This Is Serious! (General)

I am not an economist, and I am not a financial expert, … but as my mom used to say, “if it walks like a duck, and quacks like a duck, it is probably a duck.” As a country, a state, and a community, we are dealing with some serious financial challenges, and it is serious. Now, we have faced many difficult challenges in the past so I have no doubt that we have the ability to overcome these difficult financial times, but the question is do we have the willpower? Fannie Mae, Freddie Mac, Lehman Brothers, & Merrill Lynch are just the latest players in a very bad play. These are recognized names that were respected giants of industry and finance that have resorted to begging for bailouts from the government… and the government is …us. Remember that? Of the people, for the people and by the people? “We the people,” took the low interest loans, the easy credit terms with low down payments and balloon mortgages. “We the people,” did not pay attention to the corporate leaders playing with government programs like tipsy Vegas gamblers. “We the people,” elected leaders who threw the party, enabled the gamblers, and are running up our credit card and hiding the monthly bills from mom and dad! When are “we the people” going to wake up and smell the coffee? or will we just going to stay in bed, pull the covers over our head, take a couple aspirin and moan about the hangover headache? When the dot.com bust took place, the fed lowered interest rates and eased credit so that “we” would not be in too much pain. After 9/11, our country’s economy was reeling so credit was eased and interest rates were lowered to “ease the landing” and as credit got easier, rates got lower, debt became the way to have it all today and pay for it later. So, now the meal is done, the wine is gone and dessert is finished…it is time for the check to be paid and suddenly there is nobody at the table but you…and me, and our credit card was just rejected… This is a serious! We the people need to take responsibility, and take action now because having another drink will only postpone the reality, and increase the pain of the hangover.