In 2008, timothy geithner referred to investment banks, money market mutual funds, hedge funds, and other financial firms engaged in similar activities as the?

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29-07-2022
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In 2008, timothy geithner referred to investment banks, money market mutual funds, hedge funds, and other financial firms engaged in similar activities as the?

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smecloudbird17 smecloudbird17 · Answer 1 · 2022-08-12T08:21:40+02:00

In 2008, Timothy Geithner referred to investment banks, money market mutual funds, hedge funds, and other financial firms engaged in similar activities as the shadow banking system.

The housing market collapse and the worldwide financial crisis that began in 2008 was because of the shadow banking industry which is viewed as heavily contributing to this crisis.

Shadow banking system involves bank-like activities which take place outside the traditional banking sector. Shadow bank lending has similar function to traditional bank lending.

Hence, the collapse of the housing market, which was fueled by low interest rates, insufficient regulation, and easy credit led to the economic crisis.

To learn more about Shadow banking system here:

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