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Effecting Positive Changes on American Economy Through Social Collaborations

American economy is experiencing yet another boom and bust cycle. History is repeating as America faces situations similar to the Great Depression of the 1920’s. Economic breakdowns like stock market crash, unemployment, real-estate crash and high-rentals are the most notable and attention-seeking features. Most part of this highly volatile situation is because of badly regulated markets and the fall of highly reliable banks like Bear Stearns, Lehman Brothers, Merrill Lynch and Morgan Stanley. America’s economic slowdown has also triggered similar effects in many Asian and European nations and inflicted extensive damages on many financial institutions across rest of the world.

Swift actions on the part of the US Federal Reserve have protected banks and to some extent have prevented the nation’s financial crisis from tumbling over. In spite of necessary bailouts given to financial organizations; housing and financial markets still bear the brunt of the sudden fall. And most importantly, American household issues are barely addressed anywhere in the schemes so far. But the recently held Presidential elections have promised a turnover from the current state of affairs. The government did act responsibly is some cases by introducing social security and unemployment benefits; but they are insufficient to enforce a drastic change in the nation’s economy.

After the advent of social collaborations on the Internet, social issues like financial and economic situations are widely discussed nowadays. There are discussion forums that allow the user to express his concern and also to create an opinion poll on any topic or subject. Since Internet has dissolved international boundaries, we can also see active participation from different nationalities, expressing their opinions and views.

Social networking can be used as a facilitating factor to improve the all-round awareness on the financial conditions and also to provide useful tips to users on debits, credit cards and insurance. Users can lead discussions and also cast votes for the most preferred and viable financial solutions. Through collective support for a common cause, these sites can enable positive changes and also provide mutual comfort during these troubled days.

To recover and stabilize from this point is a very long process. While governments and economy can take a few months, families may need more time to overcome personal losses. But, American economy and the citizens in particular have learnt a lesson or two through this year long struggle to make ends meet. Using appropriate facilitators like Internet and media, a positive change can be reinforced, not only providing solace to themselves; but to all other nations who have been hit by this economic slowdown.

 

 

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financial crisis

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American economy