economic crisis list
economic crisis list
Economic Crisis: Who’s To Blame
In the past two years this country has seen crisis after crisis. It started with increase of gas prices and ended in economic chaos. The United States economy, as well as the rest of the world, began to spiral out of control. In September 2008, Real Estate collapsed as a result of the variable rate mortgage.
As early as 1996, and possibly earlier, the variable rate mortgage started to become popular. People were now able to put one to five percent down on a piece of real estate rather than twenty or twenty-five percent meaning more money left in their pockets. However, what they did not realize was that while the first eight years of that mortgage would be manageable, the years following would place a crunch on their bank accounts and lives. Essentially, a variable rate mortgage was set up in such a way that the interest rate would float depending on the economic conditions. So who is to blame for the crisis that this country currently faces? This confidence led to the economic bubble that burst just a short time ago.
The people who got into these mortgages rode the economic upturn and began to think with their wallets rather than their minds. In this case, the blame should be placed on the individuals who were negligent. To invest in a piece of real estate or anything for that matter, one should weigh the risks and rewards that come with said investment. In this case, the perception is that they did not realize the inevitability that led to the bursting of the economic bubble.
That burst shattered the confidence of the American consumer as well as the international consumer. With the significant decline of the stock markets, people began to feel frightened about the way they were spending their dollars and many lost significant retirement savings invested in the market. Soon after, one could see cars, boats, and other material belongings on the sides of roads and highways for sale. These things were consumed because of a false sense of financial security brought on by the variable rate mortgage. In addition, the amount of foreclosures rapidly increased because people were unable to afford their monthly mortgage payments. The consumer had been defeated by their own consumption.
For years the American economy has been based on opportunities, freedom, consumerism, and a “keeping up with the Jones” mentality. People base their social status on who has the newest car, appliance, television, home stereo system, yacht, and the list continues seemingly forever. This list now consisted of who had the fanciest home. People who were unable to afford a $750,000 home on a fixed rate mortgage were now able to ‘afford’ one; thus beginning the rapid but ultimately false merging of social class.
People’s propensity for consumption and their materialistic nature enraptured the economy and caused the crisis that currently faces the world. So what can be done to fix the crisis? The only thing that can effectively fix the crisis is for people to put aside their fears and concerns and consume. Consumption is the basis for a successful economy, and without it this country will continue to fluctuate in the wrong direction.
About the Author
What shops have gone into administration?
I’ve been looking all over for a list of shops and whatnot that have gone into administration (in the UK) since the start of the economic crisis. Obviously I’m not expecting a list of all the little, less well-known places but more the well known types, you know?
Been looking for a list all over and can’t find access to anything! Any help would be appreciated, thank you.
Woolworth’s was the first and biggest
Zavvi, formerly Virgin Megastore, lost its main supplier, who happened to be Woolworth’s, and also folded.
Adam’s childrenswear are in receivership, with the majority of stores to close.
Waterford Wedgwood (glassware and pottery) are in administration looking for a buyer. Closure could see the ceramics industry vanish from Stoke on Trent.
Mark’s and Spencer to shed 1000 jobs, or 2% of workforce, tomorrow.
MFI collapsed and closed down, but its problems started years ago. It was bought for a nominal sum of £1 a few years ago, and cited mounting debts and falling orders, due to people preferring to get furniture from rivals Ikea, and a downturn in the popularity if DIY and home assembly.
The cause of Woollie’s collapse was obvious – it sold useless overpriced tat, and most of its stores vanished years ago. Zavvi was an obvious casualty of it, since Woolworth’s supplied virtually all its stock.
Adam’s sounds like a safe bet – children still grow when money is tight, and still need clothes. But its clothes were of no better quality than childrenswear in Asda or Tesco, and priced much higher.
As for Waterford Crystal and Wedgwood, these are luxury items. Companies specialising in luxuries suffers when money is tight. A dinner service mass produced in the far east may be of inferior quality, but they do the job and will sell. Wedgwood’s decorative wear is an absolute luxury and the market is not there right now.
Mark’s and Spencer’s is always constantly in trouble, due in no small part to its pricing.
Expect places like Primark, Aldi, Netto, Asda and Tesco to do very well from the downturn.
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