GEO 208 Lecture Notes - Lecture 1: Troubled Asset Relief Program, Subprime Mortgage Crisis, Glass–Steagall Legislation

• School: Ryerson University
• Department: Geography
• Course: GEO 208
• Professor: Philip Coppack

Document Summary

Global connecivity & finance / the u. s. sub prime mortgage afair. But the real trouble started in 1999 with the gramm-leach-bliley act in the us that deregulated banks and created the inancial services sector. In 2008 the global capitalist economy sufered the greatest failure since the free market catastrophe of 1929 that led to the great depression. Many of the characterisics of 2008 were simply repeiions of 1929. But in 1999 another u. s. act the gramm-leach-bliley act repealed the glass-steagal act and opened the door for what was, for all accounts and purposes, another great depression. Today we are sill feeling the efects of this failure to learn from history and now face a sovereign debt crisis that threatens to ruin almost a century of economic progress around the world. Yet the inhabitants of main street increasingly think the answer lies in tea paries and the simplisic right wing poliics of division that drive them.