According to Barney Frank this morning (9-26-08) people who want to buy cars and furniture won't be able to purchase them because credit is drying up. Mr. Frank, this is not a bad thing I will tell you why.
Americans have spent a generation ( my generation to be exact) of buy now pay later. Impulsive buying, overspending by consumers and Congress, have put our country in this bailout position. Consumers have spent and lived above their means and Congress thinks the taxpayer is made of money and spends it like there is no tomorrow.
Guess what? Tomorrow came this week! Bad subprime loans, bundled up and sold to Wall Street came back and bit some of the best and longest lived brokerage houses in the world and shredded them to bit. Legacies of finance wipeout in a single day. Brokers scrambling to find OPM (other people's money) to give solvency to their businesses.
This borrow from Peter and pay Paul lifestyle especially in government finally comes to head like a pimple on prom night. Oooh, it is ugly.
America, we cannot continue to live in the "Robbing the Apostles" lifestyle. It has to quit, it has to quit in lending, it has to quit in real estate, it has to quit in consumerism and it has to quit in Congress!
Now that tomorrow has arrived it is time to be loud and clear, vote America and send these overspending, overtaxing, overbloated government out on the fannies. I think we should audit every single congressman/woman and Senator. Every penny they spend should be put under a microscope, every earmark, every liquid lunch the taxpayer has to pay for, every trip they take, every time they use their House Credit Card and make a swipe on the taxpayer, should be examined, and members of the House and Senate who are not diligent with "our money" should be fired.
Middle class America is weary of being punished for Congressional sins and Wall Street woes. It is time people for tomorrow to come, Scarlet O'Hara has left the stage.
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