Timeline of the 2000s United States housing bubble Wikipedia

Table of Content

• Wells Fargo to pay $3.7B over consumer loan violations
• Zelensky arrives at White House for Biden talks
• News of rising Covid cases in China is concerning, says Adar Poonawalla
• China’s soaring Covid cases send people to black market for pills
• How nonprofits help millions tackle their medical debt
• Views from the public, politicians, financiers, economists, and journalists

To produce more mortgages and more securities, mortgage qualification guidelines became progressively looser. First, "stated income, verified assets" loans replaced proof of income with a "statement" of it. Then, "no income, verified assets" loans eliminated proof of employment requirements.

Further, major investment banks which collapsed during the crisis were not subject to the regulations applied to depository banks. In testimony before Congress both the Securities and Exchange Commission and Alan Greenspan claimed failure in allowing the self-regulation of investment banks. Critics such as the FCIC argue the mistaken credit ratings stemmed from "flawed computer models, the pressure from financial firms that paid for the ratings, the relentless drive for market share, the lack of resources to do the job despite record profits, and the absence of meaningful public oversight".

Wells Fargo to pay $3.7B over consumer loan violations

When we think of white supremacy, we picture Colored Only signs, but we should picture pirate flags.Perhaps after a serious discussion and debate—the kind that HR 40 proposes—we may find that the country can never fully repay African Americans. But we stand to discover much about ourselves in such a discussion—and that is perhaps what scares us. The idea of reparations is frightening not simply because we might lack the ability to pay. The idea of reparations threatens something much deeper—America’s heritage, history, and standing in the world. From the White House on down, the myth holds that fatherhood is the great antidote to all that ails black people. Adhering to middle-class norms has never shielded black people from plunder.

In May 1998, Blumenthal and the attorneys general of 19 other states and the District of Columbia filed an anti-trust lawsuit against Microsoft, accusing it of abusing its monopoly power to stifle competition. The suit, which centered on Microsoft's Windows 98 operating system and its contractual restrictions imposed on personal computer manufacturers to tie the operating system to its Internet Explorer browser, was eventually merged with a federal case brought by the United States Department of Justice under Attorney General Janet Reno. In May 1995, Blumenthal and the state of Connecticut filed lawsuits challenging a decision by the Department of the Interior to approve a bid by the federally recognized Mashantucket Pequot for annexation of 165 acres of land in the towns of Ledyard, North Stonington and Preston. The Pequot were attempting to have the land placed in a federal trust, a legal designation to provide them with land for their sovereign control, as long years of colonization had left them landless. At age 31, Blumenthal was appointed United States Attorney for the District of Connecticut, serving from 1977 to 1981. As the chief federal prosecutor of that state, he successfully prosecuted many major cases involving drug traffickers, organized crime, white collar criminals, civil rights violators, consumer fraud, and environmental pollution.

Zelensky arrives at White House for Biden talks

There was concern that the current plan created a conflict of interest for Paulson. Paulson was a former CEO of Goldman Sachs, which stood to benefit from the bailout. Paulson had hired Goldman executives as advisors and Paulson's former advisors had joined banks that were also to benefit from the bailout. Furthermore, the original proposal exempted Paulson from judicial oversight.

Regardless of the push or pull view, a "flood" of funds reached the U.S. financial market. Treasury bonds and thus avoided much of the direct impact of the crisis. American households, on the other hand, used funds borrowed from foreigners to finance consumption or to bid up the prices of housing and financial assets. Financial institutions invested foreign funds in mortgage-backed securities. American housing and financial assets dramatically declined in value after the housing bubble burst. The Financial Crisis Inquiry Commission , Federal Reserve economists, and several academic researchers have stated that government affordable housing policies were not the major cause of the financial crisis.

News of rising Covid cases in China is concerning, says Adar Poonawalla

The week of October 6–10 saw the largest percentage drop in the history of the Dow Jones Industrial Average – even worse than any single week in the Great Depression. Government over-regulation, failed regulation and deregulation have all been claimed as causes of the crisis. Increasing home ownership has been the goal of several presidents including Roosevelt, Reagan, Clinton and George W. Bush.

With the high down payments and credit scores of the conforming mortgages used by GSE, this danger was minimal.Investment banks however, wanted to enter the market and avoid competing with the GSEs. They did so by developing mortgage-backed securities in the riskier non-conforming subprime and Alt-A market. Unlike the GSEs the issuers generally did not guarantee the securities against default of the underlying mortgages.

The federal government is premised on equal fealty from all its citizens, who in return are to receive equal treatment. But as late as the mid-20th century, this bargain was not granted to black people, who repeatedly paid a higher price for citizenship and received less in return. Plunder had been the essential feature of slavery, of the society described by Calhoun.

The United States has lost over 6 million jobs since the recession began in December 2007. Economist Wynne Godley explained in 2004–2005 how U.S. sector imbalances posed a significant risk to the U.S. and global economy. The combination of a high and growing foreign sector surplus and high government sector deficit meant that the private sector was moving towards a net borrowing position as a housing bubble developed, which he warned was an unsustainable combination. The Commodity Futures Modernization Act of 2000 was bi-partisan legislation that formally exempted derivatives from regulation, supervision, trading on established exchanges, and capital reserve requirements for major participants. It "provided a legal safe harbor for treatment already in effect." Concerns that counterparties to derivative deals would be unable to pay their obligations caused pervasive uncertainty during the crisis.

The Black & Irish Podcast

These include the Term Auction Facility and Term Asset-Backed Securities Loan Facility . Lowered the target for the Federal funds rate from 5.25% to 2%, and the discount rate from 5.75% to 2.25%. This took place in six steps occurring between September 18, 2007, and April 30, 2008; In December 2008, the Fed further lowered the federal funds rate target to a range of 0–0.25% . Since 2009, the US foreign surplus and private sector surplus have driven a government budget deficit.

The number of new homes sold in 2007 was 26.4% less than in the preceding year. By January 2008, the inventory of unsold new homes was 9.8 times the December 2007 sales volume, the highest value of this ratio since 1981. Furthermore, nearly four million existing homes were for sale, of which roughly 2.2 million were vacant.