About what we saw in class

Since economic crisis started at late 2007, I have read as much I can to comprehend the situation. But only with a couple of classes dedicated in a full way to the recession, I was able understand what really caused the problem.

Watching the video of how people were taken out of their houses (I forgot the correct term that we saw in class) and people literally fighting for a job opportunity, indeed, made me feel sad. Sad because it was something that could be avoided if people in charge of making loans in the banks were more responsible.

I remember a teacher of mine who is economist and taught me History of Mexico. Someway or another he will end up speaking about economy. When this crisis just began in the late 2007, my professor used to talk us about what will happen in a few months.

He told us that prices will rise up due the devaluation of the dollar and that the basic basket will rise in a significant way. First it was hard to believe, but it was a matter of time to start seeing the effects of the crisis.

Economic Crisis in Mexico

When this economic recession started in the United States, few people worried about what could happen in other countries, fewer people though what could happen in Mexico with this crisis. When there is a problem about economics in the US, it is impossible to ignore that it will affect also our country.

When president Calderon said at the beginning of 2008 that Mexico would not feel the effect of this crisis, I almost laugh. How a country like ours that exports almost a 80% of it products to the United States (the country that started this crisis) will not even "feel" the big economic recession.

Today I found a note in the newspaper La Jornada, that Mexico will be the last country of Latin America that will go out from the crisis, and also that was the most affected during 2009 according to BID (Banco Interamericano de Desarrollo).

This organism determined Mexican economy will need at least one more year than other Latin America nations to recover the growing and GDP (Gross Domestic Product) levels. This is obviously because our economy depends a lot on the United States, the same thing happen with most of Central America countries like Panama and Costa Rica.

It has been tough situation for all the world, is unbelievable that there was people that said "nothing will happen here in Mexico, this is a 'gringos' situation". We are now watching the results, we just need to keep handling the best we can our capital, do not ask for loans if we know we don't will be able to pay them. The nightmare will over in a year, we need to keep holding it.