Financial Market Crunch – Banks Collapsing
Many US banks are collapsing as result of the Wall Street crash sending millions out of jobs and all other industries down to the ground. The housing market has failed to make ground even with the billions of dollars sent to bolster that industry which was one of the main reasons for the global crisis. Homes are still being foreclosed even with the financing help they are getting from the government. Banks, exposed to the housing crisis are closing due to the said exposure with millions of dollars lost and equal numbers of jobs on the line. The major US automakers are in trouble, so much that they are all getting financial backing in terms of funds to help them stem collapse. The government is finding it hard to solve all the problems this recession has brought, but hopefully gains in Wall Street would be able to bridge the gap, enough to bring change and recovery from this global crisis.