Credit Crunch Problems
European banks have lost even more money than U.S. banks since the credit crunch began a year ago.
The credit crunch has affected thousands of people worldwide; it has shut down companies, cost people their jobs and put some people in serious financial problems.
Most people would say the credit crunch is all bad news but we have an exclusive quote from musician Ian Brown, formerly a member of the Stone Roses, on why it isn’t.
"In 2008 the music industry sold more music than ever in history. The advent of download tracks meant sales of music were higher than ever. Traditionally in times of economic depression musicians can benefit because people are looking for escape at this time. The entertainment industry as a whole benefits greatly from this. I think the credit crunch benefits music makers."
So maybe if you’re affected by the credit crunch and think you’re a good singer, you should try the X factor this year.
By Charlie