USA economy in the doldrums

Many people across the world are panic-stricken and talking about the severe slump in the US markets. More than the many 'talkers', several people across the globe are actually affected by the domino effect (remember the song by Pet Shop Boys, Domino Dancing...watch them all fall down) in the USA. With Lehman Brothers...no longer in arms, acting as the catalyst and opening a can of worms, other financial organizations followed suit.

Big names like Goldman Sachs and Morgan Stanley quiting investment banking, and the fallout of Bear Stearns and Merrill Lynch, are huge indicators of the pace of world's economy slowing. Most of us are aware of the 'Great Depression', which resulted in major economies of the world nosediving. Presumably, the 'new great depression' will cause a greater catastrophe in comparison to its predecessor...definitely sending shivers down the spine of many.

The USA was already 'bleeding' since years, its just that it needed a catalyst like Lehman Brothers. What with the sub-prime already giving us the feelers earlier and the credit market ballooning over the years, it was quite evident that the bubble will burst! With hundreds & thousands of people submerged in loans, mortgages, et al, only God can bail out USA. Will Uncle Sam give up or will he pull out another rabbit from his hat?

Comments

ozzyaly said…
If you thought the US only has the sub prime to deal with - consider this http://finance.yahoo.com/banking-budgeting/article/103811/The-915B-Bomb-in-Consumers'-Wallets

Is this the end of the world as we know it - no thunderstorms, no lightning – just a gentle swipe of plastic!
October 2, 2008 at 5:02 PM
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