It seems every hour news is coming out in reaction to the financial
devistation that is occurring. It appears to be just the U.S., but the
effect will be felt worldwide. It is similar to the World Wars of the
20th century, in that, while they were initially European wars, they
soon were fought across the world.
And the financial crisis is as significant as the world wars, I
believe. No one is saying that yet, but in time, they will. And while
it may not be as terrible as the Great Crash and the Great Depression,
it will be very tough on Americans for some time to come. Because all
of this money that is going to used to bailout the banks is money that
will not be bailing out the people with failing mortgages and failing
For more detail, see Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis – NYTimes.com
P.S. See the people in this photo by Brendan Hoffman of the New York Times? They don’t know what is going to happen either, although they have to act like they do. That’s Nancy Pelosi speaking with Treasury Secretary Henry Paulson on the far left and Ben Bernanke, the Federal Reserve chairman and apparently an expert on the Great Depression, on the far right. I have no doubt that Bernanke has history in mind with everything he does.