates started to rise and homeownership reached a saturation point. The Fed started raising rates in June 2004, and two years later the Federal funds rate had reached 5.25%, where it remained until August 2007.
There were early signs of distress. By 2004, U.S. homeownership had peaked at 69.2%. Then, in early 2006,
home prices started to fall
This caused real hardship to many Americans. Their homes were worth less than they paid for them. They couldn't sell their houses without owing money to their lenders. If they had adjustable-rate mortgages, their costs were going up as their homes' values were going down. The most vulnerable subprime borrowers were stuck with mortgages they couldn't afford in the first place.
Subprime mortgage company New Century Financial made nearly $60 billion in loans in 2006, according to the Reuters news service. In 2007, it filed for bankruptcy protection.
As 2007 got underway, one subprime lender after another filed for bankruptcy. During February and March, more than 25 subprime lenders went under. In April, New Century Financial, which specialized in sub-prime lending, filed for bankruptcy and laid off half of its workforce.
It became apparent by August 2007 that the financial markets could not solve the subprime crisis and that the problems were reverberating well beyond the U.S. borders.
that keeps money moving around the globe froze completely, largely due to fear of the unknown. Northern Rock had to approach the
for emergency funding due to a liquidity problem. In October 2007, Swiss bank UBS became the first major bank to announce losses—$3.4 billion—from sub-prime-related investments.
In the coming months, the Federal Reserve and other
By the winter of 2008, the U.S. economy was in a full-blown recession and, as financial institutions' liquidity struggles continued, stock markets around the world were tumbling the most since the September 11 terrorist attacks.
In January 2008, the Fed cut its benchmark rate by three-quarters of a percentage point—its biggest cut in a quarter-century, as it sought to slow the economic slide.
By the summer of 2008, the carnage was spreading across the financial sector. IndyMac Bank became one of the largest banks ever to fail in the U.S., and the country's two biggest home lenders, Fannie Mae and Freddie Mac, had been seized by the U.S. government.
Yet the collapse of the venerable Wall Street bank Lehman Brothers in September marked the largest bankruptcy in U.S. history, and for many became a symbol of the devastation caused by the global financial crisis.
The Wall Street bailout package was approved in the first week of October 2008.
, such as a huge government purchase of "toxic assets," an enormous investment in bank stock shares, and financial lifelines to Fannie Mae and Freddie Mac.
The amount spent by the government through the Troubled Asset Relief Program (TARP). It got back $442.6 billion after assets bought in the crisis were resold at a profit.
The public indignation was widespread. It appeared that bankers were being rewarded for recklessly tanking the economy. But it got the economy moving again. It also should be noted that the investments in the banks were fully recouped by the government, with interest.
The passage of the bailout package stabilized the stock markets, which hit bottom in March 2009 and then embarked on the longest bull market in its history.
Still, the economic damage and human suffering were immense. Unemployment reached 10%. About 3.8 million Americans lost their homes to foreclosures.
is similar to a bond. It consists of home loans bundled together and sold by the banks that lend the money to Wall Street investors. The point is to profit from the loan interest paid by the mortgage holders.
In the early 2000s, loan originators encouraged millions to borrow beyond their means to buy homes they couldn't afford. The loans were then sent on to investors in the form of mortgage-backed securities.
Many economists place the greatest part of the blame on lax mortgage lending policies that allowed many consumers to borrow far more than they could afford. But there's plenty of blame to go around, including:
The predatory lenders who marketed homeownership to people who could not possibly pay back the mortgages they were offered.
The investment gurus who bought those bad mortgages and rolled them into bundles for resale to investors.
The agencies who gave those mortgage bundles top investment ratings, making them appear to be safe.
The total number of bank failures linked to the financial crisis cannot be revealed without first reporting this: No depositor in an American bank lost a penny to a bank failure.
That said, more than 500 banks failed between 2008 and 2015, compared to a total of 25 in the preceding seven years, according to the Federal Reserve of Cleveland. Most were small regional banks, and all were acquired by other banks, along with their depositors' accounts.
The biggest failures were not banks in the traditional Main Street sense but investment banks that catered to institutional investors. These notably included
Lehman Brothers and Bear Stearns
Lehman Brothers was denied a government bailout and shut its doors. JPMorgan Chase bought the ruins of Bear Stearns on the cheap.
As for the biggest of the big banks, including JPMorgan Chase, Goldman Sachs, Bank of American, and Morgan Stanley, all were, famously, "
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2019年9月11日 · Asian Financial Crisis: The Battle to Defend Hong Kong’s Financial Stability. During my nearly three decade career with the HKMA, I have had the unenviable experience of very close encounters with two major financial crises, namely the Asian Financial Crisis (AFC) which started in 1997 and the Global Financial Crisis of 2008.
2024年8月28日 · Asian financial crisis, major global financial crisis that destabilized the Asian economy and then the world economy at the end of the 1990s. Though it is generally characterized as a financial crisis or economic crisis, it can also be seen as a crisis of governance at all major levels of politics.
