DISCUSSION POST MUST BE 8+ SENTENCES AND THE PEER REVIEWS MUST BE 6+ SENTENCES BE POSITIVE STAY ON TOPIC AND DO NOT COMMENT ON GRAMMAR ERRORS.
Inside the Financial Crash
VIDEO: 60 Minutes Inside the Financial Crash
After watching the Inside the Financial Crash video, how did this financial crash impact you, your family, a career you may have been laid-off from, and/or someone you know that were affected?
DIRECTIONS: To get started, click on the +Pin option on the upper right hand corner and write your response. Click on “How Points Work” to see how you can earn your points. Once you reach 100% you will earn your full 20 points in Blackboard. Please note that points can be deducted if the post is not high quality.
2) PEER REVIEW
In 2008, I worked in the credit card department at Bank of America. I remember taking so many calls from clients regarding their extremely high interest rates, many of them at the default rate. In 2008, Bank of America had bought out Countrywide Financial. I remember there was a big meeting that was held in the department to assure everyone that the BOA/ Countrywide acquisition wouldn’t effect our department or most departments at the bank and the department that would be mostly changed would be the makeup of the mortgage departments. Later in 2008 the bank made major cut backs in many departments, including my own, and myself and hundreds of my peers, bosses, and coworkers were laid off. Some that had more tenure had the offer to be cross trained to move to different departments. The ones that were not offered that option were provided severance packages.
3) PEER REVIEW
In 2007 and 2008, the financial institutions of America were in great turmoil. According to figures from the Census Bureau, between 2005 and 2009, the median net worth of the lowest fifth of income earners fell from $6,870 to $3,500, an astonishing drop of 50 percent. By contrast in the same period, the wealth of a typical household in the top fifth of earners fell from $343,863 to $283,081 a reduction of only 18 percent. While the wealth of the super-rich has surged with the roaring stock market, the majority of the population has had no recovery in its wealth. Because of the financial crash, my family went from a comfortable middle-class lifestyle to one of struggle. My grandfather had to sell many of his properties in the inner city. My grandfather was an African-American middle class barber who owned many properties, but he didn’t have enough power, money, or in the acceptable tax bracket to get bailed out. The US government responded to the 2008 crash by offering hundreds of billions of dollars in bailouts and trillions in free credit to the banks. Working households, over ten million of which foreclosed on their houses since 2008, were offered nothing. The rich get richer and the working class gets poorer, the foundation of American capitalism and greed.
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