It is a phrase that we have forgotten in this country. What have we replaced it with? Bailout, injection, infusion.. Things must fail so that new things can be born, this is the nature of capitalism.
This Bill that just passed my generation will be paying for our entire lives. We will tell our children that we remember when our budget was balanced, when debt was not the rule of the day.
We are treating the illness with poison, going further into debt to cure the problem of excess debt.
The problem is with housing, and the bill does nothing to fix that. If we could fix housing, we could have a chance at getting things going sooner than much much later. The household balance sheet needs to be augmented, rather than continue it’s spiral. Thanks Obama, but you are admitting failure when you had an opportunity to fuel a revolution. You supposedly learn from Lincoln, but you ignore the lessons of Truman an d FDR.
People ask me my professional opinion on when the market will turn around and I tell them: I don’t think anytime soon.