Oct 10
Worldwide financial crisis triggered by ‘credit crunch’ is taking its toll on many banks and insurance companies and its indirectly hits common man and businesses. Markets and stock exchanges worldwide plummeted to 3-5 yr lows and still despite intervention by US Fed Reserve and central banks still no signs of recovery.
Many businesses whose main area of activity in finance (like insurance, annuities) are taking a plunge and most fear that if this crisis deepens it would lead to unemployment and people losing their savings kept in banks. I never expected that the collapse of Lehmen Brothers would trigger such a financial turmoil worldwide.
It is such a sad situation! At this point of time trust in banks is at all time low.
October 29th, 2008 at 1:12 am
Well, there are always two sides of a picture..
such news and rumors have triggered a fear in people, and they are withdrawing their funds from the bank, hence increasing the problems for the banks.
hope its not the 3rd world war symptoms..