Reference no: EM131772578

Question - Answer should be about half a page. Thank you.

"During 2008, the United States witnessed an historic election, the collapse of its credit markets, and an unprecedented level of government intervention (including the bailout of General Motors and AIG and the $ 700 billion stimulus package). As the "Great Recession" continued into 2009, people were waiting--- waiting to see how the combination of frozen credit markets and the bailouts would impact the economy waiting for the signs of recovery. Economic indicators showed a plummeting stock market, unemployment exceeding 10%, average hours worked declined to the lowest level since the 1960s, and the many people delayed their plans to retire.

How did these difficult economic times affect the accounting profession? Do you think your knowledge in accounting has competitive advantage in employment opportunities over other professions?