by Michelle Kathleen Beckett
Home >> US Bail-out Plan
The bill, called the Emergency Economic Stabilization Act of 2008, was rejected by the US Senate and the House of Representatives.
How did the problem start?
The world’s financial markets are having a lot of problems because too many banks invested a lot in the US mortgage market, and now they don’t know how many of these mortgage loans will be paid back.
The credit crunch resulted in the collapse of several large financial institutions – both in the United States and in Europe.
What could happen without a bail-out?
Without a bail-out, the economic crisis will probably get worse.
In a worst-case scenario there could be a domino effect of banks closing around the world. This could start a global economic crisis, with millions of companies going out of business and tens of millions of jobs lost.
Photo by sara~
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Posted on http://www.weeklyletter.com at 2008-10-01 12:45:00 +0200
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What expense would you eliminate first if it was necessary?
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I’ve opted for the “eliminate clothing & accessories” option in the poll question on the right.
I’d like to clarify I mean “eliminate expenditure on said items”...as opposed to the clothing itself.
Thanks for your comment Jeremy!
I also chose (in the poll) to stop spending on clothing and accessories, but it was an easy choice – I don’t have a car, I don’t go to the cinema or out to dinner often enough to make it a financial burden, and I gotta eat so eliminating fruits and veggies isn’t an option …
Did you find it an easy choice or did you struggle to make a choice?