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Credit Crisis The new disease of 2008
- 1. Creditum krisis – The Global Disease of 2008
- 2. The economists are on the verge of a nervous breakdown… And some media think that the economy might be too!
- 3. quot; The economy was in deep pain even as the government pushed forward Wednesday with its latest financial rescue plan to exchange taxpayer money for stakes in the nation's banks . quot; October 16th, Associated Press
- 4. quot; President George W. Bush reassured Americans on Saturday about the long-term health of the economy, insisting that the United States is still quot;the best place in the world to start and run a business . quot; Agence France-Presse, October 18th
- 5. quot;…still, credit - the lifeblood of the economy - isn't flowing freely by any means. quot; Los Angeles Times, October 18th, Tom Petruno
- 6. Let’s put our white coats and see how economy is. really
- 7. First, let’s see the symptoms
- 8. quot; Since January 2008, owners of stocks in U.S. Corporations have suffered about $8 trillion in losses quot; Which would cause anybody a major headache! Source : En.wikipedia.org/wiki/subprime_mortgage_crisis
- 9. quot; The year 2008 as of September 17 has seen 81 public corporations file for bankruptcy in the US quot; Already higher than the 78 in 2007! Source : Formaementis.wordpress.com/2008/09/26/economic-crisis
- 10. One of them was created in 1850
- 11. What caused such a global, international disease? Should we talk about contagion? Epidemic? Pandemic?
- 12. Our system! International corporate executives and traders made about $100 Billion of income… while losing more than $1 000 Billion.
- 13. Who’s money did they lose?
- 14. Which pill did the Government gave the patient? The patient, a.k.a. The ECONOMY
- 15. The American Government gave this treatment: Injection of $700 Billion to purchase troubles mortgage assets and contain financial crisis
- 16. $700 billion Is, ironically, almost the same as the Department of Health and Human services budget for 2009 ($736 Billion)
- 17. Enough about economy’s health What about the people?
- 18. What about the 159 000 people who lost their job in September? http://en.wikipedia.org/wiki/Image:Homeless_-_American_Flag.jpg
- 19. What about the 6.1 percent of people who are unemployed? Unemployment rate in the United States is at 6.1, highest level since September 2003
- 20. What about the families who are losing their house? As the house prices drop, the families wealth declines
- 21. What about Lehman Brothers shareholders and its 26 200 employees? Who’s going to pay them? Who’s going to find them a job?
- 22. What about the families and people who can’t afford food prices raise? Prices raised because of financial speculators seeking quick returns.
- 23. Is someone talking about THEIR health, their lifeblood and their pain?
- 24. After 8 months of consecutive job losses, it’s called a recession… If I am right, it has been 5 months. In the event of a recession, how many people will be below poverty?
- 25. Who will pay the families who lost money because of hungry traders and business executives ?
- 27. So, can we recover from this Global Disease?
- 28. Yes, we can.