economic crisis origin
economic crisis origin
How to effectively adjust the imbalance in economic structure
The global financial crisis, which has been beginning from February in 2007, has now been more than two years, then what is the situation nowadays? A conception called post-crisis era was proposed nowadays.
The author gives two hot issues in his points. Firstly, all the factors which have caused the current financial crisis have not effectively been resolved in the crisis. According to Marx’s economic theory, economic crises, of course, are the general outbreak of society conflict, but also provide a new basis for the future growth of the process. In other words, we might see a lot of industries, many industries have been destroyed in the crisis, but this destruction is beneficial for the future growth. We can consider the crisis as a disinfectant which can clean up our original negative economic foundation and create a new foundation. Based on the analysis of this financial crisis, as for relief, it is unprecedented and very successful. However, many factors led to this crisis such as economic structural imbalances are not fully exposed and effectively eliminate. Due to the global economic imbalances, various industries have been declining in the United States where the new competitive did not find to be through this crisis. From his view, many factors should be resolved in this crisis, but in fact, in order to settle employment problem and maintain the social stability, a lot of things have been frozen. In China, before the economic crisis, the task of economic restructuring has been very serious, but because of the crisis, the China had to slow the pace of economic restructuring, which would make the issue of economic imbalance become more serious than before.
Secondly, the Fed’s balance sheet is about 900 billion U.S. dollars before the crisis, at the worst time, the balance sheet is 3 trillion dollars and now the number is 2 trillion dollars. It is a cardiotonic to settle the crisis by the way of putting so a large-scale funding to the market. But for the future, it is an obstacle to recovery the growth. In general, there is no effective solution to resolve the old problems caused the crisis, what’s worse, new problems are caused in the process of finding many measures. If these two types of problems are not effectively solved, it is ridiculous to talk about the road to recovery from the crisis.
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What is the origin of the current global financial crisis?
I would really like to understand, at least the basics of the current economic crisis but i’m a bit clueless when it comes to this sort of thing. Could someone give me a brief outline of HOW the crisis came about, the implications and anything else of relevance! Please??!
Cheers!
Deregulation of the Banking industry during the Regan/Thatcher axis got rid of Bankers, and brought in salesmen.
Instead of giving financial advice which helped people the primary purpose was to sell things to people such as loans, credit cards and mortgages.
Whereas a banker would have looked into the recipients ability to pay, the salesman pushed sales to make bigger bonuses for themselves.
This bonus culture permeated throughout the banking industry with heads of banks pushing more dodgy loans because the interest was higher and the bonuses for themselves were higher.
Eventually we got to a situation where it was worth more to a salesman to sell a loan to someone who couldn’t afford it than it was to someone who could.
Loans had been made for houses which people couldn’t afford, in the hope that the rising housing market would generate a return. Mortgages to let where outstripping people who wanted to buy a house, people where buying second houses as an investment, and driving the housing market to unsustainable levels.
Eventually the whole house of cards collapsed when there was a ‘blip’ in the housing market, and it became obvious that the banks had been cavalier for at least the last 20 years, and a lot of chickens came home to roost.
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