My idea of keeping up with world events is to read the headlines, I dont generally read more than the headlines, because I'm not a details person when it comes to the news. It's all so depressing and I am believe that, ultimately, if I cant do anything to change it..."Wow that is sad/unfortunate/incredible/doesnt actually surprise me"...next...
I read alot of "Pop Culture" and otherwise useless articles because I'm far more shallow that I care to admit (but I just did admit it so perhaps that makes me one step closer to recovery!) and they tend to be quick to the jist sparing all the unnecessary details.
Needless to say, I dont pay much attention to Wall Street. Such things that are out of my scope for comprehension, mostly because I dont have any investments, I dont wear a suit to work, and I get my paycheck and I can pay my bills so I dont think about money markets and what fat cats are doing in the economy. It just pisses me off that groceries are so expensive and I cant afford to go for my hour long drives through the "enchanted forest" anymore because gas costs too damn much! But this morning I read that Washington Mutual was seized; the largest bank failure in the history of the US. and I got a little worried. I read the entire article, which I can not quote any part of except the headline (go figure) but I am quite confused as to how such a thing happends.
As I'm witing this my brain is processing the answer to my confusion. All of the headlines from the past few months have been leading to this very thing. Banks and Lenders gave loans to people whom they knew were not likely to pay them back. Then offered these loans so that people could buy homes they could not really afford but felt they were entitled to. Then slowly, as gas prices began to rise, and the cost of our way of life began to rise, more and more people realised they could not afford their homes and began to default on their loans. So the banks are out all this money that they loaned to people whom they knew probably couldnt pay them back, and now the banks are failing. Bottom Line.
Somehow this all ties into the mega-mergers of the 90's, I know it!
Recap of my morning learning:
WaMu is no longer
Senator Mcain is going to attend the presidential debate (woohoo!)
Brad and Angie moved again (I think these two are amazing in their humanitarian work and the media needs to focus more on the selfless things they do rather than how many kids they have and if they're breaking up or not! Just a thought)
and by far the most mind boggling thing I have read yet... maybe ever but I cant say for sure...
PETA proposes that Ben & Jerry's use breast milk in its ice cream
ARE YOU SERIOUS??? Who are these people!
I wonder what the afternoon will bring...
Gruyère Gonna Want to Read This
4 hours ago