By and large, 70% to 90% of you wanted something to be done to calm the economy, but you didn't want $700 billion in new debt to bail out Wall Street. The stock market has had record declines since then. What's going on?

You need to remember that you need to take control of your life. It's disturbing that people in government totally disregard what the people tell them to do. It's disturbing that the market goes down and the media panics about this. It's disturbing that greedy banks made loans to people who couldn't afford to repay, and people signed up for the trip when they couldn't afford it. It's disturbing that Washington ignores its constituents and takes huge strides toward socialism.

All of these things are disturbing, but none will cause this great nation to cease to function. They are not the beginning of the end. But the most disturbing thing is some people's reactions. Don't react based on fear or panic. Another negative reaction is that you are looking to Washington to fix your problems. They have never fixed your problems, and you want Obama or McCain to fix things. There has never been a president who can fix your problems. They always say they can and they never can.

Read it all.

Filed under: * Economics, Politics • Economy • Personal Finance • The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- • The September 2008 Proposed Henry Paulson 700 Billion Bailout Package

1. Grandmother wrote: I’m well acquainted with Mr. Ramsey’s financial philosophy, and he preaches against “credit” except for perhaps home mortgages.  It is with this in mind, that I remember that in the last few years, all manner for folks were warning that the average person had too much credit, and took advantage of it without remembering that somehow it had to be paid back.. Now I understand that businesses, especially small businesses need credit for certain things, a revolving line for payroll, or even purchase of equpment.  BUT, Why should we be concerned that ‘Johnney/Jill” can’t get a credit card to NOT pay back?  That folks need good credit history to receive loans, etc. etc.?  It doesn’t make sense.  Back in the day, there used to be a saying, “Banks seem only to loan money to those who don’t need it” (and can pay it back). Obtaining credit creates both a financial and MORAL obligation, or at least it should.  AND, that’s where the problem lies, with the morality Grandmother in SC October 8, 9:18 am | [comment link]

2. Theron Walker✙ wrote: I’ve been a disciple of Dave’s for 8 years.  One thing he taught me is you can’t borrow your way out of debt!  It’s all about accountability, and I just don’t see how a bailout holds anyone accountable, especially since there is no actual money being used in the bailout—just moving debt from one segment of the population to everyone who pays taxes. October 8, 12:14 pm | [comment link]

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