Economic Crisis 2008 and 2009
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Revision as of 08:45, 7 October 2008
The Economic Crisis of 2008 is believed to have occurred because of global inflation, increased unemployment, high oil and food prices, a declining dollar value, a horrible housing market, and a subprime mortgage crisis. Although economic crisis is happening all over the world, this article will consist of tips on how to research the United States Economic Crisis of 2008.
LexisNexis Statistical DataSets
The data was collected under the Home Mortgage Disclosure Act (HMDA) of 1975, which requires mortgage brokers to report loan applications that they processed or purchased during each calendar year. Beginning in 2004, lenders also had to report on loans they originated that exceeded the prevailing rates by 3% or more, i.e. subprime and near-prime loans.
A little-known Federal agency, the Federal Financial Institutions Examination Council, maintains the HMDA data but distributes it in preformatted summary tables not easily accessed by the public.
LexisNexis has made all of this data available to subscribers of LexisNexis Statistical Datasets, enabling researchers to identify lenders and geographic areas with a disproportionate share of high-risk mortgage loans.
Interestingly enough, the HMDA data was the subject of a July 2007 hearing before the House Financial Services Committee on discriminatory lending practices. The hearing, which you can find in LN Congressional, is titled Rooting Out Discrimination in Mortgage Lending: Using HMDA as a Tool for Fair Lending Enforcement.
For a demonstration of HMDA data on LexisNexis Statistical DataSets, click on the link below. The person conducting the demo is Richard Landry, the developer of Statistical DataSets.
LexisNexis Academic
Find information on the United States Economic Crisis of 2008 using news sources from all over the world. Search the News in the PowerSearch form using the index. Listed below are some helpful index terms that will return relevant articles:
- Economic Decline
- Credit Crisis
- Bailouts
- Treasury Departments
- Paulson, Henry
- Economic Depression
- Banking & Finance Regulation
- Economic Growth
- Economic Indicators
- Economic News
- Economic Recovery
- 2008 Economic Stimulus Plan
- 2008 Global Food Crisis
- Economic Policy
- Housing Market
- Subprime Mortgages
LexisNexis UPA Collections
Historical perspective on the 2008 economic crisis can be gained by consulting several LexisNexis UPA Collections on microfilm.
Bush Administration records from the Department of the Treasury, for example, provide documentation on the Savings and Loan crisis of the 1980s. Due to poor regulation, fraud, mismanagement, and nonpayment of loans, over one thousand savings and loan institutions failed between 1980 and 1990. In response, early in the Bush administration the Congress passed the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). Nicholas F. Brady, who replaced James A. Baker III as treasury secretary late in the Ronald Reagan administration, took on additional responsibility as chairman of the Resolution Trust
Corporation Oversight Board. As treasury secretary he was also assigned (by FIRREA) to monitor and report on the financial safety and soundness of governmentsponsored enterprises. Brady claimed that the government must never again allow a
federal insurance fund to become insolvent. The U.S. National Economy, 1916–1993, Unpublished Documentary Collections from the U.S. Department of the Treasury Part 8: Bush Administration (1989–1992) provides documentation on the Bush administration's handling of the savings and loan crisis.
Documentation on the bank crisis of the 1930s can be found in The Documentary History of the Franklin D. Roosevelt Presidency, Vol. 3: The Bank Holiday and the Emergency Banking Act, March 1933.