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05 October 2008

World Economy News - Credit Crunch - Hostels247.com Financial News



Difficult Time for World Economy

The World Credit Crunch is affecting everyone, from Wall Street to Main Street, the liquidation and take over of banks and businesses, the volatile fuel prices, rocky stock market and the high price of foods and essentials.

Its Undeniable that major banks and businesses are in financial distress, like AIG (American International Group Inc.), Lehman Brothers the once venerable investment bank, Washington Mutual, Fannie Mae and Freddie Mac, Northern Rock, Bradford and Bingley, HBOS (Halifax Bank of Scotland), Dexia Belgium/French Bank, Fortis Bank, Hypo Real Estate AG,XL Leisure Group PLC and Alitalia Italian National Carrier to mention but a few

Consumers and customers feel as if everything is totally out of control, its like an avalanche, Banks are not lending money to individuals for new Morgages, House Prices have fallen, small businesses are worried about how to make payroll and rising unemployment. Before we have time to comprehend the liquidation, nationalisation or take over of one business or bank, another company goes under, one stock market plummets then another takes a dive, it like a massive line of Dominos or a House of Cards. Banks and financial institutions that were once the pillars of the economies of the World, are now running for cover. Some of them ending up in a shot gun marriage just to survive.

This is a worrying and unsettling time for everyone. The thing is, life still goes on, some belt tightening is what is required to get over this turbulent period in our life, but people still go to work, Families grow and babies are born, customers still buy products and a lot of businesses still make profits, some people loose their jobs while others get hired.

These are the things that make the world go round.

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