The Financial Crisis. The global financial crisis of 2008–2009 emerged in September 2008 with the failure, merger, or conservatorship of several large.

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Presentation transcript:

The Financial Crisis

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.

Causes of financial crisis Subprime mortgage crisis Housing bubble Commodity bubble

Causes of the United States housing bubble Mania for home ownership Americans' love of their homes is widely known and acknowledged. Belief that housing is a good investment Among Americans, home ownership is widely accepted as preferable to renting in many cases, especially when the ownership term is expected to be at least five years. Promotion in the media Systemic crisis

Developing global financial crisis. Events of 2007 August, 2007: Liquidity crisis( 清偿危机） emerges Events of 2008 September, 2008: Bankruptcy of Lehman Brothers; Global Financial Crisis November, 2008 : Dow Jones Industrial Average (DJIA) touches recent low point of 7,507 points.

Events of 2009 January 2009: U.S. President Barack Obama proposes federal spending bill approaching $1 trillion in value in an attempt to remedy financial crisis January 2009: Government of Iceland collapses. February, 23rd 2009: The Dow Jones Industrial Average and the S&P 500 indexes stumbled to lows not seen since 1997.

The influence of financial crisis for American people In November 2008, U.S. employers slashed 533,000 jobs - the most in 34 years - as unemployment rose to a 15-year high of 6.7 percent.

The spiral of job losses and house repossessions has left another wave of Americans homeless, and a new tent city is growing rapidly on lumpy, derelict land between the river and the railway tracks.

In the context of globalization, this crisis will not only relate to American or the rich, every Chinese should pay close attention to the change of it given to our lives.