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Wall Street Financial Crisis

In: Business and Management

Submitted By Finemaster
Words 3596
Pages 15
Wall Street Financial Crisis
Student’s Name
Institution
Date

Paper Draft
Introduction
Background of the crisis.
The effects and impact of the financial crisis.
Results of preliminary reports.
Sociological perspective of financial crisis
The aspect of sociology in financial crises
Senate’s investigative report
The key players and their roles
Why the workers remained unknowing
The sociological explanation of the unpredictability of the crisis
Conclusion

Introduction
The Financial Crisis of 2008 was described by economists, analysts and even sociologist as the worst and most devastating economic crisis since the 1930s Great Depression. It threatened a total collapse of huge financial institutions, banks bailout by governments, and major downturns in security's exchange around the world characterized this dark economic year. The housing sector in many areas in the world t also suffered, with the result being forced and unnoticed evictions (Coxe, 2005). Many people lost their jobs and there was a prolonged unemployment leading to family crisis and debts. Key businesses including banks failed and there was a huge decline in the consumer profits. The small unsecured financial institutions suffered the worst ever insolvency resulting from bank runs that characterized this period. The declines in consumer wealth were estimated in trillions of U.S. dollars. All these activities took a very short active phase, manifested as a liquidity crisis, and dated from August 9, 2007, when BNP Paribas business with three hedge funds complaining of “complete evaporation of liquidity.”
The Wall Street financial crisis was a hard blow to the global economy. The events leading to such a huge downturn only unfolded later. In September 2008, many Americans were faced by an extraordinary turn of events in the Wall Street financial markets and federal government response to…...

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