I live in the U.S. and I can feel the effects of the recession.
I was one of those people that pulled money out of Washington Mutual. A total of $15 billion was drawn from Washington Mutual after they announced they lost $5 billion. The loss of liquidity caused the bank to close.
I don't think the government should be bailing out these banks after the sub prime mortgage crisis. Buying a house you can't afford and hoping that the value increases is gambling. Unfortunately, when I go to Las Vegas and gamble away my money, I don't get reimbursed. Why should these banks be any different?
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