Read an overview of the Recession of 2007-2009 (Links to an external site.)Links to an external...

Read an overview of the Recession of 2007-2009 (Links to an external site.)Links to an external site. from Culture Wars in America. What were the major contributing factors to the crisis? Who do you feel is to blame? Can you see how something like this could happen? Do you predict it will happen again? Why or why not?

Expert Solution

Blame

Decions taken by Government and Democrats: Govt. was not able to properly regulate the financial industry. it also includes the housing mortgage which leads to bursting the housing bubble and entire financial sector hampored.

Major Contributing factors

Easy access to loans

Excessive corporate and consumer borrowings at higher rates

Housing Mortgage Bubble

US labour market and Job loss during that time (unemplyement in US market rise by near aroud 10%)

Technological innovation

Decline in GDP rate

The crisis could be avoided just required to take better decisions at that time.

Federal reserve needed to take strict actions to curb the excess mortgage lendings
Rules and regulations of the banking system shoud be in control and required to follow a set of guidelines and regulation which should be applicable to all majorly
Role of decision makers could have played a crucial role in the entire scenerio created.

As above discussed, a poor financial planning and implementation and less of syncronization weather its industry based or among the government, private and public sectors could lead to risk the economy like same it did and there is no certainity that it would not ever happen in the future.

jeff jeffy answered 2 years ago

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