How dangers of a financial crisis 2008.

Since August 2007, price of housing market grew up at top, and housing market bubble popped. House's price started fall down. Mortgage financial market affected so bad from there. First, investment bank Bear Steam was bankrupt and sold off in March 2008. Next , September 15, 2008 Lehman Brothers bank was collapsed, and Merrill Lynch bank was sold off. After that a lot the banks were bankrupt and sold off ( Washington Mutual bank, Wachovia bank...). Financial crisis 2008, bank's system in the United States ( count to Nov 09, 2008) lost 19 banks. Wall Street was detroy in very short time.
Financial crisis was lay off thousands workers in the banks. Also the money in economic slow down, contract between lenders and borrowers was not easy. Production and consume in the economic was slow down. It was lay off more thousands employees. In Oct 2008, labor market lost 240,000 jobs. Financial crisis was cause a lot of companies bankrupt and closed. Recently, a big company Circus City was bankrupt, and vehecle industry was very closing collapse.
Come back with housing market, it's cause of financial crisis. In Oct 2008, the houses were foreclosure 84,864 homes. If count from Aug 2007 to Oct 2008, the housing market total 936,439 homes have been lost to foreclosure.
Before situation tornado financial crisis, how government and banks system were responding?
Oct 04, 2008, congress was past and president Bush was signed the law budget $ 700 billion help financial market. Government will buy bad mortgages of the banks, this is helping the banks enough money in market, and maintaining economic grow.
Nov 11,2008, the Federal Housing Financial Agency with two big companies Fanie Mae and Freddie Mac unveiled a new program to help eligible borrowers to keep their homes by lowering monthly payments to 38% of gross household income.
Citigroup bank announced help 130,000 borrowers.
Indy Mac bank will help 40,000 homeowners.
Bank of America can rescue 630,000 homes.
JpMogan Chase expects to help 400,000 families.
Nov 12, 2008, secretary Henry Paulson announced use $ 250 billion in budget $ 700 billion to help lend banks system.
Financial crisis was not only in the United States. It was affected whole the world. Some big economics of countries like Iceland, England, French, German, Russia, Japan, Korea, and now China ( a country has $ 1900billion saving ) were crisising. The world understood wants stop tornado financial crisis need contract all countries in the world( special some big economics).
December 2008, twenty big economics of countries ( G 20) in the world will metting at Washington DC. This metting wish the world will stop financial crisis.