The banks did not keep the loss limited to themselves. They issued bonds and banks, insurance companies and other financial institutions from all over the world invested money in those bonds. Lehman Brothers or AIG were the victims, others followed. Most of the loser banks have not written off all the loans and they show properties at higher prices to manipulate the loss. The companies all over the world which had invested in the bonds also show book value instead of showing the current value.
The crisis was caused by the people who did not pay the mortgage of their houses, making banks go bankrupted and 62,000 jobs were lost in June 2008, bringing the number of job losses to 438,000 for the first half of 2008. The unemployment rate appeared to remain steady at 5.5 percent, but many economists said that happened because many people stopped looking for jobs.
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