Lehman Brothers, AIG, whose next?
Financially speaking … we are in the worst of times. But then again, isn’t this what we heard back in 1997 during the Asian financial crisis while the western countries laughed it up and bought up companies on the cheap? Now, the US is in its worst financial crisis- and no, Asia is not laughing. Why? Because our money is tied up in the US as well- both in terms of treasury bills as well as stocks, property and even Personal Loans!
After all, the “most powerful nation in the world” as Americans like to refer to the US of A as, is the biggest debtor in the world. And who are the ones lending the money? Everyone else … which goes to show you that yah, the US is the “most powerful nation in the world” when it can command such a premium for its bonds.
People, real people, have been hit badly and many are scrambling to get Unsecured Personal Loan to tie things over. Yes, unsecured because there’s nothing to back those loans anymore. No house, no car, not even a job. Is it possible, apparently it is. Which makes me wonder if this is the reason why the US is in such a crisis as it is now.