BUS220 Module 04: Threaded Discussion – Financial Crisis

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Background

The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s. It began in 2007 with a crisis in the subprime mortgage market in the United States, and developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers on September 15, 2008. Excessive risk-taking by banks such as Lehman Brothers helped to magnify the financial impact globally. Massive bail-outs of financial institutions and other palliative monetary and fiscal policies were employed to prevent a possible collapse of the world financial system. The crisis was nonetheless followed by a global economic downturn, the Great Recession. The European debt crisis, a crisis in the banking system of the European countries using the euro, followed later.

In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US following the crisis to “promote the financial stability of the United States”. One goal of the Dodd-Frank Act of 2010 was to end “too big to fail.” Your task on this assignment is to write a report of one or two paragraph whether this goal is met.

The Excel Data Analysis summary statistics of the total assets of 30 largest U.S. banks for 2007 and 2013 are provided below. Five years after the peak of the financial crisis, has Washington solved the problem of banks “too big to fail”? Are the large U.S. banks larger than pre-recession level? Justify your answer using the descriptive statistics provided below.

Year

2007

2013

Mean

328.6792

463.44159

Standard Error

94.96804

117.886028

Median

126.6565

176.636

Mode

#N/A

#N/A

Standard Deviation

520.1614

645.6883675

Sample Variance

270567.9

416913.4679

Kurtosis

6.325766

3.393940597

Skewness

2.560469

2.112468198

Range

2173.881

2306.6154

Minimum

46.985

82.7336

Maximum

2220.866

2389.349

Sum

9860.375

13903.2477

Count

30

30

Direction

Step 1: Write one or two paragraph to justify your answer, and then post your work to the discussion board.

Step 2: Reply to at least two classmates on their posts.

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