Monday, September 15, 2008

All Types of Recession

Yes, it hurts to be broke, doesn't it?

I know we've been in fashion mode for the past week, but we also like to keep people informed about current events. Lehman Brothers, one the nation's top 10 financial institutions filed for bankruptcy today. Their $631 billion dollars in debt makes this the largest file for bankruptcy in history. I know certain presidents ( BUSH!) have been trying to "ease" the minds of Americans by telling them we are not in a recession, but let's face it, we're in all types of recession now.

Without getting too heavy into financial terms, let's break this situation down. The former Chairman of the Federal Reserve Alan Greenspan said, " I can't believe we can have a once-in-a-century type of financial crisis without a significant impact on the real economy globally and I think that indeed is what is in the process of occurring." So basically the stock market fell through the ground today and people have no idea when things are going to get better. The housing market will most likely get worse, people will continue to cut back on spending disposable income (if they have any left after paying $3.69 for a gallon of gas and $2.50 for a loaf of bread wheat bread), so spend your money wisely and save where you can.


Fade to Black said...

Great, in other words, those who are unemployed better make a resume and hit up Those who are employed, hold on to your jobs tightly because America is about to be on an economic roller coaster.

Anonymous said...

Now ya'll missing some important key words the heck somebody gets $631 billion in debt?!?! What the heck???? who running these businesses. What was they in the boardroom talkin bout when they were lets say....300 billion in debt. Ok,I just had to get passed that point, but um...that's sad. It's craaaazy....Well remember ya'll If the Lord is ya'lls shephered ya'll shall(will) not want! He'll take care of ya'll cuz clearly bush wasn't and Lord help us if McCain gets up in there.