CURRENT EVENTS

With the recession rapidly worsening, it seems it may last forever. Things are getting worse instead of better. There's the struggling automotive industry, our already-crashed housing market and lowering employment. On the other hand, in recent news, it was announced that the recession could possibly end after the first quarter of 2010. The latest deduction in the economic crisis is a major cut in cell phone costs. A recent survey states, conducted by the New Millennium Research Council (NMRC), Americans have declared that due to extended continuation of the recession will cause Americans to reduce their cell phones leisure. Does this mean that that cell phone business will suffer now? Definitely not. Customers are not as loyal as they once were to lead mobile distributors such as Sprint, Cingular/AT&T, and Verizon Wireless. The survey reveals that 39% mobile contracts have opted to decrease their cellular spending. That 39% is equivalent to over 60 million American consumers. The accuracy of this survey is only off about 2%, but this does not mean that the consumers aren't using any mobile devices at all. They have just found alternatives to your normal contract billing.
In fact many have already slashed their disposal on cell phones and complimentary products. 19% of survey partakers have already canceled their associated cell phone usage. Mainly due to the wiser state-of-mind many Americans have obtained as a result of the country’s financial instability.
Allen Hepner, specialist for the NMRC, furthermore affirms that slews of consumers will convert to prepaid billing instead of annual contracts. meaning, companies in the likes of Cricket, Boost-Mobile, and Tracfone will receive a large boost in sales. This is partly due to prepaid plans saving an average of 30% on monthly phone bills compared to contracts. Hepner goes on to say our modern age of “penny-pinching is here."

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From the dawn of the new millennium, there was a boom in prices internationally. The economy saw the 2000’s as a revamp from massive debts from the two previous decades. Mainly due to the rise of oil prices and the evolving twist in technology for something as simple as a cell phone to navigational systems. This burst in technology and constant demand for "improvement" caused consumers to spend money on frivolous things. This was the first sign of a recession in the near future.
Probably the most general sign of the economical crisis were the surging gas prices. By the year of 2008, oil rose pass the $100 a barrel bracket for the very first time in history. This caused gas to increase and demand to drastically decrease. By the end of 2008, oil prices plummeted to the lowest price since the early 2000’s, at about $1.98 per/gallon in most of the U.S.
Preceding oil prices, the housing market also took a global toll. This most likely occurred because of the form of monopoly taking place in our nation. Since buyers were most interested in single-family homes in suburban communities or condominium/loft-style living in urban areas (i.e. downtown), and real estate agencies began to build them without selling them. They saw the popularity and began multiplying profusely but not enough buyers were interested. This brought forth a large mass of foreclosures, bankruptcies, liquidations, and unsold property.
Then there were the crooked loan sharks. Devious mortgage companies were handing out loans to unfit buyers who would never be able to afford to pay them back. The background information was so corrupt to the point where social security numbers of the deceased were being used for people to obtain loans.

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President George W. Bush was probably overjoyed to pass over his torch for presidency seeing as to how the economic crisis he practically led us in would no longer be his responsibility. However, as a man of integrity and will, Obama gladly stepped up to the plate and is already, after just months as president, composed a recovery plan for the national and even global debt.

In just recent news, it was announced that the once considered "resurrected" Great Depression, will possibly end by the fourth quarter of this year. This is due to over the proposed 3.5 million jobs new jobs available in 2010, the newly-ordained yet extensive powers given to the Federal Reserve based on more strict regulations, the $750 billion dollar debt's bailout plan, and lastly, the rise in bank earnings since the crack of 2009.
Banks such as Bank of America Corp. and Citigroup Inc. have all seen drastic increases in their earnings. The earnings have increased so much to a point where, due to retail sales, our country may be back in stable economic conditions within the next six months. If all goes as planned and banks are able to garner political support to make things happen!
However, there are other problems Obama faces. He vowed to introduce 2.5 million new jobs in fall 2008 by the year 2010. He then experienced an immense setback when the job deficit was affected by an additional 1 million before the close of 2008 so he revised his plan to 3.5 million. Furthermore, our current and burgeoning job national unemployment rate is at staggering 4.8 million.
There’s so much pressure placed on Obama, which is exactly why he handed over some of his responsibilities to the Federal Reserve to lift the a portion of the weight off his shoulders. This is to aid America and the rest of the world’s refurbishment as the recession accelerates to a more global effect.

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My first non-credible source is "http://en.wikipedia.org/wiki/Main_Page" and it is non-credible is because:

1. The source is non-credible because anyone is able to publish information on the website. There is no author and can be edited by anyone. The author is is not experienced in the topic they are writing on.

2. The sources of information are not footnoted or explained.

3. The website contains a description that states the website is not focused on my topic.

My second non-credible source is: http://ibnlive.in.com/news/latest-casualty-of-recession-iim-placements/86952-7.html

1. The source has too many advertisements placed on the website.

2. The website contains a description that states the website is not focused on my topic.

3. The wesite's domain ends in ".com".


My first credible source is: "http://www.cjr.org/the_audit/nyt_charts_the_recession.php" and it is credible because:


1. The source is credible because the domain ends in ".org" and is a non-profit.

2. There is a description and heading that indicates the website is focused on the topic area.

3. The author is clearly named and has credentials or experience in the topic wrote about.

My second credible source is "http://recession.org/history" and it is credible because:

1. The source is credible because the domain ends in ".org" and is a non-profit.

2. The source has a few advertisements.

3. There is a description and heading that indicates the website is focused on the topic area.

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I'm sure everyone is aware of our economy's present financial crisis. It sums up our society and is prevelant to the people of today. I chose to write on the recession because it is something that has national, if not global impact. I, myself, hasn't been personally affected by the recession but it is important enough that I will touch upon it. I like the fact that everyone could relate to it since it currently taking place. Therefore its a familiar topic. I want to also express my take on the recession and how I feel about the situation. I want to also inform, to many people who in actuality, do not what the recession is. I want to break down to them who it began. Why are we currently in a recession? How long will this recession last? When did it start and if it’s possible for us to survive during the recession. The most intriguing piece of information about my topic though is the background information on how the recession began. It’s like solving a mystery to me. There are the people who were involved, like the suspects. Then there is the plot, which is like the case. Then there is all the inside people and background information which is compared to the evidence and witness. Then the financial bailout is equivalent to solving the case. However, it is not that simple. The recession is a deep and complex subject and can not just be easily summed up in “one case”. I love that about my topic. I like the fact that is a challenging, yet interesting topic all at the same time. . It allows me to be open and objective with the topic but still supply my readers accurate insight on this deep, inquisitive, and complex topic.

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America was once the wealthiest, most powerful country in the world. In July 2008, we were warned about a growing outstanding debt in our economy due to the dramatic decline in the housing market, overpriced oil and food. Many saw the warning as a joke or prank. What they failed to realize is that over the years, loans given to unfit buyers had forced the country into this debt.

In December of 2008, it was announced we were officially in a recession. Recession is defined as
at least two quarters of decrease in gross national product (GDP) , which is the value of all goods and services produced in a given period. Due to this happening, our country showed massive decline in unemployment, overwhelming bankruptcy, extensive liquidation, and ongoing foreclosure. The recession is so horrible it has begun to take global effect. Country's such as New Zealand, Italy, and Hong Kong have all been driven into a current recession.

In the United States, the recession has affected household incomes in the 50,000 or less bracket have been affected by nearly 30%. The 75,000 or more bracket is being harmed by a whooping 74%. This proves that most affected are those whom make more.