Tom Stankewicz

Nuo enables users to lend and borrow cryptocurrencies using smart contracts. Lenders can earn interest by funding these loans and grow their cryptocurrencies in a secure and transparent way.

The United States subprime mortgage crisis was a nationwide financial crisis, occurring between 2007 and 2010, that contributed to the U.S. recession of December 2007 - June 2009. It was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage delinquencies and foreclosures and the devaluation of housing-related securities. Declines in residential investment preceded the recession and were followed by reductions in household spending and then business investment. Spending reductions were more significant in areas with a combination of high household debt and larger housing price declines.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. While elements of the crisis first became more visible during 2007, several major financial institutionsfinancial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.There were many causes of the crisis, with commentators assigning different levels of blame to financial institutions, regulators, credit agencies, government housing policies, and consumers, among others. Two proximate causes were the rise in subprime lending and the increase in housing speculation. The percentage of lower-quality subprime mortgages originated during a given year rose from the historical 8% or lower range to approximately 20% from 2004 to 2006, with much higher ratios in some parts of the U.S. A high percentage of these subprime mortgages, over 90% in 2006 for example, were adjustable-rate mortgages. Housing speculation also increased, with the share of mortgage originations to investors (i.e. those owning homes other than primary residences) rising significantly from around 20% in 2000 to around 35% in 2006-2007. Investors, even those with prime credit ratings, were much more likely to default than non-investors when prices fell. These changes were part of a broader trend of lowered lending standards and higher-risk mortgage products, which contributed to U.S. households becoming increasingly indebted. The ratio of household debt to disposable personal income rose from 77% in 1990 to 127% by the end of 2007.When U.S. home prices declined steeply after peaking in mid-2006, it became more difficult for borrowers to refinance their loans. As adjustable-rate mortgages began to reset at higher interest rates (causing higher monthly payments), mortgage delinquencies soared. Securities backed with mortgages, including subprime mortgages, widely held by financial firms globally, lost most of their value. Global investors also drastically reduced purchases of mortgage-backed debt and other securities as part of a decline in the capacity and willingness of the private financial system to support lending. Concerns about the soundness of U.S. credit and financial markets led to tightening credit around the world and slowing economic growth in the U.S. and Europe. The crisis had severe, long-lasting consequences for the U.S. and European economies. The U.S. entered a deep recession, with nearly 9 million jobs lost during 2008 and 2009, roughly 6% of the workforce. The number of jobs did not return to the December 2007 pre-crisis peak until May 2014. U.S. household net worth declined by nearly $13 trillion (20%) from its Q2 2007 pre-crisis peak, recovering by Q4 2012. U.S. housing prices fell nearly 30% on average and the U.S. stock market fell approximately 50% by early 2009, with stocks regaining their December 2007 level during September 2012. One estimate of lost output and income from the crisis comes to "at least 40% of 2007 gross domestic product". Europe also continued to struggle with its own economic crisis, with elevated unemployment and severe banking impairments estimated at €940 billion between 2008 and 2012. As of January 2018, U.S. bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $626B was invested, loaned, or granted due to various bailout measures, while $390B had been returned to the Treasury. The Treasury had earned another $323B in interest on bailout loans, resulting in an $87B profit.

Taoism (, ), or Daoism (), is a religious or philosophical tradition of Chinese origin which emphasizes living in harmony with the Tao (Chinese: 道; pinyin: Dào; literally: 'the Way', also romanized as Dao). The Tao is a fundamental idea in most Chinese philosophical schools; in Taoism, however, it denotes the principle that is the source, pattern and substance of everything that exists. Taoism differs from Confucianism by not emphasizing rigid rituals and social order, but is similar in the sense that it is a teaching about the various disciplines for achieving "perfection" by becoming one with the unplanned rhythms of the universe called "the way" or "dao". Taoist ethics vary depending on the particular school, but in general tend to emphasize wu wei (action without intention), "naturalness", simplicity, spontaneity, and the Three Treasures: 慈 "compassion", 儉 "frugality", and 不敢為天下先 "humility". The roots of Taoism go back at least to the 4th century BCE. Early Taoism drew its cosmological notions from the School of Yinyang (Naturalists), and was deeply influenced by one of the oldest texts of Chinese culture, the I Ching, which expounds a philosophical system about how to keep human behavior in accordance with the alternating cycles of nature. The "Legalist" Shen Buhai (c. 400 - c. 337 BCE) may also have been a major influence, expounding a realpolitik of wu wei. The Tao Te Ching, a compact book containing teachings attributed to LaoziLaozi (Chinese: 老子; pinyin: Lǎozǐ; Wade-Giles: Lao3 Tzŭ3), is widely considered the keystone work of the Taoist tradition, together with the later writings of Zhuangzi. By the Han dynasty (206 BCE-220 CE), the various sources of Taoism had coalesced into a coherent tradition of religious organizations and orders of ritualists in the state of Shu (modern Sichuan). In earlier ancient China, Taoists were thought of as hermits or recluses who did not participate in political life. Zhuangzi was the best known of these, and it is significant that he lived in the south, where he was part of local Chinese shamanic traditions.Female shamans played an important role in this tradition, which was particularly strong in the southern state of Chu. Early Taoist movements developed their own institution in contrast to shamanism, but absorbed basic shamanic elements. Shamans revealed basic texts of Taoism from early times down to at least the 20th century. Institutional orders of Taoism evolved in various strains that in more recent times are conventionally grouped into two main branches: Quanzhen Taoism and Zhengyi Taoism. After Laozi and Zhuangzi, the literature of Taoism grew steadily and was compiled in form of a canon--the Daozang--which was published at the behest of the emperor. Throughout Chinese history, Taoism was nominated several times as a state religion. After the 17th century, however, it fell from favor. Taoism has had a profound influence on Chinese culture in the course of the centuries, and Taoists (Chinese: 道士; pinyin: dàoshi, "masters of the Tao"), a title traditionally attributed only to the clergy and not to their lay followers, usually take care to note distinction between their ritual tradition and the practices of Chinese folk religion and non-Taoist vernacular ritual orders, which are often mistakenly identified as pertaining to Taoism. Chinese alchemy (especially neidan), Chinese astrology, Chan (Zen) Buddhism, several martial arts, traditional Chinese medicine, feng shui, and many styles of qigong have been intertwined with Taoism throughout history. Beyond China, Taoism also had influence on surrounding societies in Asia. Today, the Taoist tradition is one of the five religious doctrines officially recognized in the People's Republic of China (PRC) as well as the Republic of China (ROC), and although it does not travel readily from its East Asian roots, it claims adherents in a number of societies, in particular in Hong Kong, Macau, and in Southeast Asia.