up being a massive disaster. Some people have been waiting now for years for their homes to be ready. And in fact, at one point Evergrande became so strapped for cash. They forced their own employees into a corner telling them, Hey, you, the employee need to provide the company with a short term loan or you're going to lose your bonus. So all of a sudden you had these everyday people going out and taking out loans for Evergrande. And so with all that uncertainty and just general insanity, Evergrande stock value has been steadily falling for over the past year. Down from around $NUMBER_TOKEN last September to now just NUMBER_TOKEN cents today. And to make matters worse, which is quite a feat, considering everything we just talked about. The news we're seeing now is that Evergrande likely will not be able to meet more than $NUMBER_TOKEN million in interest payments due later this week. Alongside that earlier this month, they also stopped paying back the loans from its employees. And hey, well obviously this is horrible news for the homeowners, as well as the company's employees, everyone could be impacted. Like this could be incredibly far reaching for one, if Evergrande defaults. The banks and other firms that they owe money to will potentially be forced to then lend less money out, given that the company owes money to around NUMBER_TOKEN institutions. And if that happens, it could lead to a credit crunch. AKA companies would struggle to be able to borrow money at affordable rates, meaning that some might be forced to close up shop for good. Two, the value of existing homes will likely to become depressed. And since homes are such a valuable asset that will likely lead to a decrease in consumer spending. Three, all of that could have major global effects. Hell, the Dow yesterday plunged nearly a thousand points just as this news broke with other major us industries also seeing sharp, immediate pullbacks. And so you have a ton of people asking is China about to face a Lehman brothers situation or that in reference to the events that caused the NUMBER_TOKEN recession, but all that said for now there's no major market crisis just kind of jitters. And while a full-scale crisis is not off the table. Many believe that the Chinese government will step in to bail out Evergrande. Many calling the company too big to fail with one analyst saying rather than risk disrupting supply chains and enraging homeowners. We think the government will probably find a way to ensure Evergrande's core business survives. Though, nonetheless, nothing is certain it's possible that China could refuse to bail out Evergrande to avoid what's being seen as setting a bad precedent as it tries to reign in corporate debt. But for now it's still pretty much all in the air. We're going to have to look yes, a few days out, but also specifically tomorrow. And that's because Chinese markets were closed today, but they'll be open tomorrow. And that could give us an indication of what's going to happen. Both regarding how investors are feeling as well as what is the government going to do. Also, hey, if you're thinking about diversifying, because you're worried about the stock market and or you just want like a $NUMBER_TOKEN for free. Head on over or just click the link to URL_TOKEN, you sign up just for signing up for free. You get $NUMBER_TOKEN
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