Downgrade A Lifestyle And Improving Future Forecasts
The bailout for the US economy is on it’s way, yeah! Is this really a yeah for the economy or just a temporary band aid that is merely ignoring the real issues and just prolonging the inevitable? There are so many balls in the air for this issues it’s hard to know where to start and which ball to put into play. What really worries me and I know I am not alone is that the people that are slapping together this bailout plan are the very same people that have helped to lead us down this very slippery slope.
Honestly, $700 billion dollars, does it not alarm anyone that we are basically going to pay one debt simply by borrowing from another and making another very large debt? Now I know there are a lot of pieces to the plan with a lot of moving parts but on a basic level, what this looks and sounds like to me is paying your bills with a credit card. I think we all know that can only lead to more trouble in the end.
Let’s face it the whole country got caught up in keeping up with the Jones’ over the last ten years. From the banks, mortgage companies to the every day Joe’s on the street. Millions of Americans leveraged their lives away with no regard for when the bell tolls. Guess what it’s time to course correct on a massive scale and I don’t think this bail out plan will have a chance unless there is a social shift in the lifestyle choices millions of Americans have been living for the last decade.
I am certainly willing to admit that I have been guilty of it as well. As painful as it may be we know it’s the right thing to do if we are going to have a secure financial future. I believe we need to bring back the days before credit cards and massive loans we have no business taking out. Other than our home we are moving towards a cash only household and it may take us a few “painful” years to get there. At the end of the day we will be sleeping a whole lot better knowing we are not leveraged out over our eyeballs on stuff we had no business buying in the first place. Time to wake up to reality and the reality is we all collectively had a hand in this financial mess. So for me and my family anyway we are working to downgrade our lifestyle and improve the outlook for our financial future, regardless of what the yahoos in Washington are doing to our economy.
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I think the bailout plan is necessary to restore confidence and move forward.
Without the bailout plan, everybody will be simply waiting on the sidelines for all the bad debts to be flushed out into the open – and this can take years!
@David -
I would agree with you David, only problem I have with it though is this is $700 billion dollars that we don’t have. At this point I may start thinking about the old stuff the mattress trick
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