The Great Recession was a global economic downturn that devastated world financial markets as well as the banking and real estate industries. The crisis led to increases in home mortgage foreclosures worldwide and caused millions of people to lose their life savings, their jobs and their homes.
Although its effects were definitely global in nature, the Great Recession was most pronounced in the United States—where it originated as a result of the subprime mortgage crisis—and in Western Europe. Subprime mortgages are home loans granted to borrowers with poor credit histories.
Their home loans are considered high-risk loans. With the housing boom in the United States in the early to mids, mortgage lenders seeking to capitalize on rising home prices were less restrictive in terms of the types of borrowers they approved for loans.
Tess of the D'Urbervilles
And as housing prices continued to rise in North America and Western Europe, other financial institutions acquired thousands of these risky mortgages in bulk typically in the form of mortgage-backed securities as an investment, in hopes of a quick profit.
Although the U. A couple of months earlier, in February, the Federal Home Loan Mortgage Corporation Freddie Mac announced that it would no longer purchase risky subprime mortgages or mortgage-related securities. With no market for the mortgages it owned, and therefore no way to sell them to recoup their initial investment, New Century Financial collapsed.
Interestingly, on October 9,the U. Over the next 18 months, the Dow would lose more than half its value, falling to 6, points.
As a result, hundreds of thousands of Americans who had significant portions of their life saving invested in the stock market suffered catastrophic financial losses. With the American economy teetering, the U. Interest rates were at 5. By the end ofthe Fed had reduced the target interest rate to zero percent for the first time in history in hopes of once again encouraging borrowing and, by extension, capital investment.
In FebruaryPresident George W. Bush signed the so-called Economic Stimulus Act into law. This last element was designed to, hopefully, generate new home sales and provide a boost to the economy. In Marchinvestment banking giant Bear Stearns collapsed after attributing its financial troubles to investments in subprime mortgages, and its assets were acquired by JP Morgan Chase at a cut-rate price.It was developed under code name "A94" and is based on the PF1 platform, sharing electronic components with Peugeot The features a 1.
The 's six speed automatic gearbox transfers the engine power to the front wheels. It is available with a five speed manual gearbox, or a six speed manual, according to engine size. As ofit became available with a six speed automatic 1. The Peugeot is available with Peugeot's grip control system. This is available on 1. It was announced that it would come in Mexico in the beginning of At the time of release, Peugeot announced five internal combustion engine ICE options: .
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Although it wasn't the greatest percentage decline in history, it was vicious. But that took almost four years. The crash only took 18 months. The Dow opened the year at 12, In fact, they were relieved that the overheated real estate market appeared to be returning to normal. Its prior estimate said it had shrunk 0. It seemed the U. The Dow ended the year just slightly off its October high, at 13, The economy lost 17, jobs, the first time since On Mar.
The Dow dropped to an intraday low of 11, By May, the Dow rose above 13, It rebounded and remained above 11, for the rest of the summer. The month started with chilling news. On Monday, Sept. The Dow dropped more than points. On Tuesday, Sept.
Banks had driven up rates because they were afraid to lend to each other. On Sept. On Thursday, Sept. On Friday, Sept. The Fed's announcement confirmed that credit markets were partially frozen and in panic mode. On Saturday, Sept.After Alec gives up preaching in order to court Tess and father Darbeyfield is killed by illness, she writes a vicious letter to Angel rejecting him as 'cruel', which he never receives, and starts Parson Tringham tells no one that John Durbeyfield's family is an impoverished branch of the noble, once mighty D'Urbervilles.
However 'celebrating' in the pub, bad heart and bad luck end up After Tess is refused a graveyard burial for her child, she leaves home and becomes a milkmaid. The surprising perk of the job is the presence of Angel Clare, son of a parson. He is learning the farm Captain America might be the first role that comes to mind when you think of Chris Evansbut did you know he almost passed on the character in favor of another massive franchise? Watch the video. Title: Tess of the D'Urbervilles A free-spirited yet naive country girl is caught between her wealthy, manipulative "cousin" Alec and the handsome, educated farmer Angel Clare in this Victorian tragedy from novelist Thomas Hardy.
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In the mid 19th Century, an enigmatic young woman moves to Yorkshire with a young son. Distancing herself from everyone in the village and their prying questions, she remains totally aloof A young governess falls in love with her brooding and complex master.
However, his dark past may destroy their relationship forever. This mini-series tells the story of Amy Dorrit, who spends her days earning money for the family and looking after her proud father, who is a long term inmate of Marshalsea debtors' prison A young woman's penchant for sensational Gothic novels leads to misunderstandings in the matters of the heart.
Amanda, an ardent Jane Austen fan, lives in present day London with her boyfriend Michael, until she finds she's swapped places with Austen's fictional creation Elizabeth Bennet. As an English soldier fights in the horrific trenches of northern France, he is haunted by the memories of his forbidden love affair with a French woman.
Widow Dashwood and her three unmarried daughters, Elinor, Marianne and Margaret, inherit only a tiny allowance. So they move out of their grand Sussex home to a more modest cottage in North and South is a four part adaptation of Elizabeth Gaskell's love story of Margaret Hale, a middle class southerner who is forced to move to the northern town of Milton.
Set in Victorian London, Gwendolen Harleth is drawn to Daniel Deronda, a selfless and intelligent gentleman of unknown parentage, but her own desperate need for financial security may destroy her chance at happiness. In this lighthearted romance from Victorian novelist Thomas Hardy, the beautiful new village school teacher is pursued by three suitors: a working-class man, a landowner, and the vicar. In the late 19th century, Tess Durbeyfield is sent off to visit a rich cousin, Alec D'Urberville, when her parents learn that they are distantly related.
Tess takes a disliking to the man and his attempts at seduction are rebuffed. Returning from a village party he forces himself on the innocent girl who eventually makes her way back to her parents' home. Ashamed and pregnant she seems destined to forever being marked a certain kind of woman. After the death of her child, she makes her way to a prosperous farm where, working as a milkmaid, she meets and eventually marries the handsome Angel Clare.
On learning of her past however, he abandons her and with little choice and facing a life of extreme hardship, again falls into Alec's clutches and becomes a kept woman. Written by garykmcd. What a really good production this is. Technically perfect and an excellent cast.The United States subprime mortgage crisis was a nationwide financial crisisoccurred between andthat contributed to the U.
Declines in residential investment preceded the recession and were followed by reductions in household spending and then business investment. Spending reductions were more significant in areas with a combination of high household debt and larger housing price declines. The housing bubble preceding the crisis was financed with mortgage-backed securities MBSes and collateralized debt obligations CDOswhich initially offered higher interest rates i.
While elements of the crisis first became more visible duringseveral major financial institutions collapsed in Septemberwith significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession. There were many causes of the crisis, with commentators assigning different levels of blame to financial institutions, regulators, credit agencies, government housing policies, and consumers, among others.
Investors, even those with prime credit ratings, were much more likely to default than non-investors when prices fell. When U. As adjustable-rate mortgages began to reset at higher interest rates causing higher monthly paymentsmortgage delinquencies soared.
Securities backed with mortgages, including subprime mortgages, widely held by financial firms globally, lost most of their value.
Global investors also drastically reduced purchases of mortgage-backed debt and other securities as part of a decline in the capacity and willingness of the private financial system to support lending.
The crisis had severe, long-lasting consequences for the U. The U. The number of jobs did not return to the December pre-crisis peak until May The immediate cause of the crisis was the bursting of the United States housing bubble which peaked in approximately — However, once interest rates began to rise and housing prices started to drop moderately in — in many parts of the U.
Defaults and foreclosure activity increased dramatically as easy initial terms expired, home prices fell, and adjustable-rate mortgage ARM interest rates reset higher. As housing prices fell, global investor demand for mortgage-related securities evaporated.
This became apparent by Julywhen investment bank Bear Stearns announced that two of its hedge funds had imploded. These funds had invested in securities that derived their value from mortgages. When the value of these securities dropped, investors demanded that these hedge funds provide additional collateral. This created a cascade of selling in these securities, which lowered their value further. Economist Mark Zandi wrote that this event was "arguably the proximate catalyst" for the financial market disruption that followed.
Several other factors set the stage for the rise and fall of housing prices, and related securities widely held by financial firms.
In the years leading up to the crisis, the U. This inflow of funds combined with low U. Loans of various types e.The championship was contested over eighteen races commencing in Australia on 16 March and ending in Brazil on 2 November. Scuderia Ferrari Marlboro won the Constructors' title.
He was also the first British champion since Damon Hill in Eleven teams competed in the championship, although Super Aguri withdrew on 6 May from the Formula One season due to financial troubles, completing four races. New technical rules for included the banning of traction control after it was re-introduced in Fernando Alonso won the first race held in Singapore; however, only after teammate Piquet deliberately crashed to cause a Safety Car period which helped Alonso's strategy.
When Piquet admitted this to the press in Renault team-principal Briatore resigned. Some journalists dubbed this " Crashgate ".
This was the last season for the Honda team before they pulled out of F1 later in December due to the global economic crisis. This was also the last Formula One season to race with grooved tyres, used sincebefore slick tyres returned to Formula One in It was the first time in the history of Formula One that all teams used the same two drivers throughout the season and it was the first time that all the race cars had competed without traction control since the beginning of There was a total of seven teams signed up to compete in the championship through an agreement with Formula One Managementwith the other four major manufacturers in the Grand Prix Manufacturers' Association GPMA having signed a Memorandum of Understanding at the Spanish Grand Prix.
All teams in both groups have two spots each on the grid. On 14 February the FIA president Max Mosley announced that all teams interested in competing in the World Championship would have a seven-day window during which they would have to submit an application to compete. On 28 April the FIA announced that all of the current teams' applications for the season were granted, along with a new team Prodrivefronted by the ex- BAR and - Benetton principal David Richards. However, despite the Prodrive application being accepted, Richards later announced that the team would not race in due to a dispute over the legality of customer cars.
Giancarlo FisichellaRenault's other driver frommoved to the newly renamed Force India team, in place of erstwhile Spyker driver Sakon Yamamotowho became Renault's test development driver. Fisichella's place at Renault was taken by the team's test driver Nelson Piquet Jr. Singapore was Formula One's first ever night race. The first multi-team test session started in Jerez on 14 January FerrariMcLaren and Toyota all tested their cars. Williams tested a modified version of the FW29 whilst Renault and Red Bull tested their entries.
BMW Sauber was not in attendance as they were launching the F1. Renault and Williams were the only teams on the track for the first day of testing. They were both testing their challengers. Again, all teams but Super Aguri were in action. The first day of testing saw Kazuki Nakajima crash his FW On 12 February testing returned to Jerez.You have not selected any file s to download.
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2008 Formula One World Championship
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