Tuesday, September 30, 2008

Financial Frenzy

I'm quite baffled by the current financial woes, or so I hear. I don't understand how it all works. I know it is in bad shape, but I don't know how everything works together that creates this/a hostile financial situation.

The buyout of Bear Stearns, government bailout of Fannie Mae, and Freddie Mac, the emergency funding for AIG, the crash of Lehman Brothers, the sale of Merrill Lynch to the Bank of America, JPMorgan Chase purchase of Washington Mutual, the forced sale of Wachovia to Citigroup. There are other events of the current financial crisis, but those are the ones that come to mind as I live in North America.

What will this mean for the world? What will it mean for individuals like me? I really have no idea.

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