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What caused the financial crisis of 2008?

What caused the financial crisis of 2008?

While the causes of the bubble and subsequent crash are disputed, the precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the United States housing bubble and the subsequent subprime mortgage crisis, which occurred due to a high default rate and resulting foreclosures of mortgage loans.

Why did Bear Stearns collapse?

Bear Stearns was a global investment bank located in New York City that collapsed during the 2008 financial crisis. The bank was heavily exposed to mortgage-backed securities that turned into toxic assets when the underlying loans began to default.

When did Bear Stearns fail?

March 16, 2008
On March 16, 2008, Bear Stearns, the 85-year-old investment bank, narrowly avoids bankruptcy by its sale to J.P. Morgan Chase and Co. at the shockingly low price of $2 per share.

Why did Lehman Brothers fail?

Lehman’s loss resulted from having held onto large positions in subprime and other lower-rated mortgage tranches when securitizing the underlying mortgages. Whether Lehman did this because it was simply unable to sell the lower-rated bonds, or made a conscious decision to hold them, is unclear.

How much did Michael Burry make 2008?

However, when they did, he returned a personal profit of $100 million and $700 million for his investors. His firm’s total return for 2000 to 2008 was 489.34%.

How much did Michael Burry make off The Big Short?

However, Burry made $100 million for himself and $700 million for his investors when his bet against the housing market paid off, Business Insider reports. The story was recounted in Michael Lewis’ book The Big Short, which was adapted to a Hollywood film starring Christian Bale, Steve Carell and Ryan Gosling in 2015.

How much did Jared vennett make in The Big Short?

Long story short, because this is a long movie; the American economy collapsed, 5 trillion dollars was lost, eight million people lost their jobs, six million lost their homes, Jared Vennett made $47 million in commissions, Mark Baum’s team made $1 billion and Michael Burry made $100 million for himself and $700 …

How good were the 2008 Boston Celtics?

The Celtics appeared in the Finals for the first time since 1987 and second-best 20th time overall. The 2008 Boston Celtics championship team was famously led by the organization’s “Big 3” in Paul Pierce, Ray Allen, and Kevin Garnett, and was the first season the triumvirate played together.

Who did the Lakers beat in the 2009 finals?

The 2008–09 NBA season was the 63rd season of the National Basketball Association (NBA). The Los Angeles Lakers defeated the Orlando Magic in the 2009 NBA Finals, four games to one.

When did the Lakers snap the Celtics’12-game win streak?

February 7, 2009. Retrieved March 31, 2011. ^ “Lakers Snap Celtics’ 12-Game Win Streak”. NBC Sports. February 6, 2009. Archived from the original on January 13, 2010. Retrieved March 31, 2011. ^ “Odom’s dominance covers for sickly Kobe as Lakers sweep Cavs”. ESPN. Retrieved March 31, 2011. ^ “Jazz owner Miller dies at 64”. ESPN. February 21, 2009.

How many times have the Lakers and Celtics been to the finals?

The Lakers appeared in the Finals for the first time since 2004 and a record 29th time overall. The Celtics appeared in the Finals for the first time since 1987 and second-best 20th time overall.

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