14 September 2007

Financial crisis of 2007–2008: The Northern Rock bank experiences the first bank run in the United Kingdom in 150 years.

The Financial Crisis of 2007–2008, often referred to simply as the “Global Financial Crisis” or the “Great Recession,” was a severe worldwide economic crisis that occurred in the late 2000s. It was the most serious financial crisis since the Great Depression of the 1930s and had far-reaching economic and social consequences.

Housing Bubble: The crisis had its roots in the U.S. housing market. In the early 2000s, there was a housing bubble where home prices were rising rapidly, driven by lax lending standards and a surge in subprime mortgage lending. Many people who could not afford conventional mortgages were given loans with adjustable interest rates, which led to an increase in home ownership but also a rise in risky lending practices.

Mortgage-Backed Securities (MBS): Financial institutions bundled these subprime mortgages into complex financial products known as mortgage-backed securities (MBS). These securities were sold to investors worldwide as relatively safe investments, given the high credit ratings assigned to them.

Deterioration of MBS: As more subprime borrowers defaulted on their mortgage payments, the value of MBS began to deteriorate. This led to significant losses for financial institutions that held these securities, including major banks and investment firms.

Bank Failures: Some of the largest financial institutions in the world, such as Lehman Brothers, Bear Stearns, and AIG, faced severe financial distress or bankruptcy due to their exposure to MBS-related losses. Lehman Brothers’ bankruptcy in September 2008 marked a turning point in the crisis, causing widespread panic and a freezing of credit markets.

Credit Freeze: The crisis led to a credit freeze, where banks became extremely reluctant to lend money to each other or to businesses and consumers. This lack of available credit had a cascading effect on the broader economy, leading to a severe economic downturn.

Government Interventions: In response to the escalating crisis, governments and central banks around the world took various measures to stabilize financial markets and prevent a complete collapse of the financial system. These measures included bank bailouts, monetary policy actions, and stimulus packages.

Recession: The financial crisis quickly evolved into a global economic recession. Unemployment rates increased, housing prices plummeted, and many people lost their homes and jobs. The recession had profound and lasting effects on individuals, businesses, and governments.

Regulatory Changes: In the aftermath of the crisis, there were significant regulatory reforms aimed at preventing a similar crisis in the future. The Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States, for example, introduced various measures to increase transparency, strengthen financial oversight, and regulate risky financial practices.

7 July 2007

The first Live Earth benefit concert was held in 11 locations around the world.

The Live Earth benefit concert was a series of music events held globally to raise awareness and funds for environmental issues. The first Live Earth concert took place on July 7, 2007, organized by former US Vice President Al Gore and Kevin Wall, a music producer. The goal of the concert was to promote sustainability and combat climate change.

Live Earth was a 24-hour event that spanned seven continents, with concerts taking place in various cities around the world, including New York, London, Sydney, Tokyo, Johannesburg, Rio de Janeiro, and Shanghai. The concerts featured performances by popular musicians and bands, including Madonna, The Police, Red Hot Chili Peppers, Bon Jovi, Shakira, Rihanna, and many others.

Each concert location had a unique lineup of artists, and the performances were broadcasted live through television, radio, and the internet. The event aimed to reach a global audience and engage people in the fight against climate change. The concerts were accompanied by messages from environmental activists, scientists, and celebrities, highlighting the urgent need for environmental conservation.

Beyond the musical performances, Live Earth also focused on promoting sustainable living practices. The concerts incorporated eco-friendly initiatives, such as using renewable energy sources, minimizing waste, and promoting recycling. The event’s organizers collaborated with various organizations and sponsors to offset the carbon emissions generated by the concerts.

The Live Earth concert series continued in subsequent years, with additional events held in 2008 and 2015. While the scale and scope of the later events were smaller than the inaugural 2007 concert, they still aimed to raise awareness about environmental issues and inspire individuals to take action in their daily lives.

The Live Earth benefit concerts served as a platform to unite people through music and foster a global movement for environmental sustainability. By bringing together renowned artists and millions of viewers worldwide, the concerts helped raise awareness about climate change and encourage individuals, governments, and corporations to work towards a greener future.

27 April 2007

Israeli archaeologists discover the tomb of Herod the Great south of Jerusalem.

Herod the Great (c. 73 BCE – 4 BCE) was a king of Judea who reigned from 37 BCE until his death. He is known for his ambitious building projects, including the expansion of the Second Temple in Jerusalem, and for his brutal methods of maintaining power, which included the murder of several members of his own family.

Herod was appointed king of Judea by the Roman Senate, with the support of Mark Antony and Octavian (later Emperor Augustus). He was a skilled politician and military leader, but his rule was marked by violence and cruelty. He executed anyone he saw as a threat to his power, including members of his own family, and he was responsible for the massacre of infants in Bethlehem, which was an attempt to kill the baby Jesus.

Despite his ruthless reputation, Herod is also remembered for his impressive building projects. He constructed a magnificent palace in Jerusalem and rebuilt the Second Temple, which had been destroyed by the Babylonians in 586 BCE. Herod’s Temple was one of the largest and most impressive religious buildings in the ancient world, and it was a symbol of his power and wealth.

Herod died in 4 BCE, and his kingdom was divided among his sons. Although he is a controversial figure, Herod the Great is an important historical figure and his reign had a significant impact on the political and religious landscape of Judea during the Roman period.

12 July 2007

U.S. Army Apache helicopters engage in airstrikes against armed insurgents in Baghdad, Iraq, where civilians are killed; footage from the cockpit is later leaked to the Internet

3 May 2007

The 3-year-old British girl Madeleine McCann disappears in Praia da Luz, Portugal, starting “the most heavily reported missing-person case in modern history”.

[rdp-wiki-embed url=’https://en.wikipedia.org/wiki/Disappearance_of_Madeleine_McCann’]