The Dodd-Frank Act Analysis

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The Federal Reserve made emergency loans to the big companies in order to prevent large banks from failing when their investors frightened. With the stock market crashing, on October 3, 2008, President George Bush signed the Troubled Asset Relief Program into law. TARP used 250 billion dollars of federal money to “bail out” the banks, and later automakers including General Electric. Government-working accountants reviewed large Wall Street banks’ balance sheets and disclosed to the public which were sound in order to instill more confidence within investors. In January of 2009, Congress launched the American Recovery and Reinvestment Act. The act invested in programs such as Head Start, as well as many construction projects, in order to…show more content…
An analysis of the issue shows that the automatization of jobs will eventually lead to mass unemployment, with many of those jobless workers unequipped to adapt to the new, advanced demands of a field, and unable to transition into another field. We have already seen a decrease in jobs due to automation. Since 2000, the United States has lost 5 million factory jobs, while from 2006 to 2013, manufacturing grew by 17.6% (roughly 2.2% a year). 88% of those jobs were lost due to “productivity growth,” cites a study by Ball State University. The study also found that all sectors grew in terms of productivity by at least 32% from 1998 to 2012 when adjusted for inflation, with computer and electronic products rising 829%. In fact, the researchers found: “If 2000-levels of productivity are applied to 2010-levels of production, the U.S. would have required 20.9 million manufacturing workers instead of the 12.1 million actually employed.” In summary, due to companies’ expenditures in automation and software, the output per U.S. manufacturing worker has doubled over the past two decades. Indeed, “the real robotics revolution is ready to begin,” according to the Boston Consulting Group, who predict “the share of tasks that are performed by robots will rise from a global average of around 10% across all manufacturing industries
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