I don't really understand the whole financial world and all the drama taking part in it right now. I REALLY don't understand how someone can work for Washington Mutual for 17 days and get a $20 million severance package when they went under
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Should we bail out Wall Street? It's not my place to say. But as it stands now, here's what Washington says will happen if we don't:
* Housing prices will not rebound any time soon.
* The public will have a harder time getting mortgages, credit cards, car loans, etc.
* Credit companies will start lowering limits, even for upstanding customers.
* Those with ties to Wall Street (banks, investment firms, accountants, builders, etc.) could end up jobless.
* Those who would normally run a business on credit won't be able to do so any more (which means no expansions, renovations, etc.).
* Student loans will be next to impossible to secure.
* World markets, which often base their trading on Wall Street, won't continue to decline.
* Retirement accounts, such as 401(k)s will continue to take a beating.
If the bailout passes, the American public will end up footing the $700 billion bill. Oh, and throwing money at the problem may not actually solve it. Definitely a damned if you do, damned if you don't situation. Here's hoping some really smart people come up with a great solution.
For more answers to your questions: http://www.mercurynews.com/restaurants/ci_10584901?nclick_check=1
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