2009 Photo Contest, Daily Life, Stories, 2nd prize
Photographer

Anthony Suau

for Time

17 March, 2008

Ben Bernanke, chairman and member of the Board of Governors of the Federal Reserve, talks with vice-chairman Donald L. Kohn, after intervening to rescue troubled investment bank Bear Stearns. Towards the end of 2007, the severity of losses to US banks incurred over sub-prime mortgages was beginning to emerge. In the first months of 2008, rising interest rates together with increasing unemployment and a slowdown in the housing market, meant that many borrowers could no longer afford payments on their homes. Banks involved heavily in such debts were threatened with collapse. In the following months the financial crisis spread worldwide.

About

Anthony Suau

Suau started his career at the Chicago Sun Times in 1976 and later joined the Denver Post. In 1985, he moved to New York City to work for Black Star agency. He was a contract pho...

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