Global_Financial_Crisis GRail.pdf

8/14/2019 Global_Financial_Crisis GRail.pdf

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September 12, 2009

Global Financial CrisisSummary of the medias coverage of the timeline, causes,implications, impact and recommended path forward


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| Copyright 2009 Grail Research, a division of Integreon 2

Table of Contents

Objective and Methodology

Global Financial Crisis

Timeline of Events

Causes and Implications

Future Outlook and Recommendations

Appendixes


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Global Financial CrisisObjective and Methodology

Universe of ExpertOpinions and Articles

~100 articles and reportsfrom preferred sources

~50 Relevant Articlesfor analysis

Synopsis

Step 1

Selected 12 publications (e.g., Economist, FT, Wall Street Journal ), 8 think tanksand select sources from other media such as radio

Scanned all sources for coverage of the current global financial crisis between mid

2007 and October 2008

Objective: Provide a rich, yet concise summary of the media coverage on the current globalfinancial crisis

Step 2

Read ~100 articles and shortlisted them according to the following criteria:

Analytical insight Breadth of coverage Uniqueness of opinion

Step 3

Summarized shortlisted articles and incorporated them into the slides that followwhich cover:

Timeline of events (2007/08) Causes and Implications of the Global Financial Crisis Global Impact


The synopsis was created using the following methodology:


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Table of Contents



Timeline of Events

Causes and Implications


Appendixes


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The current financial crisis is categorized as the worst since the Great Depression. Some ofthe major events related to the crisis are mapped to the Dow Jones Industrial Average

0

12,000

15,000

9,000

DJIA Index Value, June 2007-October 2008

Source: News Releases

Global Financial CrisisTimeline of Events 2007/08

Nov 07 Dec 07 Feb 08 Mar 08 Jun 08 Sep 08 Oct 08Jun 07-Jul07

Two hedgefunds of

BearSterns

forced todump

assets,due tolosses.Bear

Stearnsfunds file

forbankruptcy

Aug 07

LehmanBrothers

and HSBCshut some

of theiroffices

Sep 07

FederalReservereducesthe fed

fund ratesby half

percentage point

Oct 07

MerrillLynchreportsloss on

USD 8.4Bn write

down

MorganStanleysuffersloss ofUSD

3.7 Bn

Fed andother

centralbanksshare

~USD 40Bn in

specialloans tobanks

USfinancial

crisisaffects

UBS whichconfirmsloss of

USD 18.4Bn

JP Morganand FedReserve

take stepsto rescue

BearStearns

S&P cutsratings ofMorganStanley,Merrill

Lynch andLehmanBrothers

Jul 08

Merrill hasUSD 5.7

Bn of writedowns;

sellsshares

Governmentrescuesbanks by

nationalizing Fannie

Mae,Freddie Macand giving

AIG anemergencyloan of USD

85 Bn

LehmanBrothersfiles for

bankruptcy

Russia,Romania

and Ukraineclose their

stockexchange

for few daysdue to crisis

Icelands financial crisisgrows as all three of its

major banks arenationalized

Governments of manycountries announce

bailouts for theirfinancial institutions

Housingbubblebursts

Financial institutions fall

Stock market collapsesFuture

outlook

Henry Paulsonassures investorsthat the sub-prime

problem is contained Paulson shares that the USTreasury has no plans to

bailout Fannie Mae or

Freddie Mac

Paulson rejected thepossibility of the housing

crisis leading to abroader economic crisis

Bernanke and Paulsonurge fast action to

approve the USD 700Bn bailout

Nouriel Roubinistates that

governments willhave to come upwith even bigger

international rescues

Bank ofAmerica

buysMerrill

Lynch forUSD 50

Bn; Bankof China

buys 20%stake in

Rothschild


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Global Financial CrisisCauses: US Housing Market Collapse

Many experts believe that the global crisis was triggered by the US housing market collapse

Note: 1Collateralized Debt ObligationsSource: The Giant Pool of Money, NPR News and This American Life Episode, Sep 09, 2008; Crazy crisis may herald the end of new derivative folly, FT, Dec 23, 2007; Rethinking CapitalRegulation, WSJ, Aug 23, 2008; Central banks and financial crises, WSJ, Aug 23, 2008; Spooking investors - Financial markets remain on edge because the credit crunch has not been solved,

Economist, Oct 25, 2008; Out of the frying pan, Economist, Jun 05, 2008

Easy access to credit : Falling interest rates and rising availabilityof mortgages, combined with rising housing prices encouragedconsumers to buy homes

Relaxed lending standards : To cater to the growing number ofmortgage seekers, lenders relaxed standards and issued a large

number of sub-prime loansInadequate regulations : Regulations did not keep pace withinnovations in US financial products, leading to much highercomplexity, poor transparency and greater risk

Complex credit derivatives : The invention and use of complexdebt derivatives such as CDOs 1 made it difficult to identify andcontain the sub-prime lending problem, once default rates began to

riseMarket collapse: The property boom led an over-supply of housing and prices could no longer be supported.Just like the self-perpetuating behavior that led to the rise, the crash was also self-perpetuating. As prices fell,more foreclosures started taking place, increasing the supply of homes on the market. Lenders started totighten their standards and fewer consumers could qualify for mortgages and help reduce the supply

US Housing Market Collapse


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Global Financial CrisisCauses: US Housing Market Collapse

some experts have other opinions

New Bank Capital Requirements: Some experts believe that an internationalregulation (Basel I) that came into effect in 1988 contributed to the financial crisis.This regulation mandates that banks hold more capital if they make riskier loans orinvestments. This encouraged banks to get rid of risky loans by turning them intosecurities to be sold to investors

Role of the Credit Rating Agencies: Many experts blame ratings agencies suchas Moodys, Standard & Poors and Fitch for the crisis because they granted AAA

ratings to risky mortgage backed securities (MBS). Profits of ratings agencies grewrapidly over the last decade. Almost all agencies follow an issuer-pays revenuemodel 1, and this poses a potential conflict of interest, which some experts contendled to inappropriately high ratings for risky MBS.

Riskier Investment Decisions by Banks: Some experts blame poor decision-making on the part of banks for the crisis. Banks kepthuge amounts of MBS on their balance sheets in spite of the sub-prime risk involved. They financed these and other risky assets withshort-term market borrowing and with a decline in the housing market, banks found it difficult to roll over short-term loans against theseMBS and hence were forced to sell the assets at a substantial loss

Mark-to-Market Accountin g Rules: Financial regulation such as mark-to-market accounting stipulates that financial firms must treatpotential losses as cash losses. Even though many financial instruments may still yield returns in the future, their current asset price ishighly devalued. This concept makes firms ripe for forced liquidation, chases away capital, and leads to further decline in asset values

Misleading Economi c Statistics: Some statisticians believe that government statistics (e.g. GDP and unemployment rate) have beenrevised over the years to show the best possible picture of the US economy. These experts hold that such revisions in economicstatistics are misleading and were used by Wall Street to sell their over-valued products

Note: 1The entity that issues the security is also seeking the rating, and pays the rating agency for the ratingSource: New Bank Capital Requirement Helped to Spread Credit Woes, WSJ, Aug 30, 2008; How to Start the Healing Now, WSJ, Oct 01, 2008; Rethinking Capital Regulation, WSJ, Aug 23,2008; Economy lacked a trusted national leader, Washington Post, Oct 15, 2008; Wall Street: the dark theory, Fortune, Sep 19, 2008; Triple-A Failure, New York Times, Apr 27, 2008

Alternative Viewpoints



Global Financial CrisisImpact: Global Economic Slowdown

Source: The Giant Pool of Money, NPR News and This American Life Episode, Sep 09, 2008; Off a cl iff, Economist, Oct 10, 2008; Market meltdown: Global problem, global cure, Fortune, Oct06, 2008; Europe to U.S.: You messed up the rescue, too, Fortune, Oct 13, 2008; The end of the beginning, Economist, Oct 16, 2008; When fortune frowned, Economist, Oct 09, 2008; But willit work, Economist, Oct 16, 2008; Yahoo expected to point to advert drop-off, Financial Times, Oct 20, 2008; Indias Jet Airways cuts 1,900 jobs, Oct 16, 2008; U.S. layoffs increase asbusinesses confront crisis, IHT, Oct 26, 2008

World stock markets have taken a beating,leading to a loss in confidence amongst investorswho are stepping back in spite of several cuts inlending rates by the banks

E.g. DJIA fell below 10,000 mark (first time infour years) plunging more than 800 points ina single day in October. The fall was mirroredin stock markets, such as NASDAQ, NYSE,Nikkei 225, Londons FTSE, Germanys DAX,etc

Impact on Stock Markets Globally

Both institutional investors and individualinvestors have suffered huge losses both in MBSand related products, and in equities

Banks alone are reported to have sufferedUSD 600 Bn of credit-related losses globally.According to IMF estimates, American andEuropean banks are predicted to loose USD10 trillion of assets

Losses to Investors

Failure of banks fueled anxiety in internationalbanking markets leading to a freeze in inter-banklending

Freeze in Inter Bank Credit

There have been job cuts in many companiesacross various sectors around the globe. This

trend has not been limited to the financial sectoralone High number of layoffs were announced in

the US through September 2008: 111,000 infinancial sector, 95,000 in automotive sector,62,000 in transportation, 51,000 in retail,28,000 in telecommunications and more inother sectors

There is considerable decline in business all overworld marked by reduced output and consumer

spending, particularly in Britain, France,Germany and Japan. The industries beingimpacted include automotive, airline, buildingmaterials etc. Automotive companies such asGM, Ford and Toyota reported 45%, 30% and23% decline in sales respectively, in October2008

Several bailout packages have been announcedby governments around the world to fight the

growing financial crisis The US has announced a USD 700 Bnbailout package for its banking sector,Germany announced a bailout package ofmore than USD 200 Bn and Britain more thanUSD 500 Bn for this financial crisis (seeappendix for more detail on global bailoutannouncements)

Increasing Unemployment Decline in Businesses Globally Bailout s



Global Financial CrisisFuture Outlook

By Experts Most Common Future Outlook Scenarios

Consolidation and Restructuringof Banks Changes are alreadyevident with deals that are takingplace:

Bank of America taking overMerrill Lynch

Bank of China acquiring 20%stake in private banks such asRothschild

Barclays acquiring LehmanBrothers

BNP Paribas expected to take amajority stake in the Belgian andLuxembourg operations of FortisNV

Emerging Economies to Help OutDeveloped Nations Cash richeconomies of world (developing nationsand their Sovereign Wealth Funds) areexpected to bailout the developednations from the current crisis. As stockprices of the big banks from developed

nations fall, they are expected to attractinvestors from developing nations.Some experts believe that China willact as the savior of developedeconomies facing the risk of recessionby buying their banks

Worsening financial crisis due tothe unraveling of Alt-A mor tgages

This is the segment of mortgageloans given to prime borrowers butwithout complete documentation.From 2002 to 2007, Alt-A mortgagesas a percentage of total mortgages

have risen from 2% to ~13%, andexperts say that the defaults on thiscategory of mortgages will impactthe financial market even more thansub-prime lending

Source: How to build a better bailout, Fortune, Oct 06, 2008; Why it's stimulus time again, Fortune, Oct 14, 2008; Financial sector in crisis, FT, Sep 10, 2008; A Return to 'Normality'?, WSJ,Sep 03, 2008; Global breakdown: Winners and losers, Fortune, Sep 30, 2008; Market meltdown: Global problem, global cure, Fortune, Oct 06, 2008; A monetary malaise, Economist, Oct 09,2008; Barclays: Wall Street's new gambler, Fortune Oct 21, 2008

Opinions about what happens next gravitatetoward several scenarios



Source: The $700 Billion Question: How Much Is That Exotic Security?, Knowledge@Wharton, Oct 01, 2008; How to build a better bailout, Fortune, Oct 06, 2008; Why it's stimulus time again,

Fortune, Oct 14, 2008; Financial sector in crisis, FT, Sep 10, 2008; A Return to 'Normality'?, WSJ, Sep 03, 2008; Europe to U.S.: You messed up the rescue, too, Fortune, Oct 13, 2008;Keeping U.S. Financial Markets Competitive And Orderly, Forbes, Mar 31, 2008

Global Financial CrisisRecommendations

Opinion leaders and governments have made various recommendations for how to managethe current global financial crisis and stabilize the economy

Paulsons suggestions for the US financial market include: Fed should be the highest authority regulating all financial institutions and a new

authority should look after consumer protection issues The Securities and Exchange Commission should be merged with the

Commodity Futures Trading Commission. Thus by tightening the regulatorygaps, banks will follow the Basel II guidelines (which it claims could havemitigated the credit crisis, if followed earlier)

Large investors, such as insurance companies, should be brought under thefederal regulations, by allowing them to opt for federal chartering and oversight(instead of state chartering)

European governments reportedly believe that rather thanbuying toxic assets, the government should focus torecapitalize the banks directly in exchange for some controlof operations of the banks

By Henry Paulson , Treasury Secretary of US By European Governments

Some experts have suggested alternative bail-out plans , such as: Government Loans: Funds allocated for bailout can be used to provide loans (with mortgage securities as collateral) rather than

buying the securities outright. This avoids the complexity of pricing the securities and enables interest from the loans to be returnedto taxpayers or used for their benefit

Reverse Auction: The government (one buyer) can invite lowest bids from many sellers for different categories of securities Issue T-Bonds Now: The US Treasury should borrow money to pay for the bailout now by issuing 5-year and 10-year notes, since

interest rates and the cost of funding the bailout will rise as the economy begins to recoverSome experts have also indicated that the real solution is to stabilize employment and h ence cash flow . They believe that thoughthe government is infusing liquidity into the market, households can still default on various debt instruments and hence the problemwill still remain unsolved

By Opinion L eaders



Table of Contents



Appendixes

A: Global Bailout Announcements

B: Bailout-GDP Ratio

C: Relevant Opinion Articles

D: Key Sources



The total value of global bailout announcements to date is USD 3.56 trill ionMajor Regional

Bailouts

Global Financial Crisis Appendix A: Global Bailout Announcements as of September 12, 2009

Starting with the US financial sector, the crisis soon spread across the globe and into othermarkets beyond just financial servicesIn response to the crisis, governments around the world h ave infused capital to bail out andstabilize many private banks su ch as Fortis Bank, Royal Bank of Scotland, etc, and com paniesin other sectors

Note: All fig ures are in USD; Bailout anno uncements upd ated on September 12, 2009; Figures only inc lude capital allocated for inst itut ions in th eform of equity or debt; 1Loans provided by Institu tions suc h as IMF and World Bank or other countries.

US1038.5 Bn811.2 Bn

UK511.2 Bn138.2 Bn

France39.4 Bn34.3 Bn

Aust ria20.7 Bn9.1 Bn

Chile0.85 Bn

UAE52.6 Bn6.2Bn

Russia227.9 Bn24.5 Bn

Iceland12.7 Bn 10.7 Bn

Ukraine16.5 Bn 1 8.1 Bn

Spain83.7 Bn

Hungary31.9 Bn 10.5 Bn

Qatar9.4 Bn

Germany187.2 Bn119.9 Bn

Canada34.4 Bn12.8 Bn

Japan6.9 Bn3.9 Bn

Belgium26.6 Bn

Netherlands98.7 Bn

Denmark17.9 Bn1.1 Bn

Norway56.3 Bn0.8 Bn

Latvia11.4 Bn 10.5 Bn

Luxembourg4.2 Bn

India1.8 Bn

Switzerland39.1 Bn

Belarus5.5 Bn 1

0Bn 100Bn 101Bn 250Bn 251Bn 400Bn Above 400BnTotal BailoutLegendCompanyBailouts

Total BailoutFunds

ASEAN, Japan, Chin aand South Korea

120 Bn

China

8 Bn2.2 Bn

Pakistan10.9 Bn 1

Oman2 Bn

Kazakhstan3.9 Bn

International FinancialCorporation

(For banks of poorcountries)

3 Bn

Serbia4.0 Bn 1

Sweden8.8 Bn1.3 Bn

Austr alia1.28 Bn

0.2 Bn

Ireland136 Bn16.9 Bn

El Salvador0.8 Bn 1

Russia, Kazakhstan, Armeni a, Kyrg yzstan

and Tajikistan10 Bn

Greece

17.7 Bn

Italy15.9 Bn2.5 Bn

SouthKorea

42.2 Bn

Seychelles0.02 Bn 1 Indonesia

1.5 Bn 1

Mongolia0.38 Bn 1 Armeni a

0.8 Bn

IMF (For IMF MemberCountries)

283 Bn

EBRD, EIB and WorldBank (For East

European Banks)66.6 Bn

Saudi Arabia, Kuwait,Qatar, Bahrain, Oman

and the UAE ( For GulfInternational Bank )

4.8 Bn

Romania27.2 Bn 1

Thailand0.43 Bn World Bank, ADB,

ADC, CABEI and CDB(For Latin America)

90 Bn

European CentralBank (For Euro zone)

79.8 Bn

Argent ina0.07 Bn

Tanzania

0.7 Bn

Botswana

1.5 Bn

Vietnam0.35 Bn

China (For SCOMembers)

10 Bn

Antig ua andBarbuda0.05 Bn

Portugal5.2 Bn0.1 Bn

Nigeria2.6 Bn

Philippines0.5 Bn

Iran1 Bn

Bulgaria5.3 Bn

Trinidad andTobago1.0 Bn



Global Financial Crisis Appendix A: Bailout-GDP Ratio as of September 12, 2009

Note: Figures only include capital allocated for institutions in the form of equity or debt; 1Loans provided by ins titutions such as the IMF andWorld Bank or oth er count ries; Bailou t-GDP Ratio based on World Bank & IMFs Nominal GDP Estimates for 2008.

US7.31%

UK19.32%

France1.38%

Austr ia4.97%

Chile0.50%

UAE32.21%

Russia14.17%

Iceland76.20% 1

Ukraine9.15% 1

Spain5.22%

Hungary20.64% 1

Qatar17.87%

Germany5.12%

Canada2.46%

SouthKorea4.35%

Belgium5.35%

Netherlands11.47%

Denmark5.22%

Norway12.52%

Latvia32.63% 1

Luxembourg7.74%

India0.14%

Switzerland8.00%

Belarus9.15% 1

0% 5% 5% 10% 10% 20% Abov e 20%RatioLegendCompanyBailouts

GovernmentBailout Funds

China0.18%

Pakistan6.48% 1

Oman5.60%

Kazakhstan2.95%

Serbia8.09% 1

Sweden1.83%

Austr alia0.14%

Ireland48.25%

El Salvador3.62% 1

Greece

4.95%

Mongolia7.30% 1 Armeni a

6.91% 1

Seychelles3.13% 1

Italy0.69%

Indonesia0.29% 1

Japan0.14%

Romania13.59% 1

Thailand0.16%

Botswana

11.57%1

Tanzania

3.37%1

Vietnam0.39%

Argent ina0.02%

Antig ua andBarbuda

4.08%

Portugal2.16%

Nigeria1.23% Philippines

0.3% 1

Iran0.27%

The total value of global bailout announcements to date is USD 3.56 trill ion

Bulgaria10.70%

Trinidad andTobago4.07%



Global Financial Crisis Appendix A: Global St imulus Announcements as of September 12, 2009

Note: All fi gures are in USD; Stimu lus announ cements upd ated on September 12, 2009.

US4,910 Bn

UK30.3 Bn

France34.9 Bn

Slovenia2.5 Bn

Chile9.2 Bn

Oman2 Bn

Russia111.5 Bn

Spain85.1 Bn

Canada58.0 Bn

Japan684.4 Bn

Belgium2.6 Bn

Netherlands17.7 Bn

Norway4.3 Bn

Lithuania1.9 Bn

India13.5 Bn

Switzerland2.6 Bn

0Bn 100Bn 101Bn 250Bn 251Bn 400Bn Above 400BnTotal StimulusLegendGovernment

Stimulus Funds

The total value of global stimulus announcements to date is USD 9.46 tril lion

China

2,053.5 BnSerbia1.7 Bn

Sweden14.0 Bn

Austr alia80.6 Bn

Peru13.2 Bn

Italy134.5 Bn

Indonesia6.2 Bn

Mongolia0.97 Bn

Vietnam8 Bn

Saudi Arabia400 Bn

South Africa81.2 Bn

Kazakhstan21.1 Bn

Argent ina42.0 Bn

Georgia1.3Bn

Poland51.3 Bn

Mexico92.9 Bn

Bulgaria4 Bn

Malaysia18.2 Bn

Singapore13.6 Bn

South Korea116.5 Bn

Brazil80 Bn

Panama1.1 Bn

Kuwait5.2 Bn

Hungary6.5 Bn

Philippines11.2 Bn

Egypt5.4 Bn

Israel5.6 Bn

Kyrgyzstan0.1 Bn

Germany92.4 Bn

Cyprus0.4 Bn

Morocco1.4 Bn

Czech Republic3.3 Bn

Slovakia0.4 Bn

Aust ria6.9 Bn

Turkey9.8 Bn

Portugal2.9 Bn

Finland

2.6 Bn

Bangladesh0.7 Bn

Greece5.1 Bn

Colombia1.3 Bn

Sri Lanka0.14 Bn

Ethiopia0.5 Bn

Jamaica0.01 Bn

Thailand43.2 Bn

Kenya11.6 Bn

Tanzania

1.3 Bn

Nigeria4.1 Bn

Romania0.8 Bn

New Zealand1 Bn

Taiwan14.8 Bn

Ireland0.8 Bn



Global Financial Crisis Appendix A: Stimulus-GDP Ratio as of September 12, 2009

Note: All fi gures are in USD; Stimu lus announ cements upd ated on September 12, 2009.

US34.57%

UK1.15%

France1.22%

Slovenia4.56%

Chile5.40%

Oman5.60%

Russia6.93%

Spain5.31%

Canada4.14%

Japan13.94%

Belgium0.52%

Netherlands2.06%

Norway0.97%

Lithuania3.97%

India1.11%

Switzerland0.53%

The total value of global stimulus announcements to date is USD 9.46 tril lion

China

46.65%Serbia3.40%

Sweden2.90%

Austr alia7.94%

Peru10.36%

Italy5.87%

Indonesia1.21%

Mongolia18.43%

Vietnam8.82%

Saudi Arabia85.54%

South Africa29.32%

Kazakhstan15.95%

Argent ina12.80%

Georgia10.35%

Poland9.74%

Mexico8.55%

Bulgaria8.03%

Malaysia9.35%

Singapore7.49%

South Korea12.54%

Brazil4.96%

Panama4.76%

Kuwait4.62%

Hungary4.21%

Philippines6.70%

Egypt3.34%

Israel2.79%

Kyrgyzstan2.26%

Germany2.53%

Cyprus2.11%

Morocco1.68%

Czech Republic1.53%

Slovakia0.46%

Aust ria1.67%

Turkey1.24%

Portugal1.21%

Finland

0.96%

Bangladesh0.90%

Greece1.42%

Colombia0.54%

Sri Lanka0.35%

Jamaica0.07%

0% 5% 5% 10% 10% 20% Above 20%RatioLegendGovernment Stimulu s

Funds

Thailand16.57%Ethiopia

0.19% Kenya33.51%

Tanzania

6.44%

Nigeria1.93%

Romania0.04%

Taiwan3.82%

New Zealand0.77%

Ireland0.27%



Global Financial Crisis Appendix C: Relevant Opinion Articles and Radio Shows

Date Title Source Links

17-Oct-07 Think the credit crunch is over? Think again Fortune http://money.cnn.com/2007/10/17/news/economy/eavis_creditcrunch.fortune/index.htm

10-Jan-08 Same as it ever was - What do earlier banking crises reveal aboutAmerica's travails today? Economist http://www.economist.com/finance/displaystory.cfm?story_id=10496807

31-Mar-08 How to crack the credit crunch Fortune http://money.cnn.com/2008/03/27/news/fed-information.fortune/index.htm?postversion=2008032911

22-May-08 Predicting The U.S. Recovery: Some Leading Indicators Are BetterThan Others TD Bank Financial Group http://www.td.com/economics/special/bc0508_usecon.pdf

23-Jun-08 The U.S. Credit Crisis In Perspective Forbes http://www.forbes.com/2008/06/23/credit-crisis-japan-ent-fin-cs_kw_0623whartoncreditcrisis.html

23-Aug-08 Central banks and financial crises Wall Street Journal http://online.wsj.com/public/resources/documents/Fed-Buiter081608.pdf?mod=relevancy

23-Aug-08 Rethinking Capital Regulation Wall Street Journal http://online.wsj.com/public/resources/documents/Fed-JacksonHole.pdf?mod=relevancy

5-Sep-08 Giant Pool of Money This American Life (andNPR News) http://www.thislife.org/extras/radio/355_transcript.pdf

10-Sep-08 Financial sector in crisis Financial Times http://www.ft.com/cms/s/0/ffa3bbd4-7f18-11dd-a3da-000077b07658.html

17-Sep-08 Wharton Faculty Debate the Impact of the Financial Crisis Knowledge@Wharton http://knowledge.wharton.upenn.edu/article.cfm?articleid=2053

19-Sep-08 Wall Street: The dark theory Fortune http://money.cnn.com/2008/09/19/news/economy/siklos_shadowstats.fortune/

23-Sep-08 "Constructing a Financial Perfect Storm" by Jagadeesh Gokhale Cato Institute http://www.cato.org/dailypodcast/podcast-archive.php?podcast_id=745

30-Sep-08 Global breakdown: Winners and losers Fortune http://money.cnn.com/2008/09/29/news/economy/gumbel_world_economy.fortune/index.htm

01-Oct-08 The $700 Billion Question: How Much Is That Exotic Security? Knowledge@Wharton http://knowledge.wharton.upenn.edu/article.cfm?articleid=2064

01-Oct-08 How to Start the Healing Now Wall Street Journal http://online.wsj.com/article/SB122282734447293049.html

02-Oct-08 Blocked pipes - When banks find it hard to borrow, so do the rest of us Economist http://www.economist.com/displaystory.cfm?story_id=12342237

06-Oct-08 How to build a better bailout Fortune http://money.cnn.com/2008/10/06/news/economy/betterbailout_sloan.fortune/

9-Oct-08 A mo netar y m alais e Economist http://www.economist.com/specialreports/displaystory.cfm?story_id=12373682

10-Oct-08 Off a cliff Economist http://www.economist.com/finance/displaystory.cfm?story_id=12405370

13-Oct-08 Europe to U.S.: You messed up the rescue, too Fortune http://money.cnn.com/2008/10/13/news/international/gumbel_eurobank.fortune/index.htm

16-Oct-08 The end of the beginning? Economist http://www.economist.com/world/europe/displaystory.cfm?story_id=12436221

15-Oct-08 Analysis: Economy lacked a trusted national leader Washington Post http://www.washingtonpost.com/ac2/wp-dyn/emailafriend?contentId=AR2008101500432&sent=no

13-Oct-08 We can beat this crisis Fortune http://money.cnn .com/2008/10/10/news/economy/fox_great_depression.fortune/index.htm?postversion=2008101307

25-Oct-08 Spooking investors - Financial m arkets remain on edge becausethe credit crunch has not been solved Economisthttp://www.economist.com/finance/displaystory.cfm?story_id=10024679

l b l l
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Global Financial Crisis Appendix D: Key Sources

Think Tanks

Journals/Publications

Radio Stations
http://www.chicagopublicradio.org/default.aspxhttp://www.npr.org/http://edition.cnn.com/http://www.reuters.com/homehttp://www.grailresearch.com/Default.aspx


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