The Global Crisis Of 2008 Essay

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The Global Crisis of 2008 The 2008 financial crisis leaded the USA to one of the most important recession after the Great Recession of 1980. It started in 2006 with the subprime crisis, and the proliferation of mortgage backed securities following by the estate crisis. The crisis was global ; it affected the whole economy; the financial institutions as well as the households and investors, and caused a stock market crash in September 2008. The government proposed several plans and packages to overcome the situation.
Since the end of 20th, the society has experienced an important increase in consumerism. The consumerism is an economic ideology that encourages people to acquire and buy goods and services. The US economy is based on the fact that people should consume and possess to be happy. Along the years, the US lauded materialistic values that led the country inevitably to a financial crisis. The global crisis of 2008 also called « The Crash of 2008 », started in reality in 2006. In fact, as suggested Kimberly Amadeo, « there were warning signals as early as 2006 that the housing market was starting to falter » but politics did not react and probably thought this will not affect the economy as a whole. The crisis of 2008 was marked by the stock market crash of 700 point drop in the Dow Jones on September 29 which was « the largest point drop in the history » (Amadeo). The Crash of 2008 is a complex event with many factors and consequences involved. In the first part of
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