Al filósofo español George Santaya se le atribuye el viejo dicho: “Aquellos que no pueden recordar el pasado están condenados a repetirlo”. Claro, es un poco dramático, y no te culparían por dejar escapar un fuerte suspiro y poner los ojos en blanco si alguien te lo dijera a modo de sermón. Pero el hombre que escribió estas palabras tenía razón. La continuidad es necesaria para progresar o, en palabras de la gente normal, debemos recordar cosas de nuestro pasado para poder hacerlo mejor en el futuro.
A finales de 2007, la economía de Estados Unidos entró en picada. El mercado de valores cayó como un globo de plomo mientras lo único que parecía subir era el desempleo. Como era de esperar, los comentaristas pronto comenzaron a hacer comparaciones apocalípticas entre la “Gran Recesión”, como se la conoció, y la Gran Depresión de los años treinta. ¿Pero fue esto realmente una repetición?
“La historia ocurre primero como tragedia y después como farsa”
Karl Marx
Ciertamente, las similitudes eran preocupantes. Ambos estuvieron precedidos por períodos de prosperidad. Ambos llegaron en un momento en que los bancos estaban experimentando con nuevas formas de hacer negocios (crédito al consumo en la década de 1920 y mancomunación de deuda hipotecaria en la década de 2000). Ambos incluso siguieron a burbujas de activos, que ocurren cuando los precios exceden lo que algo realmente vale (bienes raíces en Florida y el mercado de valores en la década de 1920, y empresas de tecnología y bienes raíces en la década de 2000). Y luego estuvo la fuerte caída del mercado de valores en los primeros 18 meses después de la crisis inicial: 45 por ciento durante la Gran Depresión y 54 por ciento durante la Gran Recesión.
Sin embargo, en general, la Gran Depresión fue mucho peor. Su duración de 43 meses hizo que la Gran Recesión de 18 meses pareciera leve en comparación. En el período posterior a la crisis de 1929, el desempleo aumentó 19,3 puntos porcentuales en comparación con sólo 5,7 puntos porcentuales después de 2007. ¿Y recuerdan todos los bancos que quebraron durante la Gran Recesión? Fueron 443, lo que parece alto si se tiene en cuenta que unas 9.000 cerraron durante la Gran Depresión.
The US built most of its infrastructure decades ago while many countries like China are recent. Not really comparing apples to apples but agree there is not much maintenance done due to poor government spending.
Most times these kinds of severe financial downturns are caused by speculation. During these times many stakeholders abandon sound financial management much to their inevitable detriment.
That greed was on both sides. People saying they make 80k a year working at Churches Chicken. Banks, being middlemen selling these houses, going through with these loans. Everyone involved is to blame except for the investors, they were just looking to grow their money while interest rates were very very low.
It just occurred to me that my best friend from college had to move because her house was foreclosed on because of the housing crisis and I was just too dumb to realize since my house was complete and paid for.
A client of mine explained to me very clearly: The main problem with the GFC was mortgage-backed securities that were given AAA credit ratings. Unfortunately, banks began lending to debtors who were not a good credit risk (subprime mortgages), of course, when interest rates increased these mortgages fell over. Not only did the mortgage-backed securities lose value but so did insurance schemes eg credit swaps taken out on the security. The result was AEG collapsed, Lehman Brothers collapsed, and the good old taxpayer had to bail out the US banking system. The taxpayer got nothing in return, not even equity in the banks they bailed out. Huge transfer of wealth from the indebted taxpayer to wealthy institutions. Clearly, the US requires a well-maintained regulated banking system as capitalism, by itself will occasionally collapse.
The government tried to social engineer home ownership and “lent” money to citizens who neither had the means nor the desire to pay the loans back. When you let people finance 125% of the price of a house they have no skin in the game.
It started in 2006 within Florida, Las Vegas. The signs were there. Then it was subprime in 2007 that woke a few up. Yes, we all know about 2008 but the red light was already flashing well before that.
the sup-prime mortgage crisis was set up on purpose. To apply for a housing loan, your credit score was not a variable in the equation. It was not relevant. Those individuals who brokered these purchases received a commission. Incentive was there, to forward the process at every level, as high commissions were paid out. Greed was the inner voice overriding common morality and business ethics . . . if that even exists. Once the ” housing bubble ” imploded, all these foreclosures and accumulated debt, were rolled up into packages, where the value of each individual debt, was combined into a total debt. This total debt, which was essentially many account numbers, representing real people, combined into large debt ” Assets” became currency to be traded. The final destination of this debt was to be sold off, as an asset, to non-U.S. international markets. The end result was the ” World Economy ” also taking a big hit. Each individual, that facilitated the movement of these debt bundles, gained a high commission. This combined debt, based on debt owed in the U.S. housing market, came to be known as ” Toxic Assets. ” The whole situation was set up to profit the individuals that made commissions, the companies theses individuals worked for, banks, governments, any human control mechanism in place currently, etc. It was a reset button, purposely put into play, to control all of you. Any positive or negative feed back is welcome. Feel free . . . to disagree. . . .by the way, I feel the student loan crisis currently in the U.S. is another example of a financial human control mechanism. So was the great depression and the 1913 Federal Reserve Act. . . .The world is a stage and we are all just actors playing a role. . . . apparently the role of many of us is serf. . .that needs to change.
2008 was due to two things: lessening of financial government oversight; and the subprime crisis. People who should never had bought homes were magically okayed. This was not unique and this battle goes on. We will always have instances where the govt. was too laissez-faire, or far too restrictive. As for subprime, virtually every category of products, from beds to cars, has always gone after the subprime buyer; in fact, most of their profits have often come from there, due to credit rates and payments.
♦
Al filósofo español George Santaya se le atribuye el viejo dicho: “Aquellos que no pueden recordar el pasado están condenados a repetirlo”. Claro, es un poco dramático, y no te culparían por dejar escapar un fuerte suspiro y poner los ojos en blanco si alguien te lo dijera a modo de sermón. Pero el hombre que escribió estas palabras tenía razón. La continuidad es necesaria para progresar o, en palabras de la gente normal, debemos recordar cosas de nuestro pasado para poder hacerlo mejor en el futuro.
A finales de 2007, la economía de Estados Unidos entró en picada. El mercado de valores cayó como un globo de plomo mientras lo único que parecía subir era el desempleo. Como era de esperar, los comentaristas pronto comenzaron a hacer comparaciones apocalípticas entre la “Gran Recesión”, como se la conoció, y la Gran Depresión de los años treinta. ¿Pero fue esto realmente una repetición?
“La historia ocurre primero como tragedia y después como farsa”
Karl Marx
Ciertamente, las similitudes eran preocupantes. Ambos estuvieron precedidos por períodos de prosperidad. Ambos llegaron en un momento en que los bancos estaban experimentando con nuevas formas de hacer negocios (crédito al consumo en la década de 1920 y mancomunación de deuda hipotecaria en la década de 2000). Ambos incluso siguieron a burbujas de activos, que ocurren cuando los precios exceden lo que algo realmente vale (bienes raíces en Florida y el mercado de valores en la década de 1920, y empresas de tecnología y bienes raíces en la década de 2000). Y luego estuvo la fuerte caída del mercado de valores en los primeros 18 meses después de la crisis inicial: 45 por ciento durante la Gran Depresión y 54 por ciento durante la Gran Recesión.
Sin embargo, en general, la Gran Depresión fue mucho peor. Su duración de 43 meses hizo que la Gran Recesión de 18 meses pareciera leve en comparación. En el período posterior a la crisis de 1929, el desempleo aumentó 19,3 puntos porcentuales en comparación con sólo 5,7 puntos porcentuales después de 2007. ¿Y recuerdan todos los bancos que quebraron durante la Gran Recesión? Fueron 443, lo que parece alto si se tiene en cuenta que unas 9.000 cerraron durante la Gran Depresión.
PrisioneroEnArgentina.com
Marzo 4, 2024
18 thoughts on “Crisis económica del 2007”
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- Felix Matthis
- posted on April 6, 2024
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- Wonka
- posted on April 4, 2024
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- Ina Jackson
- posted on April 4, 2024
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- Karla Roth
- posted on April 4, 2024
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- jack alexander
- posted on April 4, 2024
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- E.S. Webb
- posted on April 4, 2024
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- Rick Eadey
- posted on April 4, 2024
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- "blaze Star"
- posted on April 4, 2024
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- Jennifer McIntosh
- posted on April 4, 2024
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- Jimmy Lennox
- posted on April 4, 2024
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- Roy Sykes
- posted on April 4, 2024
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- Mike.sunday
- posted on April 4, 2024
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- jennifer carmine 1010
- posted on April 4, 2024
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- C,G. Bufford
- posted on April 4, 2024
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- Touch & Go
- posted on April 4, 2024
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- John Salmin
- posted on April 4, 2024
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- Tim Bossler
- posted on April 4, 2024
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- Jenny asher
- posted on April 4, 2024
CommentThe US built most of its infrastructure decades ago while many countries like China are recent. Not really comparing apples to apples but agree there is not much maintenance done due to poor government spending.
Most times these kinds of severe financial downturns are caused by speculation. During these times many stakeholders abandon sound financial management much to their inevitable detriment.
That greed was on both sides. People saying they make 80k a year working at Churches Chicken. Banks, being middlemen selling these houses, going through with these loans. Everyone involved is to blame except for the investors, they were just looking to grow their money while interest rates were very very low.
i remember how scary it was… I was leaving with my mother. and i was afraid that my mom and i were going to lose our home and starve. it was a mess.
It just occurred to me that my best friend from college had to move because her house was foreclosed on because of the housing crisis and I was just too dumb to realize since my house was complete and paid for.
I was 16 years old in 2008, and my father worked for AIG. It was a mess
Cash in a financial crisis is worth 10x more than it is today
A client of mine explained to me very clearly: The main problem with the GFC was mortgage-backed securities that were given AAA credit ratings. Unfortunately, banks began lending to debtors who were not a good credit risk (subprime mortgages), of course, when interest rates increased these mortgages fell over. Not only did the mortgage-backed securities lose value but so did insurance schemes eg credit swaps taken out on the security. The result was AEG collapsed, Lehman Brothers collapsed, and the good old taxpayer had to bail out the US banking system. The taxpayer got nothing in return, not even equity in the banks they bailed out. Huge transfer of wealth from the indebted taxpayer to wealthy institutions. Clearly, the US requires a well-maintained regulated banking system as capitalism, by itself will occasionally collapse.
The government tried to social engineer home ownership and “lent” money to citizens who neither had the means nor the desire to pay the loans back. When you let people finance 125% of the price of a house they have no skin in the game.
It started in 2006 within Florida, Las Vegas. The signs were there. Then it was subprime in 2007 that woke a few up. Yes, we all know about 2008 but the red light was already flashing well before that.
Simple: No down payment on mortgages for houses lead to foreclosure and banks became bankrupt
the sup-prime mortgage crisis was set up on purpose. To apply for a housing loan, your credit score was not a variable in the equation. It was not relevant. Those individuals who brokered these purchases received a commission. Incentive was there, to forward the process at every level, as high commissions were paid out. Greed was the inner voice overriding common morality and business ethics . . . if that even exists. Once the ” housing bubble ” imploded, all these foreclosures and accumulated debt, were rolled up into packages, where the value of each individual debt, was combined into a total debt. This total debt, which was essentially many account numbers, representing real people, combined into large debt ” Assets” became currency to be traded. The final destination of this debt was to be sold off, as an asset, to non-U.S. international markets. The end result was the ” World Economy ” also taking a big hit. Each individual, that facilitated the movement of these debt bundles, gained a high commission. This combined debt, based on debt owed in the U.S. housing market, came to be known as ” Toxic Assets. ” The whole situation was set up to profit the individuals that made commissions, the companies theses individuals worked for, banks, governments, any human control mechanism in place currently, etc. It was a reset button, purposely put into play, to control all of you. Any positive or negative feed back is welcome. Feel free . . . to disagree. . . .by the way, I feel the student loan crisis currently in the U.S. is another example of a financial human control mechanism. So was the great depression and the 1913 Federal Reserve Act. . . .The world is a stage and we are all just actors playing a role. . . . apparently the role of many of us is serf. . .that needs to change.
2008 was due to two things: lessening of financial government oversight; and the subprime crisis. People who should never had bought homes were magically okayed. This was not unique and this battle goes on. We will always have instances where the govt. was too laissez-faire, or far too restrictive. As for subprime, virtually every category of products, from beds to cars, has always gone after the subprime buyer; in fact, most of their profits have often come from there, due to credit rates and payments.
My family and I had to move to a 2 bedroom apartment (we were 6people)
Horrible time in history
We all remember 2007/08 crisis. Tough times.
I remember thousands of properties for sale in really bad chape , New houses bit destroyed
The banks must carry the guilt for the housing crisis
Bad times
I had to sell my car then