The Crash of 2008: Causes and Lessons to Be Learned

Autor/inn/en	Gwartney, James D.; Connors, Joseph
Titel	The Crash of 2008: Causes and Lessons to Be Learned
Quelle	In: Social Education, 73 (2009) 2, S.63-67 (5 Seiten)Infoseite zur Zeitschrift PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0037-7724
Schlagwörter	Current Events; Housing; Real Estate; Loan Default; Banking; Failure; Unemployment; Money Management; Risk Management; Economic Factors; Debt (Financial); Public Policy; Incentives + Suchen Sie Ihr Suchwort? Aktualität; Unterkunft; Grundstück; Schuldnerverzug; Bankgeschäft; Arbeitslosigkeit; Risikomanagement; Ökonomischer Faktor; Öffentliche Ordnung; Anreiz
Abstract	The headlines of 2008 were dominated by falling housing prices, rising default and foreclosure rates, failure of large investment banks, and huge bailouts arranged by both the Federal Reserve and the U.S. Treasury. The wealth of many Americans has been substantially reduced and concern about a lengthy and severe recession is now widespread. All of this turmoil has come on the heels of more than 20 years of solid growth and unprecedented economic stability. What caused this crisis? In this article, the authors takes a look at four factors that underlie the rise and fall of housing prices and the conditions that eventually culminated with the crisis of 2008. These factors are: (1) Declining lending standards; (2) Federal reserve interest rate policies; (3) Excessive leverage; and (4) Increased household debt. The authors also discuss the lessons to be learned from the current crisis. (Contains 2 figures and 2 notes.) (ERIC).
Anmerkungen	National Council for the Social Studies. 8555 Sixteenth Street #500, Silver Spring, MD 20910. Tel: 800-683-0812; Tel: 301-588-1800; Fax: 301-588-2049; e-mail: membership@ncss.org; Web site: http://www.socialstudies.org
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2017/4/10