Affctsthe environment

Dahil sa 3 tiny banks

Nangutabg sila ng mas malaki pa sa econo nv iceland. 10 times the size of icelands economy

Napakaraming nawalan ng trabaho. Bumagsak and economy ng iceland

The givernemnt who supposed the people of iceland has helped nothing

--
Pinapakita na nagsisisihan na tung mga malaking tao

Maraming banks ang nagsara. Maraming tao ang naapektuhan. This was a crisis. But this crisis wasnt
an accident, it was caused by an out of control industry.

40 years of economic growth, without crisis

Yung mga nasa banking yung yumaman

Maraming nagibg biktima

Thousands of executives went to jail foe looting their companies

Meron nagtry ba ayusin, pero nagakroon ng maraming threats

Si Christine Lagarde, finance minister, france

THE CRISIS

We have to dance until the music stops

-Chuck Prince of Citibank
Pero at this time, the music already stop

Bumagsak na ang economy ang bank in loans, CDOs, and real estate they couldn't sell.

As said by Christine Lagarde, may threat na e. May sign na. "We are watching the tsunami na
paparating and iniisip lang natij waht costume would we wear. And he told it sa isang kasamahan nila
(Henry Paulson), pero sabi lang ay "things are under control". Para bang pinagtatakpan lang na meron
nang hindj magandang nangyayari. Kahit alam naman na talaga.

Grabe, pinagtatakpan talaga. Hindi mo alam kung wala talaga silang alam or naga kunware lang.
Tapis nung nahuli na, "I dont know how to answer your question."

Nagsitakas na yung iba. Nag leave. He leave the federal reserve just when the economy needs it most.
Nag resign. At the middle of the worst financial crisis. Like si Governor Frederic Mishkin.

"Neither Lehman nor the federal governemnt had done anh planning for bankruptcy."

Nung bumagsak ang bank, naapektuhan din ang paper market, pay roll.

"What can we believe in? There's nothing we can trust anymore."

- yung nga tao ay nawalan na ng tiwala
They warned that the alternative- catastrophic financial collapse

The crisis atrter at America. The whole world was affected. Faing down at tge same rate at the same
time

Gtabeng taas ng unemployment

At the end of the day, the poorest, as always, pay the most.

Garave yung globaljzation, affected lahat. Parang chain reaction. Kasi connected na nga. Bababa yung
mga imports, yubg employment,

It's note possible na hindi ka maapektuhan.

"This is a very globalized world. The economies are all linked together."
- Lee Hsien Loong
-Prime minister of Singapore

IV. THE ACCOUBTABILITY

The man who destryed their own companies and plunged the world into crisis walked away from the
wreckage with their fortunes intact.

Nagoayaman yung lehman brothers and when tgeir bank got nakcrupt, nadala nika yung pera nila .

"The problem with the boards in America is how tye boards are elected."

Solution:

They worked harder ti fught reform.

Yung mga banks ay naging mas maingat na, mas safe, at mas naging malaki. Thwre were few
compwtetors. Kinain na nung malaking bank yubg maliit na bank.

V. WHERE WE ARE NOW

The economic dominance of America has declined. Big companies - the core of the US Company-
have been poorly managed behind theur foreign competetors.

Pther industrues arise

Inequaluty arise

To respinds: workinv longer hours and y goinh into debt

Solution by Obama
The need to reform the financiak undustry
- risk regulator
- increased capital requirements
- consumer financial protection agency
- change wall street's culture
"It's a wall street government"

"The financial industry is a service industry. It should serve others nefore it serves itslef."
Walang nangyare sa government ni Obama. Di rin nila pinakulong yubg mga may sala. Wala pa ring
nangyari.

Napakahalaga ng finance. Ng economy. Real engineer build bridges, financuak engineer build
dreams. And when that dreams turn into nigtmares, oyher people pay for it.

For decades, the American financial system was stable and safe. But then somethinh changed. The
financial industry turned it's back on society, corrupted our political system and plunged tye world
economy into crisis. At enormous cost, we've avoided disaster and are recivering. But yhe men and
instututions that caused the crisis are still in power, and that needs to change. They will tell us that we
need them, and that what they do is too complicated for us to understand. They will tell us it won't
haplen again. They will spend billions fighting reform. It won't be easy. But some things are worth
fighting for.