Essay on The Financial Crisis Of 2008

1125 Words Dec 4th, 2015 null Page
Unemployment in every case is viewed differently as a good or bad thing depending on a person’s point of view. Some people view and believe that there is a certain level of unemployment. Unemployment can be natural especially, if the unemployed are not skilled and educated for certain jobs. Unemployment can cause a high elevation of unemployment which enforces a major cost to human beings, society and the country as a whole. Depending on how unemployment is measured, people’s view of unemployment is looked at differently. The financial crisis of 2008 literally brought America to its knees. The last time America was in financial trouble was during the Great Depression. The Financial Crisis of 2008 is also known as the Global Financial Crisis. The cause of the financial crisis 2008 was due to banks’ lending more money the people could afford. It threatened the collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment.
“Unemployment occurs when a person who is actively searching for employment is unable to find work. Unemployment is often used as a measure of the health of the economy. The most frequently cited measure of unemployment is the unemployment rate. This is the number of unemployed persons divided by the number of people in the labor force.”

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