What Caused the Economic Collapse of 2008 - 1085 Words

Anthony Smith Dominique Dieffenbach ENC1102 – English Composition II 7 February 2012 Who is to Blame for the Economic Crash of 2008? Throughout history there has always been some sort of a class struggle. The rich always seemed to get richer while the poor barely managed to get by. One of the main things that contributed to the ever-expanding gap between the rich and the poor was greed. Whether it was the greed for money or for power, greed was certainly a driving force. More recently, the greed of several, rich and powerful individuals helped to cause one of the largest financial collapses of modern times. The purpose of this paper is to establish some of the key players in the economic crash of 2008, and to show some common†¦show more content†¦Sadly, this would not be the case. Later in his Presidency, Ronald Reagan would appoint Alan Greenspan to head the Federal Reserve Bank. Greenspan, an economist, had previously sent a letter to government regulators to help convince them of the â€Å"soundness† of the savings and loan industry and its need to be de-regulated. He was paid $40,000 by a top executive of the savings and loan industry, Charles Keating, for his work in convincing the regulators to de-regulate the savings and loan industry. After the collapse of the savings and loan industry, many top executives were arrested and sent to prison for looting their companies, Charles Keating was one of the main criminals that were sent to prison. (Ferguson 15:35) Works Cited Blumberg, Alex, dir. â€Å"The Giant Pool of Money – Episode 355.† Dir. Davidson Adam, This American Life. NPR News: WBEZ, Chicago, 09 May 2008 Radio. Ferguson, Charles, dir. Inside Job. Prod. Marrs Audrey. Sony Pictures Classics, 2010. DVD. Levin, Carl, and Tom Coburn. United States. United States Senate. Wall Street and the Financial Crisis: Anatomy of a Financial Collapse. Washington: Committee on Homeland Security and Governmental Affairs, 2010. Who is to Blame for the Economic Crash of 2008: An Annotated Bibliography Blumberg, Alex, dir. â€Å"The Giant Pool of Money – Episode 355.† Dir. Davidson Adam, This American Life. NPR News: WBEZ,Show MoreRelatedThe Issue Of Corporate Greed1287 Words   |  6 Pagesskewed for dramatic effect?† The Big Short tells the story of the financial crisis of 2008 and tackles the issue of corporate greed in the form of the true stories of a few men who saw the crisis coming. The issue is not overblown at all. This can be observed by simply looking to the devastation and chaos caused by banks trying to make money by preying on the poor and un-informed in the years following 2008. Most of us are old enough to remember the mind-numbingly large number of people thatRead MoreA Report On The Foreclosure Crisis1207 Words   |  5 PagesGreat Recession of 2008. 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