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HIRevised (1)byDU

HIRevised (1)byDU

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Published by Eric Camarata

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Published by: Eric Camarata on Apr 27, 2012
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04/27/2012

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Camarata 1
Eric Camarata02 February 2012Mrs. CarusoEnglish 1102Historic Inquiry Paper: The Great RecessionOver the course of the past few weeks I have come to know more and more about theGreat Recession and, its causes and effects on people living through such a hard time. The GreatRecession was brought on by a series of loans and deals made by mortgage companies andlenders. The problem was companies were giving out more money than they actually had. Insome instances the companies were borrowing in ratios of 30 to 1, meaning that they only had $1for every $30 they gave away. The Great Recession caused a period of turmoil and dispersesamong the United States, many Americans lost everything.One of the reasons why people were losing so much money during the Great Recessionwas because of the period of time where flipping houses became a good side business. In early
2000’s and to the point l
eading up to the Great Recession,
 
flipping houses was a great thing to dobecause of the thriving housing market. This became a cause to the Great Recession becausefamilies and companies had to take out loans to pay for their houses that they want to flip. Itbecame a problem because the families and companies had intent to paying back the loan but if the
house won’t sell then they don’t have the money
to pay back the loan. This caused the housesto foreclose and become property of the government. The families still owe money for the loanso they have to sell and they become bankrupt. This became a huge problem in late 2008,
 
but thiswas not the main cause of the Great Recession, this was just a problem among citizens of theUnited States.
Comment [U1]:
Reviewed by Dongling Wu
Comment [U2]:
1.You do have the causes,but you might add some data to make itmore reliable.2. Focus on the effects of people
s life inyour next writing by giving real lifeexamples (such as jobs, basic needs,education). You can also do some researchon the news reports or personal interviewsduring that time.3.Finally, do we still have the GreatRecession now? If not, how did we go overit? What did the US government do to helpthe economy? Like policies?
Comment [U3]:
How did that work to makemoney? Give some details
Comment [U4]:
What are the issues thatinvolved here to result in
house won
t sell
?
Comment [U5]:
So what are the others? Youmight list some of them and find the commonpart. Just one paragraph would be enough.Still concentrating on the Great Recession.

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