What better way is there to explain the credit crunch situation to the laymen than an animation? So that’s exactly what ABC News came up with - the simplest explanation for the credit crunch and why the government has been debating a potential bailout in the form of a quirky 2D cartoon.
Treasury Secretary Paulson and both Presidential candidates say that without a bailout package, there will be a credit crunch where businesses won’t be able to meet payroll and consumers won’t be able to get loans for college and homes. Check out the animated explanation of the credit crunch below.
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