Another Financial Crisis

@worldwise1 (14887)
United States
September 15, 2008 6:16am CST
You've probably all heard about the latest financial crisis concerning Lehman Brothers by now. It seems that the huge institution Bank of America has bought them out at the last minute. People are in a panic, and from all I've heard this is only the tip of the iceberg. Sources say that there are more than a hundred more in immediate danger of going down with over two hundred more who could potentially be affected. Do you get the feeling that all of this is just a game that is being played out? Do you still trust your financial institution? I'm not one of those who has any money to be concerned about, but if I did I'd be scared to death right about now. One other question -how many times can the government come to the rescue of these financial institutions?
4 responses
@xParanoiax (6999)
• United States
16 Sep 08
I've never trusted any financial institution lol. I don't have any real money to speak of either, but I'm encouraging people to save themselves at this point. I hear economists from other countries are expecting us to meltdown soon...and after the way this week has kicked off, I'm beginning to think it's possible in the near future. How many times can the government come to a rescue? Well, I don't have an exact number, but we're jading most of the people we get our money from. In a little bit no one will lend us anything. Plus, sooner or later, tax-payer's dollars are gonna run out. And given how much money it takes to bail out these major economic players (saving them from themselves...) -- well, all we can do is make vague guesses. But it's definitely not forever.
1 person likes this
@worldwise1 (14887)
• United States
16 Sep 08
I heard one expert say a few nights ago, xparanoiax, that the government should never have started this trend of bailing out these companies when they get into trouble. What I don't understand is why they just won't come clean to the people of this country. Everyone has the right to know exactly how dire the situation is.
• United States
17 Sep 08
Well that economist is right, they shouldn't have. If they bankrupt themselves saving these banks, what will be left to help the people if it gets worse? Anyway, why won't the government come clean and tell the truth? Um...I'm inclined to believe that it's because they don't see it as true. In their world everything's hunky dory, they don't deal with the same things we do everyday I don't think...=( The alternative reasons are worse and I don't want to think they're possible, so I'm sticking with them being completely ignorant and incompetent. There's been signs suggesting they don't know what reality is before... Didn't Rumsfeld say, "Sometimes I have a hard time separating what people say to me, what I see, and my own recollection of what happened." Isn't that the definition of not knowing what reality is? And who's to say he's the only one with a disconnection? There's no good explanations, really. =(
@Aurone (4758)
• United States
15 Sep 08
It looks to be a mess. The Dow is down and financial institutions are going down in flames. I trust my financial institution cause its Bank of America. The one that is buying out other institutions. I don't know what will become of all this. I guess we will just have to wait and see. Makes me glad that my husband is working for a Swedish company though.
1 person likes this
@worldwise1 (14887)
• United States
16 Sep 08
I believe that many people will be caught without a safety net, Aurone, and that is such a shame.
1 person likes this
@Aurone (4758)
• United States
16 Sep 08
True.
• United States
15 Sep 08
Yeah I heard about this, it is pretty scary. It just signal's a bigger problem to me. It means that the U.S is in bigger trouble than people really believe they're in. I'd be extremely wary about actually doing anything right now that really costs a lot of money. I don't trust anything right now.
1 person likes this
@worldwise1 (14887)
• United States
16 Sep 08
My mother was talking many years ago about how "the bottom is going to fall out of everything," highflyingxangel, and we never actually took it seriously. Now I understand what she meant.
@Thoroughrob (11750)
• United States
15 Sep 08
I seen that too this morning. I would be scared if I had any money in the bank. I am not sure that I would not be taking it out right now. It is really getting scary.
1 person likes this
@worldwise1 (14887)
• United States
16 Sep 08
I'm afraid I would have to disregard the advice about leaving your money in the bank, Thoroughrob, if I had any. The government is not exactly forthcoming in many instances about how bad things are.