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1、The Financial CrisisThe global financial crisis of 20082009 emerged in September 2008 with the failure, merger, or conservatorship of several large United States-based financial firms and spread with the insolvency of additional companies, governments in Europe, recession, and declining stock market
2、 prices around the globe. Causes of financial crisisSubprime mortgage crisis Housing bubbleCommodity bubbleCauses of the United States housing bubble Mania for home ownership Americans love of their homes is widely known and acknowledged. Belief that housing is a good investment Among Americans, hom
3、e ownership is widely accepted as preferable to renting in many cases, especially when the ownership term is expected to be at least five years.Promotion in the media Systemic crisis Developing global financial crisis . Events of 2007August, 2007: Liquidity crisis(清偿危机） emerges Events of 2008Septemb
4、er, 2008: Bankruptcy of Lehman Brothers; Global Financial CrisisNovember, 2008: Dow Jones Industrial Average (DJIA) touches recent low point of 7,507 points.Events of 2009January 2009: U.S. President Barack Obama proposes federal spending bill approaching $1 trillion in value in an attempt to remedy
5、 financial crisisJanuary 2009: Government of Iceland collapses.February, 23rd 2009: The Dow Jones Industrial Average and the S&P 500 indexes stumbled to lows not seen since 1997.The influence of financial crisis for American peopleIn November 2008, U.S. employers slashed 533,000 jobs - the most in 3
6、4 years - as unemployment rose to a 15-year high of 6.7 percent. The spiral of job losses and house repossessions has left another wave of Americans homeless, and a new tent city is growing rapidly on lumpy, derelict land between the river and the railway tracks. In the context of globalization, this crisis will not only relate to American or the rich, every Chinese should pay close attention to the change of it given to our lives.