The Global Financial Crisis Essay

618 words - 2 pages

The global economic crisis beginning mid-2007 was and still is an unsettling event in the history of the world economy. But politicians today, and in fact, many major corporations of the world have found that it was beneficial simply to ignore it. But in October 2011, the world saw one of the largest uproars ever seen in the face of the economic crisis. From New York to Rome, the public voiced dissatisfaction with government policy fueled by the worst financial crisis since the Great Depression of 1930. Called “Occupy Wall Street”, the movement drew the attention of the media the world over. But what are the causes of the global financial crisis? How did we, or our governments, let it happen?
The protesters seem to have found an answer. They blame but one thing: greed. According to protesters in London, it is the fault of the banking industry. Worse yet they blame their government for “bailing out the bad guys”. And there seems to be some truth to the matter. Take the subprime mortgage market for example. Beginning with Wall Street, banks could be seen falling like dominos to the idea of “scrutiny”. They would take risks more than normal, such as loaning to the poor and relying on “self-certified” loans, to achieve this idea. Unfortunately, thanks to this the government, this ended costing US tax payers $9.7 trillion dollars in bailout packages and plans. An article on globalissues.org calls it “A Crisis So Severe, Those Responsible Are Bailed Out”.
However, as easy as it is to blame the banks or the government, there is a missing idea in the protester’s ideology. This problem verily could have been averted. During the course of the 1990s and early 2000’s specialists in the financial fields had been highlighting these issues. Yet, it is a well-known fact that in cases of economic boom, no-one wants to hear a word of inevitable doom. The people are as...

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