I’m not making excuses for those that got us into this mess. There is no question that greed, lack of oversight and just plain chicanery has contributed to the seizing up of our credit markets. As a tax payer, I don’t relish the thought of paying off this huge debt. However, IMHO, Capitol Hill needs to come together and “GET ER DONE.!” We have a crisis of confidence. If we don’t do something to salvage this mess, we will be looking at the inability to acquire loans for the massive supply of homes currently weighing down our economy. At last check from the National Association of Realtors, we have a ten month plus supply of homes in inventory. It’s going to take a while to work through that and without the ability to secure financing it’s not going to happen. Small Business is the heart of the American economy and accounts for a lion’s share of the operating businesses in our country. These folks will no longer be able to access a line of credit to run their enterprise and will quickly experience cash flow issues. Lack of liquidity will force these hard working entrepreneurs out of business. The result of those business failures will mean loss of jobs and spending which in turn will affect the entire economy. We haven’t even talked about the next iceberg in the water, consumer credit, car loans and commercial real estate and the inability to finance your children’s education.

Those who are responsible for this debacle need to be held responsible.  After we sort this all out we need to pinpoint the major players and let them spend some time in the government hotel (jail) and set up an automatic funds transfer from their bank accout to the taxpayer. This can never be allowed to happen again. I am a free market capitalist and it appears to me that we are moving in another direction. I feel like I’m on the Titanic and everyone is screaming and running around placing blame. Who was supposed to be on watch? How did we hit that iceberg? All the while the boat is going down. Instead of panicking, maybe we ought to see if we can find space on a life boat and live to fight another day. When we come through this and we will, we need to build an unsinkable boat with a strong captain and a crew that stays on watch. In the meantime, build your own life boat and take control of your own finances. See you next week. Robin

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