Walletwatch is taking a break from its usual content of credit cards and bank accounts to take a look at the larger problem: the credit crisis. This explosion on our nation’s financial markets has the Federal Reserve taking its most vigorous action since the Great Depression. But what exactly is happening, and what does it mean for ordinary Americans?
Even whizzes on Wall Street don’t understand all of it. According to today’s New York Times, even Robert Rubin — the former Treasury Secretary and a Citigroup exec — needs to ask “experts” to explain things to him. This article from today’s New York Times is of great assistance. http://www.nytimes.com/2008/03/19/business/19leonhardt.html?hp
And to understand how credit card debt could contribute to the credit crisis, check out this earlier walletwatch post.
I stole this cartoon from my hometown Cincinnati Enquirer.
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.