More Economic Trouble
September 30, 2008
Here in the UK; Brown, King and Darling have said they will:
“take whatever action is necessary to ensure the continued stability of the system.”
The American House of Representatives has voted against a $700 billion financial bailout. Gordon Brown has said that this news is very disappointing as the collapse of the US economy will impact on the UK’s. The failure of the plan that was to help the financial industry has pushed global markets significantly downwards.
On Monday this week the government nationalised Bradford & Bingley, which is now the second UK bank to be put under public ownership throughout the deepening financial crisis.
After the announcement regarding the bail out, the Stock Market fell by $3 Trillion, the biggest drop in four years.
It is not yet clear how the powers that be will sort the situation but a solution is needed to stabilise the global economy. The financial future is looking very grey indeed.
What Else:| international cpa firm russellbedford.com |