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Economic Collapse Essay

806 words - 4 pages

After the great depression back in the 1930’s, America would think they would never run into an economic scare again, until 80 years later when the next big economic disaster would strike. The 2008 economic collapse would not only be triggered and felt by America, but the entire globe as well. You would think that the United States would have a fail-safe plan on defending off another economic crash, but they didn’t and had shown weakness. The 2008 economic collapse is usually refereed to as the global financial crises or the great recession. With the allegation of collapse from large financial institutions, and the bailout of banks by the government, began the second great depression. Many ...view middle of the document...

This problem was effectible fixed to securitizing immediately. Home mortgages were the first market of loans to be securitized. With sub prime lending and securitization made an increased demand for housing. The housing then lead to sky rocketing prices, which then began to crash in late 2006 ultimately causing the financial crises in the United States.
Many still believe we are suffering from the economic collapse that began in 2008, but we have actually spiraled upward in fixing the problem. Stock prices have rose during 2009-2010 (Gov.notes). The financial institutions bought back the stock they had sold that created the problem. The only real tick still involved from the economic collapse is that unemployment is still about 10%, which has stayed they same for the past three years according to Forbes Magazine. The American Recovery and Reinvestment Act of 2009 provided the groundwork on repairing and fixing our economic collapse, otherwise known as the stimulus package. The stimulus package began by creating and supporting more jobs to Americans. The second task was to reinforce the institutions that were hit the hardest during the collapse such as education, health, and renewable energy. This act would cost an estimated 831 billion between 2009 through 2019 (Recovery.Gov). This solution would become relevant and help stabilize a majority of the problem, but...

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