The Financial Crises Of 2008 - 1702 Words

The Financial Crises of 2008 is an ongoing global financial crises that is the worst catastrophe in modern banking since the Great Depression. Four million people lost their jobs and another one million people lost their homes. A lot of people were and are still affected by this catastrophe which was easily preventable had there been a general populous that was financially literate. It seems as if the banks are looking to trap people into loans with complicated wording and fine print that requires a trained eye to see. That’s why so many people got duped into thinking that they have received cheap money with little down payment when the reality is that loan trapped them into paying high interest payments. There is no exact estimate†¦show more content†¦If kids are taught how to manage their own money, they will have a higher standard of living, give them more independence and have the freedom to choose their path without worrying about financial handcuffs - student l oans, car payments, or even credit card debt. Last year, around 39% of 18 - 24-year-olds were enrolled in college, and about 1.8 million resided in on-campus dormitories. For many students, college is the first time that they can gain financial freedom from their parents. Some even carry the financial burden of paying for college out of their own pocket, paying thousands of dollars before they even complete their first year. The complexity of applying for student loans and managing debt can be made simpler if students are guided through the admissions process. On the other hand, some kids decide to skip out on college, around 60 percent of these students didn’t even apply to college at all! Those who enter the workforce straight after high school need extra assistance in filing their own taxes, balancing a check, and applying for their first credit card. Since no one is born understanding how to manage money, it’s important that they build a strong financial foundation for kids to learn at an earlier age because once the wrong habits are formed, they are hard to break. According to a recent survey by XXX REPORT only 26% of 13-21 year old surveyed recently said that theirShow MoreRelatedThe Financial Crises Of 20081701 Words   |  7 PagesPg.3). The Financial crises of 2008 has had a major impact on the lives of individuals, for some it has been beneficial for others dire. Many people no longer have faith in the ‘capitalism that presents itself as a gospel of salvation’ (comaroff review, find) and are embracing alternatives to lassaire faire capitalism. The crises has seen the rise of anti-capitalist movements such as ( people before profit) offering an alternative vision to mainstream capitalism. In the EU the crises has forced peopleRead MoreThe Financial Crisis Of The Decade1364 Words   |  6 PagesThe financial crisis of the decade is considered the largest and most severe compared to the Great Depression. The crises reshaped the financing and investment banking business not only in the United States but globally. The top largest banks have fallen due to the losses they have incurred in connection with their investments in the subprime mortgage markets. (Financial Crises 2007-2008 Overview) Governments had to come up with some solutions in order to further avert the decline of their countryRead MoreFinancial Crisis Essay1088 Words   |  5 Pagesinstitutional investors propagated the financial crises. Institutional investors, which is both, individual or companies do enjoy the benefits of reduced commission preferential regulations. 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Many believe that the banking and financial crises were a large contributor to how the Great Depression went down, especially the three banking crises that hit the United States during that time. The first panic happened in October of 1930, the second in March of 1931, and the third began at the end of 1932. Because of all this, different reforms