What factors lead to the financial crisis/ financial meltdown?

living outside your "means" is the biggest factor.What factors lead to the financial crisis/ financial meltdown?Too much borrowing - and banks were willing to lend with absolute abandon. That's the bottom line.



I read that CITI Group is about to bite the dust. Reasons?



At mid-year, June 30, 2008, the Office of the Comptroller of the Currency (OCC) reported that Citi's primary banking unit, Citibank NA, held $37.1 trillion in total national value derivatives, including $3.6 trillion in credit default swaps, which, in recent months, have proven to be the most dangerous category.



In contrast, Wachovia bank, bought out by JP Morgan Chase in a deal brokered by the regulators, had only $4.4 trillion in derivatives, among which $404 billion were in credit default swaps, or only one-ninth the size of Citigroup's.



Recommendations? Pull all the stops. Get out of the stock market temporarily and do not get back in till this blows over. Put your cash in US treasury bills for now. Major, category 5 storm is coming. Time to batten down the hatches.

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