The 2007/2008 Financial Crisis in a Nutshell
You may or may not have heard that they’re having some troubles on Wall street right now. Banks are going under, being sold off to other banks and President Bush is trying to save the situation with a huge bail out package of money which seems to have failed just this morning. Apparently it’s been in the news of late and so I thought I’d check in and see what was up for myself. First off, in all fairness, I should say that I know nothing of finance, governing or anything related therein. However, I do know a thing or two about common sense and so I believe I am able to comment on the current financial crisis in the United States and around the world.
When I turned 18 I got a credit card so that I could start building a credit rating for myself. My mother was concerned about this as she knew me to be a somewhat impulsive and overall idiotic shopper. She lectured me to no end about the dangers of credit and how I should make sure that when I buy something I have the money to pay it off, right away. I was surprised at how right my mother was when I soon maxed out my card on frivolous purchases that I neither needed or really wanted. It was more about the power of the credit card. I could buy something with no money! It was the best thing ever! That is of course until the bill came in the mail. Good thing it was a student Visa with a $500 limit. But the lesson was learned nonetheless. Due to unrelated factors, I have not had a credit card since.
Tags: 2008 financial crisis, bail out package, bob woolsey, Crash, credit card, president bush, stock market, sub prime mortgage, The Great Depression, wall street
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