Financial Crisis World Wide - 952 Words

Financial Crisis World Wide All around the globe communities, no matter the race, have been experiencing a drastic crisis. A crisis so drastic the youth of the world, in some cases, are being deprived of the nourishment they need to survive. Families, which have been residing in the same area for generations, are being forced out of their homes. The financial crisis the United States experienced in 2007 not only effected the United States, but the rest of the world as well. The last time the world saw such an enormous crisis was during the great depression, which lasted nearly 10 years, from 1929-1939. The rich became more wealthy and powerful, while the poor, who make up the majority of society, lost everything they owned. The average family struggled to make ends meet, causing the production of material items to slow down. Because of this, factories, along with other types of big businesses, began to close their doors. Once doors closed, men and women began getting laid off, which essentially led to them losing their jobs all together. Job loss led to a lack of steady income, which made it nearly impossible for families to pay their mortgage and loans. Big Men who were on top, or in power, were more worried about collecting debt than boosting the economy. I believe these same Big Men were the reason society saw the market crash in 2007. With saying that, I will be discussing what lead up to the market crashing, along with why the market crashed in the UnitedShow MoreRelatedThe Financial Crisis And The Collapse Of The World Wide Financial System858 Words   |  4 PagesThe 2008 financial crisis was one of the worst economic times since the 1929 Great Depression. It led a worldwide economical, social, and political instability that shook the very foundation of the term â€Å"laissez-faire†, or free market. Millions of people around the world lost their homes and their jobs, while large corporations and entire countries were at the brink of ins olvency. Others, who are as unfortunate, lost their life savings and pension funds. But it is important to question what ledRead MoreThe Era of Cheap Petroleum Has Finished797 Words   |  3 Pagesexperienced, I indicated that the greater package of stimulus to the world-wide economy did not come from the massive rescue to the financial system but of the low systematics that had the price of the crude one when happening of the 147 dollars that reached the barrel the 2 of 2008 July, to the 35 dollars whereupon it initiated year 2009. 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Due to these foreign investments into the economy, Singapore was able to prosper. The Aegean Islands was the highest percentage of Singapore s South Eastern Asian trade. As predicted by Stamford Raffles, Singapore succeeded in trade with the Aegean Islands, which made up 74% of Singapore s overall trade in 1825