The newspapers and other media are constantly reminding us of these problems. Too often, the media tends to blow this out of all proportion.
The upside of all this has been the reduction in interest rates. There are millions of people around the world who will benefit from these reductions.
In Australia during the past few months, the Reserve Bank has dropped the prime lending cash rate by 3 percentage points. Banks have passed most of this reduction on to their borrowers. The average monthly mortgage interest charges have thereby been reduced by hundreds of dollars.
As the cost of borrowing drops, businesses are able to pass these savings on to customers by reducing prices. Businesses can operate in more favourable circumstances and are more willing to invest and expand. This will ultimately create more jobs and employment opportunities.
Most people will have appreciated the reduction in the price of fuel, especially when they have been to the bowser to 'fill up'.
We should not be dwelling on the negatives. We need people to begin to think positively and to regain a sense of confidence, not only in our stock markets, but in our economies and governments.Got any really bad stories about how the financial crisis has effected u?
Yes. I went to buy Campbells Dumpling Soup and when I took it home it was filled with mostly water. When I had bought it prior to all this there was hardly no water, just a few weeks before that. I saw the reason on the CNN morning news. They won't raise the price which will cause sales to drop. They will skimp portions, water it down, and make it all smaller. The financial crisis and poor economy was the culprit of that.
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