Arnold Schwarzenegger Lowers California Budget Credit Crunch Finance Money

Youtube Video about Arnold Schwarzenegger who has Lowered the California Budget today, due the global financial slow down and the lower income of california.

Governor Arnold Schwarzenegger has had to lower the california budget, due to the economical slow down and the credit crunch.

global economy faces more problems say the g8 summit

the g8 leaders say that the economy is still not recovered from recession, and recovery is not very soon yet, that there is still a way for the economy to go with the recession before recovery will start to happen, this is what the g8 leaders have warned today.

this summit is taking place in italy, the g8 listed that there is falling trade which is one of the main problems and thinks the economy will shrink some more before it starts to grow again or green shoots of recovery.

the german chanceller angela merkel "the crisis is a long way from being over. if we are lucky, then we have nearly reached the bottom".

so they are saying maybe there maybe not, politics for you.

Chapter 82.97: Anyone Else?

I'm sure I'm not informed enough to comment intelligently about this, but anyone else find it amusing that banks are complaining about the fees they have to pay related to their bailout? Obviously, we need banks to be healthy, but I can't help but think it serves CEOs right.

Chapter 79.3: Mind Boggling Collapse

We are living through an incredible moment. The utter collapse of U.S. financial markets is like something out of a futuristic tale of apocalypse, except it's happening now, in real time, with real damage.

The Bush administration probably will go down as the worst in U.S. history because of the myriad debacles — financial, military, political, legal — that occurred on its watch. To be sure, not everything has been President Bush's fault; too much has happened to blame it all on one person. But then again, not everything was Herbert Hoover's fault either. That doesn't mean we have warm, fuzzy feelings for him or his term in office.

Looking back at Hoover's Wikipedia entry, I'm a little concerned that he was also considered a progressive and a reformer. In this election, we have a purported progressive (Obama) and reformer (McCain) and the election is looking razor thin. (What is it about extremely close elections in this century?)

To a financial know-nothing like myself (just because I can do math doesn't mean I'm up on economic theory), it appears that the rich were trying to get richer on risky investments and when many of those investments failed, they weren't able to make good on their outlay of cash. They were over-extended. Much like the American populace.

Let's face it, this world lives on credit. It's not just in America — all over the world. Hell, I think they extend credit on Antarctica! And if a bank were to say, "I know we gave you a 30-year fixed mortgage, but we need our money now," (which probably isn't legal, so I'm not too worried about it happening to me) there's no way I could pay it without having to borrow money from someone else for less favorable terms. I think that's, in a sense, what has been happening on Wall Street.

This could well be the beginning of our Great Depression. If, as some speculate, we are experiencing the end of the "American empire," then we should probably pay close attention to what's going on. Our next major decisions — like who we choose to be president for the next four years — are exceedingly important for today and for our children tomorrow.