Obama: U.S. in 'Serious Financial Crisis'

Barack Obama says the U.S. is in the most serious financial crisis in generations. Obama called the troubles on Wall Street a major threat to the U.S. economy. (Sept. 16)

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[mekayefnafsi]

finally i would advise the captilists to review their economic principles that caused all this misery. Goverments should have a close eye on all markets especially the finance sector to save consumer rights and properites. The absence of goverment role in the economy would eventually lead to a crises eating everyone up .

We need a system that promotes justice to the middle working class because they form the backbone of any economy. The fall of this class would mean economy destruction.

[mekayefnafsi]

The amusing part of all this many bank leaders are not even graduates from buisiness or economic schools . The best way is to have a new law stating clearly that sensitive bank positions require people who seek taking it to have finance degrees atleast . It is also prefered that they should also have other designations such as the CFA or CPA . This will help to prevent any future failures by having qualified workers who have the ethics and skills to do such jobs efficiently .

[mekayefnafsi]

imature bank policies lead to the destruction of the economy , without taking into consideration that today all sectors of the economy are related to each other especailly the financial sector which majority of other sectors depend on as a main source of funding their operations. A fall in the banking sector means that all other sectors will eventually by time cease to exist . The only way to solve this problem by creating a new economic system that considers the rights of the general public

[mekayefnafsi]

The result was many buisnesses had to layoff many of its employees and posponed any future investment plans so they could payoff their liabilities . The sad part many firms went bankrupt adding more workers to the long ques of unemployed people . The consequences of such events meant that consumers purchasing power decreased significantly affecting all markets in the country . foreign investors on the otherhand lost any confidence in the american economy encouraged them to withdraw investments

[mekayefnafsi]

when the scenario became like that banks ofcourse started taking these poor debtors to court inorder to take over these houses. Ofcourse with the recession already existing it would be impossible to sell these houses at their actual market price which meant that banks lost hundreds of billion dollars. This resulted in banks being unable to longer lend any money to firms which caused many of them to face cash shortages .

[mekayefnafsi]

The main reason for the crises was due to the greed of bank mortage agents whom only cared for their worthless commission and losing the bigger picture. Mortage loans were given to people without the bank granting enough securities over them from debtors . The only requirement for a debtor is to only have a job which is absolutely redicolous . When the first recession came over with a signficant people losing their jobs they became unable to even pay their loan interests.

[Robert4RealEstate]

Agreed, Europeans have been power hungry plunderers. Im not so sure though that Africa has had any shortage of civl wars or internal strife? and perhaps their plight has not been given the appropraite attention but if you do some googling you can see that African countries are well represented on the lists of top foriegn aid recipients and Europe/N America are the top givers.The aid, like welfare here at home, has made people lazier. Just like any of us Africans have themselves mainly to blame

[bloodymissb]

There's another part to your "logical truth" you seem to be missing and that is that those of eurpoean ancestry seem to be extremely power hungry, often not caring who they have to exploit to get things done or who they have to trample on. Take a look at African history and you seem will see it has largely tried to resist invasion, genocide, civil war, and the like. What room then is there for great deeds to be recognized by the rest of the world, a world which has always ignored its plights.

[BestObamaVideos]

You have some points there... but I ask...Just look at the continent of Africa and tell me if Blacks have accomplished as much as other races that are the majority on other continents? Its obvious that they are way behind and I really feel that for the most part we all just need to look at ourselves first to find the reason for our situation. All this may sound politically incorrect but it is the logical truth.

[celesdracnea]

Then again, mostly white people write the history books in america. who knows what blacks actually have done. whites have made them feel inferior and shot them down just about every time (at least until recently) they try to say something interesting.