Discuss the 2008-2009 economic crisis and recession. What happened and why? What steps did Congress take in response? What steps, if any, should the government take to prevent this from happening again, and why?
What will be an ideal response?
Answer:
An ideal response will:
1. Outline the factors that contributed to the 2008-2009 financial collapse, including the housing bubble and the investment crisis.
2. Describe how Congress reacted, noting the various bank bailouts (e.g., TARP), automotive industry assistance, and financial institution overhaul efforts in 2010.
3. Lay out a specific course of action that would minimize these effects in the future, including efforts to reregulate the financial and housing sectors, or alternately argue why government should not guarantee against risk.
4. Provide a clear and concise conclusion.
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