Both houses of congress approved the proposed (amended) bailout for the ailing US financial institutions. Can we sit back now and relax? Can this $700B federal aid prevent the economic slowdown? On the other hand, the domino effect of the first rejection by congress will be here for a long time. Because if you have noticed, after the rejection of the fed reserve original bailout package, it sent stocks crushing from Wall Street to the rest of the civilized world. Moreover, even after the approval of the amended package, stock markets never rebounded. What does this implies for the average career professionals?
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The recession in the US is getting worse. The recent headlines coming from Wall Street do not convey any hint of immediate economic recovery. The fall and bailing out of AIG by the US Federal Reserve brings more angst than hope to the average Americans, and the rest of the world. The UK is no exception to that.
That worsening scenario should cause an alarm to young urban professionals and dwellers to reassess and redefine their current lifestyle. Inflation rate is still high, albeit the prices of crude oil in the world market is dropping which does not guarantee that this trend will continue ; because as the winter season approaches, surely the demand for petrol products will rise so their prices.
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