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Closed to new answers k
crispyAbout Me
Member since: 25 July 2006
Best Answers: 53
Points earned this week: 203
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Jennai | What exactly caused the recession....? |
...and how long is it predicted to last for? |
 |
 
gilly g
|
Very basically...
The American banks werent regulated and lent far too much money to people who couldnt afford to pay it back. These people's homes started to get repossessed and the banks started to loose a lot of money. Their value on the stock market plummeted and dragged everyone else down with them. The repercussions were felt very strongly in Britain because the British banks had done the same.
The problem now is that the banks dont want to lend anyone any money and so few people are getting approved for mortgages. This means people cant sell their houses and are having to lower the prices of their homes dramatically in order to sell them. this means that people who have bought their houses in the last few years have to sell their homes at a loss.
Also fuel and food prices are very high at the moment and so people's everyday expenses are very high.
You cant reply on the predictions but it is thought at least for the next 5 years. |
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Unworthy King
 |
Greed, lies, debt. 4-5 years, or so they say. |
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Marked
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The subprime mortgage crisis.
When banks are, all of a sudden, allowed to give loose loans to people to buy houses without first finding out whether these people can pay back in the first place.
To complicate matters, when the value of the houses rose during a brief period, the house owners were allowed to revalue their house higher and borrowed more money again. |
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fuzzymime
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Recessions are natural. They are a part of the process in economies. There is always the up and the down, the ebb and flow.
The roots for this recession lie in the mid- to late- 1990's. Only we are only discovering the results now. Government policies that we enacted, and so many years later, the effects are felt.
Without getting into it too much. The housing industry was severely over-inflated and was on fire. Eventually, everyone they got into homes that couldn't afford it normally, but got homes anyway through "creative" lending, got bit by the lending practices. These didn't nothing to serve the homeowner but rather get people into homes that they couldn't afford only to allow lenders and real estate agents to get paid.
As the foreclosures raced up, cause the "creative lending" practices were widespread, credit became tight. Eventually this caused most money in the industry to stop flowing and it spread to most financial institutions and from there everywhere else.
There was 3 waves to the housing foreclosures.
Wave 1: As the rates were getting higher and gasoline was becoming more expensive which was forcing everything including groceries to get higher, suddenly people couldn't afford the payment anymore. They were gone.
Wave 2: As the rates of people who were losing their homes was going up, those homeowners that still had homes and were paying on them, were facing increases fees from bankers and lenders in their effort to recoup some of the lost money, or the homowners were starting to hit their balloon payments. They couldn't afford these, and they were gone too.
Wave 3: Now that the economy is slowing down, companies are reducing their wages. They are letting people go. Now people who had jobs and had no problem with their mortgages, are now unemployed at can't pay their bills.
This is where we currently stand. It should take a little bit. Once people are calm and companies and people realize that the sky isn't falling, things will go back to normal. Everyone is panicking, companies are panicking, and so everyone is hoarding cash. If everyone calms down and lives normally, the economy will start to quicken and before you know it, things are back on the upswing. |
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rene57
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Greed, we had this in the late 80's and suddenly it wall crashed. I would say in a couple of years we will be back on the band wagon trying to bamboozle everybody into making more money than the need.
Everybody should be reminded that money must be circulated to keep a balance and not stashed away. And just when you think you have lots of money somebody has fraudulently used the money and you can't get it back |
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stargirl
 |
"Increase in oil prices can cause recession."
"Stock market fall unlikely to cause recession."
"Analysts say stock sell-off may cool the economy and cause recession."
"Households saving more will cause recession."
"Overspending and high taxes could cause recession." |
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D
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Greed and over lending. |
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dels replies
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Mainly lending money to people who could not afford the loans, Banks and Finance houses, acting out of greed , and following lead of he Bush administration. gave millions in mortgages to people who could never afford hem . housing the low life and riff raff as it were , Get them out of trailer parks and into houses was the theme. The lenders, because they knew it was risky, sold these sub prime loans to other companies , so more and more were drawn into this dodgy loans net . When the money was not being repaid and banks and finance houses started losing out they stopped lending to one and other , trying to protect themselves, The whole thing blew up , internationally , banks going bust and shops and industry following .. Biggest reason is today's mentality of both banks and society . Borrowing and credit . people trying to live well over their means, bigger houses or cars, more and more material things. Have to have it now . Not in 5 years when I can afford it /Scrapping credit cards and consumer buying by credit , other than houses and cars would be a start , The experts reckon it will last 2 to 3 years |
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Christopher K
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America were in recession before us then people started to worry about oil and food and shares. they bought loads of oil and food and took out lots of shares and as they done that the stock market plummeted along with its companies causing the recession |
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SugarPlumFairy
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america were in a recession before us and then it somehow (as it always does) managed to creep over here!
i dont know how long it will last for but im hoping not too long!!! |
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Mr Shady
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the sinful Germans |
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Reppin_SCSU
 |
If we knew exactly what caused the recession we would be able to fix it....so simply there's no answer to this question.
Recessions are a natural part of an economy and there's no way to avoid them completely. |
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