Financial Crisis : The Worst Economic Event Essay

1906 Words8 Pages
The Financial Crisis was the worst economic event to occur in the United States since the Great Depression in the 1930’s. Millions of people lost their jobs, assets, and life savings as a result. The crisis also affected millions of people all around the world as the event unfortunately made low income citizens in other countries even poorer. The causes of the Financial Crisis are pretty clear, greed seemed to fuel the entire event. Anything that the executives and other high ranking people of financial institutions could do for more money, they did even though it came at the expense of others. Had the government not stepped in and bailed out some of the companies that were on the brink of bankruptcy, who knows how much long the Financial Crisis could have lasted. Now you would think that lessons would be learned by this horrific event, but that is not necessarily the case. While the government took measures to prevent another Financial Crisis America could easily have another Financial Crisis again in the future, and this one may be worse than the first. You always hear people say that greed is the root of all evil, and in the case of the Financial Crisis that is extremely true. Prior to the crisis the housing market was booming and the value of homes were increasing significantly. People were taking out loans and paying mortgages far more often during this time because they were unable to afford the cost of homes due to the large value increase. Financial institutions
Get Access