Where is the world economy heading?
Failure of IndyMac Bank, the following collateral damage to Freddie Mac (Federal Home Loan Mortgage Corporation) and Fannie Mae (Federal National Mortgage Association), the weakening US dollar, Wall Street’s straight fall, global stocks continues south, weakening sentiments and confidence of investors and consumers around the world.
I guess that kind of sums up the major economy climate across the world for the past week. I have not seen such huge economic corrections of such magnitude that has brought the whole world into a cloud of poor sentiments and uncertainty. I’d say that the current economy crisis is unprecedented in recent years.
Tags: economy, global financial crisis, global inflation crisis, global recession, price hike, subprime mortgage crisis, US