Narrative Interview : The Global Economic Climate During The 2008 Global Financial Crisis ( Gfc )
1083 WordsMay 2, 20175 Pages
Narrative interview assignment_45181403
For this in-depth interview, I have selected my father, James Trainor as the ideal candidate to provide a comprehensive recount of the global economic climate during the 2008 Global Financial Crisis (GFC). And how his experiences of economic fluctuations and policies during the GFC changed his perspectives and understandings of macroeconomic decisions, as well as their effects on the modern world. At the time of the Global Financial Crisis, James was the Global Head of Employment Tax for the Macquarie Group, one of Australia’s largest investment banking institutions. Fortunately, James retained his position at Macquarie throughout the GFC. This allowed him to see first-hand the economic climate…show more content…
Following the GFC, James learnt that economic fluctuations and circumstances can instantly change without warning. In addition, as a result of the GFC, James has become a more conservative consumer. This trend of streamlining spending is evident in the current economic climate with low inflation in major global economies combined with low economic growth. James’s perspective of the GFC provided me with a greater understanding of the global economic climate and the unique attitudes and perceptions towards the Global Financial Crisis. During the interview, James stated that he was surprised to witness long-standing and well-established companies crushed by the financial and economic hardships of the recession. “The insolvency of Bear Sterns and Lehman Brothers came as a huge surprise to financial sector”. Said James. James also provided a detailed insight into why the United States and European markets were so affected by the GFC, and how their downturn rippled across the global economy.
Due to the initial global economic downturn, Macquarie’s global investment was extensively reduced. At the time, Macquarie was heavily invested in foreign assets in the United States and Europe. As the GFC severely hit those economies, Macquarie’s profits and share prices fiercely dropped. As a result, James’s stock options which he had accumulated since his initial employment in 2003 became