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Global Credit Crisis

In: Ethics in Banking

Author

Listed:
  • Jes Villa

Abstract

The credit crunch that had first manifested itself in August 2007 was accelerating briskly during the summer months in the northern hemisphere, though much of the population outside mainstream finance in America and England was oblivious to this ominous tidal event. By September 2007 the US Federal Reserve Bank had started to slash interest rates so dramatically that economists expressed concern that such action might spark a downturn. The American central bank had taken this action to avert some of the harmful consequences on the economy,1 but even then it could not stop the tidal wave. The economic indicators were worsening. The housing downturn continued to deteriorate with housing starts plummeting to a 12-year low and foreclosures doubling from the previous year. The construction industry was at its bleakest since the 1991 recession.2

Suggested Citation

  • Jes Villa, 2015. "Global Credit Crisis," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Ethics in Banking, chapter 1, pages 3-7, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-34028-3_1
    DOI: 10.1057/9781137340283_1
    as

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