First, the Problem seemed to be on the US real estate market still manageable. However, with the Bankruptcy of Lehman brothers, ten years ago, the most serious of the world was economic crisis for decades.
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Timeline of the crash When the bubble burst
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Timeline of the crash When the bubble burst
The collapse of the American investment Bank Lehman Brothers ten years ago, a shock that continues to resonate today, a further escalation of the financial crisis, which had begun a year earlier. “The crisis has shaken the foundations of the Western financial system,” says Axel Weber, the former President of the Deutsche Bundesbank and Chairman of the Swiss UBS. 15. September 2008, notified Lehman Brothers bankruptcy.
How did it come to bankruptcy?
Lehman Brothers was, like many other banks by the time already a good year-long real estate crisis. 10. September Lehman chief Richard Fuld has announced a loss of 3.9 billion dollars alone for the third quarter of 2008. The Concerns about an inability to pay strengthened the confidence was there. In spite of hectic negotiations, but could be the following weekend, no buyer found. Thus, only the path remained in the Bankrupt.
The bankruptcy came really unexpected?
Shortly before, the then boss of Deutsche Bank, Josef Ackermann had not been able to imagine. Policy and the world of Finance the responsibility to be aware of the fact, he said at the time: “A collapse of a Bank of this size would result in a further wave of disruption and further losses and write-downs in probably all of the banks.”
But the political pressure was not great, to save three banks, a further with billions in aid. A error, writes today Hans-Walter Peters, President of the Federal Association of German banks: “The insolvency of the Bank from a financial and confidence crisis and then a severe recession triggered,” he said in a newspaper interview.
An employee of Lehman Brothers, is leaving on may 15. September 2008 the Headquarters of the Bank
What are the direct consequences were?
There was a crash of financial markets followed. Because they were not able to come to their rescue by the state trust, were the banks not willing to lend each other money in the short term, as this is to normal times. The financial markets threatened to dry up, therefore, the Central banks pumped in the world a lot of money in the markets. The United States, as well as the six largest EU States ready in the first months of 800 billion euros to support the financial industry.
To avoid a run on the banks, gave German Chancellor Angela Merkel and then Finance Minister Peer Steinbrück to the citizens of the warranty, your Bank deposits were safe. The following severe economic slump that is not prevented. Millions of people worldwide lost their jobs in Germany, 1.5 million Jobs have been saved by short-time working. The German economy recorded in 2009, a drop of five percent.
The extent to which investors were affected?
50,000 investors had bought certificates of the Dutch subsidiary of Lehman. This money was lost, although the securities had been sold as a safe. You were not the only victims of the Bust. Consumers and savers are still paying the price for this: for example, tenants complain about higher and higher Rents. Assets are unlikely to earn interest, so savers need to save more, in order to secure your retirement financially.
“The are feedback effects, which go in heavily in the social policy area,” says Michael Heise, chief economist of the Alliance. And this has serious consequences. Not only materially, because the dissatisfaction is increasing and is reflected in the increasing choice of populist parties to follow, and thus the tendency to the foreclosure of the markets.
The ECB since the autumn of 2014 for the control of the major banks in the Euro-Zone. In the meantime, it monitors 119 money houses directly. The supervision of smaller banks to national supervisors.
The banks are safer now?
In part. The American government had recapitalised during the crisis, the banks, you are again dazzling, says Christoph Schalast, Professor at the Frankfurt School of Finance and Management. In Europe, however, the taxpayer should not be hostage to the banks in the event of a systemic crisis: “The different types of strategies that have led to, in particular, in Germany the banks have shrunk.”
After all, one has created in Europe a unified system of banking supervision, there has been a lot regulated much to say, the banks. “Many of the leading Bank managers to act in the meantime, rather as head of the office, not as entrepreneurs,” says Professor Dirk shooting, stretching, banking expert at the University of Darmstadt.
Too little has happened, warns the Economist Martin Hellwig. For long-term stabilization of the financial sector should have been the banks with higher equity ratio require. Similarly, the globalisation critics of Occupy, the protest this Saturday again to see the.
As hard as it has hit the bankers?
Many at the time, Responsible persons are changed into lucrative Jobs – the former Lehman boss Richard Fuld is now working for the financial consulting firm Matrix Private Capital. Many others are also like soft. This Saturday, you should not meet, according to reports in London, of course, to celebrate the Bust”,” but “to maintain the network,” as one of them says.
We are facing a crisis-proof?
The risks are many: The high real estate prices, further increases in public debt in Italy, the currency crises in Turkey and in the emerging countries. Hedge Fund Manager Steve Eisman, who bet at that time as one of the first to the demise of Lehman and a billion dollars had earned, sees significant risks in the meantime, in crypto-currencies, in US-auto loans and Tesla.
Last but not least the still-loose monetary policy is a risk, warns UBS Chairman Axel a Weber: Central banks would do Good, this System slowly back in the direction of normality. “I’m just very slow. And that in itself can be a stability risk.”