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Financial Crisis Essay

740 words - 3 pages

The article titled The End of the Financial World as We Know It provided a very detailed review of what lead up to the 2008 financial crisis. I felt that the author did a very good job being objective and taking a very difficult topic and presenting it in a straight forward manner. thought I did feel a little disheartened after reading the article. How could this have been let to go so far and have we really learned anything from the 2008 financial crisis.

The article titled How to Repair a Broken Financial World was more deliberate in staying on topic and discussing how we repair the financial system. The tone of the article was up beat and optimistic aligned with the naming of a new ...view middle of the document...

In addition the article drew a rather bleak outlook. "The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done,” the panel wrote in the report’s conclusions, which were read by The New York Times. “If we accept this notion, it will happen again.” (New York Times, 2009).

In contrast the BBC article is only a few months old and attempts to draw parallels to a previous financial crisis. The BBC article is titled " World War One's financial crisis - parallel with 2008" (BBC, 2014). "In the final days of July 1914, financial markets woke up to the alarming reality that a European war was inevitable. Queues built up at the Bank of England, as investors scrambled to change their paper money for gold (with sterling on the gold standard, the Bank was obliged to provide convertibility for the currency, though the government quickly opted to suspend the link to gold)." (BBC, 2014). The article goes on to draw the parallel of not what precipitated both the 1914 and 2008 financial crisis but how the government and regulatory bodies reacted to the...

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