Our society is captivated everyday by the shows and sports on television. Between these shows are advertisements that display ongoing issues around the world, asking for donations to help. Now think about that game between the Lakers and the Warriors you were just watching on ESPN, for an hour athletes were playing a game but earned millions in that short amount of time. Now just think, what could happen if we placed limits on how many assets can be diverted into professional athletes to ensure that more important needs can be met in our society. The sports market is so saturated today that if you want the very best you 'll have to pay the most.
Throughout history, the way people became rich was through family. 65 years prior was the California Gold Rush, which gave the common people a taste of the rich life and gave hope to many people that felt they would never be rich. This also caused people to let money go to their head; it didn't matter how they got it as long as they had it, and if they had it, they had power. Within this mindset came more people that wanted the fancy, rich life at any cost. So when Prohibition started up, it was a monumental step to earn money quick.
When FSLIC started to bail out in 1983, it costs FSLIC $20 billion but it had only $6 billion in reserve at that time which led to its bankruptcy. Then in 1985, oil prices fell and some people who invested their money in thrifts defaulted because it made their investments unprofitable. Between 1982 and 1985, the thrift industry expanded as the funds were flowing in this industry due to the shift to the financial market. During this time there was a decline in mortgage lending of savings and loans institutions from 78% to
Anyone that can open a history book can see the drastic changes of our society due to financial and technological progressions. In the book, “The Great Gatsby” you can see how just having a large sum of money can influence anyone to be happy. People began to idolize an individual just because of his wealth as shown in this paragraph of the novel, “It was testimony to the romantic speculation he inspired that there were whispers about him from those who had found little that it was necessary to whisper about in this world”(Fitzgerald 44). Gatsby threw wild parties every weekend just for everybody to socialize, embrace each other, and drink. Without money, none of that would be possible and The Great Gatsby would be a mere citizen that nobody gave any special attention to.
Sports are a very popular all around the world, and it is a billion dollars’ business that fans get a rush from watching it. There are many famous events all across the world that fans will pay top dollars to watch such as the Olympics, Super bowl and the World Cup. It sometimes puts pressure on the athletes to go out there and perform their best even if it puts their body at risk (Covassin, Elbin III, & Stiller-Ostrowski, 2012).Year after year the numbers of concussions have decrease a lot because of the new technology that they are trying to create by the year but the numbers are still outrageous (Covassin, Elbin III, & Stiller-Ostrowski, 2012). Research has shown that the more the physical the sport, there are more likely to have more fans (Covassin, Elbin III, & Stiller-Ostrowski, 2012).
It affects everyone’s lives in one way or another. It has a great impact on not only the economy, but also the quality of the lives affected by crimes. Communities are majorly affected by crime because it causes a loss in tourism. People will stop visiting and/or living in certain communities where an excessive amount of crime occurs. Crime has always been an economical issue in America but it wasn’t until the 1920’s that the costs of crime became a major issue.
As the days grew closer to the Series, the total sum increase with the help of Arnold "Big Bankroll" Rothstein. He was the “most prominent gambler-sportsman in America.” The gamblers and the players at many times couldn’t agree on a total of money allocated for the fixing. As one point, one of the gambles, Attell, “refused to pay the players any cash in advance, offering instead $20,000 for each loss in the best-of-nine Series. The players complained, but told the gamblers that they would throw the first two games with Cicotte
The 617.78 point loss was the Dow's worst one-day drop ever… until October 9, 2002, when it closed at 7,286.27, a 37.8% decline from its peak… until the Dow hit a higher low on March 11, 2003, closing at 7,524.06. Unemployment continued to climb until June 2003, when it reached 6% -- the peak for that recession” (How the 9/11 Attacks Still Affect the Economy Today). Additionally,the hijacked two airplane companies, American Airlines, and United Airlines were disastrous. Both companies tumbled about 40 percent after the closure of stock market. American Airlines stock move downward
Gambling throughout the world of sports is very much present and everyone knows it; especially the government. The principal and most controversial problem with policy concerning gambling in sports is the subject of legalization. A main part of the problem is that it might be illegal in some places, but people are and will continue to gamble on sports either way. In a 2015 Washington Post article, Will Hobson provides that nearly $4 billion is legally bet on sports in Las Vegas yearly, while an estimated $80 billion to $380 billion is bet illegally “through a shadow industry of offshore betting houses, office pools, and neighborhood bookmakers.” The failed and lack of policies in sports gambling has led to major issues such as the loss of financial opportunities in regulating and taxing the sports gambling market, influential connection to organized crime, and a lack of transparency in the market resulting in potential loss of sporting integrity such as point shaving and match-fixing.
The Great Depression started with the stock market crash of 1929. “In 1925, the total value of the NEW YORK STOCK EXCHANGE was $27 billion. By September 1929, that figure skyrocketed to $87 billion” (The Market Crashes 1). Stocks were being sold for way more than their reasonable value and that couldn’t go on indefinitely. Although more people in the U.S.owned stock than ever before, “90% of American households owned precisely zero shares of stock” (Sinking Deeper and Deeper 1).
On “Black Thursday” (October 24,1929) 12.9 million shares were traded in order for investors to save what little money they could. When the market actually crashed, millions of shares became worthless and investments were lost. Within a week from “Black Tuesday” the market lost $30 billion leaving millions of people