What is going on in the world?
Social · asked by user [] · 2008-09-30 · 2 answers
regarding wall street and all that. can somebody explain?
user [192] · 2008-09-30
..greed.insanity and the American Way.The biggest banks lent billions of dollars to people who could not possibley afford to pay them back,now the US banks have $700 billion in bad loan debt,so what happens is the banks cant finance anyone for anything,people cant buy houses,cant get credit cards,business cant get seed money,everything stops...big time.If the USA economy shuts down, then it ripples around the world.user [2] · 2008-09-30
governments create paper money without backing of gold, usually to finance wars.banks loan at high interest from that thin air *money
inflation ends in big crisis, benefiting once again the richest
cheater and the cheated. once again.