This weeks BANK FAILURE?

Question

what caused that bank failure??

Is there anything that as a people that we can do??

Is George Bush part of the reasons why ?? etc. gas prices, increasing food prices??

Is this leading to a depression??

becuz I think we are in a sucession

10 p o i n t s

Answer 1

Bad mortgage loans cause the failure.

No there is nothing the people can do.

Yes we are heading for more bank closures and rough waters.

Answer 2

I freaked when I seen that on the news here this morning in Australia being this has happened four months earlier than it was predicted. For over two years we all have know that it's really going to be really bad financially for all American's by October 08.

This was caused by too many US people, businesses and company's have defaulted and claimed bankrupt on home, business, company and credit card loans. All US banks are currently scraping the bottom of the barrel and haven't got the money to pay it's customers. Who keep their money in the banks which is loaned to people, for credit cards, home and business loans which the intrest people pay on the loaned money from these loans keeps all the banks in business.

Since US people can't or haven't paid these loans, the banks have no money to pay it's customers who have accounts with them. Which caused this and it's going to get a h**l of a lot worse. Especially with the news of more US businesses are closing down and just hearing 500,000 more Americans are being layed off, so more US people wont be able to meet or able to pay there bills or home or credit card loans.

Everyone back home in the states (yes I'm American) are all in for a really rough hard time financially like you have never experienced ever before. With winter coming in a few months.I dread to think of what's going to happen to many Americans who have lost there jobs, homes and wont be able to afford heat, food or gas to search for work. As it was stated on the news no magic wand can fix anything Americans are truly in for.

If I was back home in the states, I'd go to the bank today and take all my money out of the bank and stuff it in my matress or bury it in a jar in the yard. Before I'd have to stand in a line a mile away from my bank like many people did yesterday.

Answer 3

We're faceing some thing worse than depresion. The good times are over.

Answer 4

The subprime fiasco is at the root of all the turmoil in the financial industry. There's not much we can do, except maybe buy an extra mattress to put your money.

>Is this leading to a depression??

Who knows? Ask the dummy in the White House? We are entering unchartered waters, and the waves are going to get pretty rough. Hang on!!