WRITING HISTORY Essay Example | Topics and Well Written Essays - 500 words

WRITING HISTORY - Essay Example This was seen as a breakthrough in the rather fraught racial history that had galvanized America since its inception. Who would think of the election two years back? The election of Obama is historical as it opened a chance and possibilities for the country and the world in general. This was a defining moment for America as people even outside America changed their general perception about the Americans. Additionally, the election of Obama in the November 4th polls was a peak point for the electoral process in the US hence being a trademark for the post-civil rights revolution (CNN, 2010). Thus, historically, it can be affirmed that the significance is big. This was no more the republican versus the democrat dialogue but more of the moment when the struggles of the black will be alleviated. This in essence was unprecedented victory that blew away the 400 years of black slavery as well as legal segregation and institutional racism that has over time shadowed the progress and gains mad e by the American populace (CNN, 2010). The other historical event can be alluded to be the 2008 global recession that had wide impacts in terms of financial crisis since the Great Depression of 1929-30 (CNN, 2010). Early 2008, there were signs of serious crisis in the offing. This would be marked by the sharp drop in the profits that were made by Citigroup bank and consequently a fall on the New York Stock Exchange. This would then be followed by very sharp fall in share prices in all the major world markets. Massive losses would then be registered by American and European banks in the end of 2007 financial year (CNN, 2010). The following months would then witness the bankruptcy of Lehman Brothers, the take-over of Merrill Lynch and Goldman Sacks and Morgan Stanley moving to seek banking status so as to be protected from any form of bankruptcy. This recession was historical as it called for desperate measures in the extra-ordinary times, with the US employing the most