Vancouver Sun, Friday, October 10, 2008
Forget panic- people are mad about the meltdown

According to Daphne Bramham, of The Vancouver Sun, Wall Streeter's greed is at the root to the economic meltdown going on. All the banks in Iceland are now government owned but it does not prevent the country from going bankrupt, but the people's greed cant be ignored either. Average Americans, thought it was possible to get mortgages with very low interest rates. Unlike the wall streeters, though, they are paying for their foolishness with bankruptcy, joblessness and possible homelessness. The government has then used their money to bail the banks out but the CEOs seem to enjoying their lives for the AIG’s executives just spent 223,000 in bills for a spa treatment. Should the government save the collapsing banking systems?


The government to the rescue

The banks had provided people with loans that would require them to pay the banks back with low interest rates thinking that they could handle it. As it turns out they can’t handle it and now it is causing the economic meltdown that people are facing. the fact that the banks are short of money means that small business owners wont be getting any more money to expand their businesses and there for wont be spending their money or buy a house because they are saving up for future expected crisis that have been foreshadowed. this is making the economy worse because if the small business owner who is the average Joe is not spending his money then the banks are not getting any money meaning that money I snot circulating. The government has then decided to put the taxpayer's money to bail out the banks to allow the circulation of money to go on. If the banks have money, they will be able to give loans to the average Joe to increase his business and maybe buy a house in the near future and increase his spending. The only way the economy is ever going to be the same is if the government saves the collapsing banking systems to ensure that the circulation of money is being completed but it should also monitor the way the money is being used.