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1. U.S. Economic Crisis Essay
The United States is currently experiencing the biggest financial crisis after the Great
Depression, in this paper we will discuss what caused the current economic crisis and why? Two
What is the relationship between mortgages, the housing crisis and Wall Street? Third, how has this crisis affected fiscal policy and what are some of
the drawbacks of government intervention. Four, what is the recession doing to GDP, economic growth and inflation and how are other countries faring.
Five, discuss the different types of unemployment and why is underemployment becoming an economic issue and lastly, what should be done to get the
economy back into expansion mode. One main factor that caused the current economic crisis...show more content...
These loans were result of large acquisitions or lack of due diligence on loan purchases by these large firms according to Muolo, P (2007). Fiscal
policy is the government expenditure and revenue collection to influence the economy before the current economic crisis the government policy
was increasing home ownership. This crisis has affected fiscal policy and the government has intervened by providing simultaneous packets to
companies that have been affected by the economic crisis. In February 2008 President Bush signed into law a $168 Billion economic stimulus
packet, which was intended for the consumer to simply spend their rebates to cover higher food and fuel prices. Then in February 2009 President
Obama signed the American Recovery and reinvestment act of 2009, a $787 billion stimulus package that was allocated to help struggling
homeowners. Some other programs the U.S Government passed was the Emergency Economic Stabilization Act of 2008 or Bailouts of Major
financial institutions. There were some drawbacks by government intervening pose risks to price, financial, and fiscal stability. According to the
economy of United States are the worlds largest it's normal GDP was estimated to be $14.2 trillion in 2009. The total U.S Federal debt was $10.62
trillion, while the U.S public debt is the world's largest in absolute size. This debt as a
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2. The Greek Financial Crisis Essay examples
The Greek Financial Crisis
Ever since the end of 2009, Greece has been involved in a financial and economic crisis that has been record breaking and shattered world records in
terms of its severity and worldwide effects. The Greek government, since the beginning of the crisis, has attempted to take several governmental
measures to try and "stop the bleeding," including economy policy changes, dramatic government spending and budget cuts and the implementation of
new taxes for citizens. In addition to this, the government has tried to alter the perceptions of Greek government and economy by the rest of the
world in an effort to appear both more liberal and more democratic. Greece has also been working to privatize many previous...show more content...
As far as Greece's role in creating this crisis in the first place, it can be said that Greece is at fault for a variety of reasons. The media has been
focusing on the corrupt political system and infrastructure, the lack of competition in the private sector, the wastefulness and inefficiency of the public
sector and a flawed tax system as causation for this mess. When the public sector was expanded in the 1980's, Andreas Papandreou was given various
agricultural subsidies and grants to do with what he pleased. This enabled the funding of certain post–World War II groups to heal political wounds and
fund unions and other special interest groups to aid his political capital and strength. The policies enacted in this decade allowed for the increase in
power and funding of the middle class by creating a vast amount of inefficient public sector government jobs for citizens. This resulted in an increase in
the levels of inefficiency, bureaucracy, corruption and wasteful spending coupled with the increase in wages, pensions and benefits. This proceeded to
drain through government money and resources, and did not breed a culture of highly motivated, efficient and effective government employees. A high
amount of debts accumulated as the nation continued to proceed in this way, using state money to subsidize failing businesses
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3. American Bankruptcy Case Study
Starting from the problems of failure to pay housing loans (subprime mortgage defaults) in the United States (U.S.), then bubbled damaging crisis
banking system not only in America but expanded to Europe and to Asia. Successive causes a domino effect of the solvency and liquidity of financial
institutions in these countries, which among others led to the bankruptcy of hundreds of banks, securities firms, mutual funds, pension funds and
insurance. The crisis then spread to parts of Asia, especially countries such as Japan, Korea, China, Singapore, Hong Kong, Malaysia, Thailand,
including Indonesia, which happens to have long had precious letters these companies.
Of the various criticisms of the experts, that the problem was triggered...show more content...
Lehman Brothers announced a gradual loss before bankruptcy. On June 16, 2008, the company announced losses worth 2.8 billion U.S. dollars for
the second half of 2008. Followed by a loss of 3.9 billion dollars in the third half of 2008 (September 10) and resulted in bankruptcy announcement on
September 15, 2008. A similar shock is almost the same experienced by Merryl Linch, Citigroup, AIG and various other large financial institutions.
This reflects the weakening of the real sector with the bankruptcy of major U.S. companies like General Motors, Ford, and Chrysler that threaten
thousands of its employees work. Sure enough, the U.S. unemployment rate reaches 6.7% increase in line with the increase in pessimism among
consumers and investors during the period September to November 2008. It is the job separation rate (FLE) in the 34 largest last year. Recorded
533,000 employees laid off and reached a total of 1.91 million in 2008. (source: the U.S. labor department). Along with that, on November 30, 2008,
the U.S. government also announced a reduction in the value of real GDP for the part–III of 2008 by 0.3%.
Similarly also in Europe, the banking crisis in Europe was marked by problems at a small bank in the UK, the Bank Northen Rock, in mid–2007.
Northern Rock is a true small–scale private bank in the UK. However, when there Gonjang–ganjing crisis in August 2007 and the bank became the
spotlight. Withdrawal of major funding by the client
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4. Economic Crisis
Stabilization in the Wake of Economic Crisis Perhaps the most significant reason Pittsburgh was able to recover from the collapse of steel was the
decision, made early on by city officials and local developers, to seek out new industries rather than cling to the vestiges of the old. Beginning in 1981,
the Allegheny Conference (ACC), a non–profit coalition of local business and political leaders, made economic diversification their primary goal. The
conference established a committee whose sole task was to promote new industries. The committee's chairman said, at the outset, "we must
diversify...this time we must build new industries, new jobs." Over the next decade, the ACC helped secure financing for development projects
throughout the...show more content...
Symbolic of the success of that initiative, in 1990, Pittsburgh succeeded in capturing a $370 M investment in from the Sony Corporation to build their
two newest television manufacturing plants. Overall, these measures to stabilize Pittsburgh's economy were remarkably successful. Between 1982 and
1990, Pittsburgh's employment rate dropped 12.6% (from 17% to 4.6%). For the remainder of the decade, the unemployment rate hovered В±0.5%
compared to the national average. Thus, the successes of the late 1980s gave Pittsburgh had the breathing room to pursue longer–lasting, economically
sustainable reform. New Pittsburgh (1986–Present) Much of the success of the mid/late–1980s were the result of massive economic stimulation
measures rather than organic growth. Therefore, after the city recovered from the collapse of the early 1980s, city officials and local developers
continued their plans for further economic development. City officials used the successes of the late 1980s as a springboard to create the highly
diversified economy necessary for sustained economic growth. Since 1990, the focus of economic growth in Pittsburgh has been in three largely
codependent sectors: education, healthcare, and high–technology. Higher Education Since 1990, Pittsburgh's institutions of higher education have
largely driven its economic
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