Quote:
Originally Posted by SweetT
Unless you are WAY younger than I thought you were then you saw the failure of the S&L's in 1990. We are talking about 750 banks going belly up to the tune of more than $160 BILLION dollars (in todays money thats more than $250 BILLION). At the same time new home construction dropped IN HALF to the lowest point since WWII.
It was a tough time in America...but like everything before it....we got over it. ;)
--T
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its going to be a wait and see for the next 18-24 months..
i think what makes this different from the 90's is that with all the outsourcing to foreign countries like china and india, jobs were lost that are not going to return.
combine that with a growing life expectancy rate and seniors outliving their health benefits, the burden on the govt (taxpayers) its hard to see a way out of this mess.
the other troubling issue is that the US is becoming more and more indebted to countries that are 180 degrees from our ideologies and it seems like foreign investors are buying up large positions in some of the US major entities.