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Essay / Research Paper Abstract
This 8-page paper focuses on the various causes of the 2008 financial meltdown, from subprime mortgages to the repeal of the Glass-Steagall Act. Bibliography lists 15 sources.
Page Count:
8 pages (~225 words per page)
File: AS43_MTfinasube.rtf
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Unformatted sample text from the term paper:
Teldar Paper stockholders in the 1987 movie "Wall Street." The point of Mr. Gekkos often quoted line was that greed for live, money, love and knowledge is basic to mankinds
survival. This is a somewhat frightening and ironic thought. Greed for money, after all, got the United States into recessions during the
late 1980s, 1990s the early 2000s, and more recently, caused the financial collapse of 2008. Following the Great Depression of the 1930s (during which the eminently practical Glass-Steagall Act
was passed), need was the primary focus. People needed jobs, they needed homes, they needed hope. However, as the century wore on, need gave way to greed, and greed -
especially consumer greed -- is what led to the financial crisis. In other words, the crisis was pushed forward by greed vs. need. Where we are today, where greed
finally pushed over the system, is a result of a long, winding road from the Great Depression to now, which involved the growing dependence on oil, leading to the rise
of suburbia and sprawl, leading to consumer debt (fueled by more and more marketing and public relations) and ultimately the from Islamic terrorists. Their attack on U.S. soil ended up
throwing the military into a needed war in Afghanistan and a still-questioned war in Iraq. In other words, things dont happen in a vacuum; they all come together for a
reason. But one other thing that happened following the terrorist attack of September 11, 2001 was that the Federal Reserve cut the
interest rate almost to nothing, which created a housing market (Subprime Meltdown). Whatever Happened to Glass-Steagal? "Commercial banks were accused of
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