Essay about The For The Financial Crisis

1052 Words May 13th, 2016 null Page
I thoroughly enjoyed how Blinder uses this book as a way of conveying to ordinary citizens what really played out during the financial crisis. It is deplorable that so many citizens are unaware of the details of this most recent recession, yet it is understandable as you come to understand the many components, or villains as Blinder nicknames them, that lent to the fall of the American economy. Knowing little about the specifics about the financial crisis myself, besides how it affected the Detroit area where I grew up, I found several aspects to be especially striking.
To begin with, I was shocked that there was a belief in ever-rising house prices and that so many subprime mortgages were given out to people without the suitable amount of income. It seems as if more people should have seen that the housing bubble was going to burst, and on top of that, the fact that there were so many bad practices of subprime mortgages that continued without any regulation is something I think more Americans should hear about and recognize.
Although I don’t think I’ll ever have a full grasp on it, the complexity in which the financial market runs was shocking to me. There are so many levels of securities and risks within the system. I have to wonder if any institution or person really has a true understanding of all the complexities. Without a simple system, it seems there will never be appropriate regulation to prevent another crisis happening again.
Furthermore, some other appalling…

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