Welcome to TheCreditCruncher.com

The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

2 Oct 2008

$700bn rescue package approved by senate

The Senate has added $100bn to the $700bn Bush administration credit crunch rescue package, the House of Representatives will get a second chance to approve the new package. The added measures include improvements to deposit insurance (Ireland have already guaranteed ALL bank deposits, and the UK is considering increasing guarantees from £35k to £50k). This improvement to the bill is seen as a measure that helps to protect the individual rather than big corporations and the fat-cats. In the UK, it has been said that the new £50k protection actually covers 96% of the population as it is only the remaining 4% that have anything like £50k sitting in the bank. Of all the measures proposed, putting insurance in place to cover individual bank deposits is the main one that will restore confidence to the root level of the economy. Bailing out fat-cat companies that have made a professional error of judgment is not high on the agenda of the people...

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