There have been many stories written lately regarding who is at fault for the recession. TIME (I subscribe, so I quote them often), believes a large majority is wall street, the Economist says corporations brought hell to earth, but despite who is a part of the "blame list's" the number one remains... us.
Individuals living beyond their means have brought us to this point.
Not every child needs their own room.
One bathroom is not required for every person.
Each car does not need a garage.
Simple principles; if followed with not lead to financial ruin.
I know I make an unnecessary purchase from time to time (tattoos), but be self-aware.
As Time columnist Justin Fox put it, We're living in a one strike and you're out system. That's only true, however, if you live the American way (that is, to live beyond your means.)
We've bankrupted the banks!
The most beneficial action we can take now is to pay our bills.
Seriously.
It's time for America to grow up.
1 comment:
Your right Pope. The blame game is on us but it can also be pointed to our Congress as well. They chose to allow the spending to go on despite the fact these people had no money to pay for these homes. The credit market, wall street insiders, ceo's, we the people are all at fault. However, we as people need to stop with the blaiming and start doing what needs to be done to make things right. We need to cut taxes, and inject confidence in our market. Spending trillions of dollars in hopes to make this a better place isn't the answer. Like you said we are living beyond our means. It is the President's and Congress's hand to stop spending beyond their means.
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