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Cause & Effect Essay

1165 words - 5 pages

Cause and EffectIf I had to choose one event that will have significance in my life after ten years, it would have to be "The Great Recession". The economic turmoil that started in early 2008 by the fall of Bearn Stern the fourth largest Investment Banking firm in the U.S. followed by the collapse of Leman Brothers in September of 2008 has led to the worst recession since the World War II and has been called The Great Recession. The reason it will still have significance in my life even though I'm at such a young age is because of the fact that I, like many other college students living on their own is finding out how truly hard it is, and most of that is because of The Great Recession.Every catastrophe has in its official response an unspoken official clarification of why the catastrophe began. As he took office at the start of the Great Depression in 1933, President Franklin Roosevelt banned the private possession of gold. In doing so, he gave weight to his argument that gold "hoarding" had played a major role in the downfall in customer spending that had appeared to the economy during its movement up over the previous four years. In our own Great Recession, we had Dodd-Frank. This collection bill of summer 2010 carpeted the financial business with rules. The very being of Dodd-Frank has allowed its supporters in Washington to believe that a lack of rules caused the panic of 2008.Some of the effects of the Great Recession include real estate, banking, and education. Niall Ferguson pointed out, "The result was a bubble; at its peak, average U.S. house prices were rising at 20% a year. Then - as bubbles always do - it burst. The S&P Case-Shiller index of house prices in 20 cities has been falling since February 2007. And the decline is accelerating." My uncle was one of the many who bought a house during this time for next to nothing. He bought an Olympic swimmers house, with a huge kitchen, five bedrooms, four baths, a "secret passage way", and a lap pool in the back yard for twenty-thousand dollars, that's it. Ferguson also stated, "Banks and other financial institutions are in an even worse position: their debts are accumulating even faster. By 2007 the financial sector's debt was equivalent to 116% of GDP, compared with a mere 21% in 1980."As sale revenues and profits from the recession decline, businesses were forced to cut back on hiring, new research, and buying new equipment. These actions lead to no new products, no new revenues, cuts in advertising, and cuts in employees. The economy lost sixteen-thousand jobs in January of 2008. These factors in turn, effect other businesses. The snowball effect is in full motion, because stock holders react and sell off their stock, further depressing the company. Companies are forced to reduce wages, increase labor hours, decrease benefits or lay off employees. All of these actions lead to a loss in revenue for everyone involved, including state governments and their education budgets. Schools,...

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