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What is going on with economy...
I have been watching the news and reading online..I keep hearing the Economy will not go down but then banks are filing bankruptcy and businesses closing down and a bank who was bailed out by the 700 billion dollar bail out spent $450k on vacation for themselves...movie stars losing homes...My company in a hotel industry...and have been making cuts for the past 6 years...
And I can't get hired for more than $7.50 per hour and that don't pay the bills..
It seems the economy is imploding on itself...
it's what happens when banks just shoot out loans to people and then the people can't pay it back...
In fact there was a black monday and 5 friends couldn't get paid a thing not even to cash a check...
So what is going on and don't just say recession...
I want the Truth and the whole truth.
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Well the people saying the economy won't go down are probably just trying to stave off the blame from the president. If I recall correctly, it was actually the company that received and $80 billion bailout that bought the vacation, AIG. The $850 billion bailout was spread amongst a few companies after the $700 billion one failed. The economy is going to hell due to several bad decisions, the sub prime lending was just one of the biggest issues. We are a service culture, most of what we actually buy and use is imported. Our imports far outnumber our exports, making our economy inherently fragile. Then there was the fact that the president was slashing taxes for rich people while spending more and more.
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Well, we're really not in a recession right now...more like depression. Anyways, there's a LOT of things wrong with the economy, but this page could probably explain it better than I could ha ha:
[Link](Mouse over link to see full location)
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