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Financial Meltdown

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Information about Financial Meltdown
Technology

Published on October 13, 2008

Author: jefferykind

Source: slideshare.net

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by Eugene Amo-Dadzie
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Created, edited and presented by EUGENE AMO-DADZIE

Situation of the economy PROPERTY MARKET - Average house prices have decreased by more than 13% during the past year, wiping nearly £26,500 off the value of the average home The average UK home now costs £172,108, around the same level as in January 2006. UNSTABLE BANKS - During past months banks such as HBOS have been rescued from near collapse. Other banks continue to hover near collapse or have been nationalised such as AIG and Northern Rock FALLING STOCKS – FTSE, NASDAQ, DOW JONES etc have suffered record drops during the past weeks alone, wiping billions off the stock market

PROPERTY MARKET - Average house prices have decreased by more than 13% during the past year, wiping nearly £26,500 off the value of the average home

The average UK home now costs £172,108, around the same level as in January 2006.

UNSTABLE BANKS - During past months banks such as HBOS have been rescued from near collapse. Other banks continue to hover near collapse or have been nationalised such as AIG and Northern Rock

FALLING STOCKS – FTSE, NASDAQ, DOW JONES etc have suffered record drops during the past weeks alone, wiping billions off the stock market

Some factors which may have caused the financial meltdown Short selling Banks in the American housing market giving loans to people who are unable to pay them back – MAIN FACTOR! Banks unable to handle large debts related to mortgages or just general debts from over – borrowing adversely affecting other business they are connected to Fear/ lack of confidence in the financial markets / property market

Short selling

Banks in the American housing market giving loans to people who are unable to pay them back – MAIN FACTOR!

Banks unable to handle large debts related to mortgages or just general debts from over – borrowing adversely affecting other business they are connected to

Fear/ lack of confidence in the financial markets / property market

Proposed plans to ease the meltdown George Bush proposed a rescue plan of $700 billion to stabilise the US economy $250 billion available immediately with $100 billion available, if needed. The second half of $350 billion would then become available by a special approval of Congress. Alistair Darling/ Gordon Brown have also proposed a rescue plan to help ease UK financial troubles of £500 billion It is hoped this will stabilise the U.K banks As Iceland neared a complete financial meltdown, the country's central bank reported that Russia was coming to its rescue with a loan of 4 billion Euros ($5.4 billion).

George Bush proposed a rescue plan of $700 billion to stabilise the US economy

$250 billion available immediately with $100 billion available, if needed. The second half of $350 billion would then become available by a special approval of Congress.

Alistair Darling/ Gordon Brown have also proposed a rescue plan to help ease UK financial troubles of £500 billion

It is hoped this will stabilise the U.K banks

As Iceland neared a complete financial meltdown, the country's central bank reported that Russia was coming to its rescue with a loan of 4 billion Euros ($5.4 billion).

Possible future effects of the financial meltdown Council taxes could soar by 5 % every year for the next 25 years because London authorities could lose £210 in the Icelandic banking crisis UK rescue plan (£500bn) - each taxpayer faces a potential liability of almost £20,000 More nationalism of major banks such as what has already happened with AIG and Northern Rock RECESSION ( a significant decline in economic activity spread across the economy ) - the biggest threat due to the current condition of the economy

Council taxes could soar by 5 % every year for the next 25 years because London authorities could lose £210 in the Icelandic banking crisis

UK rescue plan (£500bn) - each taxpayer faces a potential liability of almost £20,000

More nationalism of major banks such as what has already happened with AIG and Northern Rock

RECESSION ( a significant decline in economic activity spread across the economy ) - the biggest threat due to the current condition of the economy

Some who have been heavily effected by the financial meltdown ( WHAT A SHAME ) These are billionaires among the big losers of the current financial meltdown EVEN THE SUPER RICH SUFFER (HAHAHAHA!!)  MY REACTION Company Worth Loss Lakshmi Mittal & family Arcelor (June 08) £33.24bn £21.4bn Vladimir Kim Kazakhmys (May 08) £4.05bn £3.28bn Anil Agarwal Vendanta Resources ( May 08) £4.287bn £2.95bn Mike Ashley Sports Direct (Feb 07) £1.169bn £1bn Joe Lewis Bear Stearns (Dec 07) £670m £602m Bruno Schroder & family Schroders (Sept 07) £1.521 £508m Michael Spencer ICAP (Jan 08) £895 £483m

Those effected by the financial meltdown continued... Massive losers – Lehman Brothers who filed for bankruptcy Recently the benchmark FTSE 100 index lost 203.5, (4.4%), to 4,401.72 at 10:47 a.m. in London, the lowest since August 2004. The Dow Jones has also been suffering. The Dow Jones Industrial Average declined 678.91, (7.3%), to 8,579.19. The first time it has been below 9000 since 2003 Savers (UK) – those, especially with large amounts of money saved in banks could lose a percentage of their savings. The government is only guaranteeing £35, 000 worth of savings

Massive losers – Lehman Brothers who filed for bankruptcy

Recently the benchmark FTSE 100 index lost 203.5, (4.4%), to 4,401.72 at 10:47 a.m. in London, the lowest since August 2004.

The Dow Jones has also been suffering. The Dow Jones Industrial Average declined 678.91, (7.3%), to 8,579.19. The first time it has been below 9000 since 2003

Savers (UK) – those, especially with large amounts of money saved in banks could lose a percentage of their savings. The government is only guaranteeing £35, 000 worth of savings

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