The Great Recession

Topics: Economy, Late-2000s recession, Business cycle Pages: 2 (665 words) Published: July 7, 2010
Week Two Essay
Great Recession

If I had to choose on even that will have significance in my life it would have to be “The Great Recession”. The economic turmoil that started in early 2008 by the fall of Bearn Stern the 4th largest Investment Banking firm in the U.S. followed by the collapse of Leman Brothers in September of 2008 has led to the worst recession since the World War II and has been called The Great Recession. Being 31 years old and having witnessed recessions before as well as transformation of our economic system to service sector over the years from manufacturing as well as outsourcing of millions of job, I personally think this recession will have significant impact in our country in respect to our economic policies, political reform, historical implications, diplomatic matters with our trading partners, and also sociological and psychological effects as well.

Over the last 3 decades we have seen a bigger gap between rich and poor in this country in incomes earned and wealth created. Never before the gap has been so much larger than it is today and it’s getting even bigger. I can’t recall a country that survived by having 99 percent of its population in the bottom while the other 1 percent got all the income. We have lost our world respect in regards to Capitalism. For decades many in this country advocated that Capitalism is the way to go and laughed at some European nations who are Socialist as if they are naïve and don’t know what’s best for their people. As it turns out there is actually a lesser income gap between rich and the poor in countries such as France not to mention lesser government debt and same amount of taxes as United States even though some would argue they pay much higher taxes in Europe which is not true.

We are at an important point of time and have choices to make as a country as far as what direction we want to go forward when it come to our economic policies which are result of The Great Recession. The...
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