{"id":268734,"date":"2023-12-20T09:00:00","date_gmt":"2023-12-20T08:00:00","guid":{"rendered":"https:\/\/sherpas.com\/blog\/?p=268734"},"modified":"2024-03-11T17:31:17","modified_gmt":"2024-03-11T16:31:17","slug":"crise-subprimes","status":"publish","type":"post","link":"https:\/\/sherpas.com\/blog\/crise-subprimes\/","title":{"rendered":"La crise des supbrimes en 2008 : un \u00e9branlement syst\u00e9mique \ud83c\udf0e"},"content":{"rendered":"\n<p>Dans cet article, <strong>zoom sur la crise des <em>supbrimes<\/em> de 2008 aux <a href=\"https:\/\/sherpas.com\/blog\/tag\/etats-unis\/\">\u00c9tats-Unis<\/a> <\/strong>\ud83d\udd0d. \u00c7a te dit quelque chose ? En effet, cette crise, <em>subprime mortgage crisis<\/em> en anglais, prend son <strong>origine<\/strong> dans le <strong>march\u00e9 de l\u2019immobilier en Am\u00e9rique<\/strong>, et aboutit \u00e0 une<strong> crise \u00e9conomique mondiale<\/strong>, en raison de l\u2019interd\u00e9pendance \u00e9conomique et financi\u00e8re entre les pays. Pour en savoir plus, lis la suite ! \ud83c\udf1f<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"la-crise-des-supbrimes-dabord-une-crise-immobiliere\">La crise des <em>supbrimes<\/em> : d\u2019abord une crise immobili\u00e8re\u2026 \ud83c\udfe2<\/h2>\n\n\n\n<p>La crise de 2008 est, dans la s\u00e9rie des crises bancaires et financi\u00e8res <strong>depuis la <a href=\"https:\/\/sherpas.com\/blog\/seconde-guerre-mondiale-1939-1945\/\">Seconde Guerre mondiale<\/a><\/strong>, <strong>la premi\u00e8re ayant une envergure mondiale <\/strong>! Afin que tu comprennes au mieux cette crise qui a marqu\u00e9 le monde entier dans les ann\u00e9es 2000, on te fait un petit r\u00e9sum\u00e9 :&nbsp;<\/p>\n\n\n\n<p>Au cours des ann\u00e9es 2000, les <strong>\u00c9tats-Unis<\/strong> sont baign\u00e9s dans une<strong> p\u00e9riode d\u2019euphorie <\/strong>:&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 Forte croissance \u00e9conomique ;<\/p>\n\n\n\n<p>\ud83d\udc49 Renforcement des \u00e9changes internationaux ;<\/p>\n\n\n\n<p>\ud83d\udc49 Politique de taux d\u2019int\u00e9r\u00eat bas de 2001 \u00e0 2004 par la banque centrale des \u00c9tats-Unis (la FED, <em>federal trade commission<\/em>).&nbsp;<\/p>\n\n\n\n<p>Dans ce contexte, les <strong>banques am\u00e9ricaines<\/strong> accordent de nombreux <strong>cr\u00e9dits immobiliers <\/strong>(souvent \u00e0 <strong>taux variable<\/strong>, d\u00e9tail \u00e0 retenir\u2757) aux <strong>m\u00e9nages \u00e0 faibles revenus<\/strong>. Ces cr\u00e9dits s\u2019appellent les <strong>subprimes<\/strong> et sont <strong>hypoth\u00e9caires<\/strong> : les banques peuvent saisir le bien immobilier si l\u2019emprunteur n\u2019assure pas le paiement de la dette.<\/p>\n\n\n<section class=\"you-know\">\n                <div class=\"you-know__title\"><p><span style=\"font-weight: 400\">Les taux d\u2019int\u00e9r\u00eat variables\u00a0<\/span><\/p>\n<\/div>\n                        <div class=\"you-know__text\">\n            <p><span style=\"font-weight: 400\">Lorsque l\u2019on fait un pr\u00eat \u00e0 taux d\u2019int\u00e9r\u00eat variable, cela signifie que<\/span><b> le taux d\u2019int\u00e9r\u00eat peut \u00e9voluer au cours du remboursement du cr\u00e9dit<\/b><span style=\"font-weight: 400\">. Mais comme ils int\u00e8grent une <\/span><b>prime de risque tr\u00e8s \u00e9lev\u00e9e<\/b><span style=\"font-weight: 400\">, ces taux d\u2019int\u00e9r\u00eat peuvent rapidement augmenter. <\/span><\/p>\n\n        <\/div>\n              <\/section>\n\n\n\n<p>Ces cr\u00e9dits&nbsp; sont de <strong>mauvaise qualit\u00e9,<\/strong> car il y a une <strong>forte probabilit\u00e9 de ne pas \u00eatre rembours\u00e9s<\/strong>. D\u2019o\u00f9 le terme de subprime (sous le \u00ab <em>prime<\/em> \u00bb). CQFD.&nbsp;<\/p>\n\n\n\n<p>Un petit <a href=\"https:\/\/sherpas.com\/cours\/anglais\">cours d&rsquo;anglais<\/a> pour mieux cerner les subtilit\u00e9s de la langue ? Les Sherpas te proposent de supers profs particuliers ! <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"le-risque-dinflation-et-de-bulle-speculative\">Le risque d\u2019inflation et de bulle sp\u00e9culative \ud83e\udee7<\/h3>\n\n\n\n<p>Comme les am\u00e9ricains ach\u00e8tent de plus en plus de maisons gr\u00e2ce au cr\u00e9dit bon march\u00e9, <strong>le prix de l\u2019immobilier augmente<\/strong>. Et oui, c\u2019est la loi de l\u2019offre et de la demande ! Plus les prix de l\u2019immobilier augmentent, plus<strong> les Am\u00e9ricains s\u2019endettent<\/strong>, afin de pouvoir s\u2019acheter ces biens qui sont de plus en plus chers.&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 Ce m\u00e9canisme de <strong>hausse des prix aliment\u00e9e par le cr\u00e9dit facile<\/strong> est ce que les \u00e9conomistes appellent une <strong>bulle sp\u00e9culative<\/strong>.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/media.giphy.com\/media\/T2tDs1JWhC0B1eJsFp\/giphy.gif\" alt=\"Un homme fait une bulle \u00e9norme avec son chewing-gum, qui finit par \u00e9clater. \" style=\"width:417px;height:auto\" \/><figcaption class=\"wp-element-caption\"><em>La bulle gonfle, gonfle, gonfle&#8230;<\/em><\/figcaption><\/figure>\n<\/div>\n\n<section class=\"relance\">\n        <div >\n                            <a target=\"_blank\" href=\"https:\/\/sherpas.com\/cours\/economie\">\n                    <div class=\"relance__container\"\n                        >\n                        \n                                                        <picture>\n                            <source srcset=\"https:\/\/sherpas.com\/content\/uploads\/2023\/07\/relance-cours-particulier-2.jpg\" media=\"(min-width: 999px)\">\n                            <source srcset=\"https:\/\/sherpas.com\/content\/uploads\/2023\/07\/relance-cours-particulier-2.jpg\" media=\"(max-width: 999px)\">\n                                <img decoding=\"async\"\n                                    src=\"https:\/\/sherpas.com\/content\/uploads\/2023\/07\/relance-cours-particulier-2.jpg\"\n                                    alt=\"Personne qui donne des cours particuliers\"\n                                >\n                            <\/picture>\n                                                <div class=\"relance__content\">\n                            \n                                <div class=\"relance__title\"> <p>Tu n&rsquo;as pas tout saisi ? On te propose de prendre un cours d&rsquo;\u00e9conomie !<\/p>\n<\/div>\n                                                        <button type=\"button\"\n                                    class=\"relance__button btn btn-white\">\n                                Le premier cours est offert !\n                            <\/button>\n                        <\/div>\n                    <\/div>\n                <\/a>\n                    <\/div>\n    <\/section>\n\n    \n\n\n<h2 class=\"wp-block-heading\" id=\"puis-une-crise-financiere\">\u2026 Puis une crise financi\u00e8re\u2026 \ud83d\udcb2<\/h2>\n\n\n\n<p>En <strong>2004<\/strong>, la <strong>FED<\/strong>, face aux tensions li\u00e9es \u00e0 la forte croissance (<strong>bulle sp\u00e9culative et risque d\u2019inflation<\/strong>) <strong>rel\u00e8ve ses taux directeurs<\/strong>.&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 L\u2019<strong><a href=\"https:\/\/sherpas.com\/blog\/inflation-et-deflation\/\">inflation<\/a><\/strong> se d\u00e9finit comme la hausse durable et g\u00e9n\u00e9ralis\u00e9e des prix.&nbsp;<\/p>\n\n\n<section class=\"you-know\">\n                <div class=\"you-know__title\"><p><span style=\"font-weight: 400\">Taux directeur, k\u00e9zako ? \ud83e\udde0<\/span><\/p>\n<\/div>\n                        <div class=\"you-know__text\">\n            <p><span style=\"font-weight: 400\">Le <\/span><b>taux directeur<\/b><span style=\"font-weight: 400\"> est le taux d&rsquo;int\u00e9r\u00eat fix\u00e9 par une banque centrale pour les pr\u00eats qu&rsquo;elle accorde aux banques commerciales qui en ont besoin.<\/span><\/p>\n\n        <\/div>\n              <\/section>\n\n\n\n<p>C\u2019est m\u00e9canique : comme la FED augmente ses taux directeurs \u27a1\ufe0f <strong>les<\/strong> <strong>taux de remboursement des cr\u00e9dits de nombreux m\u00e9nages am\u00e9ricains augmentent aussi.<\/strong>&nbsp;<\/p>\n\n\n\n<p>Les m\u00e9nages peu ais\u00e9s financi\u00e8rement se retrouvent dans l\u2019<strong>incapacit\u00e9 de rembourser leur emprunt <\/strong>: ils ne sont <strong>plus solvables<\/strong>. Ils doivent donc c\u00e9der leur bien immobilier aux banques.&nbsp;<\/p>\n\n\n<section class=\"you-know\">\n                <div class=\"you-know__title\"><p><span style=\"font-weight: 400\">La solvabilit\u00e9 en \u00e9conomie\u00a0<\/span><\/p>\n<\/div>\n                        <div class=\"you-know__text\">\n            <p><span style=\"font-weight: 400\">La <\/span><b>solvabilit\u00e9<\/b><span style=\"font-weight: 400\"> se d\u00e9finit comme la <\/span><b>capacit\u00e9 d\u2019une personne de disposer de moyens financiers suffisants lui permettant de s&rsquo;acquitter de ses dettes<\/b><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Mais l\u00e0, probl\u00e8me : les maisons saisies par les banques augmentent et donc <\/span><b>le nombre de biens immobiliers en vente explose<\/b><span style=\"font-weight: 400\">, ce qui conduit \u00e0 une<\/span><b> baisse g\u00e9n\u00e9rale des prix de l\u2019immobilier.<\/b><span style=\"font-weight: 400\"> Et oui, quand le nombre de biens est sup\u00e9rieur \u00e0 l\u2019offre, les prix baissent en fl\u00e8che \u2197\ufe0f. Les banques ne peuvent ainsi pas se faire rembourser par la vente de ces biens immobiliers, et font faillite.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\ud83d\udd0eIci, les m\u00e9nages \u00e0 faibles revenus \u00e9taient d\u00e9j\u00e0 peu solvables et sont devenus insolvables, \u00e0 la suite de la hausse des mensualit\u00e9s de cr\u00e9dits. <\/span><\/p>\n\n        <\/div>\n              <\/section>\n\n\n\n<p>Mais l\u00e0, probl\u00e8me : les maisons saisies par les banques augmentent et donc <strong>le nombre de biens immobiliers en vente explose<\/strong>, ce qui conduit \u00e0 une<strong> baisse g\u00e9n\u00e9rale des prix de l\u2019immobilier.<\/strong> Et oui, quand le nombre de biens est sup\u00e9rieur \u00e0 l\u2019offre, les prix baissent en fl\u00e8che. Les banques ne peuvent ainsi pas se faire rembourser par la vente de ces biens immobiliers, et font faillite.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/media.giphy.com\/media\/v1.Y2lkPTc5MGI3NjExM2Z6MHVpd2FiYWgwZXptanZoYmk4YXE3NHl2dG5rMmZ6Mndrb3B6ZSZlcD12MV9pbnRlcm5hbF9naWZfYnlfaWQmY3Q9Zw\/fT2a16TLxU0rTHXZkY\/giphy.gif\" alt=\"Un vieil homme dit :&quot;I got a lot of problems with you people !&quot;. \" style=\"width:445px;height:auto\" \/><figcaption class=\"wp-element-caption\"><em>POV les banques apr\u00e8s avoir accord\u00e9 trop de cr\u00e9dits&nbsp;<\/em><br><\/figcaption><\/figure>\n<\/div>\n\n\n<p>Tout un pan de l\u2019\u00e9conomie am\u00e9ricaine est alors d\u00e9stabilis\u00e9. Le <strong>15 septembre 2008<\/strong>, un vent de panique se cr\u00e9e lorsque la c\u00e9l\u00e8bre banque d\u2019affaires <strong>Lehmann Brothers fait faillite<\/strong> sans intervention des pouvoirs publics.<\/p>\n\n\n<section class=\"read-also\">\n    <p class=\"read-also__title\">\u00c0 lire aussi<\/p>\n            <div class=\"read-also__list\">\n            <p><span style=\"font-weight: 400\">\u00a0D\u00e9couvre dans cet article <a href=\"https:\/\/sherpas.com\/blog\/crise-de-1929\/\">la crise \u00e9conomique qui a marqu\u00e9 le XXe si\u00e8cle, celle de 1929<\/a> !<\/span><\/p>\n\n        <\/div>\n    <\/section>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"enfin-une-crise-economique-mondiale\">\u2026 Enfin, une crise \u00e9conomique mondiale \ud83c\udf0d<\/h2>\n\n\n\n<p>Cette crise financi\u00e8re ne va pas s\u2019arr\u00eater au march\u00e9 immobilier am\u00e9ricain, mais va s\u2019\u00e9tendre au monde entier. <strong>Cet \u00e9branlement syst\u00e9mique est d\u00fb \u00e0 la titrisation<\/strong> : <strong>ces<\/strong> <strong>cr\u00e9dits immobiliers<\/strong> avaient obtenu la <strong>meilleure note des <\/strong><a href=\"https:\/\/www.ig.com\/fr\/glossaire-trading\/agence-de-notation-financiere-definition\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>agences de notation financi\u00e8res<\/strong><\/a>, incitant grandement les banques et les investisseurs \u00e0 les titriser.&nbsp;<\/p>\n\n\n<section class=\"you-know\">\n                <div class=\"you-know__title\"><p><span style=\"font-weight: 400\">C\u2019est quoi, la titrisation ? \ud83e\udd14<\/span><\/p>\n<\/div>\n                        <div class=\"you-know__text\">\n            <p><span style=\"font-weight: 400\">La titrisation est la transformation des cr\u00e9ances d\u00e9tenues par une banque en titres n\u00e9gociables !<\/span><\/p>\n\n        <\/div>\n              <\/section>\n\n\n\n<p>\ud83d\udc49 Une fois que les cr\u00e9dits \u00e9taient octroy\u00e9s, les banques s\u2019en s\u00e9paraient en les transformant en<strong> titres vendus \u00e0 des investisseurs sur les march\u00e9s financiers<\/strong>. Ces titres se sont donc vendus sur les<strong> march\u00e9s financiers du monde entier<\/strong> et les investisseurs d\u00e9tenteurs des titres associ\u00e9s aux subprimes connaissent alors d\u2019importantes pertes.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/media.giphy.com\/media\/vNpeNfBtsVWBsW2Jb1\/giphy.gif\" alt=\"Un homme se tourne vers la cam\u00e9ra. Il a l'air content et met les mains sur son coeur avant de dire merci. \" style=\"width:352px;height:auto\" \/><figcaption class=\"wp-element-caption\"><em>\u00ab\u00a0Trop gentils les USA mais vraiment c&rsquo;\u00e9tait pas la peine !\u00a0\u00bb<\/em><\/figcaption><\/figure>\n<\/div>\n\n<section class=\"relance\">\n        <div >\n                            <a target=\"_blank\" href=\"https:\/\/sherpas.com\/cours\/finance\">\n                    <div class=\"relance__container\"\n                        >\n                        \n                                                        <picture>\n                            <source srcset=\"https:\/\/sherpas.com\/content\/uploads\/2023\/07\/relance-cours-particulier-4.jpg\" media=\"(min-width: 999px)\">\n                            <source srcset=\"https:\/\/sherpas.com\/content\/uploads\/2023\/07\/relance-cours-particulier-4.jpg\" media=\"(max-width: 999px)\">\n                                <img decoding=\"async\"\n                                    src=\"https:\/\/sherpas.com\/content\/uploads\/2023\/07\/relance-cours-particulier-4.jpg\"\n                                    alt=\"Personne qui donne des cours particuliers\"\n                                >\n                            <\/picture>\n                                                <div class=\"relance__content\">\n                            \n                                <div class=\"relance__title\"> <p>Un petit cours de finance pour mieux comprendre comment \u00e7a fonctionne ? C&rsquo;est par ici !<\/p>\n<\/div>\n                                                        <button type=\"button\"\n                                    class=\"relance__button btn btn-white\">\n                                Trouve ton prof particulier \n                            <\/button>\n                        <\/div>\n                    <\/div>\n                <\/a>\n                    <\/div>\n    <\/section>\n\n    \n\n\n<h3 class=\"wp-block-heading\" id=\"les-paquets-de-credits\">Les \u201cpaquets de cr\u00e9dits\u201d<\/h3>\n\n\n\n<p>Une autre raison de la propagation de la crise est la fa\u00e7on dont la titrisation a \u00e9t\u00e9 op\u00e9r\u00e9e. Les banques d\u2019affaires qui organisaient la titrisation ont constitu\u00e9 des <strong>\u201cpaquets de cr\u00e9dits\u201d<\/strong>, qu\u2019elles mettent <strong>\u00e0 l\u2019actif des v\u00e9hicules<\/strong>. Ces paquets m\u00e9langent ainsi des <strong>cr\u00e9dits subprimes avec d\u2019autres cr\u00e9dits <\/strong>hypoth\u00e9caires ou des cr\u00e9dits destin\u00e9s \u00e0 d\u2019autres financements.&nbsp;<\/p>\n\n\n\n<p><strong>Selon ces banques, le risque de d\u00e9faillance de ces paquets \u00e9tait inf\u00e9rieur \u00e0 celui d\u2019un cr\u00e9dit. <\/strong>Mais cette affirmation n\u2019est vraie que si les cr\u00e9dits sont ind\u00e9pendants les uns des autres ! <strong>Or, tous \u00e9taient interd\u00e9pendants,<\/strong> car tous li\u00e9s au march\u00e9 immobilier am\u00e9ricain.&nbsp;<\/p>\n\n\n\n<p>\u27a1\ufe0f&nbsp; La baisse des prix de l\u2019immobilier am\u00e9ricain a entra\u00een\u00e9 un effondrement de la valeur des actifs des v\u00e9hicules.&nbsp;<\/p>\n\n\n<section class=\"you-know\">\n                <div class=\"you-know__title\"><p><strong><span style=\"font-weight: 400\">L\u2019al\u00e9a moral \ud83d\udc64<\/span><\/strong><\/p>\n<\/div>\n                        <div class=\"you-know__text\">\n            <p><span style=\"font-weight: 400\">Il <\/span><span style=\"font-weight: 400\">consiste dans le fait qu&rsquo;une personne ou<\/span><b> une entreprise assur\u00e9e contre un risque peut se comporter de mani\u00e8re plus risqu\u00e9e<\/b><span style=\"font-weight: 400\"> que si elle \u00e9tait totalement expos\u00e9e au risque<\/span><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\ud83d\udd0d Ici, les banques se sont repos\u00e9es sur la titrisation et sont moins regardantes quant \u00e0 la capacit\u00e9 des m\u00e9nages \u00e0 rembourser leur cr\u00e9dit. <\/span><\/p>\n\n        <\/div>\n              <\/section>\n\n\n\n<p>Si on r\u00e9capitule :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Les m\u00e9nages perdent leur maison ;&nbsp;<\/li>\n\n\n\n<li>Les banques ne peuvent pas se faire rembourser les cr\u00e9dits octroy\u00e9s ;&nbsp;<\/li>\n\n\n\n<li>Les investisseurs qui d\u00e9tiennent les titres associ\u00e9s aux cr\u00e9dits subprimes subissent des pertes.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>De par le <strong>poids des \u00c9tats-Unis dans l\u2019\u00e9conomie mondiale<\/strong> et la <strong>tr\u00e8s forte interd\u00e9pendance commerciale, bancaire et financi\u00e8re des principaux pays avanc\u00e9s du globe<\/strong>, c\u2019est le monde entier qui est impact\u00e9 : il s&rsquo;agit l\u00e0 d\u2019un <strong>effet de contagion<\/strong>.&nbsp;<\/p>\n\n\n<section class=\"push \">\n        <div >\n            \n                                                <div class=\"push__container  qcd\" data-target=\"_self\" data-qcd=\"aHR0cHM6Ly9zaGVycGFzLmNvbS9mdW5uZWwtc3R1ZGVudC1xdWFsaWZpY2F0aW9u\" data-banner=\"2\" data-name=\"Cours part&amp;rsquo; global #3 = CPG3\" style=\"background-color: #F3FBF7\" >\n                                                                        <div class=\"push__teachers\">\n    <div class=\"d-flex justify-content-center d-md-none\">\n        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                <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">23\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Jade2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Jade<\/p>                          <p class=\"push__teachers-school\">Sciences Po Paris<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">21\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Bastien2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Bastien<\/p>                          <p class=\"push__teachers-school\">Polytechnique<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">26\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Emilie2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Emilie<\/p>                          <p class=\"push__teachers-school\">Sciences Po Lyon<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">19\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Hugo2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Hugo<\/p>                          <p class=\"push__teachers-school\">Insa Lyon<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">16\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Alma2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Alma<\/p>                          <p class=\"push__teachers-school\">ENS Paris-Saclay<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">24\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/David2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">David<\/p>                          <p class=\"push__teachers-school\">EDHEC<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">25\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Jeanne2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Jeanne<\/p>                          <p class=\"push__teachers-school\">Aix-Marseille Universit\u00e9<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">17\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                    <\/div>\n    <\/div>\n<\/div>\n                                                    <div class=\"push__content\">\n                                                            <div  class=\"d-none d-md-block\" >\n                                    <img decoding=\"async\" class=\"push__logo\" src=\"\/content\/themes\/sherpas-theme\/dist\/images\/logo.svg\"\n                                        alt=\"Logo Sherpas\">\n                                <\/div>\n                                                                                        <div class=\"push__title\"><p>Besoin de cours particuliers ? <span role=\"img\" aria-label=\"\u2728\">\u2728<\/span><!-- notionvc: 27874cb7-7cca-4c68-a2e3-ea8000cbb55b --><\/p>\n<\/div>\n                                                                                        <div class=\"push__text\"><p><span style=\"color: #48b378;\">4 points<\/span> de plus sur ta <span style=\"color: #48b378;\">moyenne<\/span> avec nos profs Sherpas ! <span role=\"image\" aria-label=\"\ud83d\udcc8\">\ud83d\udcc8<\/span><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n                                                        <div class=\"push__promo-button   \">\n                                                                                                    <div\n                                        class=\"btn btn-primary\"\n                                        style=\"color: ; border-color: ; background-color: \"\n\n                                    >\n                                        JE PRENDS UN COURS OFFERT !\n                                    <\/div>\n                                                            <\/div>\n                                                    <\/div>\n                                    <\/div>\n                                    <\/div>\n    <\/section>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"une-crise-qui-ne-touche-pas-que-la-finance\">Une crise qui ne touche pas que la finance&nbsp;<\/h3>\n\n\n\n<p>La crise ne reste donc pas financi\u00e8re, elle se propage \u00e0 l\u2019\u00e9conomie :&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 La consommation et l\u2019investissement diminuent ;&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 Le <a href=\"https:\/\/sherpas.com\/blog\/pib-produit-interieur-brut-definition\/\">PIB<\/a> chute ;&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 Le ch\u00f4mage explose ;&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 Les prix baissent au point de risquer la d\u00e9flation.<\/p>\n\n\n<section class=\"you-know\">\n                <div class=\"you-know__title\"><p><span style=\"font-weight: 400\">Zoom sur la d\u00e9flation \ud83d\udd0e<\/span><\/p>\n<\/div>\n                        <div class=\"you-know__text\">\n            <p><span style=\"font-weight: 400\">Situation dans laquelle<\/span><b> l&rsquo;activit\u00e9 \u00e9conomique d&rsquo;un pays est ralentie<\/b><span style=\"font-weight: 400\">, caract\u00e9ris\u00e9e par une baisse des prix, des salaires, une r\u00e9duction de la masse mon\u00e9taire engendrant \u00e0 leur tour une baisse de la demande, de la production, de l&#8217;emploi, etc. &#8211; selon le dictionnaire Larousse<\/span><\/p>\n\n        <\/div>\n              <\/section>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"les-mesures-mises-en-place-face-a-la-crise\">Les mesures mises en place face \u00e0 la crise \u270b<\/h2>\n\n\n\n<p>Afin de limiter les d\u00e9g\u00e2ts, diff\u00e9rentes mesures, plus ou moins efficaces, ont \u00e9t\u00e9 mises en place.&nbsp;<\/p>\n\n\n\n<p>1\ufe0f\u20e3Les <strong>banques centrales<\/strong> ont utilis\u00e9 des outils de politique mon\u00e9taire vari\u00e9s, plus ou moins conventionnels :&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 Elles ont <strong>baiss\u00e9 les taux d\u2019int\u00e9r\u00eat directeurs<\/strong> pour stimuler la croissance et la consommation ;<\/p>\n\n\n\n<p>\ud83d\udc49 Elles ont \u00e9galement apport\u00e9 des liquidit\u00e9s aux banques en quantit\u00e9 illimit\u00e9e, ce qu\u2019on appelle le <strong><em>quantitative easing<\/em><\/strong>, ou assouplissement quantitatif en fran\u00e7ais. Pour ce faire, elles cr\u00e9ent davantage de monnaie ;<\/p>\n\n\n\n<p>\ud83d\udc49 Enfin, les banques centrales d\u00e9cident de donner des informations sur leur future politique mon\u00e9taire : c\u2019est ce qu\u2019on appelle la <strong><em>forward guidance <\/em><\/strong>ou guidage prospectif en fran\u00e7ais.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/media.giphy.com\/media\/zADltSLX0qW7I6MziU\/giphy.gif\" alt=\"Un homme en costume cravate dit : &quot;it's an overwhelming thing.&quot;. \" style=\"width:412px;height:auto\" \/><figcaption class=\"wp-element-caption\"><em>Les banques \u00e0 ce moment-l\u00e0 : <\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<p>2\ufe0f\u20e3Parall\u00e8lement, <strong>les \u00c9tats<\/strong> ont men\u00e9 des politiques de soutien \u00e0 l&rsquo;\u00e9conomie, aux effets assez contrast\u00e9s.&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 Les<strong> pays europ\u00e9ens<\/strong> comme la France et l\u2019Allemagne ont tent\u00e9 de limiter les d\u00e9g\u00e2ts en mettant en place des <strong>mesures d&rsquo;urgence<\/strong> comme la recapitalisation et la nationalisation de certaines banques, qui ont eu pour cons\u00e9quence d\u2019<strong>amplifier la dette<\/strong>.<\/p>\n\n\n\n<p>\ud83d\udc49 Aux <strong>\u00c9tats-Unis<\/strong>, les mesures prises ont permis un <strong>rebond de l\u2019\u00e9conomie assez rapide<\/strong>.&nbsp;<\/p>\n\n\n\n<p>Voici quelques <strong>exemples des actions d\u00e9ploy\u00e9es par les \u00c9tats<\/strong> :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Renflouement d\u2019\u00e9tablissements financiers et apport de garantie sur les pr\u00eats ;&nbsp;<\/li>\n\n\n\n<li>Lancement de programmes d\u2019investissements publics ;<\/li>\n\n\n\n<li>Augmentation des prestations sociales face \u00e0 la hausse du ch\u00f4mage.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>3\ufe0f\u20e3La crise a aussi donn\u00e9 lieu \u00e0 des <strong>r\u00e9formes structurelles <\/strong>:&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 Renforcement de la r\u00e9glementation du syst\u00e8me financier ;&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 R\u00e9formes des normes comptables.&nbsp;<\/p>\n\n\n\n<p>4\ufe0f\u20e3 Enfin, il y a eu un <strong>r<\/strong><strong>enforcement de la coop\u00e9ration internationale en mati\u00e8re \u00e9conomique<\/strong> :&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 Le G20 (forum intergouvernemental de 19 pays) a organis\u00e9 des r\u00e9unions au niveau des chefs d\u2019\u00c9tat et de gouvernement ;&nbsp;<\/p>\n\n\n\n<p>\ud83d\udc49 Il y a eu une reconnaissance du r\u00f4le accru des \u00e9conomies \u00e9mergentes et de l\u2019interd\u00e9pendance entre les pays, notamment avec la mondialisation.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"quelles-en-sont-les-consequences\">Quelles en sont les cons\u00e9quences ? \ud83e\udd14<\/h2>\n\n\n\n<p>Cette crise \u00e9conomique s\u2019est marqu\u00e9e par une <strong>r\u00e9cession dans de nombreux pays.<\/strong>&nbsp;<\/p>\n\n\n\n<p>\u27a1\ufe0f La r\u00e9cession se d\u00e9finit par une p\u00e9riode temporaire de recul de l\u2019\u00e9conomie, g\u00e9n\u00e9ralement observ\u00e9e au travers du PIB (Produit Int\u00e9rieur Brut).&nbsp;<\/p>\n\n\n\n<p>\ud83c\uddea\ud83c\uddfa \u00c0 la fin de l\u2019ann\u00e9e 2008, ce sont ainsi <strong><a href=\"https:\/\/sherpas.com\/blog\/10-dates-construction-europeenne\/\">15 pays de la zone euro<\/a> qui sont en r\u00e9cession <\/strong>! Les \u00c9tats-Unis sont aussi touch\u00e9s. Certains pays, comme l\u2019Ukraine, sont m\u00eame en <strong>d\u00e9pression<\/strong>, la phase qui suit la r\u00e9cession lorsque le ralentissement de l\u2019activit\u00e9 \u00e9conomique prend un caract\u00e8re important et durable.&nbsp; &nbsp;<\/p>\n\n\n\n<p>Le<strong> resserrement du cr\u00e9dit <\/strong>provoque un <strong>ralentissement du commerce international<\/strong>, chutant de 10 % entre le troisi\u00e8me trimestre 2008 et le second trimestre 2009. On recense<strong> 800 000 ch\u00f4meurs suppl\u00e9mentaires<\/strong> et la crise impacte aussi les secteurs industriel, du tourisme, de l\u2019automobile, du b\u00e2timent et des services financiers. Les gouvernements quant \u00e0 eux voient leur <strong>dette publique monter en fl\u00e8che<\/strong>, en raison des plans de relance co\u00fbteux qu\u2019ils mettent en place.&nbsp;<\/p>\n\n\n<section class=\"you-know\">\n                <div class=\"you-know__title\"><p><span style=\"font-weight: 400\">La dette publique ou les emprunts de l\u2019\u00c9tat \ud83e\ude99<\/span><\/p>\n<\/div>\n                        <div class=\"you-know__text\">\n            <p><span style=\"font-weight: 400\">La <\/span><b>dette publique<\/b><span style=\"font-weight: 400\"> correspond \u00e0 l&rsquo;ensemble des engagements financiers pris sous forme d&#8217;emprunts par l&rsquo;\u00c9tat, les collectivit\u00e9s publiques et les organismes qui en d\u00e9pendent directement, <a href=\"https:\/\/www.economie.gouv.fr\/facileco\/comptes-publics\/dette-publique\" target=\"_blank\" rel=\"noopener\">selon le site du gouvernement<\/a>. <\/span><\/p>\n\n        <\/div>\n              <\/section>\n\n\n\n<p>La crise des subprimes a aussi g\u00e9n\u00e9r\u00e9 des <strong>quartiers fant\u00f4mes<\/strong>, ces lieux o\u00f9 <strong>les maisons sont alors laiss\u00e9es inhabit\u00e9es<\/strong>, faute pour leurs propri\u00e9taires de ne plus pouvoir payer. Ce sont ainsi des centaines d\u2019habitations qui se retrouvent vides, m\u00eame 10 ans apr\u00e8s la crise, et qui laissent place \u00e0 des quartiers sans vie.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"un-petit-recap\">Un petit r\u00e9cap\u2019&nbsp;<\/h2>\n\n\n\n<p>Comme on est gentils chez les Sherpas, voici ici un petit r\u00e9cap\u2019 de ce qu\u2019on vient de t\u2019expliquer !&nbsp;<\/p>\n\n\n\n<p>1\ufe0f\u20e3<strong>La crise a d\u00e9but\u00e9 aux \u00c9tats-Unis en 2007<\/strong>, et est d\u2019abord <strong>immobili\u00e8re<\/strong>. De nombreux m\u00e9nages aux faibles revenus ont achet\u00e9 \u00e0 cr\u00e9dit leur maison et ont \u00e9t\u00e9 contraints de la c\u00e9der aux banques suite \u00e0 une hausse des taux d\u2019int\u00e9r\u00eat.<\/p>\n\n\n\n<p>2\ufe0f\u20e3 Comme il y a une<strong> forte hausse des biens immobiliers en vente<\/strong>, le prix de ceux-ci d\u00e9gringole, laissant <strong>les banques dans l\u2019incapacit\u00e9 de se faire rembourser<\/strong>.&nbsp;<\/p>\n\n\n\n<p>3\ufe0f\u20e3 Seulement, <strong>les banques avaient titris\u00e9 ces cr\u00e9dits<\/strong>. Ces titres se sont vendus dans le monde entier ! Les investisseurs qui d\u00e9tiennent les titres associ\u00e9s aux <em>subprimes<\/em> subissent donc aussi des pertes.&nbsp;<\/p>\n\n\n\n<p>4\ufe0f\u20e3<strong> La crise devient ainsi mondiale<\/strong> et ne touche plus seulement les <strong>secteurs immobilier et financier,<\/strong> mais aussi <strong>l\u2019\u00e9conomie<\/strong> !<\/p>\n\n\n<section class=\"push \">\n        <div >\n            \n                                                <div class=\"push__container  qcd\" data-target=\"_self\" data-qcd=\"aHR0cHM6Ly9zaGVycGFzLmNvbS9mdW5uZWwtc3R1ZGVudC1xdWFsaWZpY2F0aW9u\" data-banner=\"2\" data-name=\"Cours part&amp;rsquo; global #2 = CPG2\" style=\"background-color: #F3FBF7\" >\n                                                                        <div class=\"push__teachers\">\n    <div class=\"d-flex justify-content-center d-md-none\">\n        <img decoding=\"async\" class=\"push__logo\" src=\"\/content\/themes\/sherpas-theme\/dist\/images\/logo.svg\" alt=\"Logo Sherpas\">\n    <\/div>\n    <div class=\"swiper\">\n        <div class=\"swiper-wrapper\">\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Cle\u0301mence2x.png);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Cl\u00e9mence<\/p>                          <p class=\"push__teachers-school\">HEC Paris<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">21\u20ac\/h\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Thibault2x.png);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Thibault<\/p>                          <p class=\"push__teachers-school\">ENS Paris Ulm<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">20\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Sophie2x.png);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Sophie<\/p>                          <p class=\"push__teachers-school\">Sciences Po Bordeaux<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">12\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Noemie2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">No\u00e9mie<\/p>                          <p class=\"push__teachers-school\">M2 en droit \u00e0 Assas<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">19\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Fanny2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Fanny<\/p>                          <p class=\"push__teachers-school\">Ponts ParisTech<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">19\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Simon2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Simon<\/p>                          <p class=\"push__teachers-school\">4e ann\u00e9e de m\u00e9decine<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">26\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Nicolas2x.png);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Nicolas<\/p>                          <p class=\"push__teachers-school\">CentraleSup\u00e9lec<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">17\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                                            <div class=\"swiper-slide\">\n                    <div class=\"push__teachers-card\">\n                        <div\n                            class=\"push__teachers-profil\"\n                            \n                            style=\"background-image: url(https:\/\/sherpas.com\/content\/uploads\/2022\/01\/Victor2x.jpg);\"\n                        >\n                    <\/div>\n                         <p class=\"push__teachers-name\">Victor<\/p>                          <p class=\"push__teachers-school\">ESCP<\/p>                                                     <div class=\"push__teachers-note\">\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                                    <svg  class=\"active\" >\n                                        <use\n                                            xlink:href=\"\/content\/themes\/sherpas-theme\/dist\/images\/sprite.svg#star\"\/>\n                                    <\/svg>\n                                                            <\/div>\n                                                 <p class=\"push__teachers-price\">25\u20ac\/h<\/p>                     <\/div>\n                <\/div>\n                    <\/div>\n    <\/div>\n<\/div>\n                                                    <div class=\"push__content\">\n                                                            <div  class=\"d-none d-md-block\" >\n                                    <img decoding=\"async\" class=\"push__logo\" src=\"\/content\/themes\/sherpas-theme\/dist\/images\/logo.svg\"\n                                        alt=\"Logo Sherpas\">\n                                <\/div>\n                                                                                        <div class=\"push__title\"><p>Besoin d&rsquo;un prof particulier ? <span role=\"img\" aria-label=\"\u2728\">\u2728<\/span><!-- notionvc: 9b5ed38b-ea2e-4d3c-a3bb-f0091c2eedd2 --><\/p>\n<\/div>\n                                                                                        <div class=\"push__text\"><p>Nos profs sont l\u00e0 pour t&rsquo;aider \u00e0 progresser !<\/p>\n<p>&nbsp;<\/p>\n<p><!-- notionvc: 20490bdd-6579-484b-9d99-0ff0bc1aa8e7 --><\/p>\n<\/div>\n                                                        <div class=\"push__promo-button   \">\n                                                                                                    <div\n                                        class=\"btn btn-primary\"\n                                        style=\"color: ; border-color: ; background-color: \"\n\n                                    >\n                                        JE PRENDS UN COURS OFFERT !\n                                    <\/div>\n                                                            <\/div>\n                                                    <\/div>\n                                    <\/div>\n                                    <\/div>\n    <\/section>\n\n\n\n<p>Et voil\u00e0, tu en sais maintenant plus sur l\u2019une des plus grosses crises \u00e9conomiques ! Si tu souhaites en d\u00e9couvrir plus, n\u2019h\u00e9site pas \u00e0 prendre un <a href=\"https:\/\/sherpas.com\/cours\/economie\/online\">cours d\u2019\u00e9conomie en ligne<\/a> chez les Sherpas. \ud83d\ude80<\/p>\n\n\n<div class=\"kk-star-ratings kksr-auto kksr-align-center kksr-valign-bottom\"\n    data-payload='{&quot;align&quot;:&quot;center&quot;,&quot;id&quot;:&quot;268734&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;bottom&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;1&quot;,&quot;legendonly&quot;:&quot;&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;5&quot;,&quot;starsonly&quot;:&quot;&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;5&quot;,&quot;greet&quot;:&quot;Tu as aim\u00e9 cet article ?&quot;,&quot;legend&quot;:&quot;5\\\/5 - (1 vote)&quot;,&quot;size&quot;:&quot;24&quot;,&quot;title&quot;:&quot;La crise des supbrimes en 2008 : un \u00e9branlement syst\u00e9mique \ud83c\udf0e&quot;,&quot;width&quot;:&quot;142.5&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}'>\n            \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"5\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n    \n<div class=\"kksr-stars-active\" style=\"width: 142.5px;\">\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n                \n\n<div class=\"kksr-legend\" style=\"font-size: 19.2px;\">\n            5\/5 - (1 vote)    <\/div>\n    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dans cet article, zoom sur la crise des supbrimes de 2008 aux \u00c9tats-Unis \ud83d\udd0d. \u00c7a te dit quelque (&#8230;)<\/p>\n","protected":false},"author":354,"featured_media":268736,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"category":[803,826],"tag":[770],"class_list":["post-268734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apprendre-matiere","category-ses-economie-esh","tag-fiche-revision"],"acf":[],"_links":{"self":[{"href":"https:\/\/sherpas.com\/blog\/wp-json\/wp\/v2\/posts\/268734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sherpas.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sherpas.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sherpas.com\/blog\/wp-json\/wp\/v2\/users\/354"}],"replies":[{"embeddable":true,"href":"https:\/\/sherpas.com\/blog\/wp-json\/wp\/v2\/comments?post=268734"}],"version-history":[{"count":0,"href":"https:\/\/sherpas.com\/blog\/wp-json\/wp\/v2\/posts\/268734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sherpas.com\/blog\/wp-json\/wp\/v2\/media\/268736"}],"wp:attachment":[{"href":"https:\/\/sherpas.com\/blog\/wp-json\/wp\/v2\/media?parent=268734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sherpas.com\/blog\/wp-json\/wp\/v2\/category?post=268734"},{"taxonomy":"tag","embeddable":true,"href":"https:\/\/sherpas.com\/blog\/wp-json\/wp\/v2\/tag?post=268734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}