The Credit Crisis.
The news continues to roll in as more and more banks fail and new debts exposed...the question I have that I just can't seem to find the answer to is...who do all these banks owe money to? Who is the other side? The Counter party? Brace yourselfs this is going to be a week of really really crappy news.
I doubt we'll ever find out but one thing is for certain the system is running on fumes. I mean the whole thing. Ohio's unemployment fund has gone dry, California is 41 billion in the whole, IL has not paid medicare or medicaid bills in months. I recently read an article about the great fall apart of US infrastructure and its pretty easy to see. There so many potholes in the streets right now its impossible to miss them. The snow just keeps coming too. So essentially the whole world is broke but if you want a glimpse at how your hard earned (or not if you just got laid off) tax money is going check out Citi's brand new money saver.
http://www.nypost.com/seven/01262009/news/nationalnews/just_plane_despicable_152033.htm
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