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Last century was rough for few generations of people The Cold War the Great Depression The World War II all these events have left a huge scar on peoples lives At that time the American Dream was formed and implemented into United States Declaration of Independence The idea behind the Dream is that anyone can succeed in life through hard work It became a chase after big money fancy cars private businesses and of course the home ownership The house ownership dream was only available to families or individuals with steady high income and sufficient savings Local banks who gave out loans required a down payment to be made on a house Additionally banks thoroughly checked credit history of applicants and denied mortgages to those who did not have outstanding records This was made to ensure that people who were allowed to get a loan would re pay it back to the bank In 2000s a new form of loan system was developed a person or a bank who loaned the money was no longer at the risk of the repay failure Local lenders would sell home debts to investment banks The investments banks created complicated collateralized debts obligations CDOs that were further sold to the investors As a result local banks started giving out riskier mortgages to people not worrying about the repay rate The amount of sub-prime mortgages or mortgages given to people with lower credit history increased rapidly In 2008 the housing bubble burst causing our generation to see the worst global recession in the last 60 years The recent recession was caused by a combination of factors such as housing bubble discussed above increased oil prices little government intervention etc During the past several decades the US economy has undergone significant economic alterations involving labour market and organizational changesAs noted above the period after the World War II was difficult for many people During that time the Fordism was
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