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The United States under the financial crisis

2019-03-08 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- The United States under the financial crisis,供大家参考学习,这篇论文讨论了金融危机下的美国。金融危机在美国愈演愈烈,华尔街光芒不再,全球股市随之动荡,不少国家经济陷入低迷。媒体称,这场百年不遇的金融危机导致的市场景象,堪比上世纪30年代美国的经济大萧条时期。国际劳工组织近日发出警告称,这场全球性的金融危机,有可能使世界失业人口猛增2000万。

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A subprime mortgage crisis started last summer in the United States intensified, the light of Wall Street is no longer, the global stock market turbulence, many countries into the economic downturn. Media say the once-in-a-century financial crisis has created a market landscape comparable to that of the great depression in the us in the 1930s. The international Labour organisation has warned that the global financial crisis could send unemployment soaring by 20m by the end of 2009.

Whenever such a crisis, the ultimate impact must be the people, must be every family. How has the lives of ordinary Americans been changed by this extraordinary financial crisis? This paper will interpret the American people's livelihood under the financial crisis from various aspects.

When Anne joyner graduated from duke university a few years ago as a pre-med student, she decided to quit medicine and become a doctor. This lets her family accept hard temporarily, think for years of cold window is spent painstakingly for nothing, she ruined oneself to become "the future of angel of white garment". But in the eyes of many around her, it was a smart choice. At that time, the stock market was booming, Wall Street was booming, and the major Banks were competing for the top jobs in American campus recruitment fairs. The generous treatment and internship opportunities offered by those big Wall Street companies were hard to resist, and most of the top students in American universities entered the financial industry where money was promising. One of the lucky ones was joyna, who got an internship at lehman brothers in the summer and signed on as a financial analyst.

But that did not last. During the financial crisis of 2008, the fortune of the former Wall Street fell sharply, so joyna had to start all over again. When lehman brothers filed for bankruptcy, Ms. Joyner, like many of her colleagues, walked out of the lehman building carrying cardboard boxes.

Lehman brothers filed for bankruptcy and merrill lynch was acquired, leaving half of Wall Street's big investment Banks in ruins. That would be a major blow to the weak U.S. job market, which has already shed 100,000 jobs in the financial sector, with lehman brothers and merrill lynch adding 50,000. The prestigious Massachusetts institute of technology, which sends a third of its graduates to work on Wall Street each year, has shrunk by half. Financial giants such as Goldman sachs, merrill lynch and citigroup have scrapped campus recruitment altogether. "Wall Street is definitely not hiring as much this year as it was in the past," said robin munter, director of the center for employment at Harvard University. Experts estimate that the number of jobs on Wall Street will drop by as much as 25% this year. College students eager to join Wall Street as America's golden collarsare having to change their ways.

Affected by the financial crisis caused by the subprime mortgage crisis, the unemployment rate in the United States keeps rising, from 5.7% in July to 6.1% in August. The labor department reports more than 600,000 people have lost their jobs so far this year. Despite the us government's rescue policies, people are not optimistic about the job prospects. A recent forecast shows that the U.S. economy continues to decline, although at a slower pace, and that employment will not improve in the coming year and will worsen.

The forecast comes from the new york-based conference board, a prominent U.S. economic research organization. Even without a recession, the conference committee does not believe the jobs situation will improve anytime soon. The conference committee reported that all eight measures of the labor market were declining. These include sample surveys of job seekers, claims for unemployment benefits, and industrial and manufacturing statistics.

The latest economic data, while showing a rise in U.S. gross domestic product, is largely due to federal stimulus measures that have provided additional tax rebates to middle - and lower-income taxpayers. But those tax refunds, paid a few months ago, will provide only a temporary boost to the economy, and the labor market will remain weak next year.

The immediate effect of the financial crisis on ordinary people has been a decline in personal income. The first quarter, traditionally a high-growth period for personal income in the u.s., when companies traditionally adjust salaries, pay bonuses and distribute dividends, is a different story this year. The Commerce Department's bureau of economic analysis reported personal income growth of 4.63 percent in the first quarter, down from 9.98 percent in the same period last year. While incomes are shrinking, the cost of basic necessities, including food, is rising, making life harder for ordinary americans. Data show that from June 2007 to June 2008, us food prices rose by 5.3%. Prices for eggs rose 29% last year and dairy products 7.4%, according to the usda, and are expected to rise another 2% to 3% this year. On the food side, pork production is expected to fall 3 per cent in 2009, while chicken and beef production are expected to fall 1 per cent each.

Rising gas prices, seen as a "scourge" by people of all RACES, classes and ages, are profoundly affecting their daily lives. According to a recent ap/yahoo news poll, a whopping 90 percent of Americans who were asked said their lives would continue to be "squeezed" in the second half of the year.

In response to high oil prices, almost everyone is looking for ways to reduce fuel consumption. Seventy percent said they were driving less. Most also take short cuts, turn down their air conditioners or consider buying fuel-efficient cars. Even half plan to cut back on holiday travel.

The middle class is no longer living in a 300-square-meter suburban house, driving a gas-guzzling car to work and eating a $20 steak twice a week. Now, in order to cope with the economic difficulties caused by high oil prices and high prices, they first give up the steak, then the good car, and finally the house. McDonald's and KFC, which used to be only favored by ordinary office workers, have become a good place for many middle-class families to have dinner because of their economic benefits. A growing number of middle-class people are choosing to park their cars, move back to more accessible urban areas, and walk or cycle to work. "The subprime mortgage crisis and the oil price crisis are driving people to want to live in urban areas that are within walking distance of where they want to go," said Michael ryberg, a visiting scholar at the brookings institution and a real estate developer. These crises will accelerate the steady flow of residents back to the metropolitan areas over the past 15 years. Under this trend, the population of metropolises like New York will keep expanding.

Two-thirds of Americans say high oil prices are the biggest pressure on the economy, health care and Iraq. Low-income people are the first to suffer. More than half of those with less education and lower incomes are feeling the pinch as pizza delivery and freight costs rise. Forty percent of middle-income people making $50,000 to $100,000 a year feel stressed, while 16.7 percent of those in the higher income bracket feel stressed. One third of college graduates find life stressful.

It used to be that when you walked into an American supermarket, the most vivid impression was that everything was super sized. It seemed that all the packages of goods were marked with slogans such as "extra large size" or "bonus capacity" in big letters. But now, supermarket sales are shrinking along with the economy.

High prices and shipping costs continue to drive up costs for manufacturers, which either raise prices to scare off consumers or quietly reduce portions by a few ounces. Most manufacturers prefer the latter. Since July, for example, Kellogg's breakfast cereals, including cocoa powder, colored sugar and cornflakes, have been remarketed in new packaging, reducing the average serving by 2.4 ounces.

Similar "downsizing" campaigns are taking place on other familiar goods. For example, Tropicana dropped its orange juice from 96 ounces to 89 ounces, Wrigley's gum from 17 tablets to 15, and Dial soap dropped a full half an ounce from a bar. In addition, Hellmann's mayonnaise, Edy's and Breyer's ice cream products have all been slimmed down and replaced with small-capacity packaging.

"People are much more sensitive to changes in price than they are to changes in quantity," says John gouville, a professor at harvard business school in the us. "many people can tell you how much a box of breakfast nachos costs, but they can't tell you how much is in the box." Food manufacturers attribute this to higher indirect costs when explaining their "downsizing" of foods. A Kellogg spokesman said the company is reducing the amount of corn flakes it packs to offset higher material and shipping costs. But manufacturers don't make it clear to their customers that they're spending the same money on fewer things. The customer that the eye is not sharp enough, can eat silently "dumb lose".

As the saying goes, a lean camel is bigger than a horse. A recession does not immediately impoverish the well-heeled, but they pay a higher price for the luxury they once enjoyed.

Want to add another bottle to the cellar? The rich may pay thousands of dollars more. A bottle of 2003 chateau lafite, a genuine French chateau lafite, went for 4,275 pounds on the London international wine exchange in March and 5,200 pounds a month later. The average international price of wine has risen nearly 40% in the past year, and continues to do so.

The soaring price of luxury goods is forcing wealthy Americans to weigh their wallets before spending. According to a march survey by the center for the study of the rich, many in the upper echelons have the momentum to cut back on spending, though not by much. Of the 5,000 respondents, 55 percent said they had canceled or delayed many of their spending plans in the past year and would make a conscious effort to save money in the future. Only 27 percent of wealthy Americans with a net worth of $6 million plan to buy a car next year, according to the survey. For those with a net worth of $800,000 to $1.5 million, only 16 percent had a plan to buy a car. Even fewer are planning to buy, with only about 20% of those with assets of $800,000 or more considering upgrading their homes.

The survey, conducted every two years by the center for the study of the rich, polled more than 10 million wealthy families, or about a tenth of the wealthiest Americans. With an average annual income of more than $310,000, most of these families live in million-dollar homes with a net worth of at least $3 million. But in tough economic times, these rich Americans are not immune. RON coates, founder of the center for the study of the rich, said surveys over the past seven years have shown widespread unease among wealthy Americans about the future of the U.S. economy.

The number of bank robberies in major cities across the United States has increased significantly this year, and while it's impossible to say why, police believe the phenomenon has more to do with the economic downturn.

"The recession is a trigger for some of the robberies," said John swick, head of security at commerzbank. In the Los Angeles metropolitan area alone, there have been 189 bank robberies this year, compared with 156 in the same period last year.

A spokesman for the San Francisco police department said there were 32 bank robberies in the first five months of this year, compared with 20 in the same period last year. The number of bank robberies in the Houston metropolitan area more than doubled from 2007 to 115 this year, including 51 in the downtown area, nearly the city's record for bank robberies.

The Milwaukee police department has recorded 25 bank robberies this year, up from 12 in the same period last year. 'the number of bank robberies goes up and down every year, but it doesn't fluctuate much overall,' said John kodak, an fbi spokesman.

"Is the state of the economy making you sick? This is a question that has recently been raised on the web by mainstream media in the United States. Indeed, the expansion of the economic crisis has affected not only the social level and people's lives, but also the psychological state and health level of the American people. A number of sociologists and psychologists have caught this sensitive sign, have been published on the economic crisis on the impact of people's psychological and health.

Christopher lamb, an economist at north Carolina state university, believes that in bad economic times, people smoke less and drink less, which is good for their health.

But lamb's argument was met with a lot of criticism, which was tantamount to self-consolation. Ralph cattrano, a professor of public health at Berkeley, said: "it's true that people are less likely to be physically harmed if they stop spending money on alcohol and taking risks because they're worried about losing their jobs and the tough times ahead. But the trauma is hard to describe, and if you really get close to people who are suffering from unemployment or career failure, their hearts are very complex and painful, how can such a state be healthy? "People may be physically healthier, but they're not happy and their mental health is deteriorating," lyme admitted. The bigger problem, he says, is that no one knows how the crisis will play out, how many more people will lose their jobs or how anxious people will become, and neither economists nor sociologists have a clear answer.

"We have never had so many calls from people asking for help," said Dr Richard, chief executive of psychy.com. "In the past, personal psychology and relationships were at the top of people's concerns, but now the financial crisis and the rule of law are at the top of people's concerns. Psychology.com, a large employment aid organization, has provided counseling to 27 million workers. Calls to the agency have been climbing this year, and the number of inquiries has jumped 20 to 30 per cent since the end of July.

Things change. The unprecedented scale of the financial crisis is undoubtedly a severe test of the U.S. 's ability to control the economy and the rule of law, as well as the psychological endurance of the American people. People now have no time to debate the right and wrong way to save the market, just to adjust to a good state of mind, safe and stable every day.

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