Domestic Consequences Of The Economy

“If to be in crisis means that the whole system is on the brink of total collapse or explosion, then we probably do not have a crisis.” (Cavadino and Dignan, 2002: 10)

You pointed out how the Great Recession also affected the inmate with mental health or substance abuse issues. This is a very important factor because many people including myself, focus on the major hits caused by the Great Recession such as, unemployment and the housing market crisis. The inmate mental health population had many hardships with getting needs addressed prior to the Great Recession. The Recession however, could only have intensified the problem. Inmates are not looked upon as tax paying citizens and their needs are often overlooked or not addressed entirely.

Many compare the instability of the economy of today to the 2008 financial meltdown. According to author Joel Havemann in 2008 the nation documented the economy as the world’s worst dangerous crisis since The Great Depression since 2007. Afterward in 2008 a deep recession encompassed the world (. However, the 2008 crisis is not the same as the same as today.

In the film “Capitalism Hits the Fan” economist Richard Wolf explains the historical framework of the economic crisis as a crisis of overproduction. Wolff states the Crisis of 2008 was caused by overproduction and stagnant wages that spurred a series of booms and bust that are not temporary.

Both political and economic events can trigger a crisis. Political trends and laws are standards

The United States suffered its worst recession in the postwar period between the years December 2007 and June 2009. Every sector of the United States economy was severely affected. Many people became unemployed. Though macroeconomists had predicted a stable economy, the Great Recession happened. Policy makers such as Congress became responsible for the economy's recovery. The Great Recession had lots of effects. Recession involves a fall in Gross Domestic Product (GDP). GDP is the total value of both goods and services produced within a country. When a country's GDP falls, there is lower income for people living in the country. This results in high costs of living and increase in poverty. Many people lost their jobs. The category of people

It is important to understand the different stages of a crisis to prevent one from happening, and being able to handle a crisis properly. Disastrous events will occur in the life of most businesses (Crandall, Parnell, & Spillan, 2013). There are two methods to handling a crisis.The first method is to keep a crisis from happening, and the second method is to try and make a positive outcome when a crisis does occur (Crandall et al.). Economic crisis affects many people, consider the housing boom crisis. Home owning families have a problem paying their mortgage, because of the housing rising prices, and they have issues with investing in an education due to the economy (A Housing Boom Puts Young People off Studying, 2015). In the year of 2006,

A crisis is a time when a difficult of important decision must be made according to the secondary definition of the term crisis in the dictionary. Personally I feel that this is the best definition in regards to the existing economic crisis the United States is currently undergoing. While there were many factors that have contributed to the foreclosure situation we are presently experiencing, I believe there are just as many solutions we could use to turn our economy around. In response to the recession we must as a country change the way we do some things to enhance the money flow.

People always think that the technology renovations, institutional changes and experience gains can make the world emerge from financial crisis saying that 'this time is different'. But they may be too optimistic. The outrageous truth is that each new financial crisis is not predicted or forestalled. As Reinhart and Rogoff said in their book 'This Time is Different', technology is changing, fashion is changing, but self-deception of governments and investors are not.

It is a state of economic difficulty occurring globally that has been experienced by the markets and the consumers. Global financial crisis is one of the most notable global economic disaster occurred since the great depression 1929.

(during the crisis of the same year), many see it as a key factor in

Among the examples we find the shock known as Black Monday from 1987; the so called lost decade of Japan 1990; Black Wednesday from 1992; the Mexican peso crisis (also known as Tequila effect) from 1994; Asian Crisis (or Asian Flu) that began in 1997; the Russian Crisis (also called Russian Cold) from 1998; the Brazilian Crisis (otherwise Brazilian Sneeze) from 1999; Dotcom Crisis (alias Nasdaq Rach) from 2000; Argentinean crisis from 2001, and of course, the present crisis, which began in 2007, also known as the Suprime Mortgage Crisis, Banking Crisis, Sovereign Debt crisis or just the Global Financial Crisis. (Kindleberger and Aliber, 2005) from the dawn of the civilization until 1997, identified a total of 39 local and global economic crises, all crossing the borders of a single country. Similarly (Reinhart and Rogoff, 2009) between 1800 and 2008 identify in 138 countries a total number of 783 banking crises. Over the past century the number of crises rose with 300%, and this number is only referring to banking crises.

Huge number of the masses living in violent urban areas characterised by instability, an absence of infrastructure and access to basic services, violence and destitution and also high disaster danger.

It is said that " A recession is when other people lose their jobs and high unemployment rate is in economy. A depression is when you lose your job and money stop coming in."

My research was focused the world crisis but especially the financial crisis between European countries and the inconvenient for the rest of the world.