wall street blues

Well the article I read on what’s going on with Wall Street said that basically people are borrowing money that they know they can’t ‘make well on’. The banks are closing, stocks are falling. All these happenings are bad for the economy so the United States government made a 200 billion dollar bail out for the federal national mortgage Association and the Federal Home Loan Mortgage Corporation. After the government cleaned up that mess, the companies that they fixed lent AIG (American International Group) 85 billion dollars to help them back on they’re feet.
Still all the money that the government shelled out wasn’t enough to get things back on track so the chairman of the United States’ central bank, Ben Bernanke , told congress to fix this and fix it fast or else it would get harder every one to get loans.
Now the U.S. treasury Secretary Paulson asked the government of 700 billion dollars so he could buy all the bad loans and work with the people that borrowed the money so they’ll get they’re money back. As of right now the National debt is pass 10 trillion dollars and the citizens (tax payers) will pay for it.