Stock Market Crisis

The stock market crash started on September 29, 2008. The stock market crash of 2008 lost $10.2 trillions of dollars. This crash had a huge impact on America even today. The cause of the stock market crash of 2008 is that Congress rejected to send the bank bailout bill . One of the impact that the stock market crash affected is that we are making less money. Emily Sanders, managing director at United Capital Financial Advisers says that “Real income is down”. The first reason for the reduction is that so many workers had to deal with job loss and long periods of unemployment during the past years. While the U.S. jobless rate fell to 7.4 percent in July 2013, according to the U.S. Labor Department, about 3.5 million Americans have been out of work for more than two year. Another way that the crash affected is that it is harder to get a mortgage. Before the stock market crash of 2008, it was easy and quick to get a mortgage even if you had credit card issue or no …show more content…
The crash had been building for a long time. This crash was the biggest crash in one day. Their were to banks that were standing in the major investment in September 21, 2008. The two banks that were standing were Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS). There are converted from investment banks to bank holding companies in order to gain more flexibility for obtaining bailout funding. After a 10-day bank run a Federal Deposit Insurance Corporation (FDIC) snatches Washington Mutual, then the nation's most savings and loan, which had been heavily exposed to subprime(referring to credit or loan arrangements for borrowers with a poor credit history, typically having unfavorable conditions such as high interest rates) .mortgage bill. It was 2008-2009, the crash lasted. March 23, 2009, the S&P experienced nine of its top 20 largest single-day percentage