Reading Reaction Journal

Reference

Stevenson Jacobs , and Sara Lepro. AP Business Writers(2009,JAN.20),Banks sink deeper into
crisis on Obama's first day. Yahoo! Finance.

Summary

Ths article points out that the major banks are very serious in financial condition.
Although the government already gave them a bailout, it was insufficient. Moreover the banks
want a second financial bailout. But many experts do not consider another assistance that is provided by government,because government does not have any way to afford them.

Reaction

In my opinion, the financial crisis is not only in America but also in other countries. In
1997, Korea met financial crisis as the US has. At that time, many Americans advised the
Korean People, "If you do not give up, you will be ruined". Many Korean companies agreed
with that. Despite of painful decision, many koreans did it. And they started again at the bo
ttom. In the end, Korea succeeded in reconstruction.
I think that it is not useful to assit risky companies with bailouts. The important thing
is that one has competitive power by oneself.
Nowadays many countries struggle against financial crisis. If every country solves the pr
oblem with a bailout, each will go bankrupt.