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Response essay to an issue in the news

Select an Issue or Crisis that has been in the news during the last 5 years that has affected business and society.

Begin your paper with a paragraph that details the issue or crisis.

What was the underlying issue or issue(s) that led to this event? Could it have been avoided?

What effect did this issue or crisis have on business, society and/or government?

Be sure to consider the primary stakeholders.

How did business respond to this issue or crisis?

What has been done to prevent or minimize a similar issue or crisis in the future?

Close your paper with your personal stance on this issue or crisis.

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Issue or Crisis

A key issue which has recently developed to a crisis situation is the economic condition of America that has only been exacerbated by the financial meltdown at Wall Street. The present situation is a result of decisions and actions that were taken months ago but no one in government appears to have seen it coming and even if they did, they appear to have ignored it altogether. The financial crisis which began with the subprime lending problems has now extended to a point where major banks, financial institutes and even insurance companies have failed and many investors are hitting the panic button all over American as well as in international markets.

In fact, analysts such as Essen (2008) consider it a complete failure of the economic system to check and control the investments made by banks that are supposed to be under government regulations. The finance sector is one of the heaviest regulated sectors of the economy yet the present situation has come to a point where investors and finance gurus are calling it the “worst financial crisis since the Great Depression (Essen, 2008, Pg. 1)”.

Of course the full impact of the crisis may only be understood years after the crisis is over but for the moment it is obvious that the basic cause of the crisis was the high risk action of many different banks who loaned out huge amounts of cash to borrowers without the proper risk scrutiny required. In particular, subprime mortgage lending which was done by American banks in recent times made them focus on short term profits, quarterly sales figures and short sighted goals rather than stable business practices that could have given them real returns (Essen, 2008).

To fully understand the current crisis, the background must be examined and that shows a story of greed and what is called by Clendenning (2008) as the casino mentality of American banks. During a time of economic health, housing sellers and mortgage brokers suggested and recommended to buyers that they get into mortgages which required little or no cash towards a down payment. Further, these mortgages and loans were given out without a proper examination of the credit risks associated with the loans. Instead of reducing the risks undertaken by banks, these measures only served to expose them more. The crisis might have been minimized had the banks stopped there but the same debts were sold, traded and bartered as high risk investments to several international investors with the expectations of high returns.

Other Details about the Project/Assignment
Subjects: Sociology -> Popular Culture
Topic: Response essay to an issue in the news in recent times
Level: High School

Response essay, social issue, news

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Project Details
Subjects: Sociology -> Popular Culture
Topic: Response essay to an issue in the news in recent times
Level: High School

Response essay, social issue, news

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