In reading articles about the current financial crisis, I have simply been focusing on the causes and not what is actually happening to people and businesses. I think from a risk management standpoint it is good to study the causes to implement preventative measures for the future. However, the effects the crisis has had on people struck me this weekend. I found out one of my friends father was laid off. One of my other friends lost his job. Another of my friend's grandmother lost her job. I had a conversation with a person about his father losing his job as well. You think bad things won't happen to you, but they can. This same concept is why companies do not implement proper risk management policies. They may implement the bare minimum because they think bankruptcy could never happen to them. This article is about things that have changed or will change with the crisis:
http://www.culture11.com/node/32274?from=feature
Prices have increased to ridiculous costs for people, and in the mean time, they are losing their jobs, which does not help the situation.
This video explains how grave the situation we are currently in is, and is the trailer for a Frontline episode which goes into more detail about the crisis, or as they call it, the Second Great Depression.
http://www.pbs.org/wgbh/pages/frontline/meltdown/
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