Changes

The '''Financial Crisis of 2008''' is an ongoing financial crisis centered in the [[United States of America|United States]], with reverberations in Europe and around the world. Losses thus far have run to hundreds of billions of dollars. Owners of stock in major financial institution have lost over 50% of their money, and owners of some have lost 99% as major banks closed down. The stock market has declined 20%-50% in major countries and pension funds have lost value. However, thus far ordinary depositors with cash in the bank have suffered no losses.  

The '''Financial Crisis of 2008''' is an ongoing financial crisis centered in the [[United States of America|United States]], with reverberations in [[Europe]] and around the world. Losses thus far have run to hundreds of billions of [[dollar]]s. Owners of stock in major financial institution have lost over 50% of their money, and owners of some have lost 99% as major [[bank]]s closed down. The [[stock market]] has declined 20%-50% in major countries and [[pension]] funds have lost value. However, thus far ordinary depositors with cash in the bank have suffered no losses.  

In late September the crisis focused on liquidity--financial companies owned hundreds of billions of dollars of "toxic" securities, mostly based on U.S. mortgages; they could not sell the toxic securities because no one knew how much they were worth, and large scale loans between major institutions stopped flowing as the system lost liquidity and froze up. A $700 billion rescue plan was under intense debate in the U.S.

In late September the crisis focused on liquidity--financial companies owned hundreds of billions of dollars of "toxic" securities, mostly based on U.S. [[mortgage]]s; they could not sell the toxic securities because no one knew how much they were worth, and large scale loans between major institutions stopped flowing as the system lost liquidity and froze up. A $700 billion rescue plan was under intense debate in the U.S.

==Causes==

==Causes==