SHREVEPORT, LA (KSLA) - It's considered the worst financial crisis in decades, big time banks like Lehman Brothers, and Merrill Lynch teetered on bankruptcy earlier this week. "These banks are having big problems, obviously don't confuse them with the type of banking that's done here in the Shreveport area, nobody in Shreveport, Louisiana is at risk.
Early this morning the Federal Reserve announced early this morning that it would inject billions of dollars into the world economy, why the world? Williams says in simple terms, we're a part of it. "If the world economy collapsed then the U.S. is certainly part of the world therefore it would affect us. But Williams believes the federal government's response will help avoid that disaster.
The effect of all this uncertainty is expected to be minimal to those in the Ark-La-Tex. "What we will experience as locals here is the market fluctuation, your 401k plan, your investment account dropping down, it's back up today," says Williams. While the economy does appear to be experiencing some serious problems Williams believe it's on par with the Enron and SNL crisis from years ago.