Ryan Rowley

The global financial crisis, which started as the result of the subprime mortgage crisis in the summer of 2007 and triggered by the collapse of Lehman Brothers in 2008, quickly spread globally and thus energized researchers, decision makers to debate on the policy implications, severity across countries, and possible solutions. A central and important question remains regarding who should be blamed for originating and triggering the crisis, although most tend to agree that this was due to the absence of sound regulations to protect savers and lenders, agreement on the part of the corporate banking elite to loot lump sums from the financial markets through fraud, and the outright untruthfulness of credit agencies concerning the inherent risk to the public.Indeed, the global financial crisis (GFC) cost the USA trillions of dollars and, understanding the need for intervention, the US government responded with hash fiscal and monetary expansionary policies in order to stabilise both the economy and the financial market. Additionally, it came up with the biggest ever stimulation programme, which was worth more than one trillion to bring about the recovery by bailing out any banks exposed to bankruptcy and at risk of collapsing.

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