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The financial crisis of 2008 occurred due to a number of complicated financial actions taken by bankers and wall street financiers paired with a deregulated system that allowed for the actions to be taken in the first place. The average American lacks familiarity with financial and economics jargon, therefore, this prohibits them from fully comprehending the financial crisis and what led to it. Horner’s piece investigates the terminology and metaphors used in public discourse to describe the governmental bailout and the financial crisis in the ten days leading up to the congress vote on The Emergency Economic Stabilization Act. Bounegru and Forceville's piece examine’s the use of metaphors in political cartoons regarding the global financial …show more content…
crisis in 2008. Both texts examine the metaphor of the financial crisis as a natural disaster or catastrophe which can be seen in the public discourse and political cartoons. The use of this metaphor leads individuals into understanding the financial crisis as something that could not have been stopped and places humans as victims. Both texts simplify the damage this metaphors circulation can create. The authors of the cartoons and those circulating the metaphor within public discourse should be held accountable as this metaphor implies many falsehoods regarding the crisis. If blame is placed on an ominous force like nature, then how can accountability be demanded and changes within the economic system be implemented? Jennifer Horner’s piece discusses the many metaphors circulated within the public discourse through the media and political figures in regards to the government bail out plans as a reaction to the financial crash. She searched major world and U.S publications using the term “Wall Street bailout” over the period of time when Paulson’s Troubled Asset Relief Program plan was introduced until two days after it was rejected (Horner, 34). In her search, she came across many portrayals of the financial crisis as a natural disaster. In one example she cites the chief executive of the American Bankers Association calling the financial crisis a “category 4 hurricane” (37). Another example of this use is seen from a group of republicans who presented a competing bill to congress which labeled the crisis as a fire. It is important to understand who is using this metaphor to their advantage. Horner presents the quotes along with who says them but does not significantly critique their personal motives for utilizing these metaphors. For instance, as mentioned above, a chief executive of the American Bankers Association utilized this metaphor and circulated it when he called the financial crisis a “category 4 hurricane” (Horner, 37). The overall function of this metaphor is to place blame on nature or an abstract force, therefore shifting it away from the actual humans at fault like the bankers and the system itself. Therefore it is clear that those who use this metaphor are people who would benefit from the blame being shifted away from bankers, ensuring the deregulated economy remain. Or, it is used by government officials who are for the bail out of these banks, who use it as a way to signify that cleanup and repairs must be done after this catastrophe has struck, just as it would after a real natural disaster. I believe that Horner’s piece is attempting to flesh out how metaphors can be used in order to simplify things and convince the public. Horner quotes Lackoff and Johnson who state metaphors “highlight some features of reality and hide others” (32). The natural disaster metaphor for the financial crisis takes blame and accountability off of the real people who made poor financial decisions out of greed and takes the spotlight completely off of the current neoliberal capitalist system that allowed this crisis to occur. Horner’s piece should have highlighted who used these metaphors and for what purpose in greater detail. The catastrophe, or natural disaster metaphor convinces the public that humans are victims and repairs, in the form of bail outs need to occur. I believe this metaphor pushes falsehoods regarding the crash, and this needs to be critiqued stronger in Horner’s piece. Bounegru and Forceville’s piece focuses on how verbal and visual metaphors are used in political cartoons in 2008. The most popular category of metaphors these financial cartoons used was the catastrophe or natural disaster. These cartoons explain that the crisis was caused by “forces of nature or by other circumstances beyond the control of human beings” (Bounegru & Forceville, 214). They analyze nine specific cartoons from around the globe that represent the crisis as a type of catastrophe. Within these nine examples, we see the financial crisis embodied by an ice age, a fire, a seismic wave and drowning. The nine examples connote slightly different meanings due to their different pictorial imagery, but essentially all embody the framework that the financial crisis was a catastrophe or natural disaster. Their conclusions point to the strength and popularity of the use of metaphors in political cartoons. In regards to the natural disaster metaphors seen within the cartoons they claim “the question of who is or might be responsible for the crisis is not addressed” (Bounegru & Forceville, 220). I believe that this concluding remark is weak. The authors are downplaying the effect this metaphor has on the understanding of the financial crisis. Not only is it not addressing who is responsible, but it places the blame on something natural, unpreventable, and nonhuman. Therefore this takes the blame completely off of the real forces that created the real crisis. Similarly to Horner’s piece, Bounegru and Forceville’s piece also fails to tell us where these cartoons come from. Therefore not discussing the potential bias these publications may have. Some of the cartoons discussed are related to the bail out, therefore the authors should have discussed who was purposely circulating these metaphors and for what purpose. Horner does a better job of connecting the metaphor with the motives of its users than Bounegru and Forceville, but both lack dialogue on how this metaphor can be used as a form of propaganda. Both texts highlight the importance of metaphors when they are circulated into the public discourse, as they provide a simpler understanding of complex issues, like the financial crisis.
However, the real life implications regarding this simplified and skewed understanding are not discussed. The financial crisis as a natural disaster disseminates the idea that the crisis was not preventable and lacked direct human causes. This shifts blame and accountability away from the individuals and system that created the financial climate that eventually had to crash. Thus, making it harder for the average person to understand why certain changes should be made within our neoliberal capitalist system, and also quieting angry claims for greedy and shady bankers to be held accountable. Metaphors are a powerful way to disseminate ideas, but when these ideas cripple the populations factual understanding of an event metaphors can become problematic. They cause changes in understanding that hinders the call for progress and changes to our system that should come as a reaction to the 2008 financial …show more content…
crisis. Finally, it is important to analyze who is circulating these metaphors and for what purpose. Horner does a better job of attempting to lay this out, in regards to the government bail outs and how metaphors and language can convince the public of something. But Bounegru and Forceville’s piece lacks authorial accountability. It would have been impactful to understand what publications these cartoons were found in, and what kind of audience they have. In conclusion, the financial crisis as a natural disaster metaphor frames the crisis as something unforeseeable therefore taking accountability off of the bankers, government, and the capitalist system that all played a part in the 2008 crash.
This metaphor utilized by the government when pushing for a financial bail out, and circulated around the globe in political cartoons has real life consequences. By convincing the general public that the government, bankers and the capitalist system are not to blame for the crash hinders pushes from the general public for any progressive changes to be made. The crash happened due to a lack of government regulations coupled with greedy bankers who thrive within the capitalist system. If the blame is placed elsewhere, it will be harder to convince the general public that stronger financial regulations must be put in place to stop this from occurring again. As we know, bankers who played a strong role in the crash often got huge bonuses and kept their jobs, this metaphor as it takes the responsibility off of the bankers, can explain why the average person may not be completely outraged by this fact. Metaphors easily convey complicated concepts, however, they can have real life consequences. The real life consequences of circulating the financial crisis as a natural disaster through metaphors are left out of Horner and Bounegru and Forceville’s
pieces.
The first cartoon is with Theodore Roosevelt wearing hunting gear and holding a gun. There’s bull sitting on the moon reading the newspaper. There are different names for this political cartoon, like don’t shoot, I’ll come down, the beef trust and et cetera. This cartoon was made when TR was “trust busting” small corporations. After Jungle by Upton Sinclair, people and TR wanted changed. So changes were made and the Federal Meat Inspection Act of 1907, which made sure that inspections are made before meats are processed and ready to be delivered.
The financial crisis of 2007–2008 is considered by many economists the worst financial crisis since the Great Depression of the 1930s. This crisis resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. The crisis led to a series of events including: the 2008–2012 global recessions and the European sovereign-debt crisis. The reasons of this financial crisis are argued by economists. The performance of the Federal Reserve becomes a focal point in this argument.
Deriving from the Dutch word “karton” and the Italian word “cartone,” a cartoon is “ a form of two dimensional illustrated visual art” (toonsmag). A cartoon can typically range from being a child’s pastime to going as far as confronting the socioeconomic and political issues in a country. People known as editorial cartoonists draw these cartoons, often called political or editorial cartoons, using tools such as hyperbole, artistic proficiency, and satire in order to poke fun at and inform the public about a certain issue. One famous editorial cartoonist who is known for his cartoonist is Gary Markstein. “The Iraq Surge”, one of Markstein’s lesser-known works, and the “Five years in Iraq” both deal with the Iraq War. The Iraq war was an invasion
Taylor, J. B. (2009). The financial crisis and the policy responses: An empirical analysis of what
The political cartoon displays an aerial view of a man explaining to a woman that the United States Capitol building has been working with a split down its center before the earthquake occurred. In the center of the image, Uncle Sam is hanging onto an edge with one hand as he is going to fall in the large crevice through the ground in front of the Congress building. The author exemplifies how the bias of Congress cannot understand the citizens’ interests; he attempts to describe that excessive favoritism harms Congress which makes it difficult to complete anything when neither one of the political parties agree to a compromise. The meaning of the picture is that Congress has recently been divided into two parts, and an earthquake was not the
Many people today would consider the 2008, United States financial crisis a simple “malfunction” or “mistake”, but it was nothing close to that. Contrary to what many believe, renowned economists and financial advisors regarded the financial crisis of 2007 and 2008 to be the most devastating crisis since the Great Depression of the 1930’s. To make matters worse, the decline in the economy expanded nationwide, resulting in the recession of 2007 to 2009 (Brue). David Einhorn, CEO of GreenHorn Capital, even goes as far as to say "What strikes me the most about the recent credit market crisis is how fast the world is trying to go back to business as usual. In my view, the crisis wasn't an accident. We didn't get unlucky. The crisis came because there have been a lot of bad practices and a lot of bad ideas". The 2007 financial crisis was composed of the fall of many major financial institutions, an unknown increase in mortgage loan defaults, and the derived freezing up of credit availability (Brue). It was the result from risky mortgage loans and falling estate values (Brue) . Additionally, the financial crisis of 2007 was the result of underestimation of risk by faulty insurance securities made to protect holders of mortgage-back securities from risk of default and holders of mortgage-backed securities (Brue). Even to present day, America stills suffers from the aftermaths of the financial crisis.
In conclusion, people have still not been held accountable for one of the largest financial collapses of all time. I think that there should be a limit on who gets qualified for any loan in order to avoid this situation again. I think that everyone who was responsible should be held accountable for what happened even if it means banks going under.
In the midst of the current economic downturn, dubbed the “Great Recession”, it is natural to look for one, singular entity or person to blame. Managers of large banks, professional investors and federal regulators have all been named as potential creators of the recession, with varying degrees of guilt. No matter who is to blame, the fallout from the mistakes that were made that led to the current crisis is clear. According to the Bureau of Labor Statistics, the current unemployment rate is 9.7%, with 9.3 million Americans out of work (Bureau of Labor Statistics). Compared to a normal economic rate of two or three percent, it is clear that the decisions of one group of people have had a profound affect on the lives of millions of Americans. The real blame for this crisis rests on the heads of the managers that attempted to play the financial system through securitization, and forced the American government to “bail out” their companies with taxpayer money. These managers, specifically the managers of AIG and Citigroup, should be subject to extreme pay caps for the length of time that the American taxpayer holds majority holdings in their companies, as a punitive punishment for causing the Great Recession.
“Too big to fail” is a theory that suggests some financial institutions are so large and so powerful that their failure would be disastrous to the local and global economy, and therefore must be assisted by the government when struggles arise. Supporters of this idea argue that there are some institutions are so important that they should be the recipients of beneficial financial and economic policies from government. On the other hand, opponents express that one of the main problems that may arise is moral hazard, where a firm that receives gains from these advantageous policies will seek to profit by it, purposely taking positions that are high-risk high-return, because they are able to leverage these risks based on their given policy. Critics see the theory as counter-productive, and that banks and financial institutions should be left to fail if their risk management is not effective. Is continually bailing out these institutions considered ethical? There are many facets that must be tak...
This essay will examine the causes of the 2008 Global Financial Crisis (GFC) from a Marxist perspective. This paper will specifically examine and critique how Marx’s Theory of Crisis can be applied to understand and interpret the underlying structural causes of the 2008 Global Financial Crisis.
Cabral, R. (2013). A perspective on the symptoms and causes of the financial crisis. Journal of Banking & Finance, 37, 103-117
The "subprime crises" was one of the most significant financial events since the Great Depression and definitely left a mark upon the country as we remain upon a steady path towards recovering fully. The financial crisis of 2008, became a defining moment within the infrastructure of the US financial system and its need for restructuring. One of the main moments that alerted the global economy of our declining state was the bankruptcy of Lehman Brothers on Sunday, September 14, 2008 and after this the economy began spreading as companies and individuals were struggling to find a way around this crisis. (Murphy, 2008) The US banking sector was first hit with a crisis amongst liquidity and declining world stock markets as well. The subprime mortgage crisis was characterized by a decrease within the housing market due to excessive individuals and corporate debt along with risky lending and borrowing practices. Over time, the market apparently began displaying more weaknesses as the global financial system was being affected. With this being said, this brings into question about who is actually to assume blame for this financial fiasco. It is extremely hard to just assign blame to one individual party as there were many different factors at work here. This paper will analyze how the stakeholders created a financial disaster and did nothing to prevent it as the credit rating agencies created an amount of turmoil due to their unethical decisions and costly mistakes.
Many of the “Elite” financial figures could not give a definite answer about why this crisis occurred as well as stated by many of the people interviewed, “We don’t know how it happened.” Many young brokers working for JP Morgan back in the middle of the 90’s believed they could come up with a way to cut risk, credit derivatives. Credit Derivatives are just a way of using other methods to separate and transfer risk to someone else other than the vender and free up capital. They tested their experiment with Exxon Mobile who were facing millions of dollars in damage for the Valdez Oil Spill back in 1989 by extending their line of credit. This also gave birth to credit default swaps (CDS) which a company wants to borrow money from someone who will buy their bond and pay the buyer back with interest over time. Once the JP Morgan and Exxon Mobile credit default swap happened, others followed in their path and the CDS began booming throughout the 90’s. The issue was that many banks in...
Shortly after the financial crisis in 2008, many economists had to rethink their approach to the market. Everyone knew we had a panic because the stock market and the housing market collapsed. American economy was reaching to the bottom. Many people considered it as a second worst recession after the great the Great Depression. But what was the cause? Who were responsible for the crisis? What can we learn from this turmoil? In the recent New York Times Sunday magazine article, Nobel Prize winner Paul Krugman offered his explanation for the causes and insight toward fixing the economy.
Pictures are not made without a reason. Every visual construct has some underlying purpose. Often times this purpose is to express the thoughts or emotions of its constructer. Political cartoons are used to this effect. These cartoons speak volumes about a period or event in time. If a picture truly is worth a thousand words, a political cartoon is worth one thousand one. Political cartoons are almost always drawn from the ideas of the public. Because of their significance to an event in time, they can be examined to reveal the opinion of the people during the time frame. Cartoonists are voices of the public and Greenberg is not an exception.