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Microeconomics 251 downfall of economics

Microeconomics 251 downfall of economics - People were...

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Microeconomics 251 9/6/2011 Group #1 The economic downfall beginning in the year 2008 is not only affecting one individual but is hurting everyone. It is at least on everyone’s mind, one point throughout the day. The economic crisis has crushed many companies and torn many families apart during these tough years but what started it all, one may ask…? The economic crisis wasn’t only caused by one thing; it consisted of a long line of mistakes that brewed until they worsened. People were going throughout life thinking that our resources would always be there and then they hit reality.
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Unformatted text preview: People were getting loans left and right really easy. They then would go out with the loan and buy things that others wanted which made them get it too. This caused the demand to rise which in the long run caused inflation. The ones who got the loans so easy, weren’t ever able to repay them so they kept getting in more debt by asking for more loans. It basically all boiled down to careless mistakes being made and greed. http://cashmoneylife.com/economic-financial-crisis-2008-causes/...
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