The Global Financial Crisis Of Broward College

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Research Paper: The Global Financial Crisis
Michelle Beira
Broward College

There have been few financial crises in the United States. The Global Financial Crisis of 2008 to 2009 was the most recent and before that was The Great Depression of the 1930s. The Global Financial Crisis actually began in 2007 when prices of homes tanked. It not only affected the U.S. but it also affected economies overseas. The entire investment banking industry, some of the biggest insurance companies, enterprises government used for mortgage lending, top mortgage lenders, the largest savings and loan companies, and two of the largest commercial banks were many of the financial sectors affected by the crisis. “Banks stopped making loans, share prices plunged throughout the world and most of the world plummeted into a recession” (The Financial Crisis of 2008: Year In Review 2008,” 2009, para. 1). Globalization of financial markets began after the Depression and World War II. After the Great Depression and World War II there was much physical and economic ruin in Europe, Asia and parts of Africa which allowed the U.S. to become a leader in the world financial system. Top world leaders like France, Germany, Britain and Japan were economically and financially unstable. The U.S. was the only stable capitalist country which means it was capable of determining the terms of a new world economic order (“The 2008 World Economic Crisis: Global Shifts and Faultlines,” 2009, para. 34). The first task in

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