"Eisboch" wrote in message
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"Calif Bill" wrote in message
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"HK" wrote in message
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Calif Bill wrote:
wrote in message
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On Feb 11, 11:48 am, "Calif Bill" wrote:
wrote in message

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On Feb 11, 3:55 am, thunder wrote:

On Tue, 10 Feb 2009 16:52:19 -0500, Eisboch wrote:
It is a very serious aberration. If we can survive the ramifications
and correct the loopholes that allowed them, we will be ok.
Oh we'll be OK. One thing I have learned about this country, it is
incredibly resilient.
It's not time to over-react or allow those with a different agenda
to
control our destiny.
We need to take our lumps, fix the problem and get on with it.
Yeah but, that's a tough sell to the 1/2 million people who lost
their
jobs last month. Their lumps are considerably bigger than our lumps.
Yeah, I don't think we can afford to just sit around and do NOTHING.

Nothing is better than the wrong thing.

But what if nothing IS the wrong thing?

It may be a less costly wrong thing. This recession could be worse
than the 1973 one, but it may be the cause of hyperinflation and total
meltdown of the economic system if the government throws trillions and
trillions of dollars out there by printing money and not targeting real
root causes.


How would you suggest "the government" target the real root cause, which
is unbridled greed on the part of the very wealthy?

The real root cause is people living beyond their means. Living on
credit. Easy credit is no easy in the end. The government has encouraged
the credit life. Last stimulus was give out $300 a person and people
were supposed to spend the money. They didn't as much as the guv wanted.
Savings rate jumped top 4.5% when checks came out. The government
ecouraging zero down home loans, low income loans.


You just nailed it. Easy credit is what has done us in and it started in
the 90's.
Harry loves to blame everything on the greed of the wealthy. Greed is a
human trait, shared by all economic stations. Once the lesson that you
don't get something for nothing is re-learned, we will be well on our way
to an economic recovery.

Eisboch

My buddy's son and wife (who works for a bank) live via credit cards. Pay
the minimum each month. In for a rude awakening when things tighten up.
Buddy has tried to tell them to do better, but they are like lots these
days. Live for the present. I remember a couple years ago on this
newsgroup where someone did not really care what the boat cost, but what
were the monthly payments. 10+ year loan on a $9000 bayliner was ok.