I’m stuck on a Accounting question and need an explanation.
First, select a financial industry event that interests you most, such as the stock market decline from 2007–2009, the financial system bailout in 2008 (Emergency Economic stabilization Act of 2008), or the 2011 stock market decline and subsequent volatility.
Explain what precipitated and resulted in this specific event. Specifically, identify what key lapse allowed the event to happen in the first place, given the topics discussed throughout the course regarding sound financial behavior.
In response to your peers, provide a recommended change that would have likely prevented the event from happening in the first place. In other words, is there a chance that the event could have been avoided if a change had been implemented earlier?