Absolute Terrifying
"Wall Street followed other exchanges downwards as mounting evidence signalled that major economies are heading for recession.
The Dow Jones Industrial Average slumped 312.30 points (3.59 percent) to close at 8,378.95, capping a week when the US blue-chip index dropped more than five percent.
Iceland's government said it had asked for two billion dollars (1.58 billion euros) from the International Monetary Fund, the first Western country to do so since 1976, after the collapse of its banking sector.
The IMF said it had tentatively agreed to the loan and announced it had set aside more cash to rescue stricken nations. "
-Channelnewsasia.com
I'm not sure if I am the only one within my social group that is stricken with fear.
Ever since the first news of sub-prime reached my ears September last year, I feared that this day would come.
In case you didn't get the subtle message, Iceland has basically declared bankruptcy and I find this absolutely terrifying.
Enormous giant corporations crumbling to their knees. Now an entire nation declares bankruptcy as well. It feels like watching a set of dominoes falling over in slow motion. And it all began with a little flick under the influence of greed. Greed in the form of easy credit.
I know that many of my friends may attribute this to bad risk management and bad mortgage planning by Banks. But I beg to differ. The issue of sub-prime is not a problem, or not even the cause of the problem. This is a symptom of a much darker issue.
And the maelstrom that we are in, is nothing but a factual consequence of this.
The Dow Jones Industrial Average slumped 312.30 points (3.59 percent) to close at 8,378.95, capping a week when the US blue-chip index dropped more than five percent.
Iceland's government said it had asked for two billion dollars (1.58 billion euros) from the International Monetary Fund, the first Western country to do so since 1976, after the collapse of its banking sector.
The IMF said it had tentatively agreed to the loan and announced it had set aside more cash to rescue stricken nations. "
-Channelnewsasia.com
I'm not sure if I am the only one within my social group that is stricken with fear.
Ever since the first news of sub-prime reached my ears September last year, I feared that this day would come.
In case you didn't get the subtle message, Iceland has basically declared bankruptcy and I find this absolutely terrifying.
Enormous giant corporations crumbling to their knees. Now an entire nation declares bankruptcy as well. It feels like watching a set of dominoes falling over in slow motion. And it all began with a little flick under the influence of greed. Greed in the form of easy credit.
I know that many of my friends may attribute this to bad risk management and bad mortgage planning by Banks. But I beg to differ. The issue of sub-prime is not a problem, or not even the cause of the problem. This is a symptom of a much darker issue.
And the maelstrom that we are in, is nothing but a factual consequence of this.
posted by F I S at
3:06 am
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