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 The uptick rule was repealed in in July, 2007, and the alleged bear raid took place in November, 2007.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:
“In full view of his television audience, he preached a new religion—or a new form of Christianity—based on faith in financial miracles and in a Heaven here on earth with a water slide and luxury hotels. It was a religion of celebrity and showmanship and fun, which made a mockery of all puritanical standards and all canons of good taste. Its standard was excess, and its doctrines were tolerance and freedom from accountability.”
—New Yorker (April 23, 1990)
“What happens in a strike happens not to one person alone.... It is a crisis with meaning and potency for all and prophetic of a future. The elements in crisis are the same, there is a fermentation that is identical. The elements are these: a body of men, women and children, hungry; an organization of feudal employers out to break the back of unionization; and the government Labor Board sent to “negotiate” between this hunger and this greed.”
—Meridel Le Sueur (b. 1900)