Ten years after Lehman’s collapse, these ten risks could cause the next crisis

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On Sept. 15, 2008, a credit crunch turned into a full-blown crisis when New York-based investment bank Lehman Brothers collapsed. The global recession that followed is still too fresh in many people’s memories to be considered history. But 10 years on, the state of the financial system suggests that the crisis has been relegated to the history books for many in the industry.

In 2018, Wall Street is enjoying another heyday. Bonuses for bankers have returned to pre-crisis levels, profits for commercial banks are at a record high, the stock market is in its longest bull run in history, the US economy is humming, and deregulation and tax cuts rule the day in Donald Trump’s administration.

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More Americans renting homes since financial crisis

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There will be more repossessions next year and tougher criteria banks are now imposing on potential borrowers.

The development of multi-family units – a category made up of apartments and townhouses – jumped 25.3 percent last month to an annual rate of 238,000, the Commerce Department said on Tuesday. That helped drive overall construction on new homes up 9.3 percent to an annual pace of 685,000, the strongest since the spring of 2010.

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Banking agencies working to find credit rating alternatives

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Credit rating agencies have been criticized for fueling the 2007-2009 financial crisis.

The Federal Reserve said on Monday that Banking regulators expect to release proposals for replacing the work of credit rating agencies in their regulations later this year when comprehensive tougher capital standards are unveiled.

 

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63 Million People Volunteered in 2009 Hitting Highest Level in 7 Years

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Volunteers contributed 8.1 billion hours of service.

Despite the worse financial crisis since the 1930s, more than 63 million people in the United States volunteered their services in 2009 — 1.6 million more than in 2008 and the biggest rise since 2003.

 

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Financial Crisis in Greece Goes Global, From Asia to the U.S.

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“Greece may just be an early warning signal,” said Byron Wien, a Wall Street strategist.

The fear that began in Athens, raced through Europe and finally shook the stock market in the United States is now affecting the broader global economy, from the ability of Asian corporations to raise money to the outlook for money-market funds where American savers park their cash.

 

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More Chinese Tourists To Travel Overseas in 2010

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People gather at the Exit-Entry Administration Office of Nanjing public security bureau  to apply for overseas trips.

More mainland tourists are expected to spend money on overseas travel this year, said a report by a think tank to the national tourism authority.

The Annual Report of China Outbound Tourism Development 2009-2010, released by the China Tourism Academy on Thursday, estimated that 54 million tourists would go abroad this year, up from 47 million in 2009.

 

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