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Journalism - The Economic Crisis
Journalism & Communication
Pages 5 (1255 words)
Name Instructor Task Date The Economic Crisis The economic crisis started in the mid 2007 and continued through 2008and caused many financial institutions to collapse. The crisis changed how many people lived since they had to cut on their budgets so that they could be able to survive and take care of their daily needs.
The people I interviewed gave varied responses to the causes of the economic crisis but from the interviews it was clear that it affected people’s living standards since inflation hit hard ion people s pockets and they could no longer live the way they used to do before. People feel that the economic crisis was caused by the debts that most people in the United States live with. The rate of profit of the economy had fallen and this meant that there was a high rate of inflation. Businesses were forced to adjust to the crisis by laying off workers so that they could continue being in existence. The rate of unemployment also increased as a result and this meant that the unemployed people could not get money to meet their daily needs. The decline in profits cased investments to reduce and since the economy depends on returns from business, the economy was set on the crisis. Other people feel that mortgage lending caused the economic crisis since the cost of housing increased significantly during the crisis. This is because people had to pay a lot of money for their housing units and they were left with little money to meet their other needs. People feelings about the economic mess are varied but most people feel that it ruined the lifestyles as they had to budget their finances so that they could be able to survive with the money they had. ...
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