Americas' banks

@gangus2 (373)
United States
June 23, 2008 12:32pm CST
Consider this; Bear Stearns would have gone belly up if the Feds had not bailed them out. Several more leading Banks are feeling the squeeze from the mortgage crisis. Will the Feds be able to bail them out as well? What will happen if the Banks can't get relief? Try this scenario on for size. You go to your Bank and try to withdraw money from the ATM machine; it doesn't have any. You go to the gas station and use your debit, or credit card to purchase your gas; the machine doesn't work, the attendant tells you they no longer take credit or debit cards; all purchases have are cash only. Think this won't happen? In the news: http://www.ksl.com/index.php?nid=148&sid=3571350 I think that this is just the beginning, we are passed a recession and headed into a "Great Depression" one that might out do the previous one. Will we be better off? Karen
1 response
@baileycows (3665)
• United States
23 Jun 08
I think you are right. My husband was just laughing at me yesterday because he doesnt believe that this will happen. I on the other hand hope that it doesn't. But I think we are about to the see the greatest fall our economy has ever experienced.