History is made up of many moments, some of which are more positive than others. This brings us to the crises in finance that have had lasting impacts. Furthermore, many of these events are taught in schools and universities, which means that their importance won’t be lost anytime soon. For those that would like to learn more, here are 4 notable crises in finance that the likes of Robert Jain can tell you about.
Dotcom Crash – The Internet is commonplace these days, but the road to get there wasn’t entirely smooth. Enter the dotcom crash of the late 90s to the early aughts, which saw the rise and fall of many online-based businesses. A large part of the fall had to do with the carelessness of these companies, as they offered discounted or free services without considering the long-term implications. This stands as one of the many crises to learn from, as names such as Bob Jain can attest.
Wall Street Crash – It is known by many names, Black Tuesday included, but the Wall Street Crash of 1929 remains an imperative moment in financial history. During this time, the stock market hit its lowest point ever. Not only did this moment impact people with stakes in said market, but families as well. Keep in mind that, during this time, approximately 30 of the workforce became unemployed. It should also be noted that the Wall Street Crash would eventually lead to the Great Depression, which will be touched on soon.
The Financial Crisis of 2008 – While it’s also known as the global financial crisis, this event that took place in 2008 had a sizable impact in its own right. During this time, banks took risks that ultimately weren’t in the best collective interest of their clients. What spawned from this was the Great Recession, where a substantial economic downturn was seen. Even with the impact in question, the financial crisis of 2008 can’t compare to the final entry on this list.
Great Depression – Many experts cite the Great Depression as the greatest financial crisis in history, and for good reason. Following the Wall Street Crash, the United States entered an economic depression in 1929 that would last for a decade. Unemployment increased to 25 percent across the company, and those that had their jobs saw their pay either plateau or decrease. When Franklin D. Roosevelt, the U.S. President at the time, signed the New Deal, the economy began to improve.
Would you like further details regarding finance? If so, kindly consult Bobby Jain.