Well I would say it doesn't affect me directly, except my bank Washington Mutual just this morning was taken over by the Feds and summarily sold to JP Morgan. But as an addendum to yes I think we need a bail out; what we really need is some good regulation that allows the market to work and does not allow it to go crazy. (like the rule forcing financial institutions to mark their assets down to 'market prices' even when they are distressed and they do not intend to sell them in the near future, oh and how about a company that is deemed too large to fail not be overly leveraged). Just a thought.
I was (not) surprised to see Barclays buying Lehmann meant that the US people still were going to get their obscene bonusus when UK employees were not sure of getting their September paycheques. (can't find the article, but here is another in a similar vein: http://www.guardian.co.uk/politics/2008/sep/23/alistairdarling.executivesalaries)
I see the Washington bailout as a way of keeping it "business as usual" in the US financial sector. The ones taking the risks on other people's money are still being rewarded instead of punished.
Whilst in the US the past few weeks, we still saw people shopping and spending money, but maybe we were looking in the wrong places. Granted, one friend is currently living in a shelter due to her salesperson job doesn't earn her enough money to rent a place, and one of my relatives wants to sell their smaller place to buy a larger one (growing toddler, wants a garden) is having trouble finding a
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I think I've been heavily affected by the credit crunch because I work in the housing industry and, related to the credit crunch, it's all gone tits up.
I think the US government attempting to organise a bail out is a good idea. I don't think their current plan is though.
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I see the Washington bailout as a way of keeping it "business as usual" in the US financial sector. The ones taking the risks on other people's money are still being rewarded instead of punished.
Whilst in the US the past few weeks, we still saw people shopping and spending money, but maybe we were looking in the wrong places. Granted, one friend is currently living in a shelter due to her salesperson job doesn't earn her enough money to rent a place, and one of my relatives wants to sell their smaller place to buy a larger one (growing toddler, wants a garden) is having trouble finding a ( ... )
Reply
I think I've been heavily affected by the credit crunch because I work in the housing industry and, related to the credit crunch, it's all gone tits up.
I think the US government attempting to organise a bail out is a good idea. I don't think their current plan is though.
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