I don't know too much about politics and economy, but I try to keep up with it from time to time.
From what I'm seeing right so far. People are defaulting on their mortgages and loans and can't pay for what they can't afford. So they file bankruptcy.
So, bank are collecting "bad assets" and they are starting to do bad due to all the people not being able to give them back the money they borrowed. And because of this, banks are failing and filing for bankruptcy themselves.
The government sees this and tries to help out. They spend day and night working out legislation to buy these bad assets and try to give banks a new and better start. A $700 billion dollar plan. And they work quickly because this is a hot matter.
Now, these people, (probably not the same ones who defaulted.... then again... probably so...) didn't like the plan and spammed the lawmakers with phone calls and emails. Telling them "NO! DON'T PASS THE LEGISLATION!" or asking details, "WHAT IS IT? WHAT IS IT? WHAT IS IT?"
Listening to the people, lawmakers rejected the rescue plan for them, WHICH WAS MADE UP TO HELP THEIR OWN ECONOMY THEY DEFAULTED ON, and the DOW dropped 777 points within mere minutes.
To we the people:
GOOD JOBPhonZ
Post a Comment