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| − | <shtml hash="94e289738ac4fadc3ed1b5735b2ce5c4"><!-- SpringWidgets | News & Issues - Business/Financial News (#65170) | HTML | Generated on 10/30/2008 --><object type="application/x-shockwave-flash" allowNetworking="all" allowScriptAccess="always" allowFullScreen="true" height="318" width="250" id="springwidgets_65170" align="right" data="http://downloads.thespringbox.com/web/wrapper.php?file=65170.sbw" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://fpdownload.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=8,0,0,0"><param name="allowNetworking" value="all" /><param name="allowScriptAccess" value="always" /><param name="allowFullScreen" value="true" /><param name="movie" value="http://downloads.thespringbox.com/web/wrapper.php?file=65170.sbw" /><param name="flashvars" value="param_param=http%3A%2F%2Ffeeds.feedburner.com%2FNewsIssues-Business%2FfinancialNews¶m_compactView=-1¶m_blurbLength=512¶m_style_borderColor=0x990000¶m_style_brandUrl=http%3A%2F%2Fdownloads.thespringbox.com%2Fhosted_content%2Fimages%2F76afc66370dd29dbac282471926698e2.gif" /><param name="quality" value="high" /><param name="wmode" value="transparent" /><param name="bgColor" value="0x000000" /><embed bgColor="0x000000" allowNetworking="all" allowFullScreen="true" allowScriptAccess="always" src="http://downloads.thespringbox.com/web/wrapper.php?file=65170.sbw" flashvars="param_param=http%3A%2F%2Ffeeds.feedburner.com%2FNewsIssues-Business%2FfinancialNews¶m_compactView=-1¶m_blurbLength=512¶m_style_borderColor=0x990000¶m_style_brandUrl=http%3A%2F%2Fdownloads.thespringbox.com%2Fhosted_content%2Fimages%2F76afc66370dd29dbac282471926698e2.gif" quality="high" name="springwidgets_65170" wmode="transparent" width="250" height="318" align="right" type="application/x-shockwave-flash" pluginspage="http://www.macromedia.com/go/getflashplayer"></embed></object><div style="font:11px/12px arial;width:250px; align:right;"><a href="http://www.springwidgets.com/widgets/view/65170/?param_param=http%3A%2F%2Ffeeds.feedburner.com%2FNewsIssues-Business%2FfinancialNews¶m_compactView=-1¶m_blurbLength=512¶m_style_borderColor=0x990000¶m_style_brandUrl=http%3A%2F%2Fdownloads.thespringbox.com%2Fhosted_content%2Fimages%2F76afc66370dd29dbac282471926698e2.gif&width=250&height=300" target="_blank">Get this widget!</a></div></shtml>
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| | 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 and 2009. | | 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 and 2009. |
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| | + | <object codebase="http://fpdownload.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,0,0" type="application/x-shockwave-flash" align="right" width="300px" height="400px" id="InsertWidget_8f9ecd85-c6cc-4a02-bff7-f553b9176d80" data="http://widgetserver.com/syndication/flash/wrapper/InsertWidget.swf" flashvars="r=2&appId=8f9ecd85-c6cc-4a02-bff7-f553b9176d80&wbx_softkey=true&wbx_suppressGW=true" ><param value="transparent" name="wmode"/><param value="false" name="menu"/><param value="high" name="quality"/><param value="http://widgetserver.com/syndication/flash/wrapper/InsertWidget.swf" name="movie"/><param value="r=2&appId=8f9ecd85-c6cc-4a02-bff7-f553b9176d80&wbx_softkey=true&wbx_suppressGW=true" name="flashvars"/><span>Get the <a href="http://www.widgetbox.com/widget/979b51ca-9a90-4824-933d-d5bfb8e683a8">LexisNexis News - Financial News</a> widget and many other <a href="http://www.widgetbox.com/">great free widgets</a> at <a href="http://www.widgetbox.com">Widgetbox</a>! Not seeing a widget? (<a href="http://docs.widgetbox.com/using-widgets/installing-widgets/why-cant-i-see-my-widget/">More info</a>)</span></object><br /><a target="_blank" alt="Widgetbox!" href="http://www.widgetbox.com/widget/979b51ca-9a90-4824-933d-d5bfb8e683a8?wbx.refer=1&wbx.refer.instId=8f9ecd85-c6cc-4a02-bff7-f553b9176d80&wbx.refer.targetRegId=979b51ca-9a90-4824-933d-d5bfb8e683a8&wbx.refer.pn=myspace"><img src="http://cdn.widgetserver.com/syndication/images/gwbtn-html.gif" style="border-style: none" /></a></div></shtml> |
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| − | In addition to the research strategies listed for the different products below, the widget to the right contains a scrolling list of the latest business and financial news from a wide variety of sources within LexisNexis. Bookmark this page to see the most recent headlines or click the "Get this widget!" link above to add this widget to your blog or website.
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| − | ==LexisNexis Statistical DataSets==
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| − | [[Image: Economiccrisis1.jpg|right|550px|thumb|LexisNexis Statistical DataSets]] You can be sure that economists and historians will be studying the causes of the current crisis in US financial markets for many years to come. To help meet this research need, LexisNexis has made available to academic library markets a large dataset with over 3.5 billion data points on mortgage loan applications and outcomes from 2004 to 2007.
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| − | 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.
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| − | 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.
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| − | 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.
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| − | [[Image: Economiccrisis2.jpg|left|550px|thumb|LexisNexis Statistical DataSets]] Because of the rich array of variables in the HMDA dataset, the data has other uses. Students can analyze mortgage applications and outcomes by the demographic characteristics of borrowers, loan purpose and type, housing unit type, loan amount, reason for denial, geographic area (down to the census tract!), and responsible Federal agency.
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| − | 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.
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| − | 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.
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| − | [http://screencast.com/t/CmYguEUx5p1 HMDA DataSet Demonstration]
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| − | ==LexisNexis Statistical--American Statistics Index==
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| − | ===Office of Financial Stability===
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| − | The Emergency Economic Stabilization Act (EESA) authorized the Secretary of the Treasury to create the Troubled Assets Relief Program (TARP), and the Office of Financial Stability. One of the main methods used to help stabilize the economy was the Capital Purchase Program. The Capital Purchase Program allowed the Treasury to provide banks with additional capital in exchange for preferred stock and warrants. Other programs include Making Home Affordable and the Automotive Industry Financing Program. EESA also created the Office of the Special Inspector General for the Troubled Assets Relief Program to provide oversight and accountability.
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| − | ====Related reports available in the American Statistics Index====
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| − | *Section 105 Reports- a monthly report required under Section 105 of EESA that summarizes actions of the Treasury.
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| − | *Tranche Reports- this report is published as commitment levels are passed in the Capital Purchase Program.
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| − | *Treasury Department Monthly Lending and Intermediation Snapshot- a monthly summary of lending and intermediation activities at banks receiving funds from the Capital Purchase Program.
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| − | *Treasury Intermediation Snapshot- a monthly report detailing the top twenty-some banks receiving funding under the Capital Purchase Program.
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| − | *Monthly Dividends and Interest Reports- monthly report showing dividend payments from banks in the Capital Purchase Program.
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| − | *General Motors Restructuring Plan
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| − | [[Image:Econ_photo1.jpg|right|138px|thumb|Cover: April 2009 <i>Regional Economist</i>, Federal Reserve Bank of St. Louis]]
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| − | *Chrysler Restructuring Plan
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| − | *SIGTARP Quarterly Reports to Congress
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| − | ===Additional Sources===
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| − | The Federal Reserve System has published a number of articles and reports addressing various aspects of the economic crisis.
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| − | *Federal Reserve Bank System [http://www.federalreserve.gov/otherfrb.htm]
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| − | *The Federal Reserve Bank of Cleveland maintains an excellent database highlighting the new tools created to respond to the crisis. [http://www.clevelandfed.org/research/data/credit_easing/index.cfm] ASI covers it under the title "Credit Easing Policy Tools."
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| − | Office of Financial Stability [http://www.financialstability.gov/index.html]
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| − | Special Inspector General for the Troubled Assets Relief Program [http://www.sigtarp.gov]
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| − | ==LexisNexis Congressional==
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| − | ===Economic Crisis Backgrounder: The Pecora Investigations===
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| − | On January 5, 2009, ''The New York Times'' published an op-ed article by Ron Chernow entitled "Where Is Our Ferdinand Pecora?" which highlighted congressional investigations into the "secret financial history of the 1920s" that led to the stock market crash in 1929. From Apr. 11, 1932 until May 4, 1934 the Senate Committee on Banking and Currency held investigations to examine stock exchange practices with respect to the buying, selling, borrowing, and lending of listed securities, the valuation of securities, the effects of trading practices, and banking operations and practices. These investigations were ultimately conducted under the direction of Ferdinand Pecora, the committee’s chief counsel. When the hearings began a Republican President held office; when they were completed a Democrat was President. The issues discussed often pertain to the issues under discussion today, including compensation of chief executives and corporate greed. For example, Albert H. Wiggin, the Chairman of the Governing Board of Chase National Bank, resigned under pressure, but was given a “golden parachute” of $100,000 a year for life. And J.P. Morgan admitted to paying no income tax even though he acknowledged a “substantial participation in the income and profits” of J.P. Morgan and Co. and Drexel and Co.
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| − | LexisNexis Congressional provides access to the testimony and evidence collected during the Pecora investigations.<br>[http://www.amdev.net/docs/congressional/pecora_investigation.pdf Click here] to download a handout on the Pecora investigations.
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| − | ===The Emergency Economic Stabilization Act: Enactment and Beyond===
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| − | Public Law 110-334, The Emergency Economic Stabilization Act, was signed into law on Oct. 3, 2008, with the purpose of “bailing out” the U.S. financial system and addressing concerns about the growing economic crisis. Search LexisNexis Congressional to find out more about the process that led up to the enactment of the law, as well as the ongoing work of Congress to stabilize the economy.
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| − | [http://www.amdev.net/docs/congressional/bailout_bill_update_1.pdf Click here] to download a handout with specific search suggestions related to the Emergency Economic Stabilization Act.
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| − | The legislative histories record provides citations regarding debate and publications leading up to enactment of the law. Additional results for hearings, committee prints, and CRS reports detail the ongoing oversight work of Congress, as well as proposals to amend the law to refine the legislative response to the ongoing economic crisis.
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| − | ===Bailout Bill, AIG, and Executive Compensation===
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| − | On Oct. 7, 2008 during the Presidential debates, Senator John McCain announced that he had come up with a proposal to allow the Federal Government to buy up troubled home mortgages. Immediately following the debate, the television commentators began to discuss whether or not the $700 billion bailout package that had just been enacted into law already included that authority. If you have access to congressional information, you don’t have to wait for the commentators to do their research and report back. You can access the information yourself. Search the full text of the H.R. 1424, the Emergency Economic Stabilization Act of 2008, to read provisions governing residential mortgages and homeowner relief. This bill references and amends the Hope for Homeowners Act of 2008, enacted on July 30, 2008. To find out more about this act, access the legislative history of P.L. 110-289, the Housing and Economic Recovery Act of 2008. [[Congressional Bailout and Executive Compensation 2008|More...]]
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| − | ===Federal Intervention of the Past and Present===
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| − | As we seek to understand the current economic crisis, an examination of past Federal assistance to the business and financial sector may help us gain insight. Some government assistance programs enacted during the Great Depression in response to the economic crisis became permanent programs and continued to operate even after the crisis had passed, while other programs were only temporary. [[Economic Crisis: Federal Intervention of the Past and Present|More...]]
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| | ==LexisNexis Academic== | | ==LexisNexis Academic== |
| | Find information on the United States Economic Crisis of 2008 using news, business, and industry publications from all over the world. Search the News in the PowerSearch form [[Power Search: Use the Index|using the index]], and take advantage of LexisNexis [[SmartIndexing]] to find the most relevant articles. Listed below are some helpful index terms to get you started. | | Find information on the United States Economic Crisis of 2008 using news, business, and industry publications from all over the world. Search the News in the PowerSearch form [[Power Search: Use the Index|using the index]], and take advantage of LexisNexis [[SmartIndexing]] to find the most relevant articles. Listed below are some helpful index terms to get you started. |
| − | [[Image: Economiccrisis3.jpg|right|thumb|400px|LexisNexis Academic]] | + | [[Image: EconomicCrisis3.jpg|left|thumb|400px|LexisNexis Academic]] |
| | *2008 Economic Stimulus Plan | | *2008 Economic Stimulus Plan |
| | *2008 Global Food Crisis | | *2008 Global Food Crisis |
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| | For information on a specific company, try [[Company Dossier: Get A Company Profile]] or the SEC filings available under the "Business" tab. | | For information on a specific company, try [[Company Dossier: Get A Company Profile]] or the SEC filings available under the "Business" tab. |
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| − | ==LexisNexis UPA Collections==
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| − | Historical perspective on the 2008 economic crisis can be gained by consulting several LexisNexis UPA Collections on microfilm.
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| − | 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
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| − | 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
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| − | federal insurance fund to become insolvent.<br><br>
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| − | [http://academic.lexisnexis.com/documents/upa_cis/11023_USNatlEconPt8.pdf '''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.<br><br>
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| − | During the 1970s, American faced economic challenges similar to those of the early 21st century. For information of economic conditions like rising unemployment, high oil prices, rising consumer prices, and inflation, consult '''U.S. Council of Economic Advisers during the Ford Administration'''. The fact sheet for this collection can be found [http://www.amdev.net/upa/103273_75FordCEA.pdf here.]<br><br>
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| − | Documentation on the bank crisis of the 1930s can be found in [http://academic.lexisnexis.com/upa/upa-product.aspx?pid=616&type=AS&parentid=615 '''The Documentary History of the Franklin D. Roosevelt Presidency, Vol. 3: The Bank Holiday and the Emergency Banking Act, March 1933'''].
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| | [[Category: Economics]] | | [[Category: Economics]] |
| | [[Category: Government]] | | [[Category: Government]] |
| − | [[Category: LexisNexis Academic]]
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| − | [[Category: LexisNexis Congressional]]
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| − | [[Category: Congressional Hearings Digital Collection]]
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| − | [[Category: Congressional Research Digital Collection]]
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| − | [[Category: LexisNexis Statistical DataSets]]
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| − | [[Category: LexisNexis UPA Collections]]
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| | [[Category: Research help]] | | [[Category: Research help]] |
| | [[Category: Common Assignments]] | | [[Category: Common Assignments]] |
| − | [[Category: LexisNexis Statistical]]
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| − | [[Category: American Statistics Index]]
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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 and 2009.
Find information on the United States Economic Crisis of 2008 using news, business, and industry publications from all over the world. Search the News in the PowerSearch form using the index, and take advantage of LexisNexis SmartIndexing to find the most relevant articles. Listed below are some helpful index terms to get you started.
