2008 Crisis
The 2008 Financial Crisis The United States economy is built on credit and combined with the reality that greed played a large part in the events leading up to the Global Financial Crisis (GFC), the United States experienced one of the its worst financial crisis in its history. Easy credit, the housing slump, banks holding risky mortgages and tax regulations all played a significant part in causing the GFC of 2008/09.
The major cause of the 2008 Financial Crisis is the Subprime Mortgage and Subprime Landing. Economists warned of the dangers, but one wants to interrupt the party. Consumers were happy to marking money. By the end, “When the United States sneezes, the world catches a cold” which will result in it happening again. Eventually everyone is affected. The people who are specifically affected are house owners, investors, lenders, brokers, Wall Street, and Bankers. Other causes …show more content…
Due to the financial crisis the great depression leads the U.S in decreasing of goods from china, whereas unemployment rose in china as well. In the UK there was a large fall in retail sales, especially in the furnishing and DIY sectors. Unemployment rose, especially in the young adult stage people around the age of eighteen to twenty-four. In the fourth quarter of 2008 UK Gross Domestic Product (GDP) fell by 1.5% and the country officially entered a period of recession. The recession continued through 2009. In the United States, a total of 25 banks failed in 2008. In Canada financial system had been less affected than other industrialized counties. Canadian energy and natural resources brought out lower demand and weaker prices for commodities. In Japanese stock market and global day was falling for 26 years in lowest, the government use 10 million yen to save the city plan. When everything started to collapse greed turned into
The major cause of the 2008 Financial Crisis is the Subprime Mortgage and Subprime Landing. Economists warned of the dangers, but one wants to interrupt the party. Consumers were happy to marking money. By the end, “When the United States sneezes, the world catches a cold” which will result in it happening again. Eventually everyone is affected. The people who are specifically affected are house owners, investors, lenders, brokers, Wall Street, and Bankers. Other causes …show more content…
Due to the financial crisis the great depression leads the U.S in decreasing of goods from china, whereas unemployment rose in china as well. In the UK there was a large fall in retail sales, especially in the furnishing and DIY sectors. Unemployment rose, especially in the young adult stage people around the age of eighteen to twenty-four. In the fourth quarter of 2008 UK Gross Domestic Product (GDP) fell by 1.5% and the country officially entered a period of recession. The recession continued through 2009. In the United States, a total of 25 banks failed in 2008. In Canada financial system had been less affected than other industrialized counties. Canadian energy and natural resources brought out lower demand and weaker prices for commodities. In Japanese stock market and global day was falling for 26 years in lowest, the government use 10 million yen to save the city plan. When everything started to collapse greed turned into