Sep 30 2008
The shaky economy worries us!
On the recent events from the Television, not only many people lost their jobs, the stock was plunging -780 points in DOW yesterday, the worst market downturn in history. With all these terrified news, we were so worried about our future.
It starts from the 9/11 event 7 years ago. Since terrorist hijacked two of passengers plane, and crashed them into the Twins Tower in New York city. Our economic stability started to stumble. First on aviation industry. From this horrified incidents, our airline industry was going downhill. Less and less people were willing to take on plane for traveling. The worst was on domestic flies, less people dare to step on the plane again, they rather go by a car or use long - distance bus. Since then, many airlines facing financial difficulties, and even downsize if necessary. Meanwhile, merging and pay cut were all over the news. Even today, our customers, have to pay for the second luggage carrier fees to counterattack the high fuel cost.
Until recently, at the beginning of 2008, the gasoline price was skyrocketed, from $2.80 to $4.00 above. With that, also affects the products cost, and inflation matter. Because of high - priced gasoline, many car manufacturing plant around the country facing close down. Many of assembly line workers losing jobs, because of less people are going to choose high gas consuming vehicles. The future trend will be hybrid or other energy substitute vehicles.
Another horrified news is many financial institutions are facing bankruptcy. For instance, Washing - Mutual was taken over by JP Morgan & Chase. Because of its financial difficulties with many bad debt. Wachovia will be taken over by CitiGroup at the end of this year. All these situations were caused by real estate markets low sale, and many business going bankruptcy. Even thou our government trying to interfere the financial market by pass the bailout package of $700 billion, it was rejected by most unfavorable votes.
What will be our futures, and how we going to tackle these difficulties. In the upcoming election, will our new leaders come out a way to solve these problems, or we work together as a whole to step through these barriers, to start new economy. We have wait and see in time.