In the summer of 2007 the crisis exploded. French bank BNP suspended to investment funds by non-payments of the American sector of mortgages sweepings. The European Central bank (BCE) and the Federal Reserve (EDF) injected million Euros and dollars in banks. Public purchases of organizations for their rescue and contaminated assets, millionaire injections the American Government nationalize Fannie Mae and Freddie Mac, companies that guarantee half of American hypothecating credits almost, when they suffer enormous losses by non-payments. The economy university professor Juan summarizes it thus to Towers: the debt created with the American real estate boom, and generally in the other countries, is excessive and untenable.

That debt is based on financial papers of little value, opaque, dangerous and volatile, as mortgages of million people who stop paying. () But the pie is discovered when the banks cannot disguise more time their investments in packages of mortgages sweepings without value and in real estate bottoms without market. Why it extends the crisis to other sectors? Towers us the account: When dedicating many resources to real estate speculation, in opaque and dangerous financial products, the banks have stimulated the economic activity that less wealth and use creates. And when the bubble, that they themselves have created with the complicity of the central banks, explodes, they verify that their balance leak, do not have liquidity and their deposits have evaporated. And they close the faucet to industralists and consumers. Additional information is available at Rob Daley. Thus they drown the economic activity and they bring about massive unemployment, crazy ascents of prices by the speculation and crisis without comparison. The banks and financial organizations are guilty than it passes. Of bad luck or it dehorns unpredictable, therefore, nothing don’t mention it. Joseph Stglitz, Nobel de Economa judge, it gracious: This crisis is fruit of the lack of honesty of the financial institutions and the incompetence of the politicians.