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ANSWERS: 4
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From what I understand... Banks lent out too much money because they thought house prices would never fall. They lent money to people without fully checking that they could afford the payments. When homeowners were unable to pay, the bank would reclaim the house. This worked (for the banks, not the customers) until house prices fell. When house prices fell, the banks couldn't get their money back and so started to get into debt. There is also a lot of stuff about the stock market but I have no idea what's happening there...
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“Expansion becomes impossible without abundant cheap energy. So I think that the debt of the world is going bad. That speaks of a financial crisis, unseen, probably equalling the Great Depression of 1930; it’s probable we face the Second Great Depression. It would be a chain reaction, one bank would fail, and another one would fail, industries will close…” Dr. Colin Campbell, geologist, founder of the Association for the Study of Peak Oil (2006 interview). Michael Meacher, a British Labour MP and former Environment Minister identifies the Peak Oil crisis as “an apocalyptic scenario” . A Deutsche Bank paper on oil depletion goes in the same direction: “The end-of-the-fossil-hydrocarbons scenario is not a doom-and-gloom picture painted by pessimistic end-of-the-world prophets, but a view of scarcity in the coming years and decades that must be taken seriously.” To read more on Peak Oil and the Financial Crisis please consult the following article: http://www.ireport.com/docs/DOC-112467
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At the time of financial crises we need to come together united and try to solve the problems which are responsible for such a hazard. We need to overcome it. It is meant to bring calm to the population and markets and display government strength and stability. As a large number of people spend their money in movies, making films, sports, at some places where<a href="http://www.fixedbetting.com/">gambling legalized</a> systems exist, people lose a large sum of money there in such stuffs which should be minimized as the world is going through a phase where a little wastage of money could be matter of remorse.
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greed.
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