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Essay / Research Paper Abstract
This 3 page paper takes a look at the present recession and compares it to the Great Depression. Various causes and past problems are discussed such as the savings and loan crisis of the 1980s. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: RT13_SA922eco.rtf
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Unformatted sample text from the term paper:
the people who were alive in 1929, but each of the financial crises have yielded their own specific results. Some believe that the people should have learned their lesson in
1929, but the truth is that there was a similar event-a similar market freefall-in 1987. Hence, it would have been unlikely to avert the present disaster. However, one could say
that consequences were mitigated in part because there were things in place that were not present in 1929. After the stock market crash in 1929, Roosevelt implemented New Deal policies
so that a crisis of that magnitude would never happen again. Indeed, there is unemployment insurance today that was not available to the people at the time. President Obama is
altering policy to assure that people have a cushion to fall on if in fact they are experiencing a personal financial crisis. A student writing on this subject suggests that
perhaps the financial hsitory of the U.S. plays a role in the present condition. That is, there were many things that have occurred in the past to suggest the future
may not be as bright as some have claimed. In other words, while people were living well during the 1980s and 1990s, they should have seen the 2000s coming. The
student notes that attention to things in the history of the U.S. might have averted or mitigated the current crisis and these factors are the 1929 crash, the Great Depression,
the quagmire of the Vietnam War, oil shocks, the savings and loan debacle during the 1980s, and later, various corporate scandals such as Enron and WorldCom. The student asks: "What
kind of policies got us out of those messes? Will they work again? Are the conditions for recovery the same? Are we as a society, over-optimistic, naive, amnesiac or schizophrenic?"
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