November 09, 2007
pain
The market is continuing to do badly. I heard on NPR the other day about Citigroup. The NPR story stated that Citigroup was taking a total loss but the articles I've read says it's a writedown. The difference is that collateralized debt obligations (CDOs) may still have some residual value.
A few months ago, I watching Jon Stewart make fun of the fact that people may choose not to pay back subprime loans. However, defaulting on loans are not so funny when it impacts the community and country. It is also a result of a lack of financial education.
I feel like I'm part of some history essay; the three reasons why economic depression occurred in the 21st century. We've got all three.
Posted by azileretsis at November 9, 2007 07:16 PM
Comments
Post a comment
Thanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)