Thursday, September 18, 2008
Although I am not yet a home owner I feel the pain of home owners all over the country, with the housing market down, extreme gas prices, and the recent tumble of the stock market you ought to feel their pain as well. I am relatively young and I don't have much experience in the stock or housing markets but it is impossible to ignor or not pay attention to what is going on. As a finance major my concerns about our economy are building up as much as the concerns of many people across the nation. Small to mid sized business owners are feeling the effect of the recent credit crunch that banks have started to apply. In an article in the USA Today they refer to the recent sale of Merrill Lynch to Bank of America, and the collapse of investment bank Lehman Bros. as top contributers to the recent era of tight credit. As a result of this credit crunch Americans can look forward to lost jobs, higher percentage rates on loans and pretty much a change in livestyle. Even though nearly 50% of Americans believe that our economy will be growing a year from now.