Tooze Adam on The 2008 Financial Crisis

Student's Name:
Instructor:
Subject:
Date:
The 2008 Financial Crisis
Tooze Adam states that the economic crisis of 2008 that ripped apart the global banking system can be traced back to the 1970s when U.S. lending markets were first deregulated, making them incredibly risky. Between 1996 and 2006, house prices in the U.S. doubled, and many Americans turned to borrow loans to get a subprime mortgage house (Tooze, 2018). Banks that heavily invested in subprime bundles crashed, starting with Lehman Brothers investment bank. The Inside Job video demonstrates how the 2008 Financial Crisis brought America to the brink through sheer greed, complex economic structures, and reckless risk-taking. The repercussions were severe for investors and American citizens who lost their homes, pension funds, and incurred heavy losses (Watch Documentaries, 2010).
In his book, 5000 Years of Debt, Graeber provides convincing evidence that money was created to track debt easily. He defines money as a commodity and a primordial debt (Graeber, 2011). In this regard, debt is the primary means through which power is exercised. Gr...