Rampell, C.R. and Saltmarsh, M. (2009, September
¶ … Rampell, C.R. And Saltmarsh, M. (2009, September 2). A reluctance to retire means fewer openings. The New York Times.
Document content examination and analysis
This research paper aims to shed light into what led to the global financial collapse that, for the most part, began in the U.S. housing market. Many researchers agree that the primary drivers that led to the real estate crisis was the lifting of the Glass Steagall Act, the fostering of sub-prime lending, and the creation of derivatives and credit default swaps which were used as complex financial instruments. All of these financial tools were justified by the efficient market hypothesis and as a consequence provide evidence for the lack of a truly efficient market. As a result of the financial failures, many banks were either bought, went bankrupt, or had to be bailed out by the federal government because of the overwhelming losses in this industry.