More: The 2008 and 2009 financial crisis was a global economic catastrophe precipitated by the failure of several significant financial firms in the United States, including Lehman Brothers, Merrill Lynch, and AIG. A number of factors contributed to the crisis, including unsafe lending practices, a housing market bubble, and extensive usage of complicated financial instruments like mortgage-backed securities and credit default swaps. When the housing market began to fall in 2006 and 2007, many borrowers found themselves unable to make their mortgage payments, resulting in a wave of defaults and foreclosures. This, in turn, led the value of mortgage-backed securities and other complicated financial instruments to plunge, resulting in significant losses for banks and other financial institutions. Banks began to fail as the crisis worsened, and financial markets around the world saw extreme volatility. Governments and central banks stepped in with huge rescue programs and o
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)