The more that I think about $700 billion, the more I think that kind of dependence on debt we can't handle is how we got into this mess in the first place.
Roger says that this bailout is about keeping the credit windows open for small businesses to "support both business and personal economic growth," but at some point don't we ever have to pay the piper? Shouldn't we at least have to feel a little hurt from all our excesses?
Sure, the markets tumbled 7% today, but you know they'll be up 4% tomorrow, and if not tomorrow then I'll bet you they'll be up for the week. Either way, that's not my food money in there and for most of us, stock market jitters only effect our long term retirement plans.
Housing is a different issue, and we keep talking about people losing their houses like it's the end of the world. Let's keep in mind that if someone has to bite the bullet on their house, they don't automatically become homeless--they just move into a smaller house or rent. Not everyone needs a big McMansion they couldn't afford in the first place. My brothers shared a bedroom growing up--a room that I thought was really small when it was just me. Maybe some kids from the entitlement generation will have to bunk up, get a few less cable channels and send a few less texts. Jeans from Walmart anyone? I wore hand me downs... how many kids today do that?
I just don't feel like paying for everyone who made bad decisions. I bought a place in Bay Ridge in 2005 because I couldn't afford to buy closer to or in the city--you know, because I didn't want to buy something I couldn't afford. Silly me. Had I known the government and other taxpayers would have bent over backwards to
My point is that, maybe in the long run, a bit of hurt isn't so bad and maybe we should just take our medicine now. I don't want to crash the system, but it reminds me of why I don't like taking pain medications. If my knees hurt after playing sports, I don't take anything, because I did something to my knee that is causing pain. I don't want to just mask the pain, because then I might reinjure it worse. I'd rather suck it up, so that I know when it stops hurting and I can get back on the field again.