Questions of Banking of Canada, USA, UK, France Assignment

Questions of Banking of Canada, USA, UK, France - Assignment Example Nations’ GDPs are still below their pre-crisis peak in many rich countries, particularly in Europe, where the financial crisis has progressed into the euro crisis (Cummings, 2013; Grant & Wilson, (2012). The impacts of the crash are still heaving through the global economy (Cummings, 2013). After the 2008 financial crisis, some countries began modifying their financial and monetary policies to protect the interests of their countries and their economies (Franken, 2010). This essay examines the actions of France, UK, USA and Canada following the financial crisis (Cornett et al., 2011). The U.S was worst hit by the financial crunch. Market participants, investors and consumers were hastily losing trust in the America’s financial system stability (Cummings, 2013). Confronted with this reality, the U.S. federal government acted with powerful force and speed to stem the country’s panic. The first series and sequence of actions, including large guarantees of bank accounts, cash market funds and liquidity by the Federal Reserve, were less (Hall, 2009; Reyes, 2013). Realizing that extra tools were required to address a swiftly deteriorating situation, the Bush Administration recommended a law that created the Troubled Asset Relief Program (TARP) (Cummings, 2013). The Congress passed that measure with bipartisan support; President Bush signed it to law on October 3, 2008 (Federal Reserve, 2009). The Bush Administration implemented some of the programs under TARP (Cornett et al., 2011). The Obama Administration carried on with the programs and added others (Dorsey, T. W., Asmundson, Khachatryan, Dorsey, Niculcea, Saito & IMF, 2011). Under TARP’s authority, the administration ensures to keep credit flowing to businesses and consumers. Additionally, the administration helps straining homeowners avoid foreclosure, and inhibits the collapse of the American automobile industry,