Economics

new deal

Embargo.

discount rate

1932

The type of tax that is levied on the beneficiary share of an estate is known as inheritance tax. This will be assessed based on the legacies the beneficiary receives.

moratorium

recession

liquidity

By balancing the budget. This can be done by increasing government income (raising taxes) and decreasing government expenditure.

trade deficit

bailout

A housing bubble is when, throughout the economy, more money has been borrowed against the paper value of a home than it can be resold for. During the last bubble, roughly 2007 -12, many people had borrowed against and/or refinanced their homes up to inflated values. Essentially, they were treating the equity in the home as a bank, cashing out to consolidate debt or to buy other things. The banks who made the loans, then bundled these mortgages into investments. When the economy tanked, people lost their jobs and could not make the payments. They became "underwater", which meant that they would owe more money on the loan than they could sell for. This caused a lot of foreclosures, where people walked away from their loans and the banks owned the houses which they could not sell either. The investments dropped in value. Another piece of this was that, with the easy money policies, underwriting of loans was extremely loose. There were loan applications where people could merely state their income and what they owed and the loan was given to them on that basis. These were called "liar's loans." They generated large commissions for the brokers who sold them to the banks. Millions were made and lost because the stated values had no basis.

Ben Bernanke