It is now six years since the first rumblings of the earthquake that was the global financial crash and the Great Recession. On 9 August 2007 BNP Paribas announced that it was closing down two of its funds of US mortgage backed securities and taking heavy losses. It was not long before other banks across the US and Europe announced similar losses. The stock market began to plunge from October 2007 (it had been faltering from March).
Then there was an avalanche of losses for banks globally. The US and the rest of the advanced capitalist economies then plunged into the Great Recession that lasted for 18 months from the beginning of 2008 to the middle of 2009. full: http://isj.org.uk/index.php4?id=914&issue=140 _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
