See this at: latimes.com| Added on 02/17/09

President Obama is traveling today to Denver, where he is set to sign the $787-billion stimulus package, a down payment on the new administration's plan to jump start a recovery and a glimpse at the president's economic and political vision. Here are... See more

President Obama is traveling today to Denver, where he is set to sign the $787-billion stimulus package, a down payment on the new administration's plan to jump start a recovery and a glimpse at the president's economic and political vision. Here are some of the main points of the current crisis. See less

Highlights: What is the housing crisis? What is a housing bubble? What happened? What is the credit crisis? How will Obama attack this?

See this at: howdidthishappen.org| Added on 11/01/08

Unbridled greed led Wall Street executives to behave recklessly.When President Bush took office, the subprime lending market was in its infancy, and most borrowers got conventional or “prime” loans. But within a few years, the subprime mortgage... See more

Unbridled greed led Wall Street executives to behave recklessly.When President Bush took office, the subprime lending market was in its infancy, and most borrowers got conventional or “prime” loans. But within a few years, the subprime mortgage market exploded as commercial and investment banks competed fiercely to originate more and more home mortgages by dropping their lending standards lower and lower. See less

Highlights: Many mortgage lenders, such as Countrywide, laid the groundwork for the home foreclosure crisis by using misleading business practices to entice millions of home buyers into unaffordable adjustable-rate mortgages. The greed-driven explosion in subprime mortgage lending was accompanied by...

See this at: thisamericanlife.org| Added on 09/27/08

A special program about the housing crisis produced in a special collaboration with NPR News. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall Street?

A special program about the housing crisis produced in a special collaboration with NPR News. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall Street? See less

Highlights: Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money. A shorter companion version of this story appeared on NPR's All Things Considered. Prologue. Host Ira Glass...

See this at: brokerben.com| Added on 09/28/08

* NO INCOME, NO ASSET VERIFICATION (NINA): Pretty self-explanatory; you take the fifth and list no income or assets on the home loan application. Just list your employment info.

* NO INCOME, NO ASSET VERIFICATION (NINA): Pretty self-explanatory; you take the fifth and list no income or assets on the home loan application. Just list your employment info. See less

Highlights: * TRUE NO DOC aka NO INCOME, NO ASSET, NO EMPLOYMENT VERIFICATION (NINANE): The borrower does not even have to allege that he or she is employed let alone have an income source; nor does the borrower need to list any assets.

See this at: 60minutes.yahoo.com| Added on 09/28/08

Bankruptcies, mergers, failures and foreclosures. Wall Street is up, Wall Street is down. Now, a $700,000,000,000 bailout plan aimed to prevent even further damage to the American economy.

Bankruptcies, mergers, failures and foreclosures. Wall Street is up, Wall Street is down. Now, a $700,000,000,000 bailout plan aimed to prevent even further damage to the American economy. See less

Highlights: How did this happen and why didn't our financial regulators see it coming? Scott Pelley gets some answers from U.S. Treasury Secretary Henry Paulson, the Speaker of the House Nancy Pelosi, and other financial experts.

See this at: en.wikipedia.org| Added on 10/16/08

The global financial crisis of September–October 2008 is a major ongoing financial crisis, the worst of its kind since the Great Depression. It became prominently visible in September, 2008 with the failure, merger or conservatorship of several large... See more

The global financial crisis of September–October 2008 is a major ongoing financial crisis, the worst of its kind since the Great Depression. It became prominently visible in September, 2008 with the failure, merger or conservatorship of several large United States-based financial firms. See less

Highlights: Beginning with failures of large financial institutions in the United States, it rapidly evolved into a global crisis resulting in a number of European bank failures and reductions in stock indexes, and value of equities (stock) and commodities worldwide.[1] The crisis has lead to a...

See this at: knowledge.wharton.up...| Added on 10/07/08

In this special report, prepared by writer Jeff Brown, Knowledge@Wharton looks at the crisis in depth, asking seven Wharton faculty members what caused it, how the immediate effects can be minimized, and what should be done to prevent a similar... See more

In this special report, prepared by writer Jeff Brown, Knowledge@Wharton looks at the crisis in depth, asking seven Wharton faculty members what caused it, how the immediate effects can be minimized, and what should be done to prevent a similar crisis in the future. See less

Highlights: The results presented here include video interviews with the faculty members, a timeline describing key points in the crisis, an interactive feature demonstrating the cascade of events that fell like a line of dominos toward disaster, a glossary, and an op-ed piece and two articles. One of...

See this at: bloomberg.com| Added on 10/06/08

The credit crunch hitting financial markets and institutions didn't begin overnight. Bloomberg News presents a package of definitive stories, beginning in May 2007, on the unfolding crisis as subprime mortgages infected the world's banking system.

The credit crunch hitting financial markets and institutions didn't begin overnight. Bloomberg News presents a package of definitive stories, beginning in May 2007, on the unfolding crisis as subprime mortgages infected the world's banking system. See less

See this at: michiganmessenger.co...| Added on 09/28/08

You’re more likely to check the Weather Channel and the 6 o’clock news than Google Finance or CNBC. And then suddenly there’s a bloody financial crisis with billions and trillions of dollars being bandied about and talk of global markets crashing as... See more

You’re more likely to check the Weather Channel and the 6 o’clock news than Google Finance or CNBC. And then suddenly there’s a bloody financial crisis with billions and trillions of dollars being bandied about and talk of global markets crashing as if we were on the verge of another Great Depression. See less

Highlights: “How the hell did we get here?” you’re asking yourself. Here’s the path we navigated together, the trip most Americans didn’t know we were taking together: Road Map to Economic Hell • Beginning in late 2001-02, tax and monetary policy created ridiculously cheap money (interest rates barely...

See this at: businessweek.com| Added on 10/04/08

The big problem for financial markets is still the credit crunch. So as bad as equities have looked—and during the big Sept. 29 sell-off, they looked pretty bad—the true indicators investors should be watching are obscure measures such as credit... See more

The big problem for financial markets is still the credit crunch. So as bad as equities have looked—and during the big Sept. 29 sell-off, they looked pretty bad—the true indicators investors should be watching are obscure measures such as credit default swaps, TED spreads, and commercial paper volume (all explained below). See less

Highlights: These names may sound wonky and insider-y, but they are nonetheless vital to understanding just how difficult, costly, and fearful the credit markets have become. They're the reason the stock market, in general an indicator of investor sentiment, plunged on Sept. 29 after the bailout...

See this at: boston.com| Added on 09/27/08

Financial calamities have come in waves during the past two weeks, each one sending another jolt through the US economy. These daily - sometimes hourly - developments have included continued declines in the housing market, government bailouts of... See more

Financial calamities have come in waves during the past two weeks, each one sending another jolt through the US economy. These daily - sometimes hourly - developments have included continued declines in the housing market, government bailouts of troubled financial giants, and the disappearance of venerable Wall Street firms. Suddenly, Americans have had to become more familiar with financial terms and learn to navigate complex details about the inner workings of a US - and global - financial system that is in crisis. Why mortgage-backed securities are a problem During the housing boom earlier in the decade, many lenders relaxed standards and made subprime loans to homebuyers. These loans were risky and had interest rates that rose over the life of the loans, driving up payments. Wall Street bought up these subprime loans, put them into pools, repackaged them, and sold them. Investors poured at least $1 trillion into these securities backed by subprime mortgages. Then the housing market... See less

Highlights: Suddenly, Americans have had to become more familiar with financial terms and learn to navigate complex details about the inner workings of a US - and global - financial system that is in crisis. Why mortgage-backed securities are a problem During the housing boom earlier in the decade,...

See this at: businesspundit.com| Added on 10/04/08

Financial crises are consistent in one way, and one way only: They’re far more sexy when your neighbors are wearing them. When you suffer your own, runaway inflation becomes infuriating rather than exotic, and bogus bank scams go from intriguing to... See more

Financial crises are consistent in one way, and one way only: They’re far more sexy when your neighbors are wearing them. When you suffer your own, runaway inflation becomes infuriating rather than exotic, and bogus bank scams go from intriguing to fist-clenching. It’s all fine and well until it hits you squarely across the jaw. Which is what the people who run (or, more aptly, misguide) the United States have just done to the general population. For all the progress we’re making, a purple elephant might as well be running the show. Which leads to a deeper question. Namely, does anyone run the show during a financial crisis? Is there any way to skip out of one as quickly as it enveloped you? Check out these ten nasty crises, and see for yourself: See less

Highlights: Cause: In the mid-1990s, a new type of business emerged: The .com, a company either based solely on the Web or servicing the Internet, its people, and its technology. When early .coms’ stock values shot skyward, venture capitalists jumped aboard en masse to finance Internet startups. A...

See this at: cnbc.com| Added on 09/28/08

Bank and brokerage failures, government bailouts, a sickly mortgage market and sinking stock prices. What’s an investor—or consumer—to do? Amid the turmoil of a conventional recession and a one-of-a-kind credit crunch an obvious line of questioning... See more

Bank and brokerage failures, government bailouts, a sickly mortgage market and sinking stock prices. What’s an investor—or consumer—to do? Amid the turmoil of a conventional recession and a one-of-a-kind credit crunch an obvious line of questioning is staring you in the face. See less

Highlights: How safe are your deposits at banks and brokerage firms? And what happens if any of these financial institutions go belly up? The short answer is don't worry—too much. “The greatest risks to small investors and savers right now are a decline in the value of their retirement account...

See this at: bloomberg.com| Added on 09/28/08

In August 2004, Moody's Corp. unveiled a new credit-rating model that Wall Street banks used to sow the seeds of their own demise. The formula allowed securities firms to sell more top-rated, subprime mortgage-backed bonds than ever before. A week... See more

In August 2004, Moody's Corp. unveiled a new credit-rating model that Wall Street banks used to sow the seeds of their own demise. The formula allowed securities firms to sell more top-rated, subprime mortgage-backed bonds than ever before. A week later, Standard & Poor's moved to revise its own methods. An S&P executive urged colleagues to adjust rating requirements for securities backed by commercial properties because of the ``threat of losing deals.'' The world's two largest bond-analysis providers repeatedly eased their standards as they pursued profits from structured investment pools sold by their clients, according to company documents, e-mails and interviews with more than 50 Wall Street professionals. It amounted to a ``market-share war where criteria were relaxed,'' says former S&P Managing Director Richard Gugliada. ``I knew it was wrong at the time,'' says Gugliada, 46, who retired from the McGraw-Hill Cos. subsidiary in 2006 and was interviewed in May near his home in... See less

Highlights: Wall Street underwrote $3.2 trillion of loans to homebuyers with bad credit and undocumented incomes from 2002 to 2007. Investment banks packaged much of that debt into investment pools that won AAA ratings, the gold standard, from New York-based Moody's and S&P. Flawed grades on...

See this at: investopedia.com| Added on 09/28/08

A financial crisis that arose in the mortgage market after a sharp increase in mortgage foreclosures, mainly subprime, collapsed numerous mortgage lenders and hedge funds. The meltdown spilled over into the global credit market as risk premiums... See more

A financial crisis that arose in the mortgage market after a sharp increase in mortgage foreclosures, mainly subprime, collapsed numerous mortgage lenders and hedge funds. The meltdown spilled over into the global credit market as risk premiums increased rapidly and capital liquidity was reduced. See less

Highlights: The sharp increase in foreclosures and the problems in the subprime mortgage market were largely blamed on loose lending practices, low interest rates, a housing bubble and excessive risk taking by lenders and investors. It is also known as the "subprime collapse" or "subprime crisis". |...

See this at: bloomberg.com| Added on 09/26/08

Wall Street's five biggest firms paid more than $3 billion in the last five years to their top executives, while they presided over the packaging and sale of loans that helped bring down the investment-banking system.

Wall Street's five biggest firms paid more than $3 billion in the last five years to their top executives, while they presided over the packaging and sale of loans that helped bring down the investment-banking system. See less

Highlights: Merrill Lynch & Co., once the largest U.S. brokerage, paid its chief executives the most, with Stanley O'Neal taking in $172 million from 2003 to 2007 and John Thain $86 million after a month's work last year. The company agreed to be acquired by Bank of America Corp. for about $50 billion...

See this at: money.cnn.com| Added on 10/16/08

Store vacancies at regional malls such as Randall Park are up 6.6%, which is the largest increase since early 2002, according to real estate research firm Reis. In some malls, store occupancy rates are falling below 75%, said Ivan Friedman,... See more

Store vacancies at regional malls such as Randall Park are up 6.6%, which is the largest increase since early 2002, according to real estate research firm Reis. In some malls, store occupancy rates are falling below 75%, said Ivan Friedman, president & CEO of RCS Retail Real Estate Advisors. See less

Highlights: Premier malls that churn higher sales per square foot - such as Roosevelt Field on New York's Long Island - are less threatened by this trend, Friedman said. Rather, it's the independently owned smaller regional malls that could be forced to close if business continues to evaporate.

See this at: bloomberg.com| Added on 10/02/08

Former Federal Reserve Chairman Alan Greenspan said financial markets and the economy will recover ``sooner rather than later'' from the worst turmoil in seven decades. ``Trust will eventually reemerge as investors dip hesitantly back into the... See more

Former Federal Reserve Chairman Alan Greenspan said financial markets and the economy will recover ``sooner rather than later'' from the worst turmoil in seven decades. ``Trust will eventually reemerge as investors dip hesitantly back into the marketplace,'' Greenspan said today in a speech at Georgetown University's law school in Washington. ``From that point, history tells us, financial and economic revival sets in. I suspect it will be sooner rather than later.'' Greenspan urged lawmakers last week to back ``extensive'' measures to tackle the worst financial crisis since the 1930s and head off a recession. The U.S. Senate passed a $700 billion financial-market rescue package yesterday loaded with inducements for the House of Representatives to approve the measure following its rejection of an earlier version Sept. 29. ``We are living through the type of wrenching financial crisis that comes along only once in a century,'' Greenspan said today. ``Financial markets freeze up as an... See less

Highlights: `We are living through the type of wrenching financial crisis that comes along only once in a century,'' Greenspan said today.

See this at: sfgate.com| Added on 09/28/08

Conditions in the loan markets have turned so dire, political leaders say, that only a quick and massive response from the federal government can...

Highlights: "We've gotten beyond a normal financial crisis," said UC Berkeley economist Brad DeLong, deputy assistant treasury secretary during the Clinton administration. "We've been in a situation this bad only once before - during the Great Depression." In the face of such an emergency, Washington...

See this at: nymag.com| Added on 12/26/06

This year, the Dow Jones cleared the 12,000 bar for the first time, the Standard & Poor’s 500 climbed to five-year highs, and the city’s unemployment...

Highlights: Goldman Sachs alone announced last week that it’s doling out $16.5 billion in salary and bonuses this year. This isn’t a trickle-down—it’s a downpour. Usually good things have a habit of not lasting, but I think this latest boom will continue for a while. The atmosphere is perfect for the...