*THE GREAT DEPRESSION*
(began with stock market crash on ‘4 september 1929’)
(’29 october 1929′)
(‘black tuesday’)
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(‘ended’ in early 1933)
(although ‘united states’ did not achieve its 1929 GNP for over 10 years)
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*FINANCIAL CRISIS OF 2007 – 2008*
(began in ‘april 2007’)
(the american REIT ‘new century’ files for ‘chapter 11 bankruptcy protection’)
(‘REIT’ –> ‘real estate investment trust’)
Chapter 11 is a chapter of Title 11, the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States.
Chapter 11 bankruptcy is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities.[1]
In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation can also be done under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals
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(‘new century’ specialized in ‘sub-prime mortgages’)
(this prompted the ‘sub-prime crisis’)
(‘sub-prime’ refers to ‘mortgage debtors’ who have ‘higher’ risk of ‘default’)
(‘securitization’ s process of ‘pooling debt’ to lessen ‘default risk’ for lenders)
(which is what ‘wacky kanacki’ was pioneering in ‘summer 2003’ @ ‘cantor fitzgerald’)
(‘ended’ on ‘6 march 2009’)
(when ‘dow jones’ hit a low of ‘6443.27’)
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(the history of banking refers to the development of ‘banks’ + ‘banking’ throughout history, with banking defined by contemporary sources as an organization which provides facilities for acceptance of deposits and provision of ‘loans’)
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(the first ‘prototype banks’ were the merchants of the world, who made grain loans to farmers and traders who carried goods between cities)
(this began around ‘2000 BC’ in ‘assyria’ and [‘babylonia’])
(later, in ‘ancient greece’ and during the ‘roman empire’, lenders based in temples made loans, while accepting deposits and performing the change of money)
(‘archaeology’ from this period in ancient china and india also shows evidence of ‘money lending activity’)
(many histories position the crucial historical development of a banking system to medieval and Renaissance Italy and particularly the affluent cities of Florence, Venice, and ‘genoa’)
The Bardi and Peruzzi Families dominated banking in 14th century Florence, establishing branches in many other parts of Europe.
The most famous Italian bank was the Medici bank, established by Giovanni Medici in 1397.
The oldest bank still in existence is Banca Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472.
The development of banking spread from northern Italy throughout the Holy Roman Empire, and in the 15th and 16th century to northern Europe.
This was followed by a number of important innovations that took place in Amsterdam during the Dutch Republic in the 17th century, and in London in the 18th century.
(during the 20th century, developments in telecommunications and computing caused major changes to banks’ operations and let banks dramatically increase in ‘size’ and ‘geographic spread’)
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(the “financial crisis of 2007–2008” caused many ‘bank failures’, including some of the world’s largest banks, and provoked much debate about ‘bank regulation’)
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💕💝💖💓🖤💙🖤💙🖤💙🖤❤️💚💛🧡❣️💞💔💘❣️🧡💛💚❤️🖤💜🖤💙🖤💙🖤💗💖💝💘
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*🌈✨ *TABLE OF CONTENTS* ✨🌷*
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🔥🔥🔥🔥🔥🔥*we won the war* 🔥🔥🔥🔥🔥🔥