eligiésemos If the word most used by the English in the last two / three years I think anyone would take more than a few seconds to decide. If we would make a study as those of the 90 United States said that the word Jordan was the most commonly used over Clinton or McDonald's, my bet would be to Crisis win by a landslide. I can not tell if that post is good or bad, but it's there whether we like it or not. Giving back to the term would be as unusual as a television news antenna 3 without Mourinho.
may think I'm not going to the point, that this is not the subject of this blog. Nothing is further from the truth. Our crisis, own and very different from the rest, is the problem of a housing boom once said ... we are here. It does not look for much in the U.S. that brought down the house of cards. Let's go into a spin trying spots as possible:
- Financial Crisis or sub-prime mortgages : many U.S. banks involved for several years to lend money to people who have no capacity repayment of that debt. Unite all these "assets" are not just in packages with names that sound pompous but really well in European banks (eg, Structural Funds boosted for sustainable development). Gladly buy them because they trust you had in institutions such as Lehman Brothers. One day the poor man does not pay and a few other more because it basically could not be a different scenario. Several American giants eventually recognize his terrible error and some even avoid closing all its offices. Each individual who has purchased a "toxic" or his actions were referenced to any of these wastes without real value is out of your pasta. So easy. Consider that for every bank that closed in the middle of financial disaster directly led to thousands of layoffs and millions of people affected who lost all their savings, in addition, every creditor or debtor of them necessarily followed in the footsteps of those who fell into bankruptcy. Globalization did the rest. The ease of exchange between entities separated by millions of miles caused these sets of sub-prime mortgages expand as a worldwide flu. However, in Spain, they did very little. Touched only to Banco Santander and Bankinter, nothing serious.
- housing or housing crisis: we have it clear, the above is not affected us to this day have a 20% unemployment and a walk around the community intervention . Hardly. English depression can only be explained by economic and cultural characteristics of our country. To begin, we have grown in the last two and a half decades under a model in which the housing holding the creation of added value. Construction has been in a twinkling the whole economy at a pace unmatched by any other branch and prices continually rising. Our industry star, too star. Moreover, Spain has since its inception a territory in need of funding. This means that while other countries are lenders to have their coffers with money to lend, Spain needs to be funded and then back that debt. This is nothing serious, just one path is required to also carry out other major countries like the U.S.. This has only one drawback, that which depend on foreign banks to get that money. What happened with the outbreak of the global financial crisis was that banks lent money to Spain closed the tap and with them, so they had to make nationals. Our providers and could not feed companies or the mortgaged real estate potential of our borders. Is to sign mortgage and developers do not support it. The estate closed and remain closed. Then we can talk about the real estate bubble burst, and nobody is able to pay such exorbitant prices for a house. The goose that lays the golden eggs of both seriously ill supercharger. Construction defeated lay off thousands of workers because they do not sell stories. If not sold nor build, if not decrease their activity is built appliance companies, ceramics, glassware, furniture, decoration and even automobiles. No output.
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