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The Great Recessions of 2007-2009 affected millions of U.S.

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The Great Recessions of 2007-2009 affected millions of U.S. citizens and had multiple causes. What were some of the major contributing factors and how did they combine to cause the recessions? How were you affected by it? What are some long-term implications? Please support your view with theories and references. Thank you.

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The Great Recessions of 2007-2009 affected millions of U.S. citizens and had multiple causes. What were some of the major contributing factors and how did they combine to cause the recessions? How were you affected by it? What are some long-term implications? Please support your view with theories and references.

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There were several factors that contributed to the recession. Each person blames the other person (or entity), because nobody really wants to be held responsible for what happened. We've got banks giving mortgages to just about anybody with a paycheck, whether they can actually afford the mortgage payments or not. We have credit card companies raising credit lines, and extending credit to risky companies, which goes hand-in-hand with the banks extending risky mortgages. The problem is that the banks and mortgage companies are not looking at the long term picture here, to see down the road what the probable outcome will be of extending thousands and thousands of mortgages to people who may have trouble affording the mortgages. Now we've got a government that is not regulating the actions transpiring in the mortgage industry. Many houses are being sold, people are refinancing, and banks are ...

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