Global - Financial - Crisis GRail PDF

Global Financial Crisis
Summary of the medias coverage of the timeline, causes, implications, impact and recommended path forward
September 12, 2009
Table of Contents
Objective and Methodology Global Financial Crisis Timeline of Events Causes and Implications Future Outlook and Recommendations Appendixes
Copyright 2009 Grail Research, a division of Integreon

Objective and Methodology
Objective: Provide a rich, yet concise summary of the media coverage on the current global financial crisis
The synopsis was created using the following methodology:
Universe of Expert Opinions and Articles
Step 1
Selected 12 publications (e.g., Economist, FT, Wall Street Journal), 8 think tanks
and select sources from other media such as radio
Scanned all sources for coverage of the current global financial crisis between mid
2007 and October 2008 ~100 articles and reports from preferred sources
Step 2
Read ~100 articles and shortlisted them according to the following criteria: Analytical insight Breadth of coverage
~50 Relevant Articles for analysis
Uniqueness of opinion
Step 3
Summarized shortlisted articles and incorporated them into the slides that follow
which cover:
Timeline of events (2007/08)

Synopsis
Causes and Implications of the Global Financial Crisis Global Impact Future Outlook and Recommendations
Table of Contents
Objective and Methodology Global Financial Crisis Timeline of Events Causes and Implications Future Outlook and Recommendations Appendixes

Timeline of Events 2007/08
The current financial crisis is categorized as the worst since the Great Depression. Some of the major events related to the crisis are mapped to the Dow Jones Industrial Average
15,000
DJIA Index Value, June 2007-October 2008

Bernanke and Paulson urge fast action to approve the USD 700 Bn bailout Nouriel Roubini states that governments will have to come up with even bigger international rescues
12,000
Henry Paulson assures investors that the sub-prime problem is contained
Paulson rejected the possibility of the housing crisis leading to a broader economic crisis
9,000
Housing bubble bursts

Aug 07 Sep 07 Oct 07 Nov 07 Dec 07
Paulson shares that the US Treasury has no plans to bailout Fannie Mae or Freddie Mac
Financial institutions fall Stock market collapses

Feb 08 Mar 08 Jun 08 Jul 08 Sep 08 Oct 08
Future outlook
0 Jun 07-Jul07
Two hedge funds of Bear Sterns forced to dump assets, due to losses. Bear Stearns funds file for bankruptcy
Federal Reserve reduces the fed fund rates by half percentag e point
Morgan Stanley suffers loss of USD 3.7 Bn
US financial crisis affects UBS which confirms loss of USD 18.4 Bn Fed and other central banks share ~USD 40 Bn in special loans to banks
S&P cuts ratings of Morgan Stanley, Merrill Lynch and Lehman Brothers
Merrill has USD 5.7 Bn of write downs; sells shares
Lehman Brothers files for bankruptcy
Russia, Romania and Ukraine close their stock exchange for few days due to crisis Governments of many countries announce bailouts for their financial institutions Icelands financial crisis grows as all three of its major banks are nationalized
Lehman Brothers and HSBC shut some of their offices
Merrill Lynch reports loss on USD 8.4 Bn write down
JP Morgan and Fed Reserve take steps to rescue Bear Stearns
Bank of America buys Merrill Lynch for USD 50 Bn; Bank of China buys 20% stake in Rothschild
Government rescues banks by nationalizin g Fannie Mae, Freddie Mac and giving AIG an emergency loan of USD 85 Bn
Source: News Releases

| Copyright 2009 Grail Research, a division of Integreon

Causes: US Housing Market Collapse
Many experts believe that the global crisis was triggered by the US housing market collapse
US Housing Market Collapse
Easy access to credit: Falling interest rates and rising availability

of mortgages, combined with rising housing prices encouraged consumers to buy homes
Relaxed lending standards: To cater to the growing number of

mortgage seekers, lenders relaxed standards and issued a large number of sub-prime loans
Inadequate regulations: Regulations did not keep pace with

innovations in US financial products, leading to much higher complexity, poor transparency and greater risk
Complex credit derivatives: The invention and use of complex

debt derivatives such as CDOs1 made it difficult to identify and contain the sub-prime lending problem, once default rates began to rise
Market collapse: The property boom led an over-supply of housing and prices could no longer be supported.
Just like the self-perpetuating behavior that led to the rise, the crash was also self-perpetuating. As prices fell, more foreclosures started taking place, increasing the supply of homes on the market. Lenders started to tighten their standards and fewer consumers could qualify for mortgages and help reduce the supply
Note: 1Collateralized Debt Obligations Source: The Giant Pool of Money, NPR News and This American Life Episode, Sep 09, 2008; Crazy crisis may herald the end of new derivative folly, FT, Dec 23, 2007; Rethinking Capital Regulation, WSJ, Aug 23, 2008; Central banks and financial crises, WSJ, Aug 23, 2008; Spooking investors - Financial markets remain on edge because the credit crunch has not been solved, Economist, Oct 25, 2008; Out of the frying pan, Economist, Jun 05, 2008

Causes: US Housing Market Collapse
some experts have other opinions
Alternative Viewpoints
New Bank Capital Requirements: Some experts believe that an international
regulation (Basel I) that came into effect in 1988 contributed to the financial crisis. This regulation mandates that banks hold more capital if they make riskier loans or investments. This encouraged banks to get rid of risky loans by turning them into securities to be sold to investors
Role of the Credit Rating Agencies: Many experts blame ratings agencies such
as Moodys, Standard & Poors and Fitch for the crisis because they granted AAA ratings to risky mortgage backed securities (MBS). Profits of ratings agencies grew rapidly over the last decade. Almost all agencies follow an issuer-pays revenue model1, and this poses a potential conflict of interest, which some experts contend led to inappropriately high ratings for risky MBS.
Riskier Investment Decisions by Banks: Some experts blame poor decision-making on the part of banks for the crisis. Banks kept
huge amounts of MBS on their balance sheets in spite of the sub-prime risk involved. They financed these and other risky assets with short-term market borrowing and with a decline in the housing market, banks found it difficult to roll over short-term loans against these MBS and hence were forced to sell the assets at a substantial loss
Mark-to-Market Accounting Rules: Financial regulation such as mark-to-market accounting stipulates that financial firms must treat
potential losses as cash losses. Even though many financial instruments may still yield returns in the future, their current asset price is highly devalued. This concept makes firms ripe for forced liquidation, chases away capital, and leads to further decline in asset values
Misleading Economic Statistics: Some statisticians believe that government statistics (e.g. GDP and unemployment rate) have been
revised over the years to show the best possible picture of the US economy. These experts hold that such revisions in economic statistics are misleading and were used by Wall Street to sell their over-valued products
Note: 1The entity that issues the security is also seeking the rating, and pays the rating agency for the rating Source: New Bank Capital Requirement Helped to Spread Credit Woes, WSJ, Aug 30, 2008; How to Start the Healing Now, WSJ, Oct 01, 2008; Rethinking Capital Regulation, WSJ, Aug 23, 2008; Economy lacked a trusted national leader, Washington Post, Oct 15, 2008; Wall Street: the dark theory, Fortune, Sep 19, 2008; Triple-A Failure, New York Times, Apr 27, 2008

Impact: Global Economic Slowdown
Impact on Stock Markets Globally
World stock markets have taken a beating,
leading to a loss in confidence amongst investors who are stepping back in spite of several cuts in lending rates by the banks E.g. DJIA fell below 10,000 mark (first time in four years) plunging more than 800 points in a single day in October. The fall was mirrored in stock markets, such as NASDAQ, NYSE, Nikkei 225, Londons FTSE, Germanys DAX, etc
Losses to Investors
Both institutional investors and individual
investors have suffered huge losses both in MBS and related products, and in equities Banks alone are reported to have suffered USD 600 Bn of credit-related losses globally. According to IMF estimates, American and European banks are predicted to loose USD 10 trillion of assets
Freeze in Inter Bank Credit

Failure of banks fueled anxiety in international
banking markets leading to a freeze in inter-bank lending
Increasing Unemployment
There have been job cuts in many companies
across various sectors around the globe. This trend has not been limited to the financial sector alone High number of layoffs were announced in the US through September 2008: 111,000 in financial sector, 95,000 in automotive sector, 62,000 in transportation, 51,000 in retail, 28,000 in telecommunications and more in other sectors
Decline in Businesses Globally

There is considerable decline in business all over
world marked by reduced output and consumer spending, particularly in Britain, France, Germany and Japan. The industries being impacted include automotive, airline, building materials etc. Automotive companies such as GM, Ford and Toyota reported 45%, 30% and 23% decline in sales respectively, in October 2008
Bailouts
Several bailout packages have been announced
by governments around the world to fight the growing financial crisis The US has announced a USD 700 Bn bailout package for its banking sector, Germany announced a bailout package of more than USD 200 Bn and Britain more than USD 500 Bn for this financial crisis (see appendix for more detail on global bailout announcements)
Source: The Giant Pool of Money, NPR News and This American Life Episode, Sep 09, 2008; Off a cliff, Economist, Oct 10, 2008; Market meltdown: Global problem, global cure, Fortune, Oct 06, 2008; Europe to U.S.: You messed up the rescue, too, Fortune, Oct 13, 2008; The end of the beginning, Economist, Oct 16, 2008; When fortune frowned, Economist, Oct 09, 2008; But will it work, Economist, Oct 16, 2008; Yahoo expected to point to advert drop-off, Financial Times, Oct 20, 2008; Indias Jet Airways cuts 1,900 jobs, Oct 16, 2008; U.S. layoffs increase as businesses confront crisis, IHT, Oct 26, 2008

Future Outlook
Opinions about what happens next gravitate toward several scenarios
By Experts
Most Common Future Outlook Scenarios
Consolidation and Restructuring

of Banks Changes are already evident with deals that are taking place:
Emerging Economies to Help Out

Developed Nations Cash rich economies of world (developing nations and their Sovereign Wealth Funds) are expected to bailout the developed nations from the current crisis. As stock prices of the big banks from developed nations fall, they are expected to attract investors from developing nations. Some experts believe that China will act as the savior of developed economies facing the risk of recession by buying their banks
Worsening financial crisis due to

the unraveling of Alt-A mortgages This is the segment of mortgage loans given to prime borrowers but without complete documentation. From 2002 to 2007, Alt-A mortgages as a percentage of total mortgages have risen from 2% to ~13%, and experts say that the defaults on this category of mortgages will impact the financial market even more than sub-prime lending
Bank of America taking over

Merrill Lynch Bank of China acquiring 20% stake in private banks such as Rothschild Barclays acquiring Lehman Brothers BNP Paribas expected to take a majority stake in the Belgian and Luxembourg operations of Fortis NV
Source: How to build a better bailout, Fortune, Oct 06, 2008; Why it's stimulus time again, Fortune, Oct 14, 2008; Financial sector in crisis, FT, Sep 10, 2008; A Return to 'Normality'?, WSJ, Sep 03, 2008; Global breakdown: Winners and losers, Fortune, Sep 30, 2008; Market meltdown: Global problem, global cure, Fortune, Oct 06, 2008; A monetary malaise, Economist, Oct 09, 2008; Barclays: Wall Street's new gambler, Fortune Oct 21, 2008

Recommendations
Opinion leaders and governments have made various recommendations for how to manage the current global financial crisis and stabilize the economy
By Opinion Leaders
Some experts have suggested alternative bail-out plans, such as: Government Loans: Funds allocated for bailout can be used to provide loans (with mortgage securities as collateral) rather than
buying the securities outright. This avoids the complexity of pricing the securities and enables interest from the loans to be returned to taxpayers or used for their benefit Reverse Auction: The government (one buyer) can invite lowest bids from many sellers for different categories of securities Issue T-Bonds Now: The US Treasury should borrow money to pay for the bailout now by issuing 5-year and 10-year notes, since interest rates and the cost of funding the bailout will rise as the economy begins to recover Some experts have also indicated that the real solution is to stabilize employment and hence cash flow. They believe that though the government is infusing liquidity into the market, households can still default on various debt instruments and hence the problem will still remain unsolved
By Henry Paulson, Treasury Secretary of US

Paulsons suggestions for the US financial market include: Fed should be the highest authority regulating all financial institutions and a new
authority should look after consumer protection issues The Securities and Exchange Commission should be merged with the Commodity Futures Trading Commission. Thus by tightening the regulatory gaps, banks will follow the Basel II guidelines (which it claims could have mitigated the credit crisis, if followed earlier) Large investors, such as insurance companies, should be brought under the federal regulations, by allowing them to opt for federal chartering and oversight (instead of state chartering)
By European Governments
European governments reportedly believe that rather than
buying toxic assets, the government should focus to recapitalize the banks directly in exchange for some control of operations of the banks
Source: The $700 Billion Question: How Much Is That Exotic Security?, Knowledge@Wharton, Oct 01, 2008; How to build a better bailout, Fortune, Oct 06, 2008; Why it's stimulus time again, Fortune, Oct 14, 2008; Financial sector in crisis, FT, Sep 10, 2008; A Return to 'Normality'?, WSJ, Sep 03, 2008; Europe to U.S.: You messed up the rescue, too, Fortune, Oct 13, 2008; Keeping U.S. Financial Markets Competitive And Orderly, Forbes, Mar 31, 2008
10
Table of Contents
Objective and Methodology Global Financial Crisis Appendixes A: Global Bailout Announcements B: Bailout-GDP Ratio C: Relevant Opinion Articles D: Key Sources
11

Appendix A: Global Bailout Announcements as of September 12, 2009
The total value of global bailout announcements to date is USD 3.56 trillion
Latvia 11.4 Bn1 0.5 Bn Norway 56.3 Bn 0.8 Bn Sweden 8.8 Bn 1.3 Bn Luxembourg 4.2 Bn Belarus 5.5 Bn1 Ukraine 16.5 Bn1 8.1 Bn
Major Regional Bailouts

IMF (For IMF Member Countries) 283 Bn Saudi Arabia, Kuwait, Qatar, Bahrain, Oman and the UAE ( For Gulf International Bank ) 4.8 Bn ASEAN, Japan, China and South Korea 120 Bn
Belgium 26.6 Bn Canada 34.4 Bn 12.8 Bn US 1038.5 Bn 811.2 Bn
Netherlands 98.7 Bn Iceland 1 12.7 Bn 0.7 Bn
Denmark 17.9 Bn 1.1 Bn
Romania 27.2 Bn1
Bulgaria 5.3 Bn
Russia 227.9 Bn 24.5 Bn
Switzerland 39.1 Bn Mongolia 0.38 Bn1
Ireland 136 Bn 16.9 Bn UK 511.2 Bn 138.2 Bn
Portugal 5.2 Bn 0.1 Bn Greece 17.7 Bn Hungary 31.9 Bn1 0.5 Bn
Armenia 0.8 Bn Iran 1 Bn
China 8 Bn 2.2 Bn South Korea 42.2 Bn Japan 6.9 Bn 3.9 Bn Vietnam 0.35 Bn Philippines 0.5 Bn
International Financial Corporation (For banks of poor countries) 3 Bn Russia, Kazakhstan, Armenia, Kyrgyzstan and Tajikistan 10 Bn EBRD, EIB and World Bank (For East European Banks) 66.6 Bn World Bank, ADB, ADC, CABEI and CDB (For Latin America) 90 Bn European Central Bank (For Euro zone) 79.8 Bn China (For SCO Members) 10 Bn
El Salvador 0.8 Bn1
Antigua and Barbuda 0.05 Bn France 39.4 Bn 34.3 Bn Spain 83.7 Bn Italy 15.9 Bn 2.5 Bn Austria 20.7 Bn 9.1 Bn Botswana 1.5 Bn
Nigeria 2.6 Bn Serbia 4.0 Bn1
Trinidad and Tobago 1.0 Bn
Germany 187.2 Bn 119.9 Bn Oman 2 Bn
UAE 52.6 Bn 6.2Bn
Qatar 9.4 Bn
India 1.8 Bn Thailand 0.43 Bn
Pakistan 10.9 Bn1 Kazakhstan 3.9 Bn Indonesia 1.5 Bn1
Argentina 0.07 Bn
Tanzania 0.7 Bn
Seychelles 0.02 Bn1
Australia 1.28 Bn 0.2 Bn
Starting with the US financial sector, the crisis soon spread across the globe and into other
Chile 0.85 Bn
markets beyond just financial services
In response to the crisis, governments around the world have infused capital to bail out and
stabilize many private banks such as Fortis Bank, Royal Bank of Scotland, etc, and companies in other sectors
Total Bailout Legend
0Bn 100Bn
101Bn 250Bn
251Bn 400Bn
Above 400Bn
Total Bailout Funds
Company Bailouts
Note: All figures are in USD; Bailout announcements updated on September 12, 2009; Figures only include capital allocated for institutions in the form of equity or debt; 1Loans provided by Institutions such as IMF and World Bank or other countries.
12

Appendix A: Bailout-GDP Ratio as of September 12, 2009
The total value of global bailout announcements to date is USD 3.56 trillion
Latvia 32.63%1 Norway 12.52% Sweden 1.83% Luxembourg 7.74% Belarus 9.15%1 Ukraine 9.15%1
Netherlands 11.47% Belgium 5.35% Canada 2.46% Iceland 76.20%1
Denmark 5.22%
Bulgaria 10.70% Switzerland 8.00%
Romania 13.59%1
Russia 14.17%
US 7.31%
Ireland 48.25%
Portugal 2.16% Greece 4.95%
Armenia 6.91%1 Iran 0.27%
Mongolia 7.30%1
China 0.18% Japan South 0.14% Korea 4.35% Vietnam 0.39% Philippines 1 0.3%
El Salvador 3.62%1
Antigua and Barbuda 4.08% UK 19.32% Trinidad and Tobago 4.07% France 1.38% Germany 5.12% Serbia 8.09%1 UAE 32.21% Qatar 17.87% Pakistan Kazakhstan 6.48%1 2.95% Seychelles 3.13%1 Indonesia 0.29%1
Spain 5.22%
Nigeria 1.23% Italy 0.69% Austria 4.97%
India 0.14%
Thailand 0.16%
Oman 5.60%
Argentina 0.02%
Botswana 11.57%1
Tanzania 3.37%1
Australia 0.14%
Chile 0.50%
Hungary 20.64%1
Ratio Legend
0% 5%
5% 10%
10% 20%
Above 20%
Government Bailout Funds
Company Bailouts
Note: Figures only include capital allocated for institutions in the form of equity or debt; 1Loans provided by institutions such as the IMF and World Bank or other countries; Bailout-GDP Ratio based on World Bank & IMFs Nominal GDP Estimates for 2008.
13

Appendix A: Global Stimulus Announcements as of September 12, 2009
The total value of global stimulus announcements to date is USD 9.46 trillion
Lithuania 1.9 Bn Netherlands 17.7 Bn Germany 92.4 Bn Finland 2.6 Bn Sweden 14.0 Bn Kyrgyzstan 0.1 Bn
Belgium 2.6 Bn Canada 58.0 Bn Switzerland 2.6 Bn
Norway 4.3 Bn Ireland 0.8 Bn
Poland 51.3 Bn
Romania 0.8 Bn Bulgaria 4 Bn
Kazakhstan 21.1 Bn
Russia 111.5 Bn
Czech Republic 3.3 Bn Slovakia 0.4 Bn Greece 5.1 Bn Turkey 9.8 Bn Cyprus 0.4 Bn
Georgia 1.3Bn South Korea 116.5 Bn Mongolia 0.97 Bn China 2,053.5 Bn India 13.5 Bn
Austria 6.9 Bn US 4,910 Bn Portugal 2.9 Bn Mexico 92.9 Bn Jamaica 0.01 Bn Panama 1.1 Bn UK 30.3 Bn France 34.9 Bn Italy 134.5 Bn Brazil 80 Bn Morocco 1.4 Bn Ethiopia 0.5 Bn Slovenia 2.5 Bn Spain 85.1 Bn
Serbia 1.7 Bn Hungary 6.5 Bn Israel Egypt 5.6 Bn Nigeria 5.4 Bn 4.1 Bn
Japan 684.4 Bn Taiwan 14.8 Bn Vietnam 8 Bn Philippines 11.2 Bn
Oman 2 Bn Saudi Arabia 400 Bn
Bangladesh 0.7 Bn
Malaysia 18.2 Bn Kuwait Kenya 5.2 Bn 11.6 Bn Tanzania 1.3 Bn South Africa 81.2 Bn Sri Lanka 0.14 Bn
Colombia 1.3 Bn
Thailand 43.2 Bn
Peru 13.2 Bn Argentina 42.0 Bn Chile 9.2 Bn
Singapore 13.6 Bn Indonesia 6.2 Bn
Australia 80.6 Bn New Zealand 1 Bn
Total Stimulus Legend
0Bn 100Bn
101Bn 250Bn
251Bn 400Bn
Above 400Bn
Government Stimulus Funds
Note: All figures are in USD; Stimulus announcements updated on September 12, 2009.
14

Appendix A: Stimulus-GDP Ratio as of September 12, 2009
The total value of global stimulus announcements to date is USD 9.46 trillion
Lithuania 3.97% Netherlands 2.06% Germany 2.53% Finland 0.96% Sweden 2.90% Kyrgyzstan 2.26%
Belgium 0.52% Canada 4.14% Switzerland 0.53%
Norway 0.97% Ireland 0.27%
Poland 9.74%
Romania 0.04% Bulgaria 8.03%
Kazakhstan 15.95%
Russia 6.93%
Czech Republic 1.53% Slovakia 0.46% Greece 1.42% Turkey 1.24% Cyprus 2.11%
Georgia 10.35%
Austria 1.67% US 34.57% Portugal 1.21% Mexico 8.55% Jamaica 0.07% Panama 4.76% UK 1.15% France 1.22% Italy 5.87% Brazil 4.96% Morocco 1.68% Ethiopia 0.19% Spain 5.31%
Mongolia 18.43% China 46.65% India 1.11%
South Korea 12.54%
Serbia 3.40% Hungary 4.21% Egypt 3.34% Israel 2.79%
Japan 13.94% Taiwan 3.82% Vietnam 8.82% Philippines 6.70%
Nigeria 1.93%
Oman 5.60% Saudi Arabia 85.54%
Bangladesh 0.90%
Malaysia 9.35% Kuwait Kenya 4.62% 33.51% Tanzania 6.44% South Africa 29.32% Sri Lanka 0.35%
Colombia 0.54%
Thailand 16.57%
Slovenia 4.56%
Peru 10.36% Argentina 12.80% Chile 5.40%
Singapore 7.49% Indonesia 1.21%
Australia 7.94% New Zealand 0.77%
Ratio Legend
0% 5%
5% 10%
10% 20%
Above 20%
Government Stimulus Funds
Note: All figures are in USD; Stimulus announcements updated on September 12, 2009.
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Appendix C: Relevant Opinion Articles and Radio Shows
Date
17-Oct-07 10-Jan-08 31-Mar-08 22-May-08 23-Jun-08 23-Aug-08 23-Aug-08 5-Sep-08 10-Sep-08 17-Sep-08 19-Sep-08 23-Sep-08 30-Sep-08 01-Oct-08 01-Oct-08 02-Oct-08 06-Oct-08 9-Oct-08 10-Oct-08 13-Oct-08 16-Oct-08 15-Oct-08 13-Oct-08
Title
Think the credit crunch is over? Think again Same as it ever was - What do earlier banking crises reveal about America's travails today? How to crack the credit crunch Predicting The U.S. Recovery: Some Leading Indicators Are Better Than Others The U.S. Credit Crisis In Perspective Central banks and financial crises Rethinking Capital Regulation Giant Pool of Money Financial sector in crisis Wharton Faculty Debate the Impact of the Financial Crisis Wall Street: The dark theory "Constructing a Financial Perfect Storm" by Jagadeesh Gokhale Global breakdown: Winners and losers The $700 Billion Question: How Much Is That Exotic Security? How to Start the Healing Now Blocked pipes - When banks find it hard to borrow, so do the rest of us How to build a better bailout A monetary malaise Off a cliff Europe to U.S.: You messed up the rescue, too The end of the beginning? Analysis: Economy lacked a trusted national leader We can beat this crisis Spooking investors - Financial markets remain on edge because the credit crunch has not been solved
Source
Fortune Economist Fortune TD Bank Financial Group Forbes Wall Street Journal Wall Street Journal This American Life (and NPR News) Financial Times Knowledge@Wharton Fortune Cato Institute Fortune Knowledge@Wharton Wall Street Journal Economist Fortune Economist Economist Fortune Economist Washington Post Fortune
Links
http://money.cnn.com/2007/10/17/news/economy/eavis_creditcrunch.fortune/index.htm http://www.economist.com/finance/displaystory.cfm?story_id=10496807 http://money.cnn.com/2008/03/27/news/fed-information.fortune/index.htm?postversion=2008032911 http://www.td.com/economics/special/bc0508_usecon.pdf http://www.forbes.com/2008/06/23/credit-crisis-japan-ent-fin-cs_kw_0623whartoncreditcrisis.html http://online.wsj.com/public/resources/documents/Fed-Buiter081608.pdf?mod=relevancy http://online.wsj.com/public/resources/documents/Fed-JacksonHole.pdf?mod=relevancy http://www.thislife.org/extras/radio/355_transcript.pdf http://www.ft.com/cms/s/0/ffa3bbd4-7f18-11dd-a3da-000077b07658.html http://knowledge.wharton.upenn.edu/article.cfm?articleid=2053 http://money.cnn.com/2008/09/19/news/economy/siklos_shadowstats.fortune/ http://www.cato.org/dailypodcast/podcast-archive.php?podcast_id=745 http://money.cnn.com/2008/09/29/news/economy/gumbel_world_economy.fortune/index.htm http://knowledge.wharton.upenn.edu/article.cfm?articleid=2064 http://online.wsj.com/article/SB122282734447293049.html http://www.economist.com/displaystory.cfm?story_id=12342237 http://money.cnn.com/2008/10/06/news/economy/betterbailout_sloan.fortune/ http://www.economist.com/specialreports/displaystory.cfm?story_id=12373682 http://www.economist.com/finance/displaystory.cfm?story_id=12405370 http://money.cnn.com/2008/10/13/news/international/gumbel_eurobank.fortune/index.htm http://www.economist.com/world/europe/displaystory.cfm?story_id=12436221 http://www.washingtonpost.com/ac2/wp-dyn/emailafriend?contentId=AR2008101500432&sent=no http://money.cnn.com/2008/10/10/news/economy/fox_great_depression.fortune/index.htm?postversi on=2008101307 http://www.economist.com/finance/displaystory.cfm?story_id=10024679
25-Oct-08
Economist
16

Appendix D: Key Sources
Journals/ Publications
Think Tanks
Radio Stations
17
For More Information Contact:
Grail Research (info@grailresearch.com)
Copyright 2009 by Grail Research, a division of Integreon No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording, or otherwise without the permission of Grail Research, a division of Integreon
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