Accounting assignment on: Financial Tsunami
Speech – Financial Tsunami
Financial crisis has been rendered to as one of the most recent economic issue that has affected the business environment on global level. The impact of financial crisis has affected all the aspects of the economy of a country. As seen in the year 1930, the financial tsunami between the years 2008-2012 is considered the Global Financial Crisis (GFC). It was in the year 2008 that the economic fortune of the world was turned upside down. The early years of financial tsunami faced the problem of inflation. This was the period when the prices of the food and oil products increased to a great level that resulted in the transfer of the wealth to a great rate from the households to the other countries that exported oil products to America and other countries of the world.
It has been seen that, in the year 2005-2006 the main cause that triggers the financial tsunami was the housing bubble of the United States. Due to the problem of financial tsunami the economic conditions of the United States have been in deep trouble and there are no signs to show that the condition of the US would improve soon. There are two topics which are covered within this speech i.e. financial tsunami, role of American consumer in financial tsunami and influence of financial tsunami on the society.
The origin of financial tsunami was not much in picture & it came into light when US was affected by financial crisis in the year 2007. The financial tsunami even gave rise to the several critical events at the global level that can be considered as the most critical incidents in the history of the world. The great financial tsunami originated in the United States in the summer of the year 2007. Later this problem spread on the global level in all the developed countries. During this period, there were severe economic problems in the United Sates such as high surplus of homes in the American market and moderate fall in the prices of the houses. It has been seen that, the American consumers are highly affected by the negative effects of the global financial crises. The consumer culture within the country has undergone a number of different changes after the failure of different large scale business organizations due to financial crisis.
Hence, due to the widespread impact of financial tsunami on the world economy, the business people had to make changes in their business activities. This directly affected the consumer behavior and its related patterns at the global level.
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