The+Recession+Takes+Its+Toll



For years, the financial and mortgage markets weakened due to p oor decisions of b a nks in their loans. The minimal regulation of the markets allowed this to continue for a long while until 2007 when the problems rose to the public eye. At this time the United States entered a sub-prime mortgage crisis that concerned the global financial markets. As time passed, the stock market fluctuated, with companies like DOW experiencing frequent substantial dips in points. Finally in late 2008, the U.S. government took control of major mortgage finance companies to keep the economy afloat. However, a couple months later, the government announced the country was officially experiencing an economic recession.

Congressmen frantically gathered in Washington to try to discover a solution to the impending financial disaster. For days they discussed the source of the issue and what they could do to possibly reignite the economy. They decided to bail-out several mortgage companies to allow people to continue loaning, despite the irresponsible lending of said companies in the past. The rushed feeling in Washington to find a quick end all solution left everyone tense and overwhelmed.

Though the recession strained the politicians in Washington, the average citizen felt the hit the most. Mortgage value plummeted while progressively unemployment and foreclosure rates skyrocketed People felt it was the worse it had been since the Great Depression of the 1930’s. The working people, hundreds of whom lost their jobs felt angry, disappointed with their government. Some openly criticized the government and expressed their utter frustration.

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However, like Roosevelt’s new deal, the white house heads assured United States citizens there would be hope for a financial turnaround.