But even this is not as precise or narrow as I wanted it to be for the simple reason that one can interpret the question of culture in many ways. Culture also means different things to different people. Faced with such a conundrum, I thought it better to examine the realm of intellectual and popular culture, politics, and the arts to demonstrate how Caribbean Americans influenced the making of the United States in big ways and small ways and in ways of which we are not always conscious. Thus it seemed to me, particularly in a month entitled National Caribbean-American Heritage Month, that I could take the thirty or forty minutes allotted to me to speak about the varied ways in which the activities of the Caribbean and its people-even though our number is small-impacted on the making of the United States especially when the president of the United States has proclaimed that Caribbean-Americans are part of a great national tradition.
The Financial Crisis of Written By: Presented as archival content. Unlike most articles on Britannica. Rather, they are presented on the site as archival content, intended for historical reference only.
In the world economy faced its most dangerous Crisis since the Great Depression of the s. The contagion, which began in when sky-high home prices in the United States finally turned decisively downward, spread quickly, first to the entire U. The casualties in the United States included a the entire investment banking industry, b the biggest insurance company, c the two enterprises chartered by the government to facilitate mortgage lending, d the largest mortgage lender, e the largest savings and loan, and f two of the largest commercial banks.
The carnage was not limited to the financial sector, however, as companies that normally rely on credit suffered heavily. The American auto industry, which pleaded for a federal bailout, found itself at the edge of an abyss.
Still more ominously, banks, trusting no one to pay them back, simply stopped making the loans that most businesses need to regulate their cash flows and without which they cannot do business. In December the National Bureau of Economic Research, the private group recognized as the official arbiter of such things, determined that a recession had begun in the United States in Decemberwhich made this already the third longest recession in the U.
Each in its own way, economies abroad marched to the American drummer.
The global education industry is set to experience strong expansion, due to government support, increasing enrolment ratios and growing importance of adult education. A Look at Morgan Stanley Research with Global Director Simon Bound. Morgan Stanley Investment Research is one of the financial industry's dominant thought leaders in equity and fixed-income investing. Themed internet-ready sections, comprehensive and illustrated articles (photos, videos and graphics).
By the end of the year, Germany, Japan, and China were locked in recession, as were many smaller countries. Many in Europe paid the price for having dabbled in American real estate securities. Japan and China largely avoided that pitfall, but their export-oriented manufacturers suffered as recessions in their major markets—the U.
Less-developed countries likewise lost markets abroad, and their foreign investment, on which they had depended for growth capital, withered.
With none of the biggest economies prospering, there was no obvious engine to pull the world out of its recession, and both government and private economists predicted a rough recovery. How did a crisis in the American housing market threaten to drag down the entire global economy?
It began with mortgage dealers who issued mortgages with terms unfavourable to borrowers, who were often families that did not qualify for ordinary home loans. Some included prepayment penalties that made it prohibitively expensive to refinance. These features were easy to miss for first-time home buyers, many of them unsophisticated in such matters, who were beguiled by the prospect that, no matter what their income or their ability to make a down payment, they could own a home.
Mortgage lenders did not merely hold the loans, content to receive a monthly check from the mortgage holder. Frequently they sold these loans to a bank or to Fannie Mae or Freddie Mac, two government-chartered institutions created to buy up mortgages and provide mortgage lenders with more money to lend.
Then the security would be sliced into perhaps 1, smaller pieces that would be sold to investors, often misidentified as low-risk investments.
What began as insurance, however, turned quickly into speculation as financial institutions bought or sold credit default swaps on assets that they did not own. As long as housing prices kept rising, everyone profited.
Mortgage holders with inadequate sources of regular income could borrow against their rising home equity. The agencies that rank securities according to their safety which are paid by the issuers of those securities, not by the buyers generally rated mortgage-backed securities relatively safe—they were not.
When the housing bubble burst, more and more mortgage holders defaulted on their loans. By the mild slump in housing prices that had begun in had become a free fall in some places.
What ensued was a crisis in confidence: The first major institution to go under was Countrywide Financial Corp. Bank of America agreed in January to terms for completing its purchase of the California-based Countrywide.
The next victim, in March, was the Wall Street investment house Bear Stearns, which had a thick portfolio of mortgage-based securities.GLOBAL KLEPTOCRACY Self-serving leaders throughout the world increasingly assume power with the goal of becoming rich at the expense of the majority of their population, and of the commonweal.
The Indian economy exhibited significant resilience in in the face of an intense global financial crisis and the subsequent severe global recession.
In a globalised world, however, the natural process of transmission of contagion operating through the trade, capital flows and confidence channels affected the domestic economic and. Jun 29, · When Brother Aggery Dechinea, associate director of grievances and legal services, asked me to address you on the impact of Caribbean Culture on North America, I really had to scratch my head for the simple reason that North America includes Canada and the United States and as much as we would like.
Operations of Indian Airlines industries have not been affected by Global Recession. H0: 2.
There is no effect of Indian Government Reforms of to curb the impact of Global. The global crisis had less impact of India because exports account for only 15% of In second quarter of the Indian economy grew by % and gave indications that the Indian economy would scale a growth rate of 7% or above in and % in Sri Lanka too is affected with the global recession, as the demand for their major.
AM ET Fri, 16 Nov Delhi is a must visit for those who really want to understand how India became the country it is today. So much of the country's heritage is on display here.