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October 11, 2024,
It’s coming.
Count on it.
You can’t stop it.
Even worse?
You can’t plan for it. At least not exactly. You can prepare for it, but it probably won’t be enough.
What is it?
Unprecedented. It has never happened before in your life. Never. But it just happened.
If you research the years 1918 thru 1919, something should stand out to you. Around the world there was one endless war after another. Literally. If you think the world is on fire now, you should view those violent years.
Due to that, something unprecedented occurred and it shouldn’t be shocking, though at the time, never experienced before, at least not like that.
The 1918–1920 flu pandemic, also known as the Great Influenza epidemic or Spanish flu, was an exceptionally deadly global influenza pandemic caused by the H1N1 subtype of the influenza A virus.
The earliest documented case was March 1918 in the state of Kansas in the United States, with further cases recorded in France, Germany and the United Kingdom in April.
Think about this. Two years later, nearly a third of the global population, or an estimated 500 million people, had been infected in four successive waves. Estimates of deaths range from 17 million to 50 million, and possibly as high as 100 million, making it one of the deadliest pandemics in history.
The pandemic broke out near the end of World War I, when wartime censors in the belligerent countries suppressed bad news to maintain morale, but newspapers freely reported the outbreak in neutral Spain, creating a false impression of Spain as the epicenter and leading to the “Spanish flu” misnomer.
Most influenza outbreaks disproportionately kill the young and old, with a higher survival rate in-between, but this pandemic had unusually high mortality for young adults.
There was no way to prepare for this.
Transition time.
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis.
The crisis led to a severe economic recession, with millions losing their jobs and many businesses going bankrupt.
Speaking about unprecedented.
The collapse of the United States housing bubble and high interest rates led to unprecedented numbers of borrowers missing mortgage repayments and becoming delinquent.
This ultimately led to mass foreclosures and the devaluation of housing-related securities.
The housing bubble preceding the crisis was financed with mortgage-backed securities (MBSes) and collateralized debt obligations (CDOs), which initially offered higher interest rates (i.e. better returns) than government securities, along with attractive risk ratings from rating agencies.
Here was the problem.
Despite being highly rated, most of these financial instruments were made up of high-risk subprime mortgages.
While elements of the crisis first became more visible during 2007, several major financial institutions collapsed in late 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.
Most notably, Lehman Brothers, a major mortgage lender, declared bankruptcy in September 2008.
There is an incredible movie that speaks to that.
Margin Call is a 2011 American drama film written and directed by J. C. Chandor in his feature directorial debut.
The principal story takes place over a 24-hour period at a large Wall Street investment bank during the initial stages of the 2007–2008 financial crisis.
It focuses on the actions taken by a group of employees during the subsequent financial collapse.
Simply put, how they responded.
Let’s delve deeper into the storyline.
In 2008, an unnamed investment bank begins laying off a large number of employees. Among those affected is Eric Dale, head of risk management. Dale’s attempts to speak about the implications of a model he is working on are ignored. On his way out, he gives a flash drive containing his work to Peter Sullivan, an associate in his department, warning him to “be careful.” Sullivan, intrigued, works after hours to complete Dale’s model.
Sullivan discovers that the assumptions underpinning the firm’s present risk profile are wrong; historical volatility levels in mortgage-backed securities are being exceeded, which means that the firm’s position in those assets is over-leveraged and the debt incurred from those over-leveraged assets will bankrupt the company.
The title comes from a finance term for when an investor must increase the securities or other assets used as collateral for a loan when their value falls below a certain threshold.
The film stars a stellar ensemble cast consisting of Kevin Spacey, Paul Bettany, Jeremy Irons, Zachary Quinto, Penn Badgley, Simon Baker, Mary McDonnell, Demi Moore, and Stanley Tucci.
We have to tell you, this film was so good, we watched it three times in a row. It checked all of the boxes.
There is an earlier film that spoke to something financially unprecedented.
What helped destroy this major bank, something they didn’t see coming, was that someone they trust betrayed them, in an unprecedented way.
Rogue Trader is a 1999 British biographical drama film written and directed by James Dearden and starring Ewan McGregor and Anna Friel. The film centers on the life of former derivatives broker Nick Leeson and the 1995 collapse of Barings Bank.
This was must watch movie going.
The movie follows Nick Leeson’s rise as he soon becomes one of Barings’ key traders. However, everything isn’t as it appears,
Through the 88888 error account, Nick is hiding huge losses as he gambles away Barings’ money with little more than the bat of an eyelid from the powers-that-be back in London.
Way too much trust.
Eventually the losses mount up to well over £800 million and Nick, along with his wife Lisa, decide to leave Singapore and escape to Malaysia. Nick doesn’t realize the severity of his losses until he reads in the newspaper that Barings has gone bankrupt.
The leadership absolutely did not see this coming. It was unprecedented.
As the expression goes, stuff happens. With one major philosophy, five percent of life is what happens to you, 95 percent is how you respond to it.
In the above subprime market crash of 2008, the U.S. government intervened with a series of measures to stabilize the financial system, including the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA).
What is as important to us, or more so, is when unprecedented things happen to us in our personal life. We didn’t see it coming and wham, it is there. It could be health, relationship or work issues.
When it does happen, and most likely it will, always remember, how you think things through and respond to it, is the key.
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OPENING PHOTO Pexels.com-Pavel-Danilyuk-photo-credit Femcompetitor.com, grapplingstars.com, fciwomenswrestling.com, fcielitecompetitor.com, fciwomenswrestling2,com
https://en.wikipedia.org/wiki/Spanish_flu
https://en.wikipedia.org/wiki/Subprime_mortgage_crisis
https://en.wikipedia.org/wiki/Rogue_Trader_(film)
https://en.wikipedia.org/wiki/Margin_Call
https://www.fciwomenswrestling2.com
https://femcompetitor.com/
https://www.fcielitecompetitor.com/
https://fciwomenswrestling.com/
