CRA-THE SAVIOUR
The worst hit here are the people who have taken bank loans or made any kind of investments or are to pay taxes to the government, but it is not impossible to get out of such situations. There are a few
The recession has everyone down in the dumps, most people are working two jobs just to make ends meet and somehow that is still not enough. However, there is a lot of promoting of entrepreneurship and the importance of hiring, building a workforce that will support job creation and economic development will help to lower the unemployment rate and will aid in the boosting of the economy because people will start to spend and travel abundantly.…
A few years ago, the economy of the United States, like other great economies across the globe, experienced unprecedented negative growth that eventually culminated into one of the greatest recessions in the history of nations. In direct consequences, millions and millions of individual Americans and businesses unjustly suffered undue economic,…
So you might ask yourself, what exactly is a recession? According to the Bureau of Labor Statistics, characteristics of a recession include: a general slowdown in economic activity, a downturn in the business cycle, as well as a reduction in the amount of goods and services produced and sold. The official arbiter of U.S. recessions, the National Bureau of Economic Research, states that there has been a total of ten recessions between 1948 and 2011. The most recent financial crisis began in December of 2007, this is considered to be the worst financial disruption since the Great Depression of 1929 – 1933. Although these recessions were different in character, both crises were affected by bank failures that led to large declines in the economy. This last recession known as the Great Recession lasted from December of 2007 to June of 2009, the U.S. economy has yet to return to pre-recession economic times but it has seen an increase in economic growth.…
There are five stages in a business cycle – expansion, peak, contraction, trough, and recovery. These different cycles are characterized by the state and degree of the economic activities performed by the economic agents, and the condition of the business environment (Canadian Securities Course, 2011, p. 4-13).…
The economic recession that hit the US in 2008, left a lot of Americans with a bad taste in their mouths, including me. The way the government handled the situation was not overwhelmingly popular. Nevertheless, after doing quite a bit of reading, when one looks at the facts of how it all transpired, it appears like the facts…
Economic issues for years, have negatively impacted several aspects of American life. The Great Depression and the Recession are just two of many financial crisis that were detrimental to the overall health of the country. The Depression resulted in people losing their trust in banks which ultimately led to the decline of banks. Employees lost their jobs and families were displaced from their homes. Many citizens went hungry and even suffered from depression due to the condition America was in. The recession was caused by leaders of major corporations (Wall Street). Too much power had been placed in the hands of individuals who were incapable of making smart decisions that promote the prosperity of America in its entirety. For example, The Federal Reserve Banking System did not shield the economy from the Great Depression and the Recession. Financial crisis is the very thing the Federal Reserve System was designed to protect the economy against it failed miserably more than once. The Federal Reserve System has too much power over the economy, they have the power to create and print as much money as they want which directly affects the money supply and steepens the U.S debt. Those people let greed influence their decision process which ultimately led to the fall of the economy once…
Many years before, Canada relied on British rule to tell them what to do and how to live their lives. But in this situation, Canada was independent and finally had to fend for themselves. While Canada officially gained independence in 1931, inconsequently, that is when the worldwide great depression started to begin. These times were known as the “dirty thirties”. And this depression left millions of Canadians unemployed. Canada was hit pretty hard due to their over reliance on farm exports and raw materials all being destroyed. In 4 years from 1929-1933, Canadas Gross National Expenditure (GNE) dropped 42% and the changes were excruciating, but some may not know what people really went through, during this time period that is why this topic…
Do we remember the period in Canada’s history in which Canada experienced an economic boom? Of course we’ll have trouble remembering because this period was followed shortly afterwards by one of the worst depressions in Canada’s history. This period is referred to by many as the “Roaring Twenties”. This “Golden Age” of Canada was followed by the Great Depression. How could a depression that lasted for ten years occur after a period of economic prosperity? A major reason is because the economic conditions and lifestyles of Canadians during the 1920s had a very large impact on the prosperity of the 1930s. If Canadians and business owners were less optimistic about the future during the 1920s they would have been affected less by the…
The Recession of 2008 left multiple wounds in my family, especially after my father was fired from his job which he held for five years for being an immigrant. The “Great Recession” was not only a hideous word but a malicious truth in my household; it left us in a ditch hole. Getting deeper each day, the hole was in the way of my family’s future. There were nights when we were lucky to have enough beans and tortillas to fill our bellies; other nights, my stomach would gnaw with pain and hunger as I had given it to my younger siblings. My father was out on the streets, willing to take any work that was given to him, and my mother would pawn the values we held in much happier times. Its impact was that one of a tiny bullet skewering the heart…
The Great Depression was one of the most severe economic situations the world has ever witnessed. The efforts of the Canadian government to aid the country with the economic crisis that plagued the nation from 1929 to 1939 was ineffective. This was shown as relief camps offered people little comfort, people were reluctant to use “the dole” as they wanted to show their pride, and the weakness of the government made people question the strength of its leaders.…
Charles Darwin once said in the Voyage of the Beagle, “If the misery of our poor be caused not by the laws of nature but by our institutions, great is our sin” (Charles). Poverty is not an inherited trait, but is a consequence of societal laws, practices and customs. First Nations in Canada have been put into a position of poverty and the Canadian government is largely to blame. The First Nations have been disconnected from their traditional way of living in part because the Ministry responsible for helping them has not supported their traditional way of living and has not raised awareness of Aboriginal poverty. The purpose…
“Historically, recessions have developed over time. This one seems to have developed overnight (Partilla).” This thought is thought to stress the fact that while recessions are at times rare, when they do occur they can have a devastating effect. A recession or economic downturn is defined as a period is temporary economic decline during in which trade and industrial activity are reduced. Economic recession is generally accompanied by a rise in unemployment, high inflation, and decline of the housing market. Otherwise known as “The Great Recession,” the recession in the United States from the year 2007 to 2009 negatively impacted the United States economy by significantly altering the US’s labor market, unemployment rate and recovery potential.…
This was until a bill by the name of Dodd-Frank was signed into law in 2010. This well intentioned piece of legislation clamped down on banks’ ability to invest in subprime mortgages and offered increased protections to consumers. However the un-foreseen consequences was a little piece of regulation that limits the amount of personal loans out at one time to ten. My grandfather had funded his company with the majority of his liquid capital and taking loans on well over forty rental properties. The impact of this single piece of regulation on my family cannot be understated, the banks sent notices that the notes on the properties would not be renewed, meaning my grandfather would have to pay off his debits immediately or have the banks take his assets. To make matters worse the crash in the housing markets due to Freddie mae and company caused the values of the homes to be worth a fraction of what they were when he took loans out on them.…
According to the financial definition, a recession is a significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's GDP. (Dictionary.com) A less official and more realistic definition of an economic recession is the social perception of the state of the economy at a given time. The collective beliefs of the public, mainly businesses and consumers, drive the social perception of whether things are seen as positive or negative. Unfortunately there are social perception errors at play, often driven by the media, which influence the confidence to spend and effect the direction the economy will move.…
The Recession of 2008 caused widespread panic and distress globally. Trillions of dollars were lost during this time. It was a frightening time for people because they were unsure of what was to come regarding their situations. These losses of money lead to a decrease in consumer spending, which decreased the GDP. This then invoked companies to lower salaries and cut large numbers of their employees. The huge loss of jobs made the unemployment rate skyrocket. All of these consequences of the Recession put many people under stress and lead to an increase in poverty in working class families. The documentary, Inside Job, covered the causes and consequences of the Recession in great depth. There are many underlying causes that lead to…