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I'm only 15, but i know that when you put your money in a bank, the bank invests that money into things like the stock market to make a profit, and you get a small portion of it (the interest you get), but when what they're investing in fails, and they loose all of their money and yours, then we have nothing. And America is a credit nation for the most part. Alot of people use credit cards, loans, ect.
The banks have been loosing money, and so morgage has been increasing so high, that some people can't pay it off, and they loose their homes. Just recently alot of the banks just became indebt, and soon America will be an all cash nation again, and for the people who don't own things, will probably loose them to this. For people who own their houses, cars, ect. they might not loose them. My dad always said to buy things and don't use a credit card, I guess he saw this coming. Alot of my teachers at school, and one of my College class teacher's say we would be going into another great depression. But its not only them, There's been alot of media on it.
I'm not sure I want to grow up into a great depression, the thing is its kind of our fault.The reason we got out of the last great depression was because of all of the jobs that opened up after world war II, but Alot of OUR jobs have been shipped overseas to China,and alot of americans lost jobs, a few million actually. And we're starting to become so dependant on other countries. If something doesn't change now, America could possibly end..What do you think?
EDIT*****
They tried to bailout wallstreet by giving them 700bil, but congress didn't approve of it, so they're thinking of plan B. Wallstreet is the stock market.
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Originally Posted by shamcooly
