Fiscal Responsibility and Tightening the Belt!!

@rodney850 (2145)
United States
March 9, 2009 11:28am CST
Many liberals dismiss Michelle Malkin as a yapping lapdog of the conservative party. Although I don't agree with that perception, I believe what she writes in the following article can be agreed upon no matter what political affiliation. Fiscal irresponsibility along with unscrupulous lenders has resulted in one of the largest economic fiascos since the "great depression" (always hated that name--what was so great about it?). Michelle points out that while Washington and her new found "love", president Obama, are trying to perpetuate "business as usual", Americans are returning to a known cure for recessions/depressions, frugality! Ms Malkin says: "Out of necessity, a consumption-based society is learning to live within its means. For decades, government policies fueled that insatiable appetite -- and new government programs are desperately trying to preserve it. But the Obama administration's frantic efforts to encourage more brainless home buying, car buying and consumer borrowing aren't producing their desired results. Generational theft, it seems, has a silver lining." For the entire article go here: Is it possible America might just pull herself up by the bootstraps despite the gauntlet laid down by her president and elected officials?
1 response
@Destiny007 (5820)
• United States
9 Mar 09
On the great depression. It was great... as in big and all encompassing... the term great does apply, as it does when something is "greatly exaggerated". They say the depression was really quite large therefor it was a great one. As to the actual article... yes, if people refuse to use credit and stop living beyond their means, then America can recover. I saw a video of Bernake addressing Congress, and he let something slip. He called this crisis a "credit crisis". He also admitted that it was the subprime lending crisis that triggered this mess. When the first bailout was being pushed by Bush,at the urging of Paulson and Bernake, Paulson was claiming that no one was getting any credit and no loans were being made... yet later I saw an article that showed that loans were being made and that Paulson was giving inaccurate information to Bush. The article stopped short of accusing Paulson of lying, but the implication was clearly there. The best thing people could do is stop using credit cards and buy everything they can with cash instead of credit. Right now, we are expected to subsidize those who made bad decisions... including high flying investment bankers and investors who basically gamble on the trading floor. How is that appropriate, and by what authority does the government demand that the taxpayers underwrite such foolishness?