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I don't think many understand the worldwide consequences of our current financial situation. This isn't just about bad mortgages or bad loans and big wallstreet finanical firms that need huge bailouts or they may fail. This affects everyone in the world as all money markets are tied to each other, banks are now international as these bad loans stretch worldwide. This crisis affects everyone that has a home, credit card, IRA, stocks, bonds or any financial investment on wall street or not. If these large financial firms are allowed to fail, credit will be difficult or impossible to get, home values will fall further due to loans being tight or impossible to get, small and large business will have layoffs or cease to exist due to lower consumer spending. In other words a major recession or depression will happen. All that money you invested for retirement may just disappear! This may not be as bad as the great depression but it would be a major world wide financial meltdown. I for one do not wish to see the government bail out bad financial decisions on wall street or the mortgage industry in particular, but at this point there is little else that can be done. If we do not take immediate action we all will loose, not just the rich investment bankers on wall street. I for one one many stocks and I am not rich. I have seen how bad the markets are, and they will drop to 1950's levels if something doesn't happen soon. For this ball out there needs to be government oversight and of course the money managers that caused it should not be allowed to profit from their positions, but this is a real crisis and real action needs to be done very soon, or it will be too late.

posted 3 years, 8 months ago
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