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Originally Posted by Baraka_Guru
It isn't isolated to America.
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NPR Morning Edition had a piece on this morning about the effects of the credit crisis in the UK:
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In Europe, the financial markets are laying off employees, homeowners are worried that house prices might start to fall, and businesses are concerned by a potential recession. Most observers blame financial insecurity in the U.S. for the downturn.
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http://www.npr.org/templates/story/s...oryId=88732648
Here are links to the All Things Considered pieces I mentioned in my previous post, for those that are interested; I found them very helpful in understanding what's going on.
Little Sympathy for Bear Stearns:
http://www.npr.org/templates/story/s...oryId=88690002
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After watching their company get sold for a song this week, Bear Stearns employees can probably be forgiven for engaging in a little black humor.
In that vein, the firm's economists released a report Wednesday titled, "Other than that, Mrs. Lincoln, how did you like the play?" The report partially blames the collapse of the 85-year-old investment bank on the Federal Reserve Board, saying the Fed played a big role in creating the housing bubble and waiting too long to react to the current problems.
But the reasons behind Bear Stearns' demise go well beyond the timeliness of the Fed's actions — or inactions.
Even on ultra-competitive Wall Street, Bear Stearns stood out. Money wasn't just important, it was pretty much all that mattered.
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Small Businesses Squeezed By Credit Crunch:
http://www.npr.org/templates/story/s...oryId=88690005
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The collapse of Bear Stearns has become a symbol of the credit crunch. But the effects of higher borrowing costs are being felt far beyond Wall Street. Across the country, smaller businesses are also struggling to get loans.
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Addressing Listeners' Economic Concerns:
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Keeping up with the fast pace of recent economic news and understanding the ramifications of this week's developments is no easy task. Laurence Meyer, vice chairman of Macroeconomic Advisors, talks with Michele Norris, Robert Siegel and Adam Davidson.
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http://www.npr.org/templates/story/s...oryId=88689999