The Economy Needs Credit Cards

Ever since the credit crisis of 2008, the economy has taken a sharp fall. The government is doing everything that it can to help the economy get better, however, the bottom line is that consumers are the ones that need credit now. The crisis has affected the consumer's ability to make purchases in our economy. Thanks to the mortagage industry, investors are not purchasing the amount of asset backed securities that they once did. What happened was that rating agencies were rating these asset backed securities as being tripple A rated when in fact they were anything but. Then the government allowed Lehman Brothers to fail causing investors to become very spooked. Lehman Brothers was selling corporate bonds that were are also being rated as sound investments by the rating agencies as well. Unfortunately, Lehman Brothers was anything but sound. As soon as they collapsed, investors fled from asset backed securites like credit cards and auto loans as well. This has crippled the economy in essance. Car sales are not what they were just a few years ago. Retail has also suffered tremendously as well.

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