I heard the best discussion and explanation of the economic crisis today on This Week. We have all heard that the problem is greed on Wall Street and in Washington, but no one wants to talk about what underlies that. Wall Street and Washington have always been greedy. One of the panelists says, “If you take the greed out of Wall Street, your left with pavement.” Something else has been going on for a long time that no one wants to admit, especially the average family in America.
THE MIDDLE CLASS IN THIS COUNTRY HAS BEEN LIVING BEYOND ITS MEANS FOR OVER A DECADE. “Seriously beyond its means,” as one panelist says. That is why no one has been paying attention to or regulating Wall Street. The average middle class family doesn’t regulate its own budget, much less pay attention to what the government or Wall Street is doing. America has a lifestyle based on debt, and no one wants to gives us credit anymore.
George Will has the best statement on the show:
You’re coming dangerously close to the truth, which is the sainted American people are the problem here. That is they have 105 billion credit cards. That’s nine per card holder. Self-reporting, they have about $12,000 credit card debt per household. Household debt is 139 percent of household income. I mean, they can’t go on like this. The refusal to defer gratification is a fundamental attribute of childishness. For as long as I can remember the slogan has been in this town, in political rhetoric, the federal government ought to behave more like families, because families balance their budgets. It turns out that families looked around and said, “You know what? Let’s behave more like the government.”
I’m voting George Will for president. Tell the country the truth. Stop blowing sunshine up our asses telling us we’re so great. If we’re acting like spoiled brats, let us take our spanking so we learn from it. Instead the government is going to prop up the failures, so we can all continue our narcissistic national masturbation ceremony until our proverbial genitals fall off. And then we’ll want to know who we can blame. Let’s not forget that while we’re doing this crap, China and Russia are brainstorming how to take advantage of our ignorance.
