Banks and Troubling Nations

Many countries over seas have been holding on but not staying afloat due to the debt crisis that has spread across the globe. We have seen so many banks bailout countries and now Ireland is no exception.

After falling into a financial crisis brought on by mounting losses at three of its nationalized banks, Ireland formally requested help from its neighbors Sunday. The rescue package from the European Union and the International Monetary Fund will likely total $100 billion.

The request helped push stocks higher in Europe. The Euro Stoxx 50, an index of blue chip companies in countries that use the euro, gained 0.1 percent in early trading.

Major Market Indices

This is the second time that the European Union has come to the rescue of one of its 16 members. In May, the EU and the IMF committed $140 billion to Greece in order to prevent the country from defaulting on its debt.

Federal Bailouts

If you have been watching the news you have notice the fall of several financial banks. Many financial institutions are in trouble and more are expected to rise in the coming months. The Federal Reserve has bailed out American International Group, Freddy Mac, Indy Mac and gave the economy a post to help Wall Street stay afloat. What does all this bailouts mean for you, well let me tell you it means an increase in credit card late fees of up to 19% when you miss a payment. Also, if you have 401ks in the Stock Market you could be losing up two 60% of your money. Mutual funds and bonds have has some steady increase, but not much as the markets have been shaky.

The taxpayer will be the one stuck with the bill as the economy tries to stay afloat during these trying times. The commercial bank Washington Mutual is slated to go under next due to some shady business practices and bad loans that were not covered from the mortgage crises. A word to the wise it protect your money and look to get into gold and some international stocks.

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