I switched on the television this morning, to check the weather.
I don't normally check the weather on the TV, but today morning.. it felt a bit cold, so I guess I just wanted to know what the rest of the day would be like. This was at 7.10 am, mind you.
As soon as I switch on the TV..
BREAKING NEWS: WALL STREET CRASHES
I don't know what that means. I don't understand the significance of it. It's important, I know it is. So I searched online for stuff from The Age (Australian newspaper) and The Wall Street Journal (American papers), and googled a lot of words that I didn't understand.
The US market has shed more than 30 per cent of its value since the highs of 12 months ago.
"There is no doubt we are looking at a financial upheaval the likes of which we have not seen since the Great Depression, and what that means for Australia is that we are not immune from the fallout of those events," Mr Swan said.
The Age. "Australia faces 'rocky road', says Swan". 10/10/2008.
The government said it will lend AIG as much as $37.8 billion, a sign that its initial $85 billion effort to shore up the insurer is falling short.
The Wall Street Journal. "AIG Bailout Hit By New Cash Woes". 10/10/2008.
So now, the U.S. is going into a recession (which is, by a rule of thumb, two quarters of negative GDP growth), and it MAY go into a depression (sustained downturn in one or more national economies).
The Dow industrials plunged 678.91 points, or 7.3%, to 8579.19, dragging the blue-chip measure 39% below the all-time high it hit exactly one year ago. The benchmark has fallen slightly more than 20% over the last seven days.
The Wall Street Journal. "Industrials drop 680 After Late Collapse". 10/10/2008.
Where is my dad when I need him to explain these things to me?? =(
There are bigger things going on in this world that we are largely unaware of.
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