Wall Street Blues

On September 15, the Lehman Brothers investment bank announced they have to close down. It had lost so much money that the U.S. stock market fell 504 points. The U.S. Treasury Secretary Henry Paulson asked for a $700 billion to help these banks and help our nation’s banks.
The start of this whole thing wasn’t much of a problem, so they thought. The money that the banks were loaning was for families and people who were trying to buy a home. The banks thought they could give the families the money and they can pay them back a little at a time. This turned to be a big problem the banks gave so many loans that they were losing the money and the little payments were not keeping them from losing everything. As they raised the small monthly payments the people stopped paying because it was too much money for them.
Before the money was approved the nation was in debt at almost $10 trillion, now it is much higher and the tax payers will have to pay for this debt. I think that the banks and the government should be responsible and think about it before they make the final decision.