Stock Market
From Inside Job, a documentary about the lead up to the stock market crash of 2008, Christine Lagarde said “The financial industry is a service industry. It should serve others before it serves itself.” The year 2008 was a huge scare for the common man in the United States. When the housing market crashed, everyone saw their lives change before their eyes and feared for their future. Stocks went down faster than the speed of light and with time of change heading towards the United States of America as there was a race for a spot in the white house, people were scared to say the least. While people’s eyes were glued to the polls, no one could have suspected what would be happening except for those involved. Homes to tens of millions …show more content…
To continue with same grounds, in the year 2000 the Clinton Administration, particularly Larry Summers, Alan Greenspan and key Congress members including Senator Phil Gramm helped enact the Commodity Futures Modernization Act, which banned all regulation of financial derivatives and exempted them from anti-gambling laws. (Inside Job). Then the Dotcom Bubble Burst happened. The Dotcom bubble grew out of the presence of trending investing, a lot of venture capital funding for startups and the failure of dotcoms to turn a profit. Investors poured money into internet startups during the 1990s in the hope that those companies would one day become profitable, and many investors abandoned a cautious approach in fear of not being able to cash in on the growing use of the internet. (Dotcom Bubble Definition). In the year 2000 Eliot Spitzer sued eight investment banks for conflict of interest and recommending dot-com stocks they thought were junk. The lawyers had reached settlements totaling $1.4 billion in fines in the year 2002. (Inside Job). Through 2000 to 2005 the investigations of Fannie Mae and Freddie Mac revealed a massive accounting fraud and in 2002, Arthur Andersen, auditor, was convicted of obstruction of justice for shredding Enron documents. (Inside Job). …show more content…
When it first hit, people were surprised but after looking back at the years of buildup it could have been easily stopped. After the common citizens were being taken advantage of by the selfish people of the top ten percent that were in control of the stock markets and the money of America. Not only were American lives turned upside down but many people around the world had lost their normal lives when their countries had their own economic crises. People today are still trying to dig themselves out the holes that they had been buried in when the stock market crash of 2008
From Inside Job, a documentary about the lead up to the stock market crash of 2008, Christine Lagarde said “The financial industry is a service industry. It should serve others before it serves itself.” The year 2008 was a huge scare for the common man in the United States. When the housing market crashed, everyone saw their lives change before their eyes and feared for their future. Stocks went down faster than the speed of light and with time of change heading towards the United States of America as there was a race for a spot in the white house, people were scared to say the least. While people’s eyes were glued to the polls, no one could have suspected what would be happening except for those involved. Homes to tens of millions …show more content…
To continue with same grounds, in the year 2000 the Clinton Administration, particularly Larry Summers, Alan Greenspan and key Congress members including Senator Phil Gramm helped enact the Commodity Futures Modernization Act, which banned all regulation of financial derivatives and exempted them from anti-gambling laws. (Inside Job). Then the Dotcom Bubble Burst happened. The Dotcom bubble grew out of the presence of trending investing, a lot of venture capital funding for startups and the failure of dotcoms to turn a profit. Investors poured money into internet startups during the 1990s in the hope that those companies would one day become profitable, and many investors abandoned a cautious approach in fear of not being able to cash in on the growing use of the internet. (Dotcom Bubble Definition). In the year 2000 Eliot Spitzer sued eight investment banks for conflict of interest and recommending dot-com stocks they thought were junk. The lawyers had reached settlements totaling $1.4 billion in fines in the year 2002. (Inside Job). Through 2000 to 2005 the investigations of Fannie Mae and Freddie Mac revealed a massive accounting fraud and in 2002, Arthur Andersen, auditor, was convicted of obstruction of justice for shredding Enron documents. (Inside Job). …show more content…
When it first hit, people were surprised but after looking back at the years of buildup it could have been easily stopped. After the common citizens were being taken advantage of by the selfish people of the top ten percent that were in control of the stock markets and the money of America. Not only were American lives turned upside down but many people around the world had lost their normal lives when their countries had their own economic crises. People today are still trying to dig themselves out the holes that they had been buried in when the stock market crash of 2008