It seems that way too many countries rely on America because their financial problems seem to be affecting the rest of the world, so much so that even Rudd is hoping that the American Congress will pass the the multi-billion payout.
One wonders whether any lesson will be learned from this fiasco. This particular clip was from September the 30th.
Well, if you’ve seen the market reports today, it would seem that even our finance folks don’t believe that $700 billion is enough to help out, and that’s frightening. I’m just glad I held out on sending more money in for my stocks, but at some point all of this has to level out. I’m just glad that, in my area of the country, the types of housing loans that helped trigger this problem weren’t allowed.
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I can’t understand why they were allowed in the first place. I remember when I went for my house loan, all those year ago, how they went through my financial details with a fine tooth comb before even considering me for a loan.
When my wife and I first went looking at houses, we had this realtor tell us that we could afford a house between $175,000 and $225,000. Together back then we were making about 1/3rd of the higher price; I knew there was no way that could be correct, but I heard people talking about that sort of thing all the time. It would seem that there aren’t always the same standards being used to determine just who’s qualified for what.
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That’s is the problem, everybody is interested in their own cut and not what is best for the borrower.