Premium Essay

Planet Finance

In: Business and Management

Submitted By jada327
Words 8256
Pages 34
In 2006 the worlds total economic output was around $47 trillion
Total value of the stock and bond market was $119 trillion
Derivatives $473 trillion

The world is connected through the stock market with London at it’s center not only geographically but time wise

Globalization has vulnerability to financial shocks and political forces

Big and Painful crisis
West caught up in full blown because of mortgage lending we wanted to export to the rest of the world

Americans there is no place like home we take the universal priveledge to own a home for granted

Before the 1930’s no more than 2/5 of American households were owner occupied; however, it was born out of an American financial crisis. During the Great Depression in 1929 everyone stuggled to pay rent and mortgages. The greatest hurt was in Detroit the auto industry was cut in half as well as the wages.

On March 7, 1932, 5,000 workers that were laid off marched to the factory to demand unemployment relief. Unarmed crowd in deerborn police officers reached out and fired into the crowd 5 workers were killed. A few days later 60,000 people were honoring them at their funeral. A communist newspaper accused henry ford’s son of leading a massacre

Diego rivera mural showing Detroit as a sign of cooperation not class conflict was a lifelong communist 1933 seen as travesty

The new deal is what began to reunite the us pioneered the idea of a property owning democracy

Gov rigged housing market to give incentives to become home owners garentied loans

New administration offered lower interest loans most fixed for 20-30 year fannie mae created a nationwide market

Reducing monthly cost made ownership possible for more Americans than ever before

Modern US born out of new deal reforms

Not everyone in America had the invitation to the property owning party. Whether you got the money...

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