Not good news in Australia with Wall Street copping a financial bashing. It seems that alot of the mortgage lenders in Australia (not the banks) borrow money off shore (most from the US) to fund mortgages in Australia. One of these companies is RAMS. The roll down affect is going to effect a lot of Australians who have borrowed money from these types of lenders as traditional banks would not lend them money for their homes because they didn't meet the criteria.
Our Prime Minister keeps reassuring Australians that the economy is in great shape!! Try tell that to the Mums and Dads that have to find an extra $50.00 per week for groceries (as the rate of inflation has grown) and have to find an additional $100.00 per month to meet their mortgage commitments.
If someone can tell me what has created this nightmare in "Wall Street" I would be very interested. I don't know alot about world economics, only home economics!!