I heard that our world banking system almost completely collapsed a couple weeks ago.

Do you know how our banking system works?

Here's a video that can help explain it:
http://www.youtube.com/watch?v=cy-fD78zyvI&feature=related

1) FACT: 99% of all the videos on youtube talking about this type of thing are made by ppl totally unqualified to make them.
2) FACT: It's not all about to collapse. We're a LONG way off from that. We MAY be entering a recession, but to do that, we have to have 2 quarters (6 months) of negative economic growth. We MIGHT be 3 months into that now and MOST of the recession talk is driven by the media during an election year.
3) FACT: What is going on right now is we are reaping what the banks and thousands of people bought into: Adjustable mortgages. From ANY position of intelligence, people should have KNOW that it was a DUMB idea to borrow money for 30-40 years on a variable interest rate. The banks that did this are reaping what they have sown and KNEW their clients wouldn't be able to pay them back when they gave the money out. Some will deservingly go out of business for this. In the end, we'll have a wiser more cautious banking system for a while, until they get stupid and greedy again.
4) Just start listening to Dave Ramsey. Follow his plan and you'll be debt free and have money saved up in case things tank again... or keep tanking.

Seriously, don't worry about this.

hehe, try moving to a country with a TOTALLY different perspective, and see how healthy you feel your* economy is then.


*your meaning "your previous country," not America

Jesus didnt have credit...

In fact, a lot of the lenders that issued these types of loans are already out of business. I am a mortgage broker and am constantly being flooded with e-mails from lenders going out of business and changes in lending guidelines for the banks that have been able to stick around. I would agree with Dave, there is still not too much to worry about. The fact is we have already been through the worst of it. A good indication is the fed stepping in to help homeowners on the verge of foreclosure and bailing out the larger banking institutions. They are tightening the standards the lenders must adhere to and are finally requiring licensing and continuing education for people such as myself (something I feel is long overdue) The American economy is not as bad as the liberals would like to suggest. Rates are low and look to stay low for a while. The real estate bubble was destined to burst and it finally did... appraised values were inflated and banks became greedy while they could because investors bought into it. The banks will continue to be conservative in their lending practices until the investors start investing again. A correction in the market was bound to take place, as it has done in the past and will no doubt do again in the future. Any wise investor would tell you now is the time to buy in, get in while the market is low so you can reap the benefits.

Don't believe the liberal hype yo!

ps.. Another good resource is www.crown.org (a Christian perspective on investing and debt management) They have a great plan to put you on the road to financial freedom called the "money map" and also host a good radio show titled "Money Matters" that I regularly tune into

Crown is older and good. Ramsey's teachings are more "Secularized" but are based on Larry Burkett's (sp) and Larry is one of Dave's heros. Dave just gives you the principles w/o forcing scripture memory There's some added benefit from Crown, but compare the 2 before you get started on one plan or the other.

I don't know how you were able to come up with a statistic like that. Knowing man's unquenchable thirst for wealth and power, I don't see this video being too far fetched.



If our trust is in God, then we have nothing to worry about. But if we trust in man's system, we will be continually disappointed.

I think he meant was "how were you able to come to the exact amount of 99%."
That's some heavy number crunchy you have there.