The Global Financial Crisis of 2008-2009: The Role of Greed, Fear, and Oligarchs
The Global Financial Crisis of 2008-2008: The Role of Greed, Fear, and Oligarchs
The global financial crisis of 2008-2009 is considered to be worst financial crisis since the Great Depression of the 1930s. Large financial institutions collapsed, banks received bailouts by the government, and stock markets plummeted as well. In result, people were being denied loans. The housing market became a problem because of financial issues and many people were unable to continue to pay their mortgages which resulted in evictions and foreclosures. Sellers’ homes’ remained on the market and were unable to be sold. There was an extreme amount of supply, but not enough demand. Major businesses also failed, and millions of people lost their jobs. There were major increases in depression amongst people experiencing financial issues. We witnessed alarming rates in suicides, homicides, divorces, homelessness and burglaries. Overall prices of supply reached all-time highs. Gas prices soared. Produce and other necessities became unaffordable. People found themselves in a major bind, and could not spend money as they were used to. For quite a while, there was grave concern as to which way the economy would go, and today there is still concern. Would we be able to come out of this crisis?
The housing market was a major issue during this crisis. Everyone dreams of having their own home and owning it one day. Many people would have never imagined a crash in the housing market. The reason why this was so unimaginable was that for so many years, real estate had been considered one of the most profitable, safest investments. People were getting loans to purchase homes, renting hoes out, buying fixer uppers and putting work into them to resale them. People were purchasing additional homes in other cities/states. Real estate Agents were making major profits, and it was the business to get in to. Real estate had been really booming! Prior to 2008, during the Clinton
The global financial crisis of 2008-2009 is considered to be worst financial crisis since the Great Depression of the 1930s. Large financial institutions collapsed, banks received bailouts by the government, and stock markets plummeted as well. In result, people were being denied loans. The housing market became a problem because of financial issues and many people were unable to continue to pay their mortgages which resulted in evictions and foreclosures. Sellers’ homes’ remained on the market and were unable to be sold. There was an extreme amount of supply, but not enough demand. Major businesses also failed, and millions of people lost their jobs. There were major increases in depression amongst people experiencing financial issues. We witnessed alarming rates in suicides, homicides, divorces, homelessness and burglaries. Overall prices of supply reached all-time highs. Gas prices soared. Produce and other necessities became unaffordable. People found themselves in a major bind, and could not spend money as they were used to. For quite a while, there was grave concern as to which way the economy would go, and today there is still concern. Would we be able to come out of this crisis?
The housing market was a major issue during this crisis. Everyone dreams of having their own home and owning it one day. Many people would have never imagined a crash in the housing market. The reason why this was so unimaginable was that for so many years, real estate had been considered one of the most profitable, safest investments. People were getting loans to purchase homes, renting hoes out, buying fixer uppers and putting work into them to resale them. People were purchasing additional homes in other cities/states. Real estate Agents were making major profits, and it was the business to get in to. Real estate had been really booming! Prior to 2008, during the Clinton