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How does the current financial crisis (Great Recession) compare with the Great Depression of the 1930's In this context, compare and contrast the role of the Federal Reserve. Compare the USA scenario and its policy response with at least one more co - Essay Example

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The term Great Recession is used to describe a prolonged economic downturn that was severe. Economists trace The Great Recession during December 2007 to the fall…
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How does the current financial crisis (Great Recession) compare with the Great Depression of the 1930s In this context, compare and contrast the role of the Federal Reserve. Compare the USA scenario and its policy response with at least one more co
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How does the current financial crisis (Great Recession) compare with the Great Depression of the 1930's In this context, compare and contrast the role of the Federal Reserve. Compare the USA scenario and its policy response with at least one more co

Download file to see previous pages... Some of the affected banks were Stearns and Lehman brothers (Robert 81). This paper seeks to expound on the Great Recession in, the role of the Federal Reserve in the issue and the US in response to the scenario.
On the other hand, the Great Depression was a severe economic depression globally in the period before the World War II. The depression started around 1930 and went up to 1940s depending on the country (Romer 1). In the 20th century, the Great Depression was the longest and most widespread. The genesis of the depression can be traced in United States around 4th September 1929 after the fall of prices in stock. The historical economic slump covered most of the industrialized areas of the world such as Europe and North America (Canterbery 137).
The collapse of the stock market prices catastrophically on the New York stock exchange marked the beginning of the Great Depression in 1929. The consecutive three years saw the continual fall of the US stock prices. This ruined thousands of investors, strained many financial institutions, and banks especially the ones whose portfolios held stocks. This consequently made them insolvent. The resultant outcome was reduction in spending, demand, and finally production hence aggravating the downward fall (Romer 2). This led to fall in output and drastic unemployment rise (Gunderson 81).
It is notable that the devastating effects of the Great Depression affected both rich and poor countries. Prices of goods, profits, personal income, and even tax revenue dropped. Moreover, the international trade nosedived by more than 50%, unemployment rate in United states increased by 25% ( Gunderson 54).
In trying to draw parallel and to exclusively compare the great depression and the great recession of 2008, it is important to recognize and accept that the world of 1930 and the world today are radically different. For instance there is a substantial ...Download file to see next pagesRead More
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