2008 Financial Crisis
A paper from the New England Complex Systems Institute claims that they have found evidence that suggests the 2008 financial crisis was triggered by a "Bear Raid" market manipulation by short sellers against Citigroup late in 2007. The uptick rule was repealed in in July, 2007, and the alleged bear raid took place in November, 2007.
Read more about this topic: Uptick Rule
Famous quotes containing the words financial and/or crisis:
“A theory of the middle class: that it is not to be determined by its financial situation but rather by its relation to government. That is, one could shade down from an actual ruling or governing class to a class hopelessly out of relation to government, thinking of gov’t as beyond its control, of itself as wholly controlled by gov’t. Somewhere in between and in gradations is the group that has the sense that gov’t exists for it, and shapes its consciousness accordingly.”
—Lionel Trilling (1905–1975)
“The easiest period in a crisis situation is actually the battle itself. The most difficult is the period of indecision—whether to fight or run away. And the most dangerous period is the aftermath. It is then, with all his resources spent and his guard down, that an individual must watch out for dulled reactions and faulty judgment.”
—Richard M. Nixon (1913–1995)