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The Economic Crisis: The Problems With The Economic Crash - Essay Example

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An essay "The Economic Crisis: The Problems With The Economic Crash" claims that the initial change began with the break down in real estate which began to ripple into bank institutions not having enough money to cover the debt in the economy. …
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The Economic Crisis: The Problems With The Economic Crash
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Download file to see previous pages The changes which have occurred not only are seen in the after effects most are feeling, but also have led to the statistical information that shows the lack of relief from the changes in the economy. The housing bubble has accumulated to over 124% in less than 4 years, the deficit has risen to over $650 billion by a rise of 5.8% and debt burden in households has risen by 127%. The decline is continuing with the shadow banking system being seen for the first time and shutting down across the country, stock market prices falling lower than before and credit markets reducing in their capability to recover with individuals paying finances and with retrieving lost money from the debt (Norris, 2011). The results are not only showing in the statistics and changes but are also reflective in the everyday lives of individuals that are now going through the economy. According to most, there is the belief that the crisis was bound to happen because of the shadow banking system and because of the functions that were leading to inflation and imbalance of the economy. According to the physical trainer, Alan Linn, “The government and financial institutions should have seen the crisis coming. The rising prices and the corrupt functions of the shadow banking system can only continue so long before it falls.” The question which many are now asking is how the crisis could have been prevented as well as why and how those involved in the economic system allowed for the crash when it could have been prevented. ...
falls.” The question which many are now asking is how the crisis could have been prevented as well as why and how those involved in the economic system allowed for the crash when it could have been prevented. The understanding of why the economic crash happened and what has occurred has been furthered with the feelings that are behind the crash. The loss in jobs, loss in the ability to spend comfortably and the strains which have occurred are causing many to lose hope in the potential outcomes that are available. According to student, Ruth Silva, those behind the problems with the economic crisis are to blame for everyone else’s suffering. “I’ve seen a loss of jobs, lack of income and endless suffering because of the crisis. But I still don’t find actions to resolve the problem while the tension with finances continues in everyone’s personal life.” This attitude is one that many are looking at, specifically with demands for change to occur with the economy but little to no resolution to the main problem. The persistence of the problem is also leading to most who believe that the conditions are out of control. When asking a group of participants about the foundation of the problem, all pointed to both the government and financial institutions. It is also to this particular viewpoint that most are expecting a resolution to come. According to Casey Young, small business owner, “We can only wait until the government and economic powers decide to change the system that an agreement can be reached. They are the ones that allowed the problem to happen before stopping it, now they can only find the solution.” This particular attitude is one which most have found as a pressure that needs to be confronted with the government and financial institutions, while ...Download file to see next pagesRead More
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