{"id":"asset_99751f2771d1","source_id":"c124fd8b-5812-4cff-a0ae-56f8156bd735","origin":"dropbox","type":"text/plain","category":"text","name":"05-global-financial-crisis-2008.txt","path":"/05-global-financial-crisis-2008.txt","size_bytes":3872,"title":"05 global financial crisis 2008","description":"This document examines the 2008 financial crisis and the government response to it, analyzing whether the distribution of losses between financial institutions and households reflected unavoidable economic necessity or deliberate policy choices. It provides detailed accounts of the crisis mechanisms, rescue programs, and their outcomes, supported by specific program data and wealth recovery timelines across demographic groups.","extracted_text":"# Banks Were Recapitalised, Households Were Foreclosed: 2007–2009\n\nThe S&P 500 fell 57 per cent from October 2007 to March 2009. Lehman Brothers\nfailed, AIG was nationalised in all but name, and for a fortnight in September\n2008 the commercial paper market — the plumbing through which ordinary companies\nmake payroll — simply stopped. Roughly $19 trillion of US household wealth\nevaporated. Nearly 9 million jobs went. Some 10 million American families\neventually lost their homes.\n\nThe causes have been catalogued exhaustively: mortgages underwritten without\nregard to repayment because the originator sold them within weeks; securitisation\nthat pooled those mortgages and, through the alchemy of tranching, produced\nAAA-rated paper from subprime collateral; rating agencies paid by issuers to\nassign those ratings; credit default swaps written in size by an insurer with no\ncapital set against them; and banks levered 30-to-1 funding long-dated illiquid\nassets in overnight repo markets. Every lin","attributes":{"dropbox_file_id":"id:1EL26tM-qg4AAAAAAAAADQ"},"usable_for":["research reference","content source","writing style reference","fact extraction"],"price_sats":{"card":0,"full":1100},"content_available":true,"available":true,"addedAt":1787789251519}