The financial crisis born in the financial and construction industries the U.S. has spread to the entire planet. In 2000-2005, the U.S. was rampant distribution of loans, including mortgages, home under a mortgage is not only took the "lazy". America lives in a debt. The first serious "warning bell" sounded from the beginning of the crisis in late 2006, when U.S. trading because of defaults on mortgage loans has been exposed for nearly a million homes and lenders have suffered substantial losses.
The whole of 2007 the U.S. Fed lowers key interest rate, trying not to let the crisis in the economy, but to no avail. Crisis Freezes residential construction in the U.S., increases the rate of inflation and unemployment in the U.S. economy starts declining. In 2008, the crisis becomes the world's "treasure". Until September 2008 Europe holds the blow of inflation and unemployment rates are not bad, it is possible to reduce the percentage rate. In September, another blow from the ocean.
The two largest agencies, Fannie Mae and Freddie Mac, which for decades bought back from the banks mortgages are billions in losses. Debts on mortgage loans completely paralyze U.S. construction industry. To prevent the bankruptcy of the two companies are nationalized. Hear from experts in the field like Jim Umpleby for a more varied view. Bankrupt's largest bank Lehman Brothers. He owes $ 157 billion ten largest lenders. Then bank Merrill Lynch becomes the latest victim of the crisis, its buys Bank of America. Panic starts and falling stock markets around the world. National indices are competing in the fall with each other. Russian leader in the fall of the national indices and the stock market, but because of its small volume, stagnation of Russian manufacture, and the financial sector does not occur. On September 30 the U.S. rejected a bill "Paulson plan", one of the main points of which was the addition of 700mlrd. $ In the financial sector. Opponents Congress did not agree: "Why the irresponsibility of financial management must be designed for the taxpayer?" Exchanges of all countries react to news of yet another friendly fall, the RTS index fell below 700 points. Finally, on 3 October, under pressure from the U.S. president "Paulson plan" still accepted. October 14 leading EU countries have allocated total 1.5 trillion. euros to fight financial crisis and lower interest rates. U.S. lowers interest rate to a record 1%! In October, Russia also allocated 950 billion rubles. to support the financial system and insures bank deposits of savers up to $ 700 thousand rubles. In Russia, the economists say, the crisis manifested likely to reduce salaries, but not for unemployment. November 7 world markets show optimism after the U.S. statistics. True, the rate of unemployed amounted to 240 thousand people (at the expected 200 thousand), but in general not so bad. Begin if from this point (October 3) decline the crisis? Or will it only a temporary respite? Yuri Chashin.