Debt and More Debt.Posted by admin on January 7th, 2010
To be honest, I really dont understand how the global financial crisis came to be. It just don’t understand why multi-billion financial companies can go belly up without warning! I understand the economy of the US is in the down low for months but I guess I never fully came to grasp the whole situation up until I read an article that people are losing their homes because they can’t pay their mortgages anymore (This has happened to a few family friends, unfortunately). And where do they need to pay the mortgages? BANKS. When banks do not get paid on loans, where would they get their money? It doesnt even help that they have invested their stocks and money on REAL ESTATE! How ironic is that, right? Debt Collection must have hard for financial companies – they would need to get the services of a Collection Agency . Now, I do not understand the pros and cons of the government bail-out and why citizens of America feel strongly for it (I guess they should, it is essentially THEIR money) but I really hope that it will help solve the crisis. The US is a strong and powerful country and seeing it go through a financial crisis speaks of impending doom for third world countries like ours.
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