The crisis of '07-'08

We are all in the middle of the world's worse financial crisis since history. The government has just agreed to the bailout so huge that it is about A$1trillion dollars, deemed the mother of all bailouts. Also we have seen the collapse of Lehman brothers, an investment bank in the US who survived 2 world wars, Asian crisis, Russian cold wars, tech wreck but unable to survive the credit crisis. There is a saying that goes "When the US catches a cold and sneeze, the rest of the world gets affected as well". It is true so far, as Australia faces their own credit crisis. However, the outlook here is much better, with the government rich, banks well capitalised and our country rich with resources fuelling the ongoing resources boom. The financial crisis has not taken its worst toll yet and there is more to see in the near future.