Sad watching the US Economy

Posted by Michael Michelini on Mar 17 2008

man….Monday morning here in China (Sunday night in USA)….read the news about Bear Sterns going bankrupt (well really selling out @ $2.00 to JP Morgan) that stock was $150 before I quit Deutsche Bank last year…and mid $60s last week or so….wow. talk about losing everything.

I talked to my friend Dana who still works at Deutsche Bank – and man, its a nightmare on the markets…she said I timed it perfectly when I left….I just remember getting so frustrated watching the stock market go up even as I saw jobs down, dollar losing value, and credit cards maxed out, housing based on zero down and hopes of re-financing..

Free money is out….but when will this tailspin end? housing, currency, credit cards – Its scary.

And it does affect the whole world…even here in China I can feel it, their exports is based on USD. But their domestic trading is growing exponentially.

About

American ecommerce guy, I've been living in South China - Shenzhen, Hong Kong, Dongguan (+ a touch of Philippines) since end of 2007.

Successfully selling online since 2004, took it fulltime early 2007. Love international business & connecting, and working on ways to give hard working people global opportunities. (Read More...)