Tag Archives: finance

The crash of 1929

Posted on June 7, 2010 by Alfaro

This image is from Time.com, and it belongs to the Bettmann-Corbis archive. The picture was taken during the Great Depression that began on October 29, 1929, which is also known as Black Tuesday. 

The first time I saw this picture was during a recent visit to the MoMA. At first, the image makes me smile because it shows a humorous aspect in a tragic time. During the Great depression approximately 25% of population was unemployed and affected every segment of society. The picture is important to me because it reminds me that history is repeating itself. Like in the Great depression, the world is now experiencing a huge economic downturn due to the failure of the traditional financial system.

 http://www.time.com/time/photogallery/0,29307,1677033_1474476,00.html

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Subprime Mortage Crisis

Posted on June 6, 2010 by Sehyung

This image is from NYTimes.com

On April 2007, Subprime mortgage company went into bankruptcy with trillions dollars of consumer’s credit debt in mortgage program. It caused huge financial crisis of 2008 not only in U.S.A, as much as in global market.

This crisis brough the consecutive collapses of all kinds of financial companies such as banks, funds, insurance companies and other businesses. It affect high inflation of all goods, unstability of the price, high unemployment, and the decrease of productive capacity and a downfall of real estate market. The government economy also shrank up from financial damage and moreover, the entire world seemed to become a great depression as a whole.

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