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1、TheArabAcademyForBankingandFinancialSciencesMBAcourse2008-2009===cá?~??á~??êá?á?=??OMMUATermPaperPreparedBy:WalidHosnAbdelghanyMohamadTalatAhmadSamyUnderTheSupervisionOf:mê??é???ê=jK=^íé?=EmüaFCONTENTSIntroductionAmericanHistory,CapitalismandtheCrisisonWallStreet?Overview?Uni
2、tedStatesEconomicHistoryandGovernmentIntervention?TheAmericanRevolution?TheGreatDepression1929-1941?TaxCutsandBudgetDeficits?RecentProblemsonWallStreetandtheRoleofGovernment?ProblemsthatmustbesolvedFinancialCrisisof2008–QuestionstobeAnswered?HowdidUSAgetintothismess??Thefours
3、hockwavesofthefinancialcrisisoThefirstwave–U.S.sub-primemortgagesoThesecondwave–thegrowingriskofsystemicdefaultoThethirdwave–recessionindevelopedcountriesoThepossiblefourthwave–asevereglobalrecession?Whoistoblame??WhatshouldUSAdonow??WhatshouldUSAdointhelongterm??Whatnottodo—
4、lessonsfromtheGreatDepressionTheRoleoftheInternationalMonetaryFund(IMF)?WhithertheIMF??ImmediateCrisisManagement?ReformingGlobalMacroeconomicSurveillanceLessonstobeLearned?LessonsFromJapan?LessonsFromChileIntroductionPhilosophically,itisimportanttoexaminehowthecurrentfinancia
5、lcrisisevolvedandwhattherootcircumstancesarebeforeaddressingissuesofhowtoaddresstheproblemandwhateffectvariousactionsonthepartofthegovernmentmightormightnotgenerate.Itisindeedironicthatsomeofthesamemechanismsthatfuelaneconomy’sgrowthatonepointintimeturnouttobetheverysamemecha
6、nismsthatcontributetoitsdeclineatadifferentpointintime,whichisessentiallywherewearetoday.Overthelastdecadewesawafewthingshappen,whichwhenconsideredinisolation,wouldbeconsideredinnocuousandevenhugelybeneficialtotheeconomy.Muchlikeanindividualmedications,thataresobeneficialinfi
7、ghtingdiseases,incombinationmayinteracttoquietlycreatetheperfectstorm—thefinancialcatastrophethattheworldisexperiencingistheresultofaninteractionofcircumstancesinthefinancialsector.Attheendofthepreviouscenturyandbeginningofthecurrent,certainpolicyshiftsoccurredatthefederallev
8、elthatareimportantcontributorstotoday’sevents.TheGramm-BlileyLeachAc
