The Stock Market crash happened on October 29, 1929 and the Great Depression started in 1929 and ended in 1939. In the end of September and the beginning of October stock prices began to decrease. The crash was caused by the nervous investors which sold 16.9 million stocks on the New York Stock Exchange in one day. Many businesses invest most of their money in the stock market to make more money, but when the stock market crashed, so then businesses had to shut down because they have no money. Most of the nation’s banks also failed because they had to put the depositors money in the stock market to increase but when it crashed people lost most of their money.
Or does our social ideology affect technological determinism? I think that it works both ways. There are negative possibilities for all new technology, just as there are positive ones. Technological determinism, as defined by George Rodman is “a theory that states that the introduction of new technology changes society, sometimes in unexpected ways” (40). He goes on to tell that after the introduction of printing, our culture shifted from an oral one to one driven by writing and literacy.
On the other hand, companies that keep on using print media are more concerned about maintaining a general presence in the society. - “the Web is about interactivity, the ability of the user to choose information pathways and explore them with new-found ease - “ A Web site without interactivity is one that fails to deliver on the promise of the medium.” (p.154) The e-book will be in a position to challenge the printed book only when it will start offering a real possibility of interactivity for its readers. There remains one undeniable advantage to the electronic book: its price. Indeed, one pays for the content but only once for the medium itself. It can become more competitive than a traditional book as it removes the costs of paper, publishing etc.
Researchers Nossek, Adoni and Nimrod referenced statistics from Media Displacement Effect research that shows the increase in number of print media in India and some East Asian areas. Researchers believed that it is caused by the low and slow penetration of technology and internet services in some but still valuable districts. It shows the bias for media-consumers to believe that print journalism is obsolete and perhaps “wasting natural resources.” In today’s ever-changing world, public education and democracy are increasing in value and also being promoted. Different social movements discourage discrimination, social injustice and illiteracy around the globe. Print journalism and media play an important role in disseminating and storing history and useful information for those who are not inaccessible to the internet or beginning to connect to the world server.
People were taking out loans and balloon mortgage payments that they really could not afford. The problem began in late 2007, when housing prices began to fall and the system fell apart causing huge numbers of defaults on home loans and foreclosures. Currently, 5.6% of mortgages are delinquent, the highest rate in 21 years, and 2.5% of mortgages are in foreclosure, the highest rate ever (Fox 2). This has caused banks to lose huge amounts of money and as a result credit is becoming more difficult to get for consumers and businesses. With credit harder to get, consumers have cut back on their spending, which is very bad for the economy since around 72% of economic activity comes from consumers (Gross 2).
They had purchased stock in companies whose shares were now crumbling in value” (Ayers 678). After the stocks crashed, people who were invested in them, lost thousands even millions of dollars. The banks were the top investors so they lost the most amount of money with their invested stocks, along with the frightened depositors withdrawing their savings, draining money quickly from the bank. Hundreds of banks failed and shut down because of their loses. CLOSING STATEMENT: although, … Businesses were also affected by the Stock Market Crash.
Other than messing up thousands of individual investors, the decline in the value of good banks and other financial facilities went bad. Many banks were constantly forced to hide their debts, and that’s why by 1933, 11,000 of the United States 25,000 banks had failed. The failure of so many banks was because of the lack of confidence the economy had, which had led to too much reduced of spending and demanding money. This was constantly dropping, and unemployment began rising. By 1932, U.S. manufacturing had dropped to 54% of its money, and unemployment had gone up to between 12 and 15 million workers.
And because during recession it is difficult for one to find a new job, those out of employment often stay there sometimes for as long as the recession lasts. As a result most people plunge in to hopelessness, in fact studies show a direct correlation between recessions, unemployment and suicide particularly in adult males as well as an increase in mortality rate in males who have been laid off. This can be attributed to by the psychological effects that come with recession More often than not, stocks drop during recession making it difficult to sell goods and services because consumers experience a decrease in purchasing power. Investments during recession suffer because of the decline in stock prices. Most investors fear economic loss and as a result do not invest.
Podcast Paper: Troubled Asset Relief Program Name: Institution: The Global Financial Crisis and Troubled Asset Relief Program In 2008 the global economy experienced its worst economic turmoil in 2008 since the Great Depression of the 1930s. The effects of the crisis started to show in mid 2007 and by September 2008, the situation was out of hand. The world stock market had plummeted, huge financial institutions had collapsed and the government in the developed economies had put in place measures to rescue their economies from disintegrating. The first clear indicator of the crisis was in 2007 when the high prices of homes in the United States nose-dived and there were massive defaults on mortgages. The US financial sector soon started trembling and before long the world’s financial markets were in tatters.
Research conducted in the area of readership is only echoing what newspapers have known all along: newspapers are losing readers. “Nationwide newspaper circulation peaked in the 1970s,” David Solomon, editor of The Telegraph, Nashua, N.H, said. Studies conducted of American newspapers today show that readership is traveling down a continuously steady downward spiral. According to the recent “The State of the News Media 2005” report by the Project for Excellence in Journalism: “‘Newspaper circulation is in decline,’ the inaugural edition of this report declared a year ago…it's clear that things are worse than people thought.” The problem is newspapers can’t afford to lose readers because they are nothing without their readers. “Without readers, a paper would have no value, no audience, no purpose,” Solomon said.