As we all know, the US is currently in the middle of an economic crisis. The true extent of that crisis depends on who you listen to.
One thing is for sure however, and that is that we are currently in a major economic slowdown.
Some major financial institutions have recently failed completely or had their assets seized including AIG, Bear Stearns, Wachovia and Washington Mutual along with some not as well known institutions such as IndyMac Bancorp Inc., First National Bank of Nevada and First Heritage Bank NA of California.
What this means is that our economy is most definitely in trouble. The housing market, sub-prime mortgage debacle and the impending credit crunch have all lead to plummeting consumer confidence.
As I finish writing this the US government is stepping in and passing a $700 billion dollar bailout package. Will this have a positive, long-term effect on the economy remains to be seen.