• mach_15
Please help. Why were the U.S. leaders so slow to take action in the financial crisis of 2008?
  • Stacey Warren - Expert
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  • chestercat
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  • wwhitlock
Slow is somebody's opinion. A segment of the population believed, and still believe, that the government should have done little or nothing. The market would have corrected itself and the misery would have been shorter. The government ended up picking the winners and losers. They deemed some banks and car companies "too big to fail." At its heart, that is not an American value. But the immediate pain of lost jobs and bank closures was too much for politicians so they bailed out big businesses. Banks that created the problem got bailed out too. So our economy has taken much longer to recover and no one went to jail for creating the problem in the first place.
  • anonymous
in 1913 federal reserve was put into place to financially stabilize the US economy from major issues. 20 years after the formation of the fed the great depression accorded which was prolonged by the feds lack of decision making. in 2008 banks where giving out mortgages to people who they new could not pay them back. once a a bank has a bundle of mortgages they sell it to an investor who makes money if the people pay off there mortgages which usually is the case. in the end the borrowers did not pay the debt the investor lost money and through thousands of these things happening the economy fell. but wait the federal reserve is suppose to monitor and regulate banks and maw sure they are not making risk investments. the Fed is considered a private bank and the only bank private bank its size. that is a monopoly which is prohibited by law but is looked over. the fed claims it can not be audited because it is a separate from the government and is not a government branch. so it really isnt the US leaders who are to blame totally it is more the federal reserve not doing its job at all

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