Updates with others’ slogans!
A month into the Obama administration, who could it be that left-wing firebrand economist and New York Times columnist Paul Krugman is denouncing? Is it the dividers? Is is the extremists? Is it the old way of politics?
Has anyone ever wondered if it is possible that one can land in a financial crisis when one has a steady income, no debts, and a large reserve of money in case of emergencies? Certainly, I suppose, if something devastating comes around, like an accident that requires weeks in the ICU, surgeries, and a long rehabilitation, that could bankrupt a person. Yet such accidents, on a whole, are rare, and most people who live a financially responsible life never have to plead for a bailout.
When we look at our current financial crisis nationwide, I can’t help but wonder what people are thinking. President Obama has promised us trillion dollar deficits for years to come in an effort to restore our economy. Like most right-leaning folk, I’m under the impression that our current crisis has come from overspending, living beyond our means, and not being prepared for when we hit bumpy times in the economy (like $4/gallon gas, which drives prices up all around). Perhaps, if this view is incorrect, someone will be willing to explain to me why it is so. But my impression has been that first, people individually are consumed with buying, buying, buying, even when they don’t have the money to buy. I have friends who, though they grossed over $60,000 a year, were still living paycheck to paycheck because of their deficit spending. I’ve seen people who, upon receiving their government money, have gone and blown it on new cell phones (that are shut down after two delinquent months), on fancy steack dinners, and so on, instead of buying necessities or saving up what they can. I’ve seen people struggling with hundreds of thousands of dollars of accumulated debt that came from student loans, house loans, car loans, credit cards, and so on. This is just what I’ve seen. What I’ve heard–word of mouth, or in the news, or on blogs–is even worse.
The market reacts to the bank bailout plan:
On July 4, 1864 Abraham Lincoln had much to pre-occupy his mind. Grant’s drive on Richmond had bogged down into a stalemated siege to the south of Richmond around the city of Petersburg. Grant, due to the appalling Union casualties of the campaign, was routinely denounced as a butcher in Northern newspapers, a charge echoed privately by Mary Todd Lincoln. On June 27 Sherman had been bloodily repulsed at Kennesaw Mountain, and his campaign against Atlanta appeared to be very much in doubt. Lincoln suspected that he would not be re-elected and that the Union might very well lose the war. So what did he do on July 4? He, along with Mrs. Lincoln and most of his cabinet, attended a fundraiser held on the White House lawn to build a Catholic church!