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Located in New York, Wall Street contains some of the wealthiest banks and investment companies in the world. The entire economy is reliant on the stability of these companies in order to keep this country afloat. However, during 2008, the United States took a major blow and the movie “Too Big to Fail” focuses on precisely this.
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The average American citizen dreams of owning their own home and creating a steady environment for their family. In order to reach that dream, many Americans took out loans in order to afford the house that they desired. However, many of them could not afford to continue to pay on a house that required more than what they would make annually. Because of this, more and more homes went into foreclosure and the banks were forced to pay for majority of the costs of the houses and sell them for cheap. As this cycle continued the economy began to unfold and the banks became bankrupt. It was said that if the congress did not agree to the bailout, this country would go into a depression that would be worse that the great depression of the 1930’s. The average citizen would no longer be able to borrow money to invest in businesses or buy homes or a car. The economy would self-destruct.
In order to fix this, the Emergency Economic Stabilization Act was passed in 2008, that allowed the United States Secretary of Treasury to distribute $700 billion dollars between the banks so that they would have money to loan out to citizens and the economy would be able to flourish again. The agreement is that the government would become part owner of these companies and that each company would have to pay the government back. However, the end result of the bailout was that citizens continued to loose their houses and cars and money investments because the banks accumulated their money and kept it instead of loaning it out again. This is why 1% of the country’s population is considered to be the richest people. To this day, only one of the many banks has paid the government back.