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Www Morgagemortgagebanker Mortgage Mortgage Banker Szh Jiaoan 1 Mortgage Mortgage Banker 2008经济危机综述（Economic crisis of 2008）
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On September 17, Federal Reserve Chairman Ben Bernanke advised Secretary of the Treasury Hank Paulson that a large amount of public money would be needed to stabilize the financial system. Short selling on 799 financial stocks was banned on September 19. Companies were also forced to disclose large short positions.[42] The Secretary of the Treasury also indicated that money market funds will create an insurance pool to cover themselves against losses and that the government will buy mortgage-backed securities from banks and investment houses. Initial estimates of the cost of the Treasury bailout proposed by the Bush Administration's draft legislation (as of September 19, 2008) were in the range of $700 billion to $1 trillion U.S. dollars. President George W. Bush asked Congress on September 20, 2008 for the authority to spend as much as $700 billion to purchase troubled mortgage assets and contain the financial crisis. The crisis continued when the United States House of Representatives rejected the bill and the Dow Jones took a 777 point plunge. A revised version of the bill was later passed by Congress, but the stock market continued to fall nevertheless. [10]
（9月17日联邦储备局主席建议大部分的公款将用来稳定美国的金融系统。799支卖空的金融股票被叫停，并强制其公开交易中未抛空的差额。财政部指出，货币市场基金将创建一个保险金库，政府将会从银行和投资者手中买下那些抵押资产。同时布什总统也要求国会通过7000亿的资金计划去购买那些不良抵押资产以控制金融危机的继续恶化）
Canada（加拿大）
In May 2008 Canada's GDP was reported to have decreased 0.1 percent due to decline in mining, oil and gas industry by 1.2 percent and fall in automobile production by 3.6 percent. Construction output in Canada declined 0.4 percent, utilities 1.3 percent, and farms produce 0.9 percent less. In the first quarter of 2008 Canada's economy shrank by 0.3 percent and the Bank of Canada said second quarter growth would likely be less than 0.8 percent projected. Canada later revised its first quarter GDP showing a contraction of 0.8% and gave second quarter GDP showing an increase of only 0.3%. [11]
（2008年5月，加拿大的GDP由于矿业的低迷下降了0.1个百分点，石油天然气的行业下降了1.2%。汽车制造业下降了3.6%. 建筑业输出降低了0.4%，农产品降低了0.9%。加拿大最近修订了其第一季的GDP显示其减少了0.8%，第二季度增长只有0.3%.
2、Europe（欧洲）
1）Iceland（冰岛）
The Icelandic króna has declined 40% against the euro during 2008 and has experienced inflation of 14%. Iceland's interest rates have been raised to 15.5% to deal with the high inflation and the króna's decline is reportedly only beaten by that of the Zimbabwean dollar. This depreciation in currency value has put pressure on banks in Iceland, which are largely dependent on foreign debt. On September 29, 2008 Iceland's Glitnir was effectively nationalized after the Icelandic government acquired 75% of the bank's stock. According to the government the bank "would have ceased to exist" within a few weeks if there had not been intervention. [13]
On 8th October UK Prime Minister Gordon Brown announced that the UK government would launch legal action against Iceland, whose government announced that they had no intention of compensating any of the estimated 300,000 UK savers after the nationalization of Landsbanki and its online brand, Icesave. Chancellor of the Exchequer Alistair Darling announced that the UK government would foot the entire bill, estimated at £4bn, and that he was taking steps to freeze the assets of Landsbanki. The following day, Darling used the Anti-Terrorism, Crime and Security Act 2001 as the basis for seizing the assets of Landsbanki Islands hf, an Iceland-based bank. Icelanders launced an on-line petition drive to protest this action, which as seen as comparing Icelandic banks with Al-Qaida.
Iceland's GDP is expected by economists to shrink at least 10 percent as a result of the crisis, putting Iceland by some measure in an economic depression.
（2008年，冰岛货币较欧元下降了40%，通胀率达到了14%。利息也升高到了15.5%以应对高通胀和货币贬值。货币的贬值给那些依赖外债的银行造成了巨大的压力。9月29日，冰岛Glitnir银行被收归国有，政府拥有75% 的银行股票。与此同时，英国政府也为了维护本国储户的利益，不惜将冰岛告上法庭。目前经济学家分析，冰岛的GDP在金融危机中至少要下降10%）
2）United Kingdom（英国）
The economy of the United Kingdom has also been hit by rising oil prices and the credit crisis. Sir Win Bischoff, chairman of Citigroup, said he believes that house prices in Britain will keep falling for another two years. The Ernst & Young Item club predicted growth of only 1.5 percent in 2008, slowing to 1 percent in 2009. They also predicted consumer spending would slow to only 0.2 percent, and forecast a two-year drop in investment. The Institute of Directors’ quarterly business opinion survey showed business optimism at its lowest level since the survey began in 1996. Deputy Governor of the Bank of England, John Gieve said inflation would accelerate "well over" 4 percent while economic growth is "slowing fast." Bank of England Governor Mervyn King said there may be "an odd quarter or two of negative growth," following the first quarter of 2009. Gieve said he couldn't rule out the U.K. economy heading into a recession, adding the economy was "quite a long way" from the end of the slowdown. [14]
By November, unemployment had risen to over 1.8 million and is projected to surpass 2 million by Christmas and perhaps even as high as 3 million by 2010.
（英国的经济也同样被高起的油价和信用危机所困扰。花旗主席表示，房价在接下来两年还会持续走低。Ernst & Young项目部预计2008经济增长只有1.5个百分点，到2009年降低到1个百分点。同时预计消费水平将降低到0.2个百分点，2年内的投资都会比较的低迷。十一月，失业人数将超过180万）
3）Russia（俄罗斯）
Russia is a major exporter of commodities such as oil and metals, its equity market has been hit hard by the decline in the price of many commodities. In addition, investors have pulled billions of dollars out of Russia on concerns over escalating geopolitical tensions with the West following the military conflict between Georgia and Russia, as well as concerns about state interference in the economy. Those concerns were underscored in July by Prime Minister Vladimir Putin's criticism of steel company Mechel which wiped out billions of dollars of its market capitalization. By September 2008, the RTS stock index plunged almost 54%, making it one of the worst performing markets in the world. Compounding the volatile situation in Russia's financial system has been also involvement in the US subprime mortgage crisis with the Russian Central Bank owning US$100 Billion of mortgage-backed securities in the two American mortgage giants Fannie Mae and Freddie Mac that were taken over by the US government that most likely will have to be written off.[15]
（俄罗斯是一个主要靠出口石油和金属的国家，其产权投资市场由于商品价格的走低遭受了巨大的打击。另外，由于乔治亚战争问题，投资者撤走了大量的资金。2008年9月，俄罗斯RTS股票指数下跌了54%, 成为了世界之最。）
4）Euro zone（欧元区）
In the eurozone as a whole, industrial production fell 1.9 percent in May, the sharpest one-month decline for the region since the exchange rate crisis in 1992. European car sales fell 7.8 percent in May compared with a year earlier.[84] Retail sales fell by 0.6 percent in June from the May level and by 3.1 percent from June in the previous year. Germany was the only country out of the four biggest economies in the eurozone to register an increase of activity in July though the increase was sharply down. Economic analysts from RBS and capital Economics say the decline raises the risk of the eurozone entering a recession in 2008. In the second quarter, the eurozone's economy was reported to have declined by 0.2 percent. The economy declined again in the third quater putting the eurozone in a technical recession. [16]
（从欧元区整体来看，工业生产在5 月份下跌了1.9个百分点，是从1992年汇率危机以来最厉害的一个月。欧洲汽车的销量与早年相比下跌了7.8个百分点。零售业下跌了0.6个百分点。第二季度，欧元区经济报告显示其经济下降了0.2个百分点，预计在三季度欧元区还会有一轮技术性的下调）
4.1）Ireland（爱尔兰）
Ireland in the first quarter of 2008 reported a contraction in GDP of 1.5 percent, its first economic contraction since it began reporting by quarter and first recorded contraction since 1983. However, Ireland's Central Statistics Office reported growth in GNP of about 0.8 percent, Ireland's government considers GNP a better measure of the economy. Analysts have predicted Ireland's economy will contract further in the rest of the year. A report from NCB Stockbrokers predicts gross national product will fall by 1 percent in 2008 and by 0.4 percent in 2009 due to a decline in multinationals hit by the global economic slowdown. An economist from NCB said non-residential investment would fall by 5 percent in 2008 and by 12 percent in 2009. Ireland's GDP saw a contraction in the second quarter by 0.5 percent making Ireland the first member of the eurozone to enter a recession. [17]
（爱尔兰第一季度报告显示：GDP下降了1.5个百分点。但是爱尔兰中央统计局报告显示GNP增长了0.8个百分点。爱尔兰政府把GNP看做是经济的暂时好转。分析人士预测：爱尔兰的经济在未来将会持续走低。来自NBC股票经济人公司的预测显示由于全球经济的不紧气，爱尔兰08年的国名生产总值将下降1个百分点，09年下降0.4个百分点，使得爱尔兰成了第一个进入经济萧条的欧元区国家）
4.2）Spain（西班牙）
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