经济危机的原因 英文版
GREAT DEPRESSION(美国1920年的经济危机)
By 1914, most developed countries had adopted the gold standard with a fixed exchange rate between the national currency and gold—and therefore between national currencies. In World War I, European nations went off the gold standard to print money, and the resulting price inflation drove large amounts of the world’s gold to banks in the United States. The United States remained on the gold standard without altering the gold value of the dollar. Investors and others who held gold sent their gold to the United States, where gold maintained its value as a safe and sound investment. At the end of World War I, a few countries, most notably the United States, continued on the gold standard while others temporarily adopted floating exchange rates. The world’s international finance center had shifted from London to New York City, and the British were anxious to regain their old status. Some countries pledged to return to the gold standard with devalued currencies, while others followed the British lead and aimed to return to gold at prewar exchange rates.
美国次贸危机原因 英文版
作者： 作者：
And you know?
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Both government failed regulation and deregulation contributed to the crisis. In testimony before Congress both the Securities and Exchange Commission (SEC) and Alan Greenspan conceded failure in allowing the selfregulation of investment banks
Credit rating agencies are now under scrutiny for having given investment-grade ratings to MBS and CDO based on risky subprime mortgage loans.
债务担保证券(Collateralized Debt Obligation) 债务担保证券 不动产抵押贷款证券（Mortage-Backed Security）：由房 ）：由房 不动产抵押贷款证券（ ）： 屋抵押贷款为保证而发行的证券
Government policies Policies of central banks Financial institution debt levels and incentives Credit default swaps US Balance of Payments
Low interest rates and large inflows of foreign funds created easy credit conditions for a number of years prior to the crisis, fueling a housing market boom and encouraging debt financed consumption.Between 1997 and 2006, the price of the typical American house increased by 124%.This credit and house price explosion led to a building boom and eventually to a surplus of unsold homes, which caused U.S. housing prices to peak and begin declining in mid-2006.As more borrowers stop paying their mortgage payments (this is an on-going crisis), foreclosures and the supply of homes for sale increases. This places downward pressure on housing prices, which further lowers homeowners' equity. The decline in mortgage payments also reduces the value of mortgage-backed securities, which erodes the net worth and financial health of banks. This vicious cycle is at the heart of the crisis
全球金融危机(次贷危机成因讲义 英文版)精品PPT课件
Lecture 10: The GFC
4
The build-up to the GFC
▪ The housing bubble in the US had its origins in the low interest rate environment which arose as a result of large capital inflows and because of Federal Reserve Policy (blamed on Greenspan)
2Hale Waihona Puke Reading▪ Essential Reading
▪ Markus K. Brunnermeier, Deciphering the Liquidity and Credit Crunch 2007–2008, Journal of Economic Perspectives—Volume 23, Number 1—Winter 2009—Pages 77–100
Lecture 10: The GFC
3
Overview
▪ The Build up to the GFC ▪ What happened in the US that led to the Subprime crisis ▪ What are the causes and catalyst of the GFC ▪ Risk manifested in the GFC ▪ Spillover to Australia ▪ Spillover to other market- Europe ( next lecture) ▪ Lessons drawn from the GFC ( discussed in the workshop)
美国经济大萧条 (全英文)
The common view among economic historians is that the Great Depression ended with the advent of World War II.
America's entry into the war in 1941 finally eliminated the last effects from the Great Depression and brought the unemployment rate down below 10%.
it started in about 1929 and lasted until the late 1930s or early 1940s .
It was the longest, most widespread, and deepest depression of the 20th century.
股票市场崩溃是一场灾难深 the whistle, Hoover rang the bell, Wall Street gave the signal and the country went to hell.
“ 梅隆拉响汽笛，胡佛敲起钟。华尔街发 出信号，美国往地狱里冲！”
Recent work from a neoclassical perspective focuses on the decline in productivity that caused the initial decline in output and a prolonged recovery due to policies that affected the labor market.
global financial crisis全球金融危机的成因和动因(英文)
The Euphoric Economy
• Self-fulfilling expectations – Decline in risk aversion causes increase in investment
The Assets Boom and Bust
• Eventually: – Rising rates make conservative projects speculative – Non-Ponzi investors sell assets to service debts – Entry of new sellers floods asset markets – Rising trend of asset prices falters or reverses
40 0
Plus Business
Plus Financial
35 0
Plus Government
30 0
25 0
20 0
15 0
10 0
50
0 1920 1930 1940 1950 1960 1970 1980 1990 2000sing ingredient: – Ponzi Investing
– BNP closes 3 funds with strong subprime exposure…
• Different theory needed to understand crisis:
Minsky’s “Financial Instability Hypothesis”
• Explanation for regular credit-driven cycles & crises: – Economy in historical time – Debt-induced recession in recent past – Firms and banks conservative re debt/equity, assets – Only conservative projects are funded
两次经济大危机原因的比较研究 (英文版)
2014--2015学年第一学期«英语国家概况»科目考查论文A Comparison of the Causes of The Great Depressionin 1929 and the Great Recession of 2008 1929年大萧条与2008年经济大危机成因对比研究学院专业班级学生学号AbstractThe Great Depression in 1929 and the Great Recession of 2008 are twolarge-scale events in American economic history for nearly one century. Though the two economic crises vary in background, ways of eruption and origins, they definitely share in common. For example, both of their eruptions are caused by economic imbalance, overproduction, and the driving force behind these is the capital seeks for profit.The study will focus on the comparison of the Great Depression and financial crisis. The writer will do a brief discussion and research on their courses, then to reveal their significance to prevent and settle today’s economic crisis, which contributes to help us to improve the cognition to economic crisis’ development.The thesis is composed of following five parts:In the first part the writer briefly describes the background of the crises and their impacts on world economy and then leads to the causes of the two crises.In the second part the writer explains the common causes of American two economic crises. In the third part and the fourth part the writer interprets the causes of two American economic crises in 1929-1933 and in 2008 respectively.In the conclusion the writer concludes that through the research of the causes of the two economic crises, the countries in the modern world may learn how to improve its capacity to prevent and resolve the potential economic crisis.Key words: economic crisis, financial crisis, United States, comparison, causes摘要美国2008年发生的经济危机与20世纪30年代的经济危机是近一个世纪以来美国经济发展史上出现的两次大规模的危机。
英文—经济危机
vocabulary
capitalist engulf
depression
['kæpɪtəlɪst] n. 资本家；资本主义者 adj. 资本主义的；资本家的 [ɪn'gʌlf; en-] [dɪ'preʃ(ə)n]
vt. 吞没；吞食，狼吞虎咽 n. 沮丧；洼地；不景气；忧愁 adv. 不可避免地；必然地 adv. 同时地 adv. 有系统地；有组织地
The most profound and perdurable economic crisis
The world economic crisis from 1929 to 1933 is the most profound and perdurable in the history of capitalism. Which began in America and engulfed the entire world immediately. "New Deal"implement by Roosevelt.
inevitably
[ɪn'ɛvɪtəbli]
ቤተ መጻሕፍቲ ባይዱ
simultaneously systematically
[saɪməl'tenɪəsli] [,sɪstə'mætɪkl]
thank
you
What is the cause of the economic crisis?
Under the systerm of capitalist private ownership, the production of individual enterprise is systematically organized, where as the one of the society is in anarchy.
经济危机英文作文
经济危机英文作文英文：Economic crisis is a complex issue that affects individuals, businesses, and governments worldwide. It can be caused by various factors such as a recession, inflation, high unemployment rates, and financial instability. The consequences of an economic crisis can be devastating, leading to job losses, business closures, and a decline in living standards.In my opinion, the best way to deal with an economic crisis is through a combination of short-term and long-term measures. Short-term measures include government stimulus packages, tax cuts, and increased public spending to boost consumer confidence and stimulate economic growth. Long-term measures include investment in education, infrastructure, and innovation to create a more competitive and sustainable economy.For example, during the 2008 financial crisis, the US government implemented a stimulus package that included tax cuts and increased public spending on infrastructure projects. This helped to stabilize the economy and preventa deeper recession. In the long term, the US governmentalso invested in renewable energy and education to create a more sustainable and competitive economy.中文：经济危机是一个复杂的问题，影响全球的个人、企业和政府。
金融危机的原因英文
金融危机的原因英文第一篇：金融危机的原因英文美国金融危机原因（B）The recent upheaval in the financial sector has some people in a panic, most people bewildered, and others busy aiming their pointer fingers at whomever they think is guilty of doing something that contributed to this problem.The presidential candidates are in the latter category.They aren’t quite sure what to do or what to say, but that doesn’t stop them from saying something, anyway.John McCain made a decisive statement, attempting to show leadership, but his statement was not a very smart one.Barack Obama, by contrast, simply blamed Republicans.Few things are as simple as politicians make them seem in an election year.Political candidates succeed by issuing pointed statements that are easy to understand and that connect with voters;truth and accuracy are not the primary concerns.The important thing right now is to figure out whatactually happened in the financial sector, and fix things so it can’t happen again.We must ignore thetremendous amount of speculation about what “might” happen, and the doom andgloomsoothsayerswho tell us that the sky is falling or that the end of the world drawethnye.Because of its complexity the current financial situation invites simple political messages that connect with voters;it does notlenditself to full explanations that illuminate.So, when Sen.Obama says that “it’s theRepublicans’ fault,” he is expressing a simple idea that a lot of people buy into, but doesn’t explain anything.It is a sillyoversimplificationunworthy of a man who would bePresident.It appeals to emotional prejudices and ignores inconvenient realities, and most important of all, it is just plain wrong.When Sen.McCain suggested that Securities and Exchange Commission head Christopher Cox didn’t do his job, and if he were president he would fire Mr.Cox, the Senator didn’t offer specifics.We’ll know moreabout Mr.Cox’s role as time passes and we learn moreof the details, and can then judge if Mr.McC ain’s simple message to voters about firing Chris Cox was a proper evaluation of the situation.Sen.Obama described the currentagonyas “the most serious financial crisis since the GreatDepression,” ignoring all the recessions since then, even the ones in the 80s and the one following the 9-11 attacks, botharguablymore serious crises.Of course, it remains to be seen just how serious this problem will ultimately be, but given Mr.Obama’sabysmalunderstanding of things economic, we would do well to take hisprognosticationswith agrainof salt.The root of this problem is the housing market’ssubprime loan crisis.A subprime loan is a loan made to someone who under normal circumstances would not qualify for a loan, based upon their income and their ability to make payments.Thatbegthe question: Why would a bank make a loan to someone it believes is unable to make the payments?The Community Reinvestment Act(CRA)was given life during the Carter administration, andempowersfour federal financial supervisory agencies to oversee the performance of financial institutions in meeting the credit needs of their entire community, including low-and moderate-income neighborhoods.Whenever an institution wants to make virtually any change in its businessoperation, such asmergingor opening up a new branch, or getting into a new line of business, it must first prove toregulatorsat it has made ample loans to the government's preferred borrowers, those in low-and middle-income neighborhoods who normally would not qualify for a loan.Lenders with low ratings can befined by the government.The Carter administration used tax dollars to fund numerous ”community groups" that helped the governmentenforcethe CRA by filing petitionsagainst banks whose “cooperativeness” didn’t measure up, and sometimes stopping their efforts to expand their operations.Banks responded by giving money tothe community groups and by making more loans.One of those organizations was the Association ofCommunity Organizations for Reform Now(ACORN).An active associate of ACORN in the 90s was a young public-interestattorneynamed Barack Obama.So, starting in 1977 the federal government began “encouraging”—perhaps “strong-arming” is a more accurateterm—banks to make loans to people to whom they normally would not make a loan, and in 1995 the Clinton administration pushed throughrevisions to the CRA that substantially increased the number and amount of these loans.All of the bad loans weren’t caused by the CRA, ofcourse, but billions of dollars in CRA loans did go bad, as should have been expected.When Fannie Mae andFreddie Mac came along and made it possible for banks to escape the risk associated with theseill-advised loans, conditions were just right for a large portion of the banking industry, even institutions that did not fall under the CRA, to become involvedin making loans tounqualified borrowers, and banks participated in big numbers.The federal government’s fingerprints are all over this crisis, and the Democrats who are today so righteously indignantand blaming the administration are at least as guilty as the Republicans.第二篇：金融危机原因分析2008年国际金融危机产生原因分析10090423 10商务英语1班王舒悦【摘要】2008年美国发生的金融危机迅速的席卷全球，演变为全球性金融危机。
什么导致了金融危机？(英文版)
What Caused The Financial Crisis?I think we can sum up the cause of our current economic crisis in one word —GREED. Over the years, mortgage lenders were happy to lend money to people who couldn’t afford their mortgages. But they did it anyway be cause there was nothing to lose. These lenders were able to charge higher interest rates and make more money on sub-prime loans. If the borrowers default, they simply seized the house and put it back on the market. On top of that, they were able to pass the risk off to mortgage insurer or package these mortgages as mortgage-backed securities. Easy money!and what went wrong with our financial system? The whole thing was one big scheme. Everything was great when houses were selling like hot cakes and their values go up every month. Lenders made it easier to borrow money, and the higher demand drove up house values. Higher house values means that lenders could lend out even bigger mortgages, and it also gave lenders some protection against foreclosures. All of this translates into more money for the lenders, insurers, and investors. Unfortunately, many borrowers got slammed when their adjustable mortgage finally adjusted. When too many of them couldn’t afford to make their payments, it causes these lenders to suffer from liquidity issue and to sit on more foreclosures than they could sell. Mortgage-backed securities became more risky and worth less causing investment firms like Lehman Brothers to suffer. Moreover, insurers like AIG who insured these bad mortgages also got in trouble.The scheme worked well, but it reverses course and is now coming back to hurt everyone with a vengeance.是什么造成了金融危机？我认为，我们可以总结的原因我们目前的经济危机，一个字-贪婪。
有关经济危机的英语作文
经济危机的影响与对策The economic crisis is a global phenomenon that has a profound impact on the economy, society, and individuals.It is caused by various factors, such as financial instability, political uncertainty, and natural disasters. The economic crisis can lead to a decrease in economic growth, unemployment, poverty, and social unrest. In this article, we will explore the impact of the economic crisis and discuss some possible solutions to mitigate its effects.首先，经济危机对全球经济产生了深远的影响。
随着全球经济的日益紧密，一个国家的经济危机很容易波及到其他国家。
例如，2008年的全球金融危机就是由美国的次贷危机引发的，它导致了全球范围内的金融市场动荡和经济衰退。
经济危机的发生会导致经济增长放缓或停滞，企业倒闭，失业率上升，消费者信心下降等问题。
The economic crisis has had a profound impact on the global economy. With the increasing integration of theglobal economy, an economic crisis in one country caneasily spill over to other countries. For example, theglobal financial crisis in 2008 was triggered by the subprime mortgage crisis in the United States, which led to financial market turmoil and economic recession worldwide.The occurrence of an economic crisis can lead to slowed or stalled economic growth, business closures, rising unemployment, and declining consumer confidence.其次，经济危机对社会和个体也产生了严重的影响。
2008年美国金融危机英文版 2008 financial crisis (in English)
2008年美国金融危机英文版(in English)美国作为世界上第一大经济体，对世界经济的发展具有火车头的作用。
然而2007年美国经济的表现不尽人意，次贷危机的爆发更是雪上加霜。
经济增长速度降低，通货膨胀率升高，失业率增加，这一切显示出美国经济已经离滞胀越来越近了。
美联储前主席格林斯潘称“美国经济尚未陷入滞胀，但已经有早期迹象出现”。
2008 financial crisis (in English)The United States as the world's largest economies, the world's locomotive of economic development. However, in 2007 less than satisfactory performance of the U.S. economy, sub-loan crisis broke out, more difficult. To reduce the rate of economic growth, rising inflation, the rise in unemployment, all show the U.S. economy has been growing from the stagnation of the past. Former Federal Reserve Chairman Alan Greenspan said "stagflation in the U.S. economy has not yet, but already there are early signs appear."次贷危机是美国经济放缓的导火索，其后续影响不断恶化并逐渐波及到世界经济。
2007年世界经济在连续四年的高速增长之后，出现了调整的迹象。
同时，美国、欧元区和广大发展中国家的CPI上涨率已超过央行设定的控制目标。
美国经济大萧条英文版课件
Protectionist trade policies during the 1920s created target barriers that hidden global trade, leading to a decrease in demand for US exports
Other solutions
International trade policies
Some countries implemented protectionist trade policies to protect their domestic industries This was done through tarriffs and quotas on imported
Socy and hard ship
The Great Depression led to widespread poverty and hard ship, with many families struggling to meet their basic needs
International discussions
Impact on world economy The Great Depression has a significant impact on the global economy, leading to a decrease in trade and investment
Policy reasons
Regulatory Failure
The laissez fair economic policies of the time did not provide sufficient regulation of the financial sector, allowing for exceptional calculation and risk investment practices
经济危机的英语作文
经济危机的英语作文Title: The Impact of Economic Crisis。
The global economy has been facing a severe crisis in recent years, with many countries experiencing a downturnin their economic growth. The impact of this crisis has been felt across all sectors of society, from businesses to individuals, and has led to widespread unemployment, poverty, and social unrest. In this essay, we will explore the causes of the economic crisis, its effects on different sectors of society, and the measures that can be taken to mitigate its impact.The economic crisis has been caused by a combination of factors, including the global financial meltdown, the collapse of housing markets, and the rising cost of living. These factors have led to a decrease in consumer spending, a decline in business investment, and a rise in government debt. As a result, many businesses have been forced to close down, leading to a rise in unemployment and adecrease in household income. This has had a ripple effect on the economy, leading to a decrease in tax revenues, an increase in government spending, and a rise in public debt.The impact of the economic crisis has been felt across all sectors of society. In the business sector, many companies have been forced to lay off workers, cut wages, and reduce investment in order to survive. This has led to a decrease in consumer spending, a decline in business activity, and a rise in bankruptcies. In the financial sector, many banks and financial institutions have collapsed, leading to a decrease in credit availability and an increase in interest rates. This has made it difficult for businesses and individuals to access the funds they need to invest and spend, leading to a further decline in economic activity.In the public sector, the economic crisis has led to a decrease in government revenues, an increase in government spending, and a rise in public debt. This has made it difficult for governments to provide essential services, such as healthcare, education, and social welfare, leadingto a rise in poverty, inequality, and social unrest. In the household sector, the economic crisis has led to a decrease in household income, an increase in unemployment, and arise in household debt. This has made it difficult for families to make ends meet, leading to a rise in poverty, homelessness, and social problems.In order to mitigate the impact of the economic crisis, it is important for governments, businesses, andindividuals to take decisive action. Governments can implement fiscal and monetary policies to stimulate economic growth, such as tax cuts, infrastructure spending, and interest rate cuts. They can also provide support to businesses and individuals, such as loan guarantees, wage subsidies, and unemployment benefits. Businesses can innovate and diversify in order to survive, such as by expanding into new markets, developing new products, and improving their efficiency. They can also invest in their workforce, such as by providing training, education, and retraining. Individuals can adapt and retrain in order to find new opportunities, such as by acquiring new skills, starting a business, or moving to a new location.In conclusion, the economic crisis has had a severe impact on all sectors of society, leading to widespread unemployment, poverty, and social unrest. However, by taking decisive action, governments, businesses, and individuals can mitigate its impact and pave the way for a sustainable recovery. By implementing fiscal and monetary policies, supporting businesses and individuals, and adapting and retraining, we can overcome the economic crisis and build a better future for all.。
经济危机英语演讲PPT
This caused massive losses in mortgage backed securities and many banks and investment firms began bleeding money.
This also caused a glut of homes on the market which depressed housing prices and slowed the growth of new home building, putting thousands of home builders and laborers out of business. Depressed housing prices caused further complications as it made many homes worth much less than the mortgage value and some owners chose to simply walk away instead of pay their mortgage.
2.Significant slowdown in economic growth. Based on the data analysis of 2009, the growth rate of world economy was 2.2%, 1.5% less than that of the previous year, among which the developed countries declined by 1.7% and the developing countries declined b y 1.5%.
The housing market declined
有关经济危机的英语作文
有关经济危机的英语作文{z}Document Title: The Economic Crisis: Causes, Impacts and SolutionsIntroduction:The economic crisis is a term that sends shivers down the spines of individuals, businesses, and governments alike.It refers to a severe downturn in economic activity, characterized by a significant decline in GDP, high unemployment rates, and a general lack of confidence in the financial markets.In this essay, we will explore the causes of economic crises, their impacts on society, and potential solutions to mitigate their effects.Causes of Economic Crisis:There are several factors that can contribute to an economic crisis.One of the most common causes is a financial bubble, which occurs when asset prices are artificially inflated due to excessive borrowing and investment.When the bubble bursts, it leads to a sudden decline in asset prices, causing massive losses for individuals and institutions.Another cause of economic crises is a sudden change in market conditions, such as a decrease in demand for a particular product or service.This can lead to a decline in production, layoffs, and ultimately, a contraction in economic activity.Impacts of Economic Crisis:The impacts of an economic crisis are far-reaching and can affect all aspects of society.One of the most immediate impacts is a rise in unemployment rates as businesses struggle to stay afloat.This leads to a decrease in consumer spending, as individuals have less disposable income.Furthermore, economic crises can lead to a decrease in investment and capital formation, as businesses and individuals become hesitant to invest in new projects.This can hinder long-term economic growth and development.Governments often face difficult choices during an economic crisis, such as cutting public spending or increasing taxes.These measures can further exacerbate the plight of individuals and businesses, leading to a vicious cycle of economic decline.Solutions to Economic Crisis:To mitigate the effects of an economic crisis, both short-term and long-term solutions are required.In the short-term, governments may implement expansionary fiscal policies, such as increasing government spending or cutting taxes, to stimulate economic activity.In the long-term, it is essential to address the root causes of the crisis.This may involve implementing regulations to prevent financial bubbles, improving education and skills training to enhance labor market flexibility, and promoting innovation and entrepreneurship to driveeconomic growth.Conclusion:Economic crises are a challenging reality that societies must grapple with.By understanding their causes, recognizing their impacts, and implementing effective solutions, we can work towards building more resilient and stable economies.It is crucial for governments, businesses, and individuals to work together to navigate through these difficult times and emerge stronger.。
经济危机英文作文
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the major causes ofone of the recent financial crises in the world. Introduction:On September 15th, 2008, Lehman Brothers Holdings Inc filed for Chapter 11 bankruptcy protection; the filing marks the largest bankruptcy in U.S. history. Lehman Brothers Holdings Inc. was a global financial-services firm. The firm did business in investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking. It was a primary dealer in the U.S. Treasury securities market. It is a symbol that the financial crises began in America. Since America was the largest creditor country in the world and America did a lot of trade with other countries, the financial crises was not just happened in the US, but all over the world.Body:I think the financial crises is not an accident. It must have some reasons. I wrote it in three sections：from the people, from the The financial institutions and from the government.From the people: traditional consumption concept make a bad resultthere is an allegorical stories said: a Chinese old lady and an American old lady, the Chinese old lady says I worked all my life, put eventually enough the fund that buys a house, and the old lady of the United States says, I worked all my life, borrow the room of the bank eventually paid off. This is the different opinions between two countries. Chinese want to make enough money frist then use them to buy a new house while Americans want to have a new house first then pay for it. Americans use future money to have a happy life. Most Americans enjoy it.America’s house’s price is raising in the first some years of this century. More and more people borrowed money from the bank to buy a house. But there are some problems. Some people who borrowed money from bank didn’t have a stable job ordid not even have a job. And some people want to have another house by mortgage the house they lived because they want to get profit from the rasing price of house. The result is some A mericans can’t afford the house because their wages is too little. At the same time, the price of the house decreased. The bonded house is not as the same price as before. This two kind of mortgages are called Subprime Mortgage. The Subprime Mortgage crises caused the financial crises.Americans caused the financial crisers, but they are the casualty in the end. Maybe Americans will changed their opinions of buying a house.from the The Financial Institutions: the greediness of the financial institutions make a hidden dangerAmericans borrowed money from the Investment banks. The investment banks didn’t want to hold the loans so they sold it to the secondary market. On one hand, the investment banks didn’t have to take the risk. On the otther hand they can make profits throgh the bargain. The companies which bought the loans such as funds, hedge institutions, insurance companies didn't want to hold it too. So they go on selling it of the same reason. Finally the loans are owned by some companies through a lot of companies. Lehman Brothers Holdings Inc is an example. One day, they found the Mortgage is not as good as they thought before. Some compani e can’t afford the loss. Then it affect other institutions in this bargain. It just like Dominoes. How does it happened? It just because the financial institutions want to get more and more profit. The financial market in America has so much freedom. Each investment bank want to people borrow money from them and they do not care whether people are affort to pay for it or not. The economy growing fast but they don’t care the crises behind it.Financial institutions have the duty to control the financial market. Sometimes, freedom is good to the financial market, but sometimes, not. Do everything by the rules.From the government: the government didn’t on a good dutyThere are many reasons of the financial crises, but the fianl responsibility is the government.Firstly, the government borrowed too much money from other countries. It created too much liquidity in the late 90s. The money they used now need to be paid back by their descendants. That is a big problem for America,though America is the most developed country in the world.Secondly, Around the year of 2001, the Federal Reserve to implement the policy of low interest rates, deposit and lending rates are relatively low. That made more Americans want to buy a house and the price of the house increased. And then at the year of 2005, the government turned the rate into high interest rate. What made it worse, some people can’t afford to pay the money back and some people don’t want to pay the money back. More and more Subprime Mortgage came out.Thirdly, the government gave the financial institutions too much freedom. The government want the financial market can adjust themselves. It was a wrong decision. What the financial institution want is just the high profits but they forgot the risk. Government should make a good decision. Maybe it should be some creative ideas, but something should not be creative, otherwise it will make a bad result.Conclusion:the reason of the financial crises is not simple. The people, the financial institutions, the government all have responsibilities. The government should care more about the financial market and manange more about the financial institutions. The financial institutions should obey the rules and make the risk low. The people in America should make a good Mortgage.Now everybody try to overcome the financial crises. Not only in the USA,but also the whole world. Maybe soon, the financial crises would passed.Words: 963Reference: 。