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- Title
HOW THE AMERICAN DREAM BECAME A GLOBAL NIGHTMARE: AN ANALYSIS OF THE CAUSES OF THE GLOBAL FINANCIAL CRISIS.
- Authors
Legg, Michael; Harris, Jason
- Abstract
The article focuses on the impact of global financial crisis (GFC) to the U.S. market in sub-prime mortgages and financial industry. It explains the course of the largest financial shock since the Great Depression, inflicting heavy damage on markets and institutions at the core of financial system. It tackles how problems spread as a result of defaulting loans that led to the collapse of Lehman Brothers and the decline of organisations such as Fannie Mae and Freddie Mac. The global movement of financial crisis from the U.S. to Australia and other countries in the world is also discussed.
- Subjects
UNITED States; GLOBAL Financial Crisis, 2008-2009; MORTGAGE loans; LEHMAN Brothers; FANNIE Mae; FREDDIE Mac (Company); FINANCIAL institutions; DEFAULT (Finance); GREAT Depression, 1929-1939; ECONOMICS
- Publication
University of New South Wales Law Journal, 2009, Vol 32, Issue 2, p350
- ISSN
0313-0096
- Publication type
Article