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The possibility of a very serious financial crisis had already warned in 2005, Raghuram Rajan, a publication launched on the occasion of a tribute to Greenspan. "The outbreak of the 2008 financial crisis can be fixed officially in August 2007. It was when the central banks had to intervene to provide liquidity," according to George Soros. True, the beginning of the crisis date back to mid 2007, with the first signs of the difficulties caused by subprime mortgages. In late 2007 the stock markets of the United States began a precipitous decline, which worsened severely in early 2008. The confluence of other events of particular harm to the U.S. economy (rising oil prices, rising inflation, stagnation of credit), exaggerated the overall pessimism about U.S. economic future, to the extent that the Stock Exchange New York Daily succumbed to 'talk' financiers. Many believe that this was what precipitated the sharp decline of investment bank Bear Stearns, who previously showed no particular signs of weakness. However in March 2008, within days was liquidated on the open market and later in an unprecedented move, the Fed maneuvered a 'rescue' of the entity, which ended up being sold at bargain prices to JP Morgan Chase .

Quickly, the impact of the mortgage crisis led to an impact beyond the United States. Investment banks suffered losses worldwide. The companies began refusing to buy bonds worth billions of dollars due to market conditions. The U.S. Federal Bank. UU. and the European Central Bank sought to strengthen the money markets by injecting funds available to banks (loans on more favorable terms). Interest rates were also cut in an effort to encourage lending. However, short-term aid did not solve the liquidity crisis (lack of money available to banks), as banks remained wary, so they refused to lend to each other. Credit markets

became as banks were still reluctant to lend to each other, not knowing how many bad loans may have their competitors. The lack of credit to banks, companies and individuals carries the threat of recession, job losses, bankruptcies and therefore an increase in the cost of living. In the UK, the bank called Northern Rock an emergency loan to stay, prompting a run on the bank. 2000 million pounds were withdrawn by worried customers. The bank was nationalized later. In the United States. UU. The bank Bear Stearns nearly collapsed, leading to a crisis of confidence in the financial sector and banks to specialize in one investment.

After a spring break, the U.S. stock markets turned to extreme weakness, officially entering more than 20% fall in June, which is considered a declining market spread ('bear market'). This was again driven by bad news in the financial sector, with the first bankruptcy filings, including the collapse of IndyMac Bank, the second biggest bankruptcy in U.S. dollar terms in the history of the country, the latent risk that other regional banks could also end up like the crisis.

The crisis made even more dangerous dimension to the U.S. economy as the two largest mortgage companies in the country, Freddie Mac and Fannie Mae, which collect half the residential mortgage market began to view their actions bear attacked by speculators to the point that in early July, the U.S. government and Federal Reserve had to announce again for such a rescue financial institutions. This decision created consternation in many liberals, who argued that such bailouts only worsen the long-term investors ethical practices, fostering public money recklessness. During that period, the Fed and other central banks continued to inject liquidity to the market, worth hundreds of billions of dollars, euros or pounds sterling.

On 15 September, the investment bank Lehman Brothers credit sought protection under the law, officially declaring bankruptcy. Meanwhile, investment bank Merrill Lynch was acquired by Bank of America, half its real value. U.S. presidential candidates in both parties and the press began to catalog the situation of 'financial panic', 'economic crisis in the country' and 'collapse'.