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Originally Posted by Aliantha
Well that's true. It's true in Australia too, and the UK and most other countries with a slumped economy.
What is surprising to me as an outsider, just as Zen alluded to, is that so many major banks have folded in the US. I'd be shit scared if major banks in Australia started folding and we've got a very small economy compared to the US and UK. Fortunately for us we're doing ok so far, but it's early days yet.
I guess what I would find interesting to know is how this could have happened to supposedly strong financial institutions built on a foundation of wise investments.
The story will unfold as time goes on, but there must be some nervous CEO's around the world, including Australia at this most recent collapse.
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We need a correction. Some of these banks and big clearing houses are going to have to fold to make things right. It has to be in big part to the housing failures and the depth of the poor loan making.