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The first step toward grasping the bailout plan is to understand how we got in this mess in the first place. Ali says it started with three basic assumptions about the American economy: homes will increase in value over time, wages will go up over time and investments in the stock market will go up over time. "Very rarely do all three not go up at the same time," he says. "So we thought that things will be better for us financially year after year." The banks encouraged that concept, Ali says, because the more the American people spend, the more money banks make.
From The Oprah Winfrey Show Oprah Fridays Live with Suze Orman and Dr. Maya Angelou
Published on October 03, 2008
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