| Talk to me about current financial crisis
And what it means
I've been really busy with school and work and i've been trying to catch up with it - but basically at this point all they are talking about is the bailout and what it means.
What caught my attention is this 700B$ thing and it being the biggest government bailout since the great depression - are things really that bad or are the just squawking because it's an election season?
From what I understand, this has hit the financial sector due to default on loans, primarily home loans (foreclosures) and I know variable rate mortages had alot to do with that. I know this has hit really hard here at home, I was just reading figures (I live in NY, long island, one of most expensive real estate markets) Long story short figures for 2006/2007/Current for median home value in nassau / suffolk counties have been apprx (off the top of my head I just read it in the paper) 580,000/474,000 ---- 552,000/438,000 ------ 502,000 / 358,000 which is one HELL of a hit. Thats about a 20% home value decrease over three years - which honestly is EXCELLENT for me, because home prices are starting to become affordable, but I really want to know:
What does this mean for the average person? Is this something I should be worried about? I was about to buy a car, should I not? etc. | 