Various perspectives on therecession
1.After watching all four videos, provide a brief overview of thevideos (and show how they related to each other? (4 points)
TheGreat Recession – Part One isa video that describes to the viewers the challenge of unemploymentcaused by the great recession. The video shows a high reduction inunemployment, a scene that was only experienced in the GreatRecession of 1980s. No matter one’s level of education, there wasdouble unemployment in all categories. It was a challenge to thosegraduates that had invested a lot of time, money and effort trying toget that quality education that they were sure would secure jobs forthem.
TheCrisis of Credit Visualized isa video that gives form to the economic crisis by basing an argumentthat designers have the ability to analyze a situation that iscomplex and then provide information to others. This video iscomprehensible as it gives graphic form to the credit crisis. Newrelationships and economic activities take shape through theshapes/graphics in the video.
TheCauses of the 2008 Financial Crisis isanother video that gives reasons as to why the 2008 recessionhappened. The video gives an overview of a practice that had emerged,where financial institutions such as JP Morgan dispersed credit riskamongst a number of banks. Despite being a short video, it gives awell described and categorical version of the causes and challengesleaders on how to avoid such occurrences in future.
AmericanWinter isa very emotionaldocumentary that gives stories from several households on theirstruggle after the worst economic crisis to face America, since theGreat Depression. The video shows how many families are finding itdifficult to get the most basic of needs, with others even going tothe extent of seeking assistance due to the challenges they arefacing.
Thesefour videos are all interrelated as they give a synopsis of the causeand challenges encountered due to the crisis. By analyzing thesevideos, analysts can be able to come up with policies and guidelineson how we can be able to avoid such situations in future.
2.What is your reaction about the videos? Did anything surprise you? (2points)
It was so emotional watchingthese videos as they show the challenges that people had to gothrough due to human error. The recession resulted to a lot ofunemployment and the change of lifestyle for many families. Whatsurprised me is the AmericanWinter trailerwhich describes how even middle income families lifestyles changed toa point where they had go to the street to borrow basic commodities.
3.Who do you think should be held responsible and/or accountable forthe housing crisis and/or the Great Recession? Why do you feel thisway? (2 points)
Inmy opinion, TheFederal Reserve should be blamed for the recession. I feel this isthe case because for a long period, the Fed has always kept lowinterest rates. Despite low rates helping to grow the economy bymaking borrowing more attractive to customers, in a booming economythey can lead to rapid inflation. This was the case with theskyrocketing housing prices in America.
4.Do you think we have recovered as a country from this crisis? (2points) If yes – what evidence do you see that supports youropinion? If no, what do you think needs to occur for the housingmarket to recover and how much longer do you think it will take?
Nowe have not recovered from the financial crisis. There is need forthe Federal Reserve to back out from keeping the banks solvent byalways bailing them out. It will take a very long period of time torecover if the Federal Reserve does not heed to this.
5.Why is learning about what happened with this most recent crisisimportant? Explain your response. (2 points)
Learningabout the Financial Crisis is important as it gives awareness to theworld on its possible causes and how it can be avoided in future.
Daly, Mary. "The GreatRecession: Part One." Federal Reserve Bank of San Francisco.Web. 1 Apr. 2015.
Jarvis, Jonathan. "TheCrisis of Credit Visualized – HD." YouTube. YouTube. Web. 1 Apr.2015.
"PBS Learning Media."The Causes of the 2008 Financial Crisis. Web. 1 Apr. 2015.
"Working Films – LinkingNon-Fiction Film with Cutting Edge Activism : Films &Projects." Working Films – Linking Non-Fiction Film with CuttingEdge Activism: Films & Projects. Web. 1 Apr. 2015.