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The similarities between the 2009 recovery and the New Deal were immense, and I sought my answer through analyzing Franklin D. Roosevelt’s response to an even greater economic plight. Economists still debate the true success of the New Deal and the resounding impact it had on the country. Franklin D. Roosevelt’s New Deal policies eventually succeeded in rebuilding the American economy to functionality and its legacy is still proving effective in today’s modern economic dilemmas. In the 1920’s the United States was on the road to recovery. Having survived World War I and now an established international powerhouse, the U.S. economy was becoming a lion in world economics.
Retrieved from CATO Institute : http://www.downsizinggovernment.org/hud/housing-finance-2008-financial-crisis Zandi, M. (2008). Financial Shock: A 360o Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis. New York: FT Press.
There may be many reasons why America has found herself in the current economic crisis, but most economists will agree on the factors that led up to the housing crisis. Just a few years ago the industry was booming and lenders were willing to give a loan to just about any person who was willing to buy regardless of their qualifications. Interest rates were very low, and the number of willing buyers was high. As Sherman stated,” the housing bubble was largely created through excessive monetary stimulus in the wake of 9/11, as Fed Chairman Alan Greenspan held "real" interest rates at or below 0% for nearly four years (2008). This led many people to buy more expensive homes than they could actually afford.
12.20.2011. http://content.usatoday.com/communities/onpolitics/post/2011/12/mitt-romney-fox-news-sunday-barack-obama-/1 • The editorial staff, Economicshelp.org (2008) Tuesday, January 15, 2008 http://econ.economicshelp.org/2008/01/what-went-wrong-with-us-economy.html • Wolf, Richard. USA TODAY (10/28/2011) http://www.usatoday.com/money/world/story/2011-10-27/eurozone-crisis-deal/50963370/1
He says that, Federal Reserve tracked their rates according to what worked better in the earlier decades, instead of lowering the rates in order to prevent the crisis. Taylor supports his claims with evidence given by researchers from the Organization for Economic Cooperation that was corrected from other countries showing that the higher the monetary excess the larger the boom in the housing sector. The crisis was worsened by other factors which included adjustable-rate mortgages and subprime use; this led to excessive taking of risk. Evidence shows that, excessively low rates led to the excessive taking of risk. Housing inflation were inversely related to both foreclosure and delinquency rates.