Global financial crisis of 2008–2009 and Great Expectations: Difference between pages

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The '''global financial crisis of September–October 2008''' is a developing [[financial crisis]] with roots in the [[subprime mortgage crisis]]. It is an acute phase of the [[financial crisis of 2007–2008]] which emerged the week of September 14, 2008. Beginning with failures of large financial institutions in the United States, it rapidly evolved into a global crisis resulting in a number of bank failures in Europe and sharp reductions in the value of [[equity|equities]] ([[stock]]) and [[commodity|commodities]] worldwide. It is an ongoing crisis that continues to change.
{{Infobox Book <!-- See Wikipedia:WikiProject_Novels or Wikipedia:WikiProject_Books -->
==Initial events==
| name = Great Expectations
An inability to secure loans led to the September 15, 2008 decision by [[Lehman Brothers|Lehman Brothers Holdings, Inc.]] to file for [[Bankruptcy of Lehman Brothers|bankruptcy]], the buyout of [[Merrill Lynch]] by [[Bank of America]], and concerns over the [[American International Group|American International Group (AIG)]] ending in that company's bailout by the [[Federal Reserve System]] on September 16. These events resulted in large stock market losses, prompting large infusions of cash by central banks around the world.
| image = [[Image:Dickens Great Expectations title page.jpg|200px|]]
| image_caption = First edition title page of Vol. 1
| author = [[Charles Dickens]]
| cover_artist =
| country = [[United Kingdom]]
| language = [[English language|English]]
| series =
| genre = [[Novel]]
| publisher = [[Chapman and Hall]]
| release_date = 1860 – 1861 (in serial form) & 1861 (in 3 volumes)
| media_type = Print ([[Hardback]] & [[Paperback]])
| pages = 799 pp (hardback)
| isbn = <!--N/A-->
| preceded_by =
| followed_by =
}}
'''''Great Expectations''''' is a [[novel]] by [[Charles Dickens]] first [[serial (literature)|serial]]ised in ''[[All the Year Round]]''<ref>[http://www.umd.umich.edu/casl/hum/eng/classes/434/geweb/HOWGREAT.htm How Great Expectations<!-- Bot generated title -->]</ref> from [[1 December]] [[1860]] to August [[1861]]. It is regarded as one of his greatest and most sophisticated novels, and is one of his most enduringly popular, having been adapted for stage and screen over 250 times.<ref>[http://www.enotes.com/expectations/critical-overview Great Expectations Critical Overview<!-- Bot generated title -->]</ref>


''Great Expectations'' is written in a semi-[[autobiography|autobiographical]] style, and is the story of the [[orphan]] Pip, writing his life from his early days of childhood until adulthood. The story can also be considered semi-autobiographical of Dickens, like much of his work, drawing on his experiences of life and people.
==Time line==
On the first day, the [[Dow Jones Industrial Average]] plunged 504 points (4.4%) while the [[S&P 500]] fell 59 points (4.7%). [[Asia]]n and [[Europe]]an markets rendered similarly sharp drops. [[United Kingdom]] regulators announced a temporary ban on [[Short (finance)|short-selling]] of financial stocks on September 18<ref>{{cite news|url=http://www.iht.com/articles/ap/2008/09/19/business/EU-Britain-Short-Selling.php|title=Ban on short-selling won't fix markets on its own|publisher=[[International Herald Tribune]]|date=[[2008-09-19]]|accessdate=2008-09-21}}</ref> and were followed by the [[United States]] on September 19.<ref>{{cite news|url=http://www.npr.org/templates/story/story.php?storyId=94807831|title=SEC Bans Short Selling Financial Stocks|publisher=[[National Public Radio]]|date=[[2008-09-19]]|accessdate=2008-09-21}}</ref>


The action of the story takes place from [[Christmas Eve]], 1812, when the protagonist is about seven years old, to the winter of 1840.<ref>Meckier, Jerome ''Dating the Action in Great Expectations: A New Chronology.''</ref>
* On September 29, the Dow dropped 777 points (6.98%), the largest single point-drop in history (but only the 17th largest percentage drop).<ref>{{cite news| url = http://www.marketwatch.com/news/story/us-stocks-slide-dow-plunges/story.aspx?guid={7F45BE2A-0486-494E-B87C-76D9F2688338} | title = U.S. stocks slide, Dow plunges 777 points, as bailout fails|publisher=[[MarketWatch]]|date=[[2008-09-29]]|accessdate=2008-09-29}}</ref> For comparison, during the [[Great Depression]] the market fell only 340 points - but this amounted to a 90% fall overall.
* On September 29, the [[OBX Index]] of [[Oslo Stock Exchange]] dropped 8.3%, its third largest drop ever in one day.<ref>{{cite news |first= Klever |last= Magnus |title= Verste dag på 17 år |url= http://www.na24.no/imarkedet/borskommentar/article2258169.ece |work= [[NA24]] |publisher= |location= Oslo, Norway |page= |date=2008-09-29 |accessdate=2008-09-30 |language= Norwegian}}</ref>
* On October 9, the one-year anniversary of the [[DJIA|Dow]]'s peak, the [[DJIA|Dow]] dropped below 8600, reaching a five year low. It was the first time since August 2003 that the Dow closed below 9000.


Each installment in ''All the Year Round'' contained two chapters, and was written in a way that kept readers interested from week to week, while still satisfying their curiosity at the end of each one.
== Federal Reserve actions to lower interest rates and stimulate the economy ==
{| class="wikitable" border="1" align="center"
|-
| colspan=6 |'''Federal reserve rates changes ''' ( Just data after January 1, 2008 )
|-
! [[Date]] !! [[Discount rate]] !! [[Discount rate]] !! [[Discount rate]] !! [[Fed funds]] !! [[Fed funds rate]]
|-
! !! !! Primary !! Secondary !! !!
|-
! !! rate change !! new interest rate !! new interest rate !! rate change !! new interest rate
|-
| Oct 8, 2008* || -.50% || 1.75% || 2.25% || -.50% || 1.50%
|-
| Apr 30, 2008 || -.25% || 2.25% || 2.75% || -.25% || 2.00%
|-
| Mar 18, 2008 || -.75% || 2.50% || 3.00% || -.75% || 2.25%
|-
| Mar 16, 2008 || -.25% || 3.25% || 3.75% || ||
|-
| Jan 30, 2008 || -.50% || 3.50% || 4.00% || -.50% || 3.00%
|-
| Jan 22, 2008 || -.75% || 4.00% || 4.50% || -.75% || 3.50%
|}


==Plot summary==
- * Part of a coordinated global rate cut of 50 basis point by main central banks.[http://news.bbc.co.uk/2/hi/business/7658958.stm]


The story is divided into three phases of Pip's life expectations.
- See more detailed [[US federal discount rate]] chart:
[http://www.newyorkfed.org/markets/statistics/dlyrates/fedrate.html]
<!-- data is not copyrightable, fair use allows coping data such as telephone numbers from phone book and
other sweat of the brow data -->


;The first stage of Pip's expectations:
==Week of September 14, 2008==
Pip, a young [[orphan]], lives a humble existence with his [[anger|ill-tempered]] older sister and her strong but gentle husband, Joe Gargery. One day Pip meets an escaped convict and brings him food to keep him alive. This convict is later caught again and sent away.
===Major financial firm crises===
On Sunday, September 14, it was announced that [[Lehman Brothers]] would file for bankruptcy after the Federal Reserve Bank declined to participate in creating a financial support facility for Lehman Brothers. The same day, the sale of [[Merrill Lynch]] to [[Bank of America]] was announced.<ref name="Lehman Merrill">
[http://www.nytimes.com/2008/09/15/business/15lehman.html "Lehman Files for Bankruptcy; Merrill Is Sold"] article by Andrew Ross Sorkin in ''[[The New York Times]] September 14, 2008</ref>
The beginning of the week was marked by [[Global stock market crash of September 2008|extreme instability in global stock markets]], with dramatic drops in market values on Monday, September 15, and Wednesday, September 17. On September 16, the large insurer [[American International Group]] (AIG), a significant participant in the [[credit default swap]]s markets suffered a liquidity crisis following the downgrade of its credit rating. The [[Federal Reserve]], at AIG's request, and after AIG has shown that it could not find lenders willing to save it from insolvency, created a credit facility for up to US$85 billion in exchange for an 79.9% equity interest, and the right to suspend dividends to previously issued common and preferred stock.<ref> See [[American International Group]] for details and citations.
</ref>


Pip is satisfied with his life and his warm friends until he is hired by an embittered wealthy woman, Miss Havisham, as an occasional companion to her beautiful but [[snobbery|haughty]] adopted daughter, Estella. From that time on, Pip aspires to leave behind his simple life and be a gentleman. After years as companion to Miss Havisham and Estella, he spends more years as an [[apprentice]] to Joe, so that he may grow up to have a future working as a [[blacksmith]].
===Money market funds insurance and short sales prohibitions===
On September 16, the [[Reserve Primary Fund]], a large [[money fund|money market mutual fund]], lowered its share price below $1 because of exposure to Lehman debt securities. This resulted in demands from investors to return their funds as the financial crisis mounted.<ref name = 'NYT-Bernard-2008-09-17 '>
[http://www.nytimes.com/2008/09/18/business/yourmoney/18money.html "Money Market Funds Enter a World of Risk"] article by Tara Siegel Bernard in ''[[The New York Times]] September 17, 2008
</ref>
By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.<ref = 'NYPost-Gray-2008-09-18' > Gray, Michael. [http://www.nypost.com/seven/09212008/business/almost_armageddon_130110.htm "Almost Armageddon: Markets Were 500 Trades from a Meltdown] (September 21, 2008 ) [[New York Post]]
</ref>
On September 19 the U.S. Treasury [[Money fund#September 2008|offered temporary insurance]] (akin to [[FDIC]] insurance of bank accounts) to money market funds.<ref name = 'Treasury-Money Market Insurance-2008-09-18 '>
[http://www.treasury.gov/press/releases/hp1147.htm "Treasury Announces Guaranty Program for Money Market Funds"] ( September 19, 2008) Press Release. United States Department of the Treasury.
</ref>
Toward the end of the week, [[Short (finance)|short selling]] of financial stocks was suspended by the [[Financial Services Authority]] in the United Kingdom and by the [[Securities and Exchange Commission]] in the United States.<ref name = 'NYT-Bajaj-2008-09-20'>
[http://www.nytimes.com/2008/09/20/business/20sec.html "S.E.C. Issues Temporary Ban on Short-Selling"] article by Vikas Bajaj and Jonathan D. Glater in ''[[The New York Times]]'' September 19, 2008
</ref>
Similar measures were taken by authorities in other countries.<ref name="aus-09-22">
{{cite news | title = Australian short selling ban goes further than other bourses | publisher = ''NBR'' | date = [[2008-09-22]] | url = http://www.nbr.co.nz/article/australian-short-selling-ban-goes-further-other-bourses-35494 | accessdate = 2008-09-22 }}
</ref>
Some restoration of market confidence occurred with the publicity surrounding efforts of the Treasury and the [[Securities Exchange Commission]]<ref>
[http://www.nytimes.com/2008/09/20/business/economy/20cndleadall.html "Stocks Surge as U.S. Acts to Shore Up Money Funds and Limits Short Selling"] article by Graham Bowley in ''[[The New York Times]]'' September 19, 2008
</ref><ref>
[http://www.nytimes.com/2008/09/20/washington/19cnd-cong.html "Congressional Leaders Were Stunned by Warnings"] article by David M. Herszenhorn in ''[[The New York Times]]'' September 19, 2008
</ref>


This life is suddenly turned upside down when he is visited by a London attorney, Mr. Jaggers, who informs Pip that he is to come into the "great expectations" of handsome property and be trained to be a gentleman on the behalf of an [[anonymity|anonymous]] benefactor (whom he assumes to be Miss Havisham).
===Troubled Asset Relief Program===
{{main|Emergency Economic Stabilization Act of 2008}}
On September 19, 2008, a plan intended to ameliorate the difficulties caused by the [[subprime mortgage crisis]] was proposed by the Secreatry of the Treasury, [[Henry Paulson]]. He proposed a [[Troubled Asset Relief Program]] (later incorporated into the [[Emergency Economic Stabilization Act of 2008]]) which would permit for the United States government to purchase [[Market liquidity|illiquid assets]] (also termed ''toxic assets'') from financial institutions.<ref>
[http://www.nytimes.com/2008/09/19/business/19fed.html "Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis"] article by Edmund L. Andrews in ''[[The New York Times]]'' September 18, 2008
</ref><ref>
[http://www.nytimes.com/2008/09/20/business/economy/20paulson.html "Paulson Argues for Need to Buy Mortgages"] article by David Stout in ''[[The New York Times]]'' September 19, 2008
</ref>
The value of the securities is extremely difficult to determine.<ref name= 'NYT=Bjaj-2008-09-24'>
[http://www.nytimes.com/2008/09/25/business/25value.html "Plan’s Mystery: What’s All This Stuff Worth?"] article by Vikas Bajaj in ''[[The New York Times]]'' September 24, 2008
</ref>
Consultations of between the [[Secretary of the Treasury]], the [[Chairman of the Federal Reserve]], and the Chairman of the [[U.S. Securities and Exchange Commission]], Congressional leaders and the [[President of the United States]] moved forward plans to advance a comprehensive solution to the problems created by illiquid mortgage-backed securities. At the close of the week the Secretary of the Treasury and President Bush announced a proposal for the federal government to buy up to US$700 billion of illiquid [[mortgage backed securities]] with the intent to increase the liquidity of the [[secondary mortgage market]]s and reduce potential losses encountered by financial institutions owning the securities. The draft proposal of the plan was received favorably by investors in the stock market. Details of the bailout remained to be acted upon by Congress.<ref>
[http://www.nytimes.com/2008/09/20/business/20fed.html "Bush Officials Urge Swift Action on Rescue Powers}"] article by Edmund L. Andrews in ''[[The New York Times]]'' September 19, 2008
</ref><ref>
[http://www.nytimes.com/2008/09/21/business/21draftcnd.html Draft Proposal for Bailout Plan] (September 21, 2008). ''New York Times''
</ref><ref>
[http://www.nytimes.com/aponline/business/AP-Financial-Meltdown.html "Rescue Plan Seeks $700 Billion to Buy Bad Mortgages"] article by [[The Associated Press]] in ''[[The New York Times]]'' September 20, 2008
</ref><ref>
[http://www.nytimes.com/2008/09/21/business/21cong.html "$700 Billion Is Sought for Wall Street in Vast Bailout"] article by David M. Herszenhorn in ''[[The New York Times]]'' September 20, 2008
</ref>


;The second stage of Pip's expectations:
==Week of September 21, 2008==


Pip has traveled to London to learn the details of being a gentleman. There he recieves education and tutoring in manners, fine clothing, and cultured society. Whereas he always engaged in honest [[Manual labour|labour]] when he was younger, he now is supported by a generous allowance, which he frequently lives beyond. He learns to fit in this new milieu, and experiences not only friendship but rivalry as he finds himself in the same circles as Estella, who is also pursued by many other men, especially Bentley Drummle, whom she favours.
On Sunday, September 21, the two remaining investment banks, [[Goldman Sachs]] and [[Morgan Stanley]], with the approval of the Federal Reserve, converted to [[bank holding company|bank holding companies]], a status subject to more regulation, but with readier access to capital.<ref>[http://www.nytimes.com/2008/09/22/business/22bank.html "Shift for Goldman and Morgan Marks the End of an Era"] article by Andrew Ross Sorkin and Vikas Bajaj in ''[[The New York Times]]'' September 21, 2008</ref> On September 21, Treasury Secretary [[Henry Paulson]] announced that the original proposal, which would have excluded foreign banks, had been widened to include foreign financial institutions with a presence in the US. The US administration was pressuring other countries to set up similar bailout plans.<ref>{{Cite news
| last = Schwartz
| first = Nelson D.
| coauthors = Carter Dougherty
| title = Foreign Banks Hope Bailout Will Be Global
| work = The New York Times
| date = 2008-09-22
| url = http://www.nytimes.com/2008/09/22/business/22global.html?hp
}}</ref> On Monday and Tuesday during the week of September 22, appearances were made by the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve before Congressional committees and on Wednesday a prime time presidential address was delivered by the President of the United States on television. Behind the scenes, negotiations were held refining the proposal which had grown to 42 pages from its original 3 and was reported to include both an oversight structure and limitations on executive salaries, with other provisions under consideration. On September 25, agreement was reported by congressional leaders on the basics of the package;<ref>[http://www.nytimes.com/2008/09/26/business/26bush.html "Lawmakers Agree on Outline of Bailout"] article by David M. Herszenhorn in ''[[The New York Times]]'' September 25, 2008</ref> however, general and vocal opposition to the proposal was voiced by the public.<ref>[http://www.nytimes.com/2008/09/25/business/25voices.html "Lawmakers’ Constituents Make Their Bailout Views Loud and Clear"] article by Sheryl Gay Stolberg in ''[[The New York Times]]'' September 24, 2008</ref> On Thursday afternoon at a White House meeting attended by congressional leaders and the presidential candidates, John McCain and Barack Obama, it became clear that there was no congressional consensus, with Republican representatives and the ranking member of the Senate Banking Committee, [[Richard C. Shelby]], strongly opposing the proposal.<ref>[http://www.nytimes.com/2008/09/26/business/26bailout.html "Talks Implode During Day of Chaos; Fate of Bailout Plan Remains Unresolved"] article by David M. Herszenhorn, Carl Hulse, and Sheryl Gay Stolberg in ''[[The New York Times]]'' September 25, 2008</ref> The alternative advanced by conservative House Republicans was to create a system of mortgage insurance funded by fees on those holding mortgages; as the working week ended, negotiations continued on the plan, which had grown to 102 pages and included mortgage insurance as an option.<ref>[http://www.nytimes.com/2008/09/27/business/27repubs.html "Conservatives Viewed Bailout Plan as Last Straw"] article by Carl Hulse in ''[[The New York Times]]'' September 26, 2008</ref><ref>[http://www.nytimes.com/2008/09/27/business/27cong.html "Politics Take Hold of Bailout Proposal"] article by David M. Herszenhorn in ''[[The New York Times]] September 26, 2008</ref><ref>[http://www.nytimes.com/2008/09/27/business/27plan.html "House Republicans Support a Plan That Would Insure Troubled Mortgages"] article by Edmund L. Andrews in ''[[The New York Times]]'' September 26, 2008</ref> On Thursday evening [[Washington Mutual]], the nation's largest savings and loan, was seized by the [[Federal Deposit Insurance Corporation]] and most of its assets transferred to [[JPMorgan Chase]].<ref>[http://www.nytimes.com/2008/09/26/business/26wamu.html "Government Seizes WaMu and Sells Some Assets"] article by Eric Dash and Andrew Ross Sorkin in ''[[The New York Times]]''</ref> [[Wachovia]], one of the largest US banks, was reported to be in negotiations with [[Citigroup]] and other financial institutions.<ref>[http://www.nytimes.com/2008/09/27/business/27bank.html "Wachovia, Looking for Help, Turns to Citigroup"] article by Ben White and Eric Dash in ''[[The New York Times]] September 26, 2008</ref>


As he adopts the physical and cultural norms of his new status, he also adopts the class attitudes that go with it, and when Joe comes to visit Pip and his friend and roommate Herbert to deliver an important message, Pip is embarrassed to the point of hostility by Joe's unlearned ways, despite his protestations of love and friendship for Joe. At the end of this stage, Pip is introduced to his anonymous benefactor, Magwitch, the escaped convict he helped long ago. This again changes his world and ends this stage of his expectations.
==Week of September 28, 2008==


;The third stage of Pip's expectations:
Early into Sunday morning an announcement was made by the United States Secretary of the Treasury and congressional leaders that agreement had been reached on all major issues: the total amount of $700 billion remained with provision for the option of creating a scheme of mortgage insurance.<ref>[http://www.nytimes.com/2008/09/28/business/28bailout.html "Breakthrough Reached in Negotiations on Bailout"] article by David M. Herszenhorn and Carl Hulse in ''[[The New York Times]]'' September 27, 2008</ref>


Pip's life changes from the artificially supported world of his [[upper class]] strivings and introduces him to realities that he must deal with, including moral, physical and financial challenges. He learns startling truths that cast into doubt the values that he once embraced so eagerly, and finds that he cannot regain many of the important things that he had cast aside so carelessly.
It was reported on Sunday, September 28, that a rescue plan had been crafted for the British mortgage lender [[Bradford & Bingley]].<ref>[http://www.nytimes.com/2008/09/29/business/worldbusiness/29britbank.html "Britain Close to Takeover of Another Lender"] article by Landon Thomas, Jr. in ''[[The New York Times]]'' September 28, 2008</ref>


;The ending:
[[Grupo Santander]], the largest bank in Spain, is slated to take over the offices and savings accounts while the mortgage and loans business will be nationalized.<ref>[[The Times]]. [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4842950.ece "Taxpayers must risk billions for Bradford & Bingley"] article by Philip Webster, Patrick Hosking and Tim Reid in ''[[The Times of London]]'' September 29, 2008</ref>

Charles Dickens wrote two different endings for ''Great Expectations.'' Dickens changed the ending at the suggestion of a friend, the novelist [[Edward Bulwer Lytton]] presumably for the sake of a happier ending. The majority of books being published currently contain the second ending, or both, with the Dickens' original with its own explanation.
[[Fortis (finance)|Fortis]], a huge [[Benelux]] banking and finance company was partially nationalized on September 28, 2008, with [[Belgium]], the [[Netherlands]] and [[Luxembourg]] investing a total of 11.2 billion euros (16.3 billion U.S. dollars) in the bank. Belgium will purchase 49% of Fortis's Belgian division, with the Netherlands doing the same for the Dutch division. Luxembourg has agreed to a loan convertible into a 49% share of Fortis's Luxembourg division.<ref>{{cite news
|url=http://www.bloomberg.com/apps/news?pid=20601087&sid=ahlKDjeO0Lik&refer=home
|title=Fortis Gets EU11.2 Billion Rescue From Governments
|publisher=Bloomberg
|date=2008-09-29
|accessdate=2008-09-29
|first=Martijn
|last=van der Starre
|coauthors=Meera Louis
}}</ref>

It was reported on Monday morning, September 29, that [[Wachovia]], the 4th largest bank in the United States, would be acquired by [[Citigroup]].<ref>{{cite news
|url=http://dealbook.blogs.nytimes.com/2008/09/29/citigroup-nears-a-deal-for-wachovia/index.html
|title=Citigroup to Buy Wachovia Banking Operations
|publisher=The New York Times blog Dealbook
|date=2008-09-30
|accessdate=2008-09-29
|first=Andrew Ross
|last=Sorkin
|coauthors=
}}</ref><ref>{{cite news
|url=http://www.nytimes.com/2008/09/29/business/29bank.html
|title=Citigroup and Wells Fargo Said to Be Bidding for Wachovia
|publisher=The New York Times
|date=2008-09-28
|accessdate=2008-09-29
|first=Andrew Ross
|last=Sorkin
|coauthors=Eric Dash
}}</ref>

On Monday the German finance minister announced a rescue of [[Hypo Real Estate]], a [[Munich]]-based holding company comprised of a number of real estate financing banks, but the deal collapsed on Saturday, 4 October.

The same day the government of Iceland nationalized [[Glitnir (bank)|Glitnir]], [[Iceland|Iceland’s]] third largest lender.<ref>[http://www.glitnir.is/english/about-glitnir/news/detail/item14983/The_government_of_Iceland_acquires_75_percent_share_in_Glitnir_Bank/ Glitnir, ''About Glitnir, News: 29.09.2008, The government of Iceland acquires 75 percent share in Glitnir Bank'']</ref><ref>[http://eng.forsaetisraduneyti.is/news-and-articles/nr/3016 Prime Minister's Office, ''News and Articles: The Government of Iceland provides Glitnir with new equity (9/29/08)'']</ref>

Stocks fell dramatically Monday in Europe and the US despite infusion of funds into the market for short term credit.<ref>{{cite news
|url=http://www.ft.com/cms/s/0/d925b966-8dec-11dd-8089-0000779fd18c.html
|title=Heavy stock losses after Fed action
|publisher=The Financial Times
|date=2008-09-29
|accessdate=2008-09-29
|first=Michael
|last=Hunter
|coauthors=Neil Dennis
}}</ref><ref>{{cite news
|url=http://www.ft.com/cms/s/0/f9525dd4-8d24-11dd-83d5-0000779fd18c.html
|title=Central banks pump cash into system
|publisher=The Financial Times
|date=2008-09-29
|accessdate=2008-09-29
|first=James
|last=Politi
|coauthors=Krishna Guha, Daniel Dombey and Harvey Morris
}}</ref>

The U.S. bailout plan, now named the [[Emergency Economic Stabilization Act of 2008]] and expanded to 110 pages was slated for consideration in the House of Representatives on Monday, September 29 as HR 3997 and in the Senate later in the week.<ref>Information from C-Span September 29, 2008</ref><ref>{{cite news
|url=http://www.nytimes.com/2008/09/29/business/29bailout.html
|title=Bailout Plan in Hand, House Braces for Tough Vote
|publisher=The New York Times
|date=2008-09-28
|accessdate=2008-09-29
|first=Carl
|last=Hulse
|coauthors=David M. Herszenhorn
}}</ref> The plan failed after the vote being held open for 40 minutes in the House of Representatives, 205 for the plan, 228 against.<ref>C-Span 2 PM 9/30/08</ref><ref>{{cite news
|url=http://www.nytimes.com/2008/09/30/business/30bailout.html
|title=House Rejects Bailout Package, 228-205, But New Vote Is Planned; Stocks Plunge
|publisher=The New York Times
|date=2008-09-29
|accessdate=2008-09-29
|first=Carl
|last=Hulse
|coauthors=David M. Herszenhorn
}}</ref> Meanwhile US stock markets suffered steep declines, the Dow losing 300 points in a matter of minutes, ending down 777.68, the Nasdaq losing 199.61, falling below the 2000 point mark, and the S.&P. 500 off 8.77% for the day.<ref>{{cite news
|url=http://www.nytimes.com/2008/09/30/business/30markets.html
|title=For Stocks, Worst Single-Day Drop in Two Decades
|publisher=The New York Times
|date=2008-09-29
|accessdate=2008-09-29
|first=Michael M.
|last=Grynbaum
|coauthors=
}}</ref> By the end of the day, the Dow suffered the largest drop in the history of the index.<ref>{{cite news|url=http://money.cnn.com/2008/09/29/markets/markets_newyork/index.htm?postversion=2008092916|publisher=[[CNN Money]]|title=Stocks crushed|first=Alexandra|last=Twin|date=2008-09-29|accessdate=2008-09-29}}</ref> The S&P 500 Banking Index fell 14% on September 29 with drops in the stock value of a number of US banks generally considered sound, including [[Bank of New York Mellon Corporation|Bank of New York Mellon]], [[State Street Corporation|State Street]] and [[Northern Trust]]; three Ohio banks, [[National City Corp.|National City]], [[Fifth Third Bank|Fifth Third]], and [[KeyBank]] were down dramatically.<ref>{{cite news
|url=http://money.cnn.com/2008/09/29/news/companies/bank_failures/index.htm
|title=Wondering which bank is next: Analysts brace for more bank failures after Wachovia sells out banking assets to Citi; bank stocks plunge after House rejects bailout bill.
|publisher=CNN Money
|date=2008-09-29
|accessdate=2008-09-29
|first=Aaron
|last=Smith
|coauthors=
}}</ref><ref>{{cite news
|url=http://www.nytimes.com/2008/09/30/business/30citi.html
|title=With Wachovia Sale, the Banking Crisis Trickles Up
|publisher=The New York Times
|date=2008-09-29
|accessdate=2008-09-29
|first=Eric
|last=Dash
|coauthors=
}}</ref>

On Tuesday, September 30, stocks rebounded but credit markets remained tight with the [[London Interbank Offered Rate]] (overnight dollar Libor) rising 4.7% to 6.88%.<ref>{{cite news
|url=http://www.ft.com/cms/s/0/17ce4468-8f22-11dd-946c-0000779fd18c.html
|title=Banking’s crisis of confidence deepens
|publisher=The Financial Times
|date=2008-09-30
|accessdate=2008-09-30
|first=Krishna
|last=Guha
|coauthors=Harvey Morris and James Politi in Washington and Paul J Davies
}}</ref>

On Tuesday, September 30, 9 billion was made available by the French, Belgian and Luxembourg governments to the French-Belgian bank [[Dexia]].<ref>{{cite news
|url=http://www.ft.com/cms/s/0/116457fe-8ebc-11dd-946c-0000779fd18c.html
|title=Dexia receives €6.4bn capital injection
|publisher=The Financial Times
|date=2008-09-30
|accessdate=2008-09-30
|first=Scheherazade
|last=Daneshkhu
|coauthors=Ben Hall
}}</ref>

After Irish banks came under pressure on Monday, September 29, the Irish government undertook a two year "guarantee arrangement to safeguard all deposits (retail, commercial, institutional and inter-bank), covered bonds, senior debt and dated subordinated debt (lower tier II)" of 6 Irish banks: [[Allied Irish Banks]], [[Bank of Ireland]], [[Anglo Irish Bank]], [[Irish Life and Permanent]], [[Irish Nationwide]] and the [[EBS Building Society]]; the potential liability involved is about 400 billion dollars.<ref>{{cite news
|url=http://www.irishtimes.com/newspaper/ireland/2008/1001/1222724598521.html
|title=Government statement (of the Government of Ireland)
|publisher=The Irish Times
|date=2008-10-01
|accessdate=2008-10-01
|first=
|last=
|coauthors=
}}</ref>

The United States Senate's version of the $700 billion bailout plan, [[HR1424]], modified to expand bank deposit guarantees to $250,000 and to include $100 billion in tax breaks for businesses and [[alternative energy]], passed with bi-partisan support 74-25 on October 1st.<ref>{{cite news
|url=http://www.nytimes.com/2008/10/02/business/02bailout.html
|title=Adding Sweeteners, Senate Passes Bailout Plan
|publisher=The New York Times
|date=2008-10-01
|accessdate=2008-10-01
|first=Carl
|last=Hulse
|coauthors=David M. Herszenhorn
}}</ref> Reaction in the House was mixed,<ref>{{cite news
|url=http://www.nytimes.com/2008/10/02/business/02bailout.html
|title=Senate to Vote Today on the Bailout Plan
|publisher=The New York Times
|date=2008-10-01
|accessdate=2008-10-01
|first=Carl
|last=Hulse
|coauthors=Robert Pear
}}</ref><ref>{{cite news
|url=http://www.bloomberg.com/apps/news?pid=20601087&sid=aQzP3B9VG90E
|title=Senate Sets Financial-Rescue Vote, House Decision Likely Friday
|publisher=Bloomberg
|date=2008-10-01
|accessdate=2008-10-01
|first=James
|last=Rowley
|coauthors=Brian Faler
}}</ref> but in a vote on Friday the House of Representatives passed the Emergency Economic Stabilization Act of 2008, as refashioned by the Senate, 263-171 in a bipartisan vote.<ref>{{cite news
|url=http://www.nytimes.com/2008/10/04/business/economy/04bailout.html
|title=House Approves Bailout on Second Try
|publisher=The New York Times
|date=2008-10-03
|accessdate=2008-10-03
|first=David M.
|last=Herszenhorn
|coauthors=
}}</ref>

Discussions were ongoing in Europe regarding possible remedies for financial instability in Europe leading up to a conference Saturday afternoon in Paris hosted by [[Nicolas Sarkozy]], president of France. [[UniCredit]] of Italy was reported to be the latest bank to come under pressure.<ref>{{cite news
|url=http://www.nytimes.com/2008/10/02/business/worldbusiness/02regulate.html
|title=European Officials Debate Need for a Bailout Package
|publisher=The New York Times
|date=2008-10-01
|accessdate=2008-10-01
|first=Stephen
|last=Castel
|coauthors=Katrin Bennhold
}}</ref> During the night of October 2 Greece followed Ireland's lead and guaranteed all bank deposits.<ref>{{cite news
|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4870873.ece
|title=European bank rescue plan in tatters amid savings stampede
|publisher=The Times
|date=2008-10-03
|accessdate=2008-10-03
|first=Patrick
|last=Hosking
|coauthors=http://www.nytimes.com/2008/10/06/business/06bank.html?ref=todayspaper
}}</ref>

On October 3 it was reported that Wachovia had rejected the previous offer from Citigroup in favor of acquisition by [[Wells Fargo]],<ref>{{cite news
|url=http://www.nytimes.com/2008/10/04/business/04bank.html
|title=Wells Fargo Swoops In
|publisher=The New York Times
|date=2008-10-03
|accessdate=2008-10-04
|first=Eric
|last=Dash
|coauthors=Ben White
}}</ref> resulting in a legal dispute with Citigroup.<ref>{{cite news
|url=http://www.nytimes.com/2008/10/06/business/06bank.html
|title=Weekend Legal Frenzy Between Citigroup and Wells Fargo for Wachovia
|publisher=The New York Times
|date=2008-10-05
|accessdate=2008-10-06
|first=Eric
|last=Dash
|coauthors=
}}</ref>

In Britain, the Financial Services Authority announced on October 3 that effective Tuesday, October 7, the amount of the guarantee of bank deposits would be raised to £50,000 from £35,000.<ref>{{cite news
|url=http://www.ft.com/cms/s/0/25915358-9137-11dd-b5cd-0000779fd18c.html
|title=Savings guarantee to rise to £50,000
|publisher=The Financial Times
|date=2008-10-03
|accessdate=2008-10-03
|first=Peter Thal
|last=Larsen
|coauthors=George Parker
}}</ref> On Friday, October 3, the government of the Netherlands took over the Dutch operations of [[Fortis (finance)|Fortis]], replacing the bailout plan of September 28.<ref>{{cite news
|url=http://www.nytimes.com/2008/10/04/business/worldbusiness/04fortis.html
|title=Netherlands Takes Over Some Fortis Operations
|publisher=The New York Times
|date=2008-10-03
|accessdate=2008-10-03
|first=Neson D.
|last=Schwartz
|coauthors=
}}</ref>

==Week of October 5, 2008==
Over the weekend and on Monday a major banking and financial crisis emerged in [[Iceland]] with its currency the [[Icelandic krona|krona]], dropping 30% against the euro.<ref>{{cite news
|url=http://www.guardian.co.uk/world/2008/oct/07/iceland.globaleconomy
|title=
Reykjavik battles to save economy
|publisher=The Guardian
|date=2008-10-07
|accessdate=2008-10-06
|first=David
|last=Teather
|coauthors=
}}</ref> At a meeting on Monday night emergency legislation was passed granting broad powers to the government to seize and regulate banks. The [[Landsbanki]] and [[Glitnir]] were seized, while [[Kaupthing]] was subjected to a rescue plan.<ref>{{cite news
|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4894904.ece
|title=Terror as Iceland faces economic collapse
|publisher=The Times
|date=2008-10-07
|accessdate=2008-10-07
|first=Hildur
|last=Sigurðardóttir
|coauthors=Helen Power and Peter Stiff
}}</ref>

On October 6, the [[Icelandic Financial Supervisory Authority]] decided temporarily to suspend from trading on regulated markets all financial instruments issued by [[Glitnir (bank)|Glitnir banki hf.]], [[Kaupthing Bank|Kaupþing banki hf.]], [[Landsbanki|Landsbanki Íslands hf.]], [[Straumur Investment Bank|Straumur-Burðarás fjárfestingarbanki hf.]], [[Spron hf.]], and [[Exista hf.]]<ref>[http://www.fme.is/?PageID=581&NewsID=328 The Financial Supervisory Authority - Iceland, ''News: Temporary suspension from trading'' (06.10.2008)] {{en icon}}</ref>


;&nbsp;&nbsp;&nbsp;Original ending:
Before the opening of the business day, October 6. [[BNP Paribas]], the French bank, assumed control of the remaining assets of Fortis following Dutch nationalization of the operations of the bank in The Netherlands.<ref>{{cite news
Pip meets Estella on the streets. Her abusive husband Drummle has died and she has remarried to a doctor. Estella and Pip exchange brief pleasantries, after which Pip states while he could not have her in the end, he was at least glad to know she was a different person now, somewhat changed from the cold-hearted girl Miss Havisham had reared her to be.
|url=http://www.ft.com/cms/s/0/1523014a-9323-11dd-98b5-0000779fd18c.html
|title=BNP to take control of Fortis
|publisher=The Financial Times
|date=2008-10-06
|accessdate=2008-10-06
|first=Micheal
|last=Steen
|coauthors=Joshua Chaffin and Peter Thal Larsen
}}</ref> [[Denmark]], [[Austria]], and possibly [[Germany]]{{clarify}}, joined [[Ireland]] and [[Greece]]<ref>{{cite news
|url=http://en.wikinews.org/wiki/Greece_guarantees_bank_deposits
|title=Greece guarantees bank deposits
|publisher=Wikinews
|date=2008-10-09
|accessdate=2008-10-09
}}</ref> in guaranteeing bank deposits on Monday, October 6.<ref>{{cite news
|url=http://www.nytimes.com/2008/10/06/business/06markets.html
|title=Financial Crises Spread in Europe
|publisher=The New York Times
|date=2008-10-05
|accessdate=2008-10-06
|first=Carter
|last=Dougherty
|coauthors=Nelson Schwartz and Floyd Norris
}}</ref><ref>{{cite news
|url=http://www.ft.com/cms/s/0/d895ef54-92ef-11dd-98b5-0000779fd18c.html
|title=Germany guarantees savings
|publisher=The Financial Times
|date=2008-10-05
|accessdate=2008-10-06
|first=Bertrand
|last=Benoit
|coauthors=James Wilson
}}</ref> Following this, the FTSE100 index of leading British shares took its worst one-day hit in history <ref>BBC. [http://news.bbc.co.uk/1/hi/business/7655288.stm Stocks slide despite reassurances]. retrieved 2008-10-06</ref>. A banking Bill easing rescues is slated for introduction in the British Parliament on Tuesday, October 7.<ref>{{cite news
|url=http://business.timesonline.co.uk/tol/business/economics/article4888248.ece
|title=German savings pledge raises stakes for Gordon Brown
|publisher=The Times
|date=2008-10-06
|accessdate=2008-10-06
|first=Francis
|last=Elliott
|coauthors=Christine Seib
}}</ref> On 6 October German chancellor [[Angela Merkel]] pledged that the government would guarantee all German private bank savings. The government also announced a revised bailout plan for German mortgage lender [[Hypo Real Estate]] (HRE).<ref>[[Deutsche Welle]]. http://www.dw-world.de/dw/article/0,2144,3694172,00.html German Government Under Pressure to Deliver on Crisis Promise] (English) Retrieved 2008-10-06</ref><ref>[[Deutsche Welle]]. [http://www.dw-world.de/popups/popup_single_mediaplayer/0,,3692883_type_video_struct_1432,00.html?mytitle=Berlin%2Bhas%2BGiven%2Ba%2BBlanket%2BGuarantee%2Bfor%2Ball%2BPrivate%2BBank%2BSavings Berlin has Given a Blanket Guarantee for all Private Bank Savings]. (English) Retrieved 2008-10-06. (video, English) Merkel: "we also pledge that those who have conducted business irresponsibly will be held to account. The government will ensure that that happens."</ref><ref>{{cite news
|url=http://www.ft.com/cms/s/0/389588ae-93ce-11dd-9a63-0000779fd18c.html
|title=Berlin shrugs off attacks on savings pledge
|publisher=The Financial Times
|date=2008-10-06
|accessdate=2008-10-06
|first=Bertrand
|last=Benoitt
|coauthors=George Parker
}}</ref> On Monday, October 6, the Dow Jones Industrial Average closed below 10,000, a drop of 30% from its high above 14,000 a year earlier on October 9, 2007.<ref>{{cite news
|url=http://www.nytimes.com/2008/10/07/business/07markets.html
|title=Chaotic Day Ends With Stocks Off 3.8%
|publisher=The New York Times
|date=2008-10-06
|accessdate=2008-10-06
|first=Micheal M.
|last=Grynbaum
|coauthors=
}}</ref> In Brazil and Russia trading was suspended on Monday following dramatic drops in their markets.<ref>{{cite news
|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4895024.ece
|title=Banking crisis: the world takes fright
|publisher=The Times
|date=2008-10-07
|accessdate=2008-10-07
|first=Patrick
|last=Hosking
|coauthors=
}}</ref>


;&nbsp;&nbsp;&nbsp;Revised ending:
On October 7, the [[Icelandic Financial Supervisory Authority]] took control of [[Landsbanki]].<ref>[http://www.fme.is/?PageID=581&NewsID=331 The Financial Supervisory Authority - Iceland, ''News: Based on New Legislation, the Icelandic Financial Supervisory Authority (IFSA) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland'' (07.10.2008)]</ref> <ref>[http://www.landsbanki.is/english/aboutlandsbanki/pressreleases/?GroupID=720&NewsID=13284&y=0&p=1 Landsbanki Íslands, ''Press release: Landsbanki's Operations Continued Under Unchanged Management'' (October 07, 2008)]</ref> On the same day, the [[Central Bank of Iceland]] announced that [[Russia]] had agreed to provide a four-billion-[[euro]] loan,<ref>[http://www.sedlabanki.is/?PageID=287&NewsID=1869 Central Bank of Iceland, ''The Foreign Exchange Reserves of the Central Bank of Iceland bolstered'' (07.10.2008; No. 31/2008)]</ref><ref>[http://www.sedlabanki.is/?PageID=287&NewsID=1874 Central Bank of Iceland, ''Foreign exchange reserves'' (07.10.2008; No. 33/2008)]</ref> however this was soon denied by Russian authorities, and the Icelandic Finance Minister had to correct the earlier announcement and now stated that discussions had been initiated with Russia on providing a loan to Iceland. This was also denied by Russian Deputy Finance Minister [[Dmitry Pankin]]. Late in the evening, however, Russia's Finance Minister [[Alexei Kudrin]] did concede that a request had been received, to which Russia was positive, and that discussions on financial matters would be conducted later in the week when an Icelandic delegation was expected to arrive in Moscow.<ref name="RD">{{cite news |first= Polya |last= lesova |authorlink= |title= Iceland takes dramatic steps to stabilize economy |url= http://www.marketwatch.com/news/story/icelands-economic-stabilization-efforts-melt-down/story.aspx?guid={B4AA0766-A3A9-41F6-92CF-BBF0406F8147}&dist=msr_11 |work= [[Russia Today]] |location= Moscow |date=2008-10-07 |accessdate=2008-10-07}}</ref> [[Standard & Poor's]] also cut Iceland's foreign-currency sovereign [[credit rating]] from A-/A-2 to BBB/A-3 and local-currency sovereign credit rating from A+/A-1 to BBB+/A-2. S&P also lowered Iceland's banking industry country risk assessment from group 5 to group 8, worrying that "In a severe recession scenario, the cumulative amount of nonperforming and restructured loans could reach 35% to 50% of total outstanding loans in Iceland.<ref name="RD"/><!-- suggest moving above Iceland paragraphs to subsection or its own article and leave short one sentence summary here. --><!--Yes, this article should eventually contain only a summary of events. It does little harm during the current event, but blow by blow should eventually be moved to articles where detail is appropriate -->
Pip goes to Satis House and finds that it is has fallen down. In a silvery mist, Pip walks through the dilapidated garden and begins to think of Estella. He has heard that Stella was unhappy with her husband Dummle, but that Drummle has since died. As the mist rises, Pip encounters Estella wandering through the garden and the two begin to talk fondly about their past. The moon rises as the two leave the garden hand in hand; Pip believes they will never part again.


==Themes and analysis==
The same day, the Russian president pledged a credit line of [[USD]] 36 billion to the country's banks.<ref name="BBCOct7"/> Several countries announced new or increased deposit guarantees: Taiwan outlined plans to double the guarantee to NT$3 million ($92,000)<ref>International Herald Tribune. [http://www.iht.com/articles/ap/2008/10/07/business/AS-Taiwan-Banks.php Taiwan doubles bank deposit insurance]. Retrieved 2008-10-07</ref> and the European Union agreed to increase guarantees across the EU to at least €50,000 per saver. Several EU states then announced increases on top of this minimum: [[Netherlands]], [[Spain]], and [[Belgium]] each announced they would guarantee up to €100,000.<ref name="BBCOct7">{{cite news |authorlink=[[BBC news]] |title=Financial crisis at-a-glance: 7 Oct |url=http://news.bbc.co.uk/2/hi/business/7656212.stm
|date=2008-10-07 |accessdate=2008-10-07}}</ref>
{{Copyedit|date=January 2008}}
The main themes of the novel are gratitude, suffering, and social mobility. Pip appreciates the gentle Joe Gargery, but treats him with indifference after leaving for London. The failure of Pip to keep in contact with Joe never causes Joe to complain. Joe's selfless nature is frequently contrasted with Mr. Pumblechook's constant criticism of Pip's ingratitude. Suffering is depicted by many characters, including Miss Havisham and Pip, who suffer equally. Miss Havisham was jilted on her wedding day and tricked out of part of her money while Pip suffered by never gaining Estella's love. Dickens used Pip to bring attention to the increasing social stratification in Victorian London. Estella criticizes Pip for his working class features, and Pip in turn develops a contempt for his own family's lack of wealth. Pip constantly attempts to impress Estella by moving up the social ladder, yet it only leads to his demise. The wealthy class is represented by the cruelty of Compeyson, and Mr. Jaggers, and the waste and indolence of Miss Havisham. The working class is often depicted in a constant state of oppression, despite the intelligence and honesty of many poor characters.


More complex explorations of the text reveal themes and symbols such as parenthood (there are very few positive mother-like characters in the story) and the impressions that one generation's actions may have on subsequent generations, especially in regard to bitter feelings, resentment, and revenge, and in the example of Estella being brought up cold-hearted by miss Havisham. Later, the major adult characters who had tried to seek revenge through others or have had serious problems in their youth later regretted their actions and wanted to make amends, suggesting that the events in a person's life may be consuming to the point of destruction, and that once an action is taken it cannot be taken back (and thus it is important to think on our actions very carefully). Another prominent theme is imprisonment, shown profusely in the sections with the Hulks and Newgate Prison.
The government of Britain announced on Wednesday morning, October 8 that it would make £25 billion available as "[[Tier 1 capital]]" ([[Preferred stock|preference share capital]] or "PIBS") to the following financial institutions: [[Abbey (bank)|Abbey]], [[Barclays plc|Barclays]], [[HBOS]], [[HSBC Bank (Europe)|HSBC Bank plc]], [[Lloyds TSB]], [[Nationwide Building Society]], [[Royal Bank of Scotland Group|Royal Bank of Scotland]], and [[Standard Chartered Bank|Standard Chartered]]. An additional £25 billion will be made available to other financial institutions, including British subsidiaries of foreign banks. "In reviewing these applications the Government will give due regard to an institution's role in the UK banking system and the overall economy". The plan included increased ability to borrow from the government, offered assistance in raising equity, and a statement of support for international efforts.<ref>{{cite news
|url=
http://www.guardian.co.uk/business/2008/oct/08/creditcrunch.banking1/article4895024.ece
|title=Treasury's official announcement on the banks
|publisher=The Guardian
|date=2008-10-08
|accessdate=2008-10-08
|first=[[HM Treasury]]
|last=
|coauthors=
}}</ref> The plan has been characterized as partial [[nationalization]].<ref>{{cite news
|url=http://www.guardian.co.uk/business/2008/oct/08/creditcrunch.banking
|title=Government to spend £50bn to part-nationalise UK's banks
|publisher=The Guardian
|date=2008-10-08
|accessdate=2008-10-08
|first=Graeme
|last=Wearden
|coauthors=
}}</ref>


==Main characters in ''Great Expectations''==
On Wednesday, October 8, the [[European Central Bank]], [[Bank of England]], [[Federal Reserve]], [[Bank of Canada]], [[Sveriges Riksbank|Swedish Riksbank]] and [[Swiss National Bank]] all announced simultaneous cuts of 0.5% to their base rates at 11:00 UTC. <ref>{{cite web|url=http://www.federalreserve.gov/newsevents/press/monetary/20081008a.htm|title=Federal Reserve and other central banks announce reductions in policy interest rates|accessdate=2008-10-08}}</ref><ref>{{cite web|url=http://www.bankofcanada.ca/en/press/2008/pr08-21.html|title=Central banks announce reductions in policy interest rates|accessdate=2008-10-08|date=2008-10-08}}</ref><ref>{{cite web|url=http://www.ecb.int/home/html/index.en.html|title=ECB homepage|date=2008-10-08|accessdate=2008-10-08}}</ref><ref>{{cite web|url=http://news.bbc.co.uk/2/hi/business/7658958.stm|title=BBC News - Central banks cut interest rates|accessdate=2008-10-08}}</ref> Shortly afterwards, the [[People's Bank of China|Central Bank of the People's Republic of China]] also cut interest rates.<ref> [http://english.people.com.cn/90001/90776/90884/6511768.html China's central bank cuts reserve requirement ratio, interest rate to stimulate economy], People's Daily Online, Retrieved 2008-10-08 </ref> On October 8 there were sharp losses on stock markets worldwide with a loss of over 9% in Japan. Trading was suspended in Russia and Indonesia after steep morning losses. In the United States, following the funds cut by the Federal Reserve, stocks were volatile, finishing down.<ref>{{cite news
===Pip, the protagonist, and his family===
|url=http://www.nytimes.com/2008/10/09/business/09markets.html
|title=For Dow, Final Swing Was Down
|publisher=The New York Times
|date=2008-10-08
|accessdate=2008-10-08
|first=David
|last=Jolly
|coauthors=Bettina Wassener and Keith Bradsher
}}</ref> On October 8 the Federal Reserve loaned [[AIG]] $37.8 billion, in addition to the previous loan of $85 billion.<ref>{{cite news
|url=http://www.nytimes.com/2008/10/09/business/economy/09insure.html?hp
|title=Fed Gives A.I.G. $37.8 Billion Loan
|publisher=The New York Times
|date=2008-10-08
|accessdate=2008-10-08
|first=Associated Press
|last=
|coauthors=
}}</ref>


* '''Philip Pirrip''', nicknamed Pip, an orphan, and the [[protagonist]]. Pip is destined to be trained as a blacksmith, a lowly but skilled and honest trade, but strives to rise above his class after meeting Estella Havisham.
On Wednesday night, October 8, the [[Central Bank of Iceland]] abandoned its attempt to peg the [[Icelandic króna]] at 131 króna to the euro after trying to set this peg on Monday, October 6.<ref>{{cite web|url=http://www.forbes.com/home/2008/10/08/iceland-sovereign-currency-markets-currency-cx_po_1008markets28.html|title=Iceland Teeters On Bankruptcy|publisher=Forbes|date=2008-10-09|accessdate=2008-10-08}}</ref>By Thursday October 9, the [[Icelandic króna]] was trading at 340 to the euro when the government suspended all trade in the currency.<ref>{{cite web|url=http://www.investmentmarkets.co.uk/20081009-2520.html|title=Trade halted on Icelandic krona|publisher=Investment markets|last=Frei|first=Elaine|date=2008-10-09|accessdate=2008-10-08}}</ref>
** '''Handel''', Herbert Pocket's nickname for Pip (he is given this name from [[The Harmonious Blacksmith]], a piece by Handel) which he uses to address Pip from their first formal meeting.
* '''Joe Gargery''', Pip's [[brother-in-law]], and his first father figure. Joe represents the poor but honest life that Pip rejects.
* '''Mrs. Joe Gargery''', Pip's hot-tempered adult sister, who brings him up by hand after the death of their parents, but complains constantly of the burden Pip is to her. Orlick attacks her, and she is left disabled for the rest of her life, until Pip receives a letter saying she is dead. Late in the book, Pumblechook reveals that her true first name is Georgiana M'Ria.
* '''Mr. Pumblechook''', Pip's uncle, an [[wikt:officious|officious]] [[bachelor]] who tells Mrs. Joe how noble she is to bring Pip up by hand and holds Pip in disdain. As the person who first connected Pip to Miss Havisham, he even claims to have been the original architect of Pip's good fortune. Pip despises Mr. Pumblechook as Mr. Pumblechook constantly makes himself out to be better than he really is. He is a cunning imposter. When Pip finally stands up to him, Mr. Pumblechook turns those listening to the conversation against Pip.


===Miss Havisham and her family===
On Thursday, October 9, the [[Icelandic Financial Supervisory Authority]] took control of the country's biggest bank [[Kaupthing Bank|Kaupþing banki hf.]].<ref>[http://www.fme.is/?PageID=581&NewsID=340 The Financial Supervisory Authority - Iceland, ''News: Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland'' (09.10.2008)]</ref> <ref>[http://www.kaupthing.com/pages/164?path=K/133944/PR/200810/1258139.xml Kaupthing Bank, ''Press release: Kaupthing Bank turns to the Icelandic FSA'' (2008.10.09)]</ref><ref>{{cite news
* '''[[Miss Havisham]]''', wealthy [[spinster]] who takes Pip on as a companion, and whom Pip suspects is his benefactor. Miss Havisham does not discourage this as it fits into her own spiteful plans. She later apologizes to him. He accepts her apology and she gets badly burnt when her dress catches aflame from a spark which leapt from the fire. Pip saves her, but she later dies from natural causes and from injuries from the fire.
|url=http://www.nytimes.com/2008/10/09/business/worldbusiness/09icebank.html
* '''[[Estella Havisham|Estella (Havisham)]]''', Miss Havisham's adopted daughter, whom Pip pursues romantically throughout the novel. Estella represents the life of wealth and culture that Pip strives for. Since her ability to love any man (or anyone for that matter) has been ruined by Miss Havisham, she is unable to return Pip's passion. She warns Pip of this repeatedly, but he is unwilling or unable to believe her.
|title=In Flailing Iceland, Disbelief and Regret
* '''Arthur (Havisham)''', Miss Havisham's half-brother, who felt he was shortchanged in his inheritance by their father's preference for his daughter. He joined with Compeyson in the scheme to cheat Miss Havisham of large sums of money by gaining Miss Havisham's trust through promise of marriage to Compeyson. Arthur is haunted by the memory of the scheme and sickens and dies in a delirium, imagining that the still-living Miss Havisham is in his room, coming to kill him. Arthur has died before the beginning of the novel, and is only described to Pip by Magwitch.
|publisher=The New York Times
* '''Matthew Pocket''', a cousin of Miss Havisham's. He is the patriarch of the Pocket family but he is not one of her relatives who are greedy for Havisham's wealth. Matthew Pocket has a family of nine children, two nurses, and a pretty but useless wife (named Belinda). He also tutors young gentlemen, such as Bentley Drummle, Startop, Pip, and his own son Herbert, who live on his estate.
|date=2008-10-09
* '''Herbert Pocket''', a member of the Pocket family, Miss Havisham's presumed heirs, whom Pip first meets as a "pale young gentleman" who challenges Pip to a fist fight at Miss Havisham's house when both are children. He is the son of Matthew Pocket, Pip's tutor in the "gentlemanly" arts, and shares his apartment with Pip in London, becoming Pip's fast friend who is there to share Pip's happiness as well as his troubles. He has a secret relationship with a woman called Clara. Herbert keeps it secret because he knows his mother would say she is below his "station." She's actually a sweet, fairy-like girl who takes care of her dying drunk of a father.
|accessdate=2008-10-09
* '''Camilla''', an ageing, talkative relative of Miss Havisham who does not care much for Miss Havisham but only wants her money. She is one of the many relatives who hang around Miss Havisham "like flies" for her wealth.
|first=Eric
* '''Cousin Raymond''', another aging relative of Miss Havisham who is only interested in her money. He is married to Camilla.
|last=Pfanner
* '''Georgiana''', another aging relative of Miss Havisham who is only interested in her money.
|coauthors=
* '''Sarah Pocket''' is an aging relative of Miss Havisham who is only interested in her money.
}}</ref> This occurred when the [[Kaupthing]] Board resigned and asked the national authorities to take control. This came about when "Britain transferred control of the business of [[Kaupthing Edge]], its Internet bank, to [[ING Direct]] and put Kaupthing's UK operations into administration" placing [[Kaupthing]] in technical default according to loan agreements.<ref>{{cite web|url=http://www.reuters.com/article/innovationNews/idUSTRE4981SV20081009?sp=true|title=Shellshocked [[Iceland]] takes control of biggest bank|publisher=Reuters|date=2008-10-09|accessdate=2008-10-08}}</ref> This marked an escalating row between [[Iceland]] and the [[United Kingdom]] over the growing crisis. All trade was also suspended on the [[Iceland Stock Exchange]] until Monday October 13.<ref>{{cite web|url=http://uk.reuters.com/article/businessNews/idUKTRE4986YE20081009|title=Iceland takes over biggest bank|publisher=Reuters|date=2008-10-09|accessdate=2008-10-08}}</ref>


===Characters from Pip's youth===
On Thursday, October 9, the cost of short term credit rose while there were heavy losses in the United States stock market; losses were moderate in Europe.<ref>{{cite news
* '''[[Abel Magwitch|The Convict]]''', an escapee from a prison ship, whom Pip treats kindly, and who turns out to be his benefactor, at which time his real name is revealed to be Abel Magwitch, but who is also known as Provis and Mr. Campbell in parts of the story to protect his identity. Pip also covers him as his uncle in order that no one recognizes him as a convict sent to Australia years before.
|url=http://www.nytimes.com/2008/10/10/business/10markets.html
** '''[[Abel Magwitch]]''', the convict's given name.
|title=Stocks Plunge Again; Dow Under 8,600
** '''Provis''' - a name that Abel Magwitch uses when he returns to London, to conceal his identity.
|publisher=The New York Times
** '''Mr. Campbell''', a name that Abel Magwitch uses after he is discovered in London by his enemy.
|date=2008-10-09
* '''Mr. and Mrs. Hubble''', simple folk who think they are more important than they really are. They live in Pip's village.
|accessdate=2008-10-09
* '''Mr. Wopsle''', The clerk of the church in Pip's town. He later gives up the church work and moves to London to pursue his ambition to be an actor, even though he is not very good.
|first=David
** '''Mr. Waldengarver''', the [[stage name]] that Mr. Wopsle adopts as an actor in London.
|last=Jolly
* '''Biddy''', granddaughter of Mr. Wopsle's great-aunt; the latter runs an evening school in her home in Pip's village and Biddy becomes Pip's teacher. A kind and intelligent but poor young woman, like Pip and Estella, is an orphan, who is the opposite of Estella. Pip ignores Biddy's obvious love for him as he fruitlessly pursues Estella. After he realizes the error of his life choices, he returns to claim Biddy as his bride, only to find out she has married Joe Gargery. Biddy and Joe later have two children, one named after Pip which Estella mistakes as Pip's child in the "original ending."
|coauthors=Bettina Wassener
* '''Clara''', wife to Herbert Pocket. A very poor girl that lives with her father who has some strange sickness. She dislikes Pip the first time she meets him because he influences Herbert's spending, but she eventually warms up to him.
}}</ref> The following day, Friday, October 10, there were large losses in Asian and European markets <ref>{{cite news
|url=http://www.nytimes.com/2008/10/11/business/11markets.html
|title=Global Markets Dive in Relentless Selloff
|publisher=The New York Times
|date=2008-10-10
|accessdate=2008-10-10
|first=David
|last=Jolly
|coauthors=Bettina Wassener
}}</ref> Beset by falling commodities prices, Russia's stock markets remained closed on October 10. The Russian Parliament passed a plan authorizing lending of $36 billion gained from global oil sales to banks which met creditworthiness requirements.<ref>{{cite news
|url=http://www.nytimes.com/2008/10/11/business/worldbusiness/11moscow.html
|title=Russia Approves Loan Plan to Ease Credit Crunch
|publisher=The New York Times
|date=2008-10-10
|accessdate=2008-10-10
|first=Andrew E.
|last=Kramer
|coauthors=
}}</ref> The government of the United States, as authorized by [[Emergency_Economic_Stabilization_Act_of_2008#Government_equity_interests_in_participating_firms|the Emergency Economic Stabilization Act]], has been considering infusing funds into banks by purchasing equity interests in them, in effect, partial nationalization, as done in Britain. A meeting of international financial leaders hosted by President Bush at the White House in Washington is planned on Saturday to attempt to coordinate global response to the financial crisis. The annual meetings of both the International Monetary Fund and World Bank will be held in Washington over the weekend.<ref>{{cite news
|url=http://www.nytimes.com/2008/10/10/business/worldbusiness/10global.html
|title=As Credit Crisis Spreads, Global Approach Weighed
|publisher=The New York Times
|date=2008-10-09
|accessdate=2008-10-10
|first=Mark
|last=Landler
|coauthors=Edmund L. Andrews
}}</ref>


===The attorney and his circle===
==Key risk indicators in September 2008==
* '''Mr. Jaggers''', prominent London attorney who represents the interests of diverse clients, both criminal and civil. He represents Pip's benefactor and is Miss Havisham's attorney as well. By the end of the story, his law practice is the common element that brushes many of the characters.
[[Image:TED Spread Chart - Data to 9 26 08.png|thumb|The [[TED spread]] – an indicator of credit risk – increased dramatically during September 2008.]]
* '''Mr. [[Wemmick]]''', Jaggers's clerk, only called "Mr. Wemmick" and "Wemmick" except by his father, who himself is referred to as "The Aged Parent", "The Aged P.", or simply "The Aged." Wemmick is Pip's chief go-between with Jaggers and generally looks after Pip in London.
* '''Molly''', Mr. Jaggers's [[maidservant]] whom Jaggers saved from the [[gallows]] for murder. She is revealed to be the former lover of Magwitch, and the natural mother of Estella.


===Pip's antagonists===
Key risk indicators became highly volatile during September 2008, a factor leading the U.S. government to pass the [[Emergency Economic Stabilization Act of 2008]]. The “TED Spread” is a measure of credit risk for inter-bank lending. It is the difference between: 1) the risk-free three-month U.S. treasury bill rate; and 2) the three-month London InterBank Offered Rate ([[LIBOR]]), which represents the rate at which banks typically lend to each other. A higher spread indicates banks perceive each other as riskier counterparties. The t-bill is considered "risk-free" because the full faith and credit of the U.S. government is behind it; theoretically, the government could just print money so that the principal is fully repaid at maturity.
* '''Compeyson''' (surname), another convict, and enemy to Magwitch. A professional swindler, he had been Miss Havisham's intended husband, who was in league with Arthur to defraud Miss Havisham of her fortune. He pursues [[Abel Magwitch]] when he learns that he is in [[London]] and eventually dies.
* '''"Dolge" Orlick''', [[journeyman]] blacksmith at Joe Gargery's [[forge]]. Strong, rude and sullen, he is as churlish as Joe is gentle and kind. His resentments cause him to take actions which threaten his desires in life, but for which he blames others. He ends up in a fistfight with Joe over Mrs. Joe's taunting and is easily beaten. This set in motion an escalating chain of events that lead him to secretly injure Mrs. Joe grievously and eventually make an attempt on Pip's life.
* '''Bentley Drummle''', a coarse unintelligent young man whose only saving graces are that he is to succeed to a title and his family is wealthy. Pip meets him at Mr. Pocket's house, as Drummle is also to be trained in gentlemanly skills. Drummle is hostile to Pip and everyone. He is a rival to Pip for Estella's attentions and marries her. It is said he ill-treats Estella and took much from her.
** '''"The Spider"''', Mr. Jaggers's nickname for Bentley Drummle.


==Significant places in ''Great Expectations''==
The TED Spread reached record levels in late September 2008. The diagram indicates that the Treasury yield movement was a more significant driver than the changes in LIBOR. A three month t-bill yield so close to zero means that people are willing to forgo interest just to keep their money (principal) safe for three months--a very high level of risk aversion and indicative of tight lending conditions. Driving this change were investors shifting funds from money market funds (generally considered nearly risk free but paying a slightly higher rate of return than t-bills) and other investment types to t-bills.<ref>[http://wsj.com/article/SB122186683086958875.html?mod=article-outset-box WSJ Article]</ref> These issues are consistent with the September 2008 aspects of the [[subprime mortgage crisis]] which prompted the [[Emergency Economic Stabilization Act of 2008]] signed into law by the U.S. President on October 2, 2008.
===The physical setting===
* [[Rochester, Kent|Rochester]], [[Kent]] and surrounding countryside, locale of Pip's childhood home
* [[London]] and environs in the early 19th century, primary location of the events of Pip's adult life


===Real places referred to===
In addition, an increase in LIBOR means that financial instruments with variable interest terms are increasingly expensive. For example, car loans and credit card interest rates are often tied to LIBOR; some estimate as much as $150 trillion in loans and [[Derivative (finance)|derivatives]] are tied to LIBOR.<ref>[http://www.marketwatch.com/news/story/libor-jump-ted-spread-show/story.aspx?guid={3632A7B4-4B54-4AF5-86C2-78EFA350E927} Markewatch Article - LIBOR Jumps to Record]</ref> Higher interest rates place additional downward pressure on consumption, increasing the risk of recession.
* '''The hill''', wetlands on the banks of the [[River Thames]] [[estuary]] in [[Kent]] near to Pip's boyhood home and town.
* '''The Hulks''', [[Prison ship]]s anchored off the marshes holding [[prison]]ers who are to be [[penal transportation|transport]]ed to [[Australia]] as punishment.
* '''[[Little Britain, London|Little Britain]]''', old London neighbourhood of narrow streets and location of Mr. Jaggers's offices.
*'''[[Barnard's Inn]]''': one of the minor [[Inns of Court]], referred to in the text as "the dingiest collection of shabby buildings ever squeezed together in a rank corner as a club for tom cats", attached to [[Gray's Inn]] where Dickens had worked as a clerk.
* '''[[Newgate Prison]]''', ancient prison near Mr. Jaggers's office, where criminals are imprisoned and executed. Also a location where debtors, such as Dickens' father, were imprisoned.
* '''[[The Temple]]''', location of houses where Pip and Herbert live after they leave Barnard's Inn, and where Pip meets his benefactor. According to the text, "Our chambers were in Garden-court, down by the river." Garden Court still exists, nearby [[Temple tube station]].
* St. James church in the opening scenes, on the '''[Isle of Grain]''', to the north of '''[[Rochester]]'''


===Fictional places in Kent===
==Global responses==
* '''The Forge''', the workplace and home of Pip and his family, in Grain, to the North of '''[Rochester]'''. In the forge itself his substitute father Joe Gargery works as a [[master craftsman|master]] [[blacksmith]]. Pip later works there as his [[apprentice]].
On September 15, 2008 China cut its interest rate for the first time since 2002.{{Fact|date=September 2008}} Indonesia reduced its overnight repo rate, at which commercial banks can borrow overnight funds from the central bank, by two percentage points to 10.25 percent. The [[Reserve Bank of Australia]] injected nearly $1.5 billion into the banking system, nearly three times as much as the market's estimated requirement. The Reserve Bank of India added almost $1.32 billion, through a refinance operation, its biggest in at least a month.<ref>{{cite news|url=http://www.iht.com/articles/2008/09/16/business/cbanks.php|title=Asian central banks spend billions to prevent crash|publisher=[[International Herald Tribune]]|date=[[2008-09-16]]|accessdate=2008-09-21}}
* '''[[Satis House]]''', as in Latin "satis" meaning ''enough''. Also known as '''Manor House''', Miss Havisham's ruined mansion where she lives with her adopted daughter Estella, and where Pip serves for months as her periodic companion. The house is based on a real manor house off Rochester High Street, later owned by [[Rod Hull]].
</ref>
* '''The Three Jolly Bargemen''', the public house and general meeting place of Pip's home town.
* '''The Blue Boar''', inn/hotel in Kent, Pip stays here rather than staying with Joe and Biddy when he visits his home town. The descriptions match the Bull Inn on Rochester High St. There is also a Blue Boar Lane in the area.


===Fictional places in London===
In Taiwan, the central bank on September 16, 2008 said it would cut its required reserve ratios for the first time in eight years. The central bank added $3.59 billion into the foreign-currency interbank market the same day. Bank of Japan pumped $29.3 billion into the financial system on September 17, 2008 and the Reserve Bank of Australia added $3.45 billion the same day. The [[European Central Bank]] injected $99.8 billion in a one-day money-market auction. The Bank of England pumped in $36 billion. Altogether, central banks throughout the world added more than $200 billion from the beginning of the week to September 17.<ref>
* '''The Castle''', Wemmick's fanciful home, where he lives with his father and receives Pip, located in [[Walworth, London|Walworth]].
{{cite news|url=http://www.bloomberg.com/apps/news?pid=20601101&sid=aTD8INGLUe2Q&refer=japan|title=Japan, Australia Inject $33 Billion to Soothe Markets|publisher=[[Bloomberg]]|date=[[2008-09-17]]|accessdate=2008-09-21}}
* '''Mr. Jaggers's Office''', as stated, Mr. Jaggers's Office, where he and Wemmick work.
</ref>


==Film, TV, and theatrical adaptations==
On September 29, 2008 the Belgian, Luxembourg and Dutch authorities partially nationalized [[Fortis (finance)|Fortis]]. The German government bailed out [[Hypo Real Estate]].<ref>{{cite news |first= |last= |authorlink= |coauthors= |title=Germany Rescues Hypo Real Estate |url=http://www.dw-world.de/dw/article/0,2144,3692522,00.html |work=[[Deutsche Welle]] |publisher= |date=2008-10-06 |accessdate= }}</ref>
Like many other Dickens novels, ''Great Expectations'' has been filmed several times, including:
* 1917 - silent, starring [[Jack Pickford]], directed by [[Robert G. Vignola]].
* 1922 - silent, made in Denmark, starring [[Martin Herzberg]], directed by [[A.W. Sandberg]].
* [[Great Expectations (1934 film)|1934]] - starring [[Phillips Holmes]] and [[Jane Wyatt]], directed by [[Stuart Walker (film-maker)|Stuart Walker]].
* [[Great Expectations (1946 film)|1946]] - starring [[John Mills]] as Pip and [[Jean Simmons]] as Estella, directed by [[David Lean]].
* 1959 - starring [[Dinsdale Landen]] as Pip, [[Helen Lindsay]] as Estella and [[Derek Benfield]] as Landlord. ([[BBC]] [[Serial (radio and television)|television series]])
* 1967 - starring [[Gary Bond]] and [[Francesca Annis]].
* [[Great Expectations (1974 film)|1974]] - starring [[Michael York (actor)|Michael York]] and [[Sarah Miles]], directed by Joseph Hardy.
* 1975 - Stage Musical (London West End). Music by [[Cyril Ornadel]], starring [[John Mills|Sir John Mills]]. Ivor Novello Award for Best British Musical.
* 1981 - starring [[Derek Francis]], directed by [[Julian Amyes]].
* 1981 - starring [[George Ndirangu]], directed by [[b.dot njuguna]].
* 1989 - starring [[Anthony Hopkins]] as Magwitch and [[Jean Simmons]] as Miss Havisham, directed by [[Kevin Connor (director)|Kevin Connor]].
* [[Great Expectations (1998 film)|1998]] - starring [[Ethan Hawke]] and [[Gwyneth Paltrow]], directed by [[Alfonso Cuarón]].
* [[Great Expectations (1999 film)|1999]] - starring [[Ioan Gruffudd]] as Pip, [[Justine Waddell]] as Estella, and [[Charlotte Rampling]] as Miss Havisham ([[Masterpiece Theatre]]—[[TV]])
* 2000 - [[Pip (South Park episode)|Parody episode of "South Park"]].


==Cultural references and spin-offs==
=== US responses ===
* ''Great Expectations, the Untold Story'' (1986), starring [[John Stanton]], directed by [[Tim Burstall]] is a [[spin-off]] movie depicting the adventures of Magwitch in Australia.
* In introducing the character Pip, the creators of ''[[South Park]]'' made a parody episode, "[[Pip (South Park episode)|Pip]]". It initially followed the plot, but spun off on a tangent (one involving robot monkeys) that made Miss Havisham more villainous (by way of a brain-switching device) as a parody of the fact that Dickens had changed the ending to fit the fads at the time.
* [[Peter Carey (novelist)|Peter Carey]]'s ''[[Jack Maggs]]'' is a re-imagining of Magwitch's return to England, with the addition, among other things, of a fictionalised Charles Dickens character and plot-line.
* [[Lloyd Jones (New Zealand author)|Lloyd Jones]]'s ''[[Mister Pip]]'' is set in [[Bougainville]] where, during a time of civil unrest, a white man uses ''Great Expectations'' as the basis for his lessons to the local children.
* The plot and characters of Great Expectations feature heavily in Jasper Fforde's Thursday Next series. Miss Havisham is Thursday's friend and mentor, and Fforde draws from the manuscript to further along the story and give a glimpse of what goes on inside the world of Great Expectations when no one is reading it.


==See also==
The Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new $50 billion program to insure the investments, similar to the [[Federal Deposit Insurance Corporation]] (FDIC) program.<ref name="Gullapalli"/> Part of the announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the [[Federal Reserve Board]].<ref>[http://www.federalreserve.gov/newsevents/press/monetary/20080919c.htm (Press Release) FRB: Board Approves Two Interim Final Rules], [[Federal Reserve Bank]], September 19, 2008.</ref> The Securities and Exchange Commission announced termination of short-selling of 799 financial stocks, as well as action against [[naked short selling]], as part of its reaction to the mortgage crisis.<ref>Boak, Joshua ([[Chicago Tribune). [http://www.mercurynews.com/markets/ci_10513612 "SEC temporarily suspends short selling"], [[San Jose Mercury News]], September 19, 2008.</ref>
* [[Charles Dickens]]
* [[Oliver Twist]]
* [[Hard Times]]
* [[A Christmas Carol]]
* [[Tale Of Two Cities]]


==References==
====Loans to banks for asset-backed commercial paper====
{{Reflist}}


==External links==
[[Image:Money market fund.png|500px|right|How money markets fund corporations]]
{{portal|Charles Dickens}}
{{wikisource}}


; Online editions
During the week ending September 19, 2008, [[money market]] mutual funds had begun to experience significant withdrawals of funds by investors. This created a significant risk because money market funds are integral to the ongoing financing of corporations of all types. Individual investors lend money to money market funds, which then provide the funds to corporations in exchange for corporate short-term securities called [[asset-backed commercial paper]] (ABCP). However, a potential [[bank run]] had begun on certain money market funds. If this situation had worsened, the ability of major corporations to secure needed short-term financing through ABCP issuance would have been significantly affected. To assist with liquidity throughout the system, the Treasury and Federal Reserve Bank announced that banks could obtain funds via the Federal Reserve's Discount Window using ABCP as collateral.<ref>Bull, Alister. [http://www.reuters.com/article/ousiv/idUSN1926607920080919 "Fed says to make loans to aid money market funds"], [[Reuters]], September 19, 2008.</ref><ref name="Gullapalli">Gullapalli, Diya and Anand, Shefali. [http://wsj.com/article/SB122186683086958875.html?mod=article-outset-box "Bailout of Money Funds Seems to Stanch Outflow"], [[The Wall Street Journal]], September 20, 2008.</ref>


* {{Gutenberg|no=1400|name=Great Expectations}}
====Legislation====
* [http://www.dickens-literature.com/Great_Expectations/index.html ''Great Expectations''] - Searchable HTML version.
{{main|Emergency Economic Stabilization Act of 2008}}
* [http://etext.library.adelaide.edu.au/d/dickens/charles/d54ge/ ''Great Expectations''] - Easy to read HTML version.
The Secretary of the United States Treasury, [[Henry Paulson]] and President [[George W. Bush]] proposed legislation for the government to purchase up to [[$700 billion dollar Treasury fund|US$700 billion of "troubled mortgage-related assets"]] from financial firms in hopes of improving confidence in the mortgage-backed securities markets and the financial firms participating in it.<ref>
* [http://www.asiaing.com/great-expectations.html ''Great Expectations''] - Free eBook in PDF version.
{{cite news| url = http://www.nytimes.com/2008/09/21/business/21cong.html?bl&ex=1222228800&en=007cf9e8faaaf52a&ei=5087%0A | title = Administration Is Seeking $700 Billion for Wall Street|publisher=[[The New York Times]]|date=[[2008-09-20]]|accessdate=2008-09-25}}
* [http://dickens.stanford.edu/archive/great/expectations.html ''Great Expectations''] - PDF scans of the entire novel as it originally appeared in ''[[The Strand Magazine]]''.
</ref> Discussion, hearings and meetings among legislative leaders and the administration later made clear that the the proposal would undergo significant change before it could be approved by Congress.<ref>
[http://clerk.house.gov/evs/2008/roll674.xml House of Representatives Roll Call vote results]. [[Library of Congress]] [[THOMAS]] website. Retrieved on September 29, 2008.
</ref>
On October 1, a revised compromise version was approved by the Senate with a 74-25 vote, the sole Senator not to vote was cancer-stricken [[Ted Kennedy]] of [[Massachusetts]]. The bill, [[HR1424]] was passed by the House on October 3, 2008 and signed into law.


; Study guides
====Fed response====
* [http://www.cliffsnotes.com/WileyCDA/LitNote/id-118.html ''Great Expectations''] - CliffsNotes
In an effort to increase available funds for [[commercial banks]] and lower the [[fed funds rate]], on September 29 the U.S. [[Federal Reserve]] announced plans to double its [[Term Auction Facility]] to $300 billion. Because there appeared to be a shortage of U.S. dollars in Europe at that time, the Federal Reserve also announced it would increase its swap facilities with foreign central banks from $290 billion to $620 billion.<ref>[http://www.thestreet.com/story/10439813/2/fed-pumps-huge-wads-of-cash-into-system.html]</ref>
* [http://www.pinkmonkey.com/booknotes/monkeynotes/pmGreatExpect01.asp ''Great Expectations''] - MonkeyNotes
* [http://www.pinkmonkey.com/booknotes/barrons/grtexpt.asp ''Great Expectations''] - Barron's Booknotes
* [http://www.bookrags.com/notes/gex/ ''Great Expectations''] - BookRags
* [http://www.sparknotes.com/lit/greatex/ ''Great Expectations''] - SparkNotes


; Other
== References ==
* [http://www.wisbechmuseum.org.uk/virtualtour_libraries.htm Original manuscript] - held at Wisbech and Fenland Museum, [[Wisbech]].
{{Reflist|2}}
*[http://entertainment.timesonline.co.uk/tol/arts_and_entertainment/the_tls/article3626999.ece "Byron, Shelley and Miss Havisham"]: an essay on the possible inspiration for Miss Havisham from [http://www.the-tls.co.uk TLS], March 26 2008.


{{Charles Dickens}}
==External links and further reading==
* {{cite news | first = Joe | last= Nocera | coauthors= Andrew Ross Sorkin, Diana B. Henriques, Edmund L. Andrews | title= 36 Hours of Alarm and Action as Crisis Spiraled | date= 2008-10-01 | publisher= | url = http://www.nytimes.com/2008/10/02/business/02crisis.html?hp=&pagewanted=all
| work = New York Times| pages = | accessdate = 2008-10-02 }} (Background on development of the Treasury proposal to Congress)


[[Category:1861 novels]]
{{2008 economic crisis}}
[[Category:Great Expectations]]
{{BankPanicUSA}}
[[Category:2008 in economics]]
[[Category:Novels by Charles Dickens]]
[[Category:Financial crises]]
[[Category:Bildungsroman]]
[[Category:United States housing bubble]]


[[ar:آمال كبرى]]
[[es:Crisis de liquidez de septiembre de 2008]]
[[bn:গ্রেট এক্সপেকটেশানস]]
[[cdo:Uōng-dâi Cièng-tiàng]]
[[eo:Grandaj Anticipoj]]
[[fa:آرزوهای بزرگ]]
[[fr:Les Grandes Espérances (roman)]]
[[is:Glæstar vonir]]
[[it:Grandi speranze]]
[[he:תקוות גדולות]]
[[ja:大いなる遺産]]
[[pt:Great Expectations]]
[[ru:Большие надежды]]
[[sv:Lysande utsikter]]
[[tt:Zur ömetlär]]
[[zh:远大前程]]

Revision as of 15:16, 10 October 2008

Great Expectations
First edition title page of Vol. 1
AuthorCharles Dickens
CountryUnited Kingdom
LanguageEnglish
GenreNovel
PublisherChapman and Hall
Publication date
1860 – 1861 (in serial form) & 1861 (in 3 volumes)
Media typePrint (Hardback & Paperback)
Pages799 pp (hardback)

Great Expectations is a novel by Charles Dickens first serialised in All the Year Round[1] from 1 December 1860 to August 1861. It is regarded as one of his greatest and most sophisticated novels, and is one of his most enduringly popular, having been adapted for stage and screen over 250 times.[2]

Great Expectations is written in a semi-autobiographical style, and is the story of the orphan Pip, writing his life from his early days of childhood until adulthood. The story can also be considered semi-autobiographical of Dickens, like much of his work, drawing on his experiences of life and people.

The action of the story takes place from Christmas Eve, 1812, when the protagonist is about seven years old, to the winter of 1840.[3]

Each installment in All the Year Round contained two chapters, and was written in a way that kept readers interested from week to week, while still satisfying their curiosity at the end of each one.

Plot summary

The story is divided into three phases of Pip's life expectations.

The first stage of Pip's expectations

Pip, a young orphan, lives a humble existence with his ill-tempered older sister and her strong but gentle husband, Joe Gargery. One day Pip meets an escaped convict and brings him food to keep him alive. This convict is later caught again and sent away.

Pip is satisfied with his life and his warm friends until he is hired by an embittered wealthy woman, Miss Havisham, as an occasional companion to her beautiful but haughty adopted daughter, Estella. From that time on, Pip aspires to leave behind his simple life and be a gentleman. After years as companion to Miss Havisham and Estella, he spends more years as an apprentice to Joe, so that he may grow up to have a future working as a blacksmith.

This life is suddenly turned upside down when he is visited by a London attorney, Mr. Jaggers, who informs Pip that he is to come into the "great expectations" of handsome property and be trained to be a gentleman on the behalf of an anonymous benefactor (whom he assumes to be Miss Havisham).

The second stage of Pip's expectations

Pip has traveled to London to learn the details of being a gentleman. There he recieves education and tutoring in manners, fine clothing, and cultured society. Whereas he always engaged in honest labour when he was younger, he now is supported by a generous allowance, which he frequently lives beyond. He learns to fit in this new milieu, and experiences not only friendship but rivalry as he finds himself in the same circles as Estella, who is also pursued by many other men, especially Bentley Drummle, whom she favours.

As he adopts the physical and cultural norms of his new status, he also adopts the class attitudes that go with it, and when Joe comes to visit Pip and his friend and roommate Herbert to deliver an important message, Pip is embarrassed to the point of hostility by Joe's unlearned ways, despite his protestations of love and friendship for Joe. At the end of this stage, Pip is introduced to his anonymous benefactor, Magwitch, the escaped convict he helped long ago. This again changes his world and ends this stage of his expectations.

The third stage of Pip's expectations

Pip's life changes from the artificially supported world of his upper class strivings and introduces him to realities that he must deal with, including moral, physical and financial challenges. He learns startling truths that cast into doubt the values that he once embraced so eagerly, and finds that he cannot regain many of the important things that he had cast aside so carelessly.

The ending

Charles Dickens wrote two different endings for Great Expectations. Dickens changed the ending at the suggestion of a friend, the novelist Edward Bulwer Lytton presumably for the sake of a happier ending. The majority of books being published currently contain the second ending, or both, with the Dickens' original with its own explanation.

   Original ending

Pip meets Estella on the streets. Her abusive husband Drummle has died and she has remarried to a doctor. Estella and Pip exchange brief pleasantries, after which Pip states while he could not have her in the end, he was at least glad to know she was a different person now, somewhat changed from the cold-hearted girl Miss Havisham had reared her to be.

   Revised ending

Pip goes to Satis House and finds that it is has fallen down. In a silvery mist, Pip walks through the dilapidated garden and begins to think of Estella. He has heard that Stella was unhappy with her husband Dummle, but that Drummle has since died. As the mist rises, Pip encounters Estella wandering through the garden and the two begin to talk fondly about their past. The moon rises as the two leave the garden hand in hand; Pip believes they will never part again.

Themes and analysis

The main themes of the novel are gratitude, suffering, and social mobility. Pip appreciates the gentle Joe Gargery, but treats him with indifference after leaving for London. The failure of Pip to keep in contact with Joe never causes Joe to complain. Joe's selfless nature is frequently contrasted with Mr. Pumblechook's constant criticism of Pip's ingratitude. Suffering is depicted by many characters, including Miss Havisham and Pip, who suffer equally. Miss Havisham was jilted on her wedding day and tricked out of part of her money while Pip suffered by never gaining Estella's love. Dickens used Pip to bring attention to the increasing social stratification in Victorian London. Estella criticizes Pip for his working class features, and Pip in turn develops a contempt for his own family's lack of wealth. Pip constantly attempts to impress Estella by moving up the social ladder, yet it only leads to his demise. The wealthy class is represented by the cruelty of Compeyson, and Mr. Jaggers, and the waste and indolence of Miss Havisham. The working class is often depicted in a constant state of oppression, despite the intelligence and honesty of many poor characters.

More complex explorations of the text reveal themes and symbols such as parenthood (there are very few positive mother-like characters in the story) and the impressions that one generation's actions may have on subsequent generations, especially in regard to bitter feelings, resentment, and revenge, and in the example of Estella being brought up cold-hearted by miss Havisham. Later, the major adult characters who had tried to seek revenge through others or have had serious problems in their youth later regretted their actions and wanted to make amends, suggesting that the events in a person's life may be consuming to the point of destruction, and that once an action is taken it cannot be taken back (and thus it is important to think on our actions very carefully). Another prominent theme is imprisonment, shown profusely in the sections with the Hulks and Newgate Prison.

Main characters in Great Expectations

Pip, the protagonist, and his family

  • Philip Pirrip, nicknamed Pip, an orphan, and the protagonist. Pip is destined to be trained as a blacksmith, a lowly but skilled and honest trade, but strives to rise above his class after meeting Estella Havisham.
    • Handel, Herbert Pocket's nickname for Pip (he is given this name from The Harmonious Blacksmith, a piece by Handel) which he uses to address Pip from their first formal meeting.
  • Joe Gargery, Pip's brother-in-law, and his first father figure. Joe represents the poor but honest life that Pip rejects.
  • Mrs. Joe Gargery, Pip's hot-tempered adult sister, who brings him up by hand after the death of their parents, but complains constantly of the burden Pip is to her. Orlick attacks her, and she is left disabled for the rest of her life, until Pip receives a letter saying she is dead. Late in the book, Pumblechook reveals that her true first name is Georgiana M'Ria.
  • Mr. Pumblechook, Pip's uncle, an officious bachelor who tells Mrs. Joe how noble she is to bring Pip up by hand and holds Pip in disdain. As the person who first connected Pip to Miss Havisham, he even claims to have been the original architect of Pip's good fortune. Pip despises Mr. Pumblechook as Mr. Pumblechook constantly makes himself out to be better than he really is. He is a cunning imposter. When Pip finally stands up to him, Mr. Pumblechook turns those listening to the conversation against Pip.

Miss Havisham and her family

  • Miss Havisham, wealthy spinster who takes Pip on as a companion, and whom Pip suspects is his benefactor. Miss Havisham does not discourage this as it fits into her own spiteful plans. She later apologizes to him. He accepts her apology and she gets badly burnt when her dress catches aflame from a spark which leapt from the fire. Pip saves her, but she later dies from natural causes and from injuries from the fire.
  • Estella (Havisham), Miss Havisham's adopted daughter, whom Pip pursues romantically throughout the novel. Estella represents the life of wealth and culture that Pip strives for. Since her ability to love any man (or anyone for that matter) has been ruined by Miss Havisham, she is unable to return Pip's passion. She warns Pip of this repeatedly, but he is unwilling or unable to believe her.
  • Arthur (Havisham), Miss Havisham's half-brother, who felt he was shortchanged in his inheritance by their father's preference for his daughter. He joined with Compeyson in the scheme to cheat Miss Havisham of large sums of money by gaining Miss Havisham's trust through promise of marriage to Compeyson. Arthur is haunted by the memory of the scheme and sickens and dies in a delirium, imagining that the still-living Miss Havisham is in his room, coming to kill him. Arthur has died before the beginning of the novel, and is only described to Pip by Magwitch.
  • Matthew Pocket, a cousin of Miss Havisham's. He is the patriarch of the Pocket family but he is not one of her relatives who are greedy for Havisham's wealth. Matthew Pocket has a family of nine children, two nurses, and a pretty but useless wife (named Belinda). He also tutors young gentlemen, such as Bentley Drummle, Startop, Pip, and his own son Herbert, who live on his estate.
  • Herbert Pocket, a member of the Pocket family, Miss Havisham's presumed heirs, whom Pip first meets as a "pale young gentleman" who challenges Pip to a fist fight at Miss Havisham's house when both are children. He is the son of Matthew Pocket, Pip's tutor in the "gentlemanly" arts, and shares his apartment with Pip in London, becoming Pip's fast friend who is there to share Pip's happiness as well as his troubles. He has a secret relationship with a woman called Clara. Herbert keeps it secret because he knows his mother would say she is below his "station." She's actually a sweet, fairy-like girl who takes care of her dying drunk of a father.
  • Camilla, an ageing, talkative relative of Miss Havisham who does not care much for Miss Havisham but only wants her money. She is one of the many relatives who hang around Miss Havisham "like flies" for her wealth.
  • Cousin Raymond, another aging relative of Miss Havisham who is only interested in her money. He is married to Camilla.
  • Georgiana, another aging relative of Miss Havisham who is only interested in her money.
  • Sarah Pocket is an aging relative of Miss Havisham who is only interested in her money.

Characters from Pip's youth

  • The Convict, an escapee from a prison ship, whom Pip treats kindly, and who turns out to be his benefactor, at which time his real name is revealed to be Abel Magwitch, but who is also known as Provis and Mr. Campbell in parts of the story to protect his identity. Pip also covers him as his uncle in order that no one recognizes him as a convict sent to Australia years before.
    • Abel Magwitch, the convict's given name.
    • Provis - a name that Abel Magwitch uses when he returns to London, to conceal his identity.
    • Mr. Campbell, a name that Abel Magwitch uses after he is discovered in London by his enemy.
  • Mr. and Mrs. Hubble, simple folk who think they are more important than they really are. They live in Pip's village.
  • Mr. Wopsle, The clerk of the church in Pip's town. He later gives up the church work and moves to London to pursue his ambition to be an actor, even though he is not very good.
    • Mr. Waldengarver, the stage name that Mr. Wopsle adopts as an actor in London.
  • Biddy, granddaughter of Mr. Wopsle's great-aunt; the latter runs an evening school in her home in Pip's village and Biddy becomes Pip's teacher. A kind and intelligent but poor young woman, like Pip and Estella, is an orphan, who is the opposite of Estella. Pip ignores Biddy's obvious love for him as he fruitlessly pursues Estella. After he realizes the error of his life choices, he returns to claim Biddy as his bride, only to find out she has married Joe Gargery. Biddy and Joe later have two children, one named after Pip which Estella mistakes as Pip's child in the "original ending."
  • Clara, wife to Herbert Pocket. A very poor girl that lives with her father who has some strange sickness. She dislikes Pip the first time she meets him because he influences Herbert's spending, but she eventually warms up to him.

The attorney and his circle

  • Mr. Jaggers, prominent London attorney who represents the interests of diverse clients, both criminal and civil. He represents Pip's benefactor and is Miss Havisham's attorney as well. By the end of the story, his law practice is the common element that brushes many of the characters.
  • Mr. Wemmick, Jaggers's clerk, only called "Mr. Wemmick" and "Wemmick" except by his father, who himself is referred to as "The Aged Parent", "The Aged P.", or simply "The Aged." Wemmick is Pip's chief go-between with Jaggers and generally looks after Pip in London.
  • Molly, Mr. Jaggers's maidservant whom Jaggers saved from the gallows for murder. She is revealed to be the former lover of Magwitch, and the natural mother of Estella.

Pip's antagonists

  • Compeyson (surname), another convict, and enemy to Magwitch. A professional swindler, he had been Miss Havisham's intended husband, who was in league with Arthur to defraud Miss Havisham of her fortune. He pursues Abel Magwitch when he learns that he is in London and eventually dies.
  • "Dolge" Orlick, journeyman blacksmith at Joe Gargery's forge. Strong, rude and sullen, he is as churlish as Joe is gentle and kind. His resentments cause him to take actions which threaten his desires in life, but for which he blames others. He ends up in a fistfight with Joe over Mrs. Joe's taunting and is easily beaten. This set in motion an escalating chain of events that lead him to secretly injure Mrs. Joe grievously and eventually make an attempt on Pip's life.
  • Bentley Drummle, a coarse unintelligent young man whose only saving graces are that he is to succeed to a title and his family is wealthy. Pip meets him at Mr. Pocket's house, as Drummle is also to be trained in gentlemanly skills. Drummle is hostile to Pip and everyone. He is a rival to Pip for Estella's attentions and marries her. It is said he ill-treats Estella and took much from her.
    • "The Spider", Mr. Jaggers's nickname for Bentley Drummle.

Significant places in Great Expectations

The physical setting

  • Rochester, Kent and surrounding countryside, locale of Pip's childhood home
  • London and environs in the early 19th century, primary location of the events of Pip's adult life

Real places referred to

  • The hill, wetlands on the banks of the River Thames estuary in Kent near to Pip's boyhood home and town.
  • The Hulks, Prison ships anchored off the marshes holding prisoners who are to be transported to Australia as punishment.
  • Little Britain, old London neighbourhood of narrow streets and location of Mr. Jaggers's offices.
  • Barnard's Inn: one of the minor Inns of Court, referred to in the text as "the dingiest collection of shabby buildings ever squeezed together in a rank corner as a club for tom cats", attached to Gray's Inn where Dickens had worked as a clerk.
  • Newgate Prison, ancient prison near Mr. Jaggers's office, where criminals are imprisoned and executed. Also a location where debtors, such as Dickens' father, were imprisoned.
  • The Temple, location of houses where Pip and Herbert live after they leave Barnard's Inn, and where Pip meets his benefactor. According to the text, "Our chambers were in Garden-court, down by the river." Garden Court still exists, nearby Temple tube station.
  • St. James church in the opening scenes, on the [Isle of Grain], to the north of Rochester

Fictional places in Kent

  • The Forge, the workplace and home of Pip and his family, in Grain, to the North of [Rochester]. In the forge itself his substitute father Joe Gargery works as a master blacksmith. Pip later works there as his apprentice.
  • Satis House, as in Latin "satis" meaning enough. Also known as Manor House, Miss Havisham's ruined mansion where she lives with her adopted daughter Estella, and where Pip serves for months as her periodic companion. The house is based on a real manor house off Rochester High Street, later owned by Rod Hull.
  • The Three Jolly Bargemen, the public house and general meeting place of Pip's home town.
  • The Blue Boar, inn/hotel in Kent, Pip stays here rather than staying with Joe and Biddy when he visits his home town. The descriptions match the Bull Inn on Rochester High St. There is also a Blue Boar Lane in the area.

Fictional places in London

  • The Castle, Wemmick's fanciful home, where he lives with his father and receives Pip, located in Walworth.
  • Mr. Jaggers's Office, as stated, Mr. Jaggers's Office, where he and Wemmick work.

Film, TV, and theatrical adaptations

Like many other Dickens novels, Great Expectations has been filmed several times, including:

Cultural references and spin-offs

  • Great Expectations, the Untold Story (1986), starring John Stanton, directed by Tim Burstall is a spin-off movie depicting the adventures of Magwitch in Australia.
  • In introducing the character Pip, the creators of South Park made a parody episode, "Pip". It initially followed the plot, but spun off on a tangent (one involving robot monkeys) that made Miss Havisham more villainous (by way of a brain-switching device) as a parody of the fact that Dickens had changed the ending to fit the fads at the time.
  • Peter Carey's Jack Maggs is a re-imagining of Magwitch's return to England, with the addition, among other things, of a fictionalised Charles Dickens character and plot-line.
  • Lloyd Jones's Mister Pip is set in Bougainville where, during a time of civil unrest, a white man uses Great Expectations as the basis for his lessons to the local children.
  • The plot and characters of Great Expectations feature heavily in Jasper Fforde's Thursday Next series. Miss Havisham is Thursday's friend and mentor, and Fforde draws from the manuscript to further along the story and give a glimpse of what goes on inside the world of Great Expectations when no one is reading it.

See also

References

  1. ^ How Great Expectations
  2. ^ Great Expectations Critical Overview
  3. ^ Meckier, Jerome Dating the Action in Great Expectations: A New Chronology.

External links

Online editions
Study guides
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