Monday, December 15, 2008

"...the U.S. should probably declare bankruptcy."

Yeah, you know it's going to be a warm and fuzzy day when you see a remark like that in the traditional press, even if they do specialize in financial sector news.

The US government is engaging in a race to the bottom--zero interest rates, deficit spending on an epic scale, bailouts of everyone who can hire a lobbyist and printing presses running 24x7. Would you care to guess who is guaranteed to come in last place in that race?

If you guessed the folks who have been conservative with their spending over the past 25 years--the kind of folks who bought a home they could afford on a 30 year fixed note with payments they could handle--the kind of folks who are driving 10 year-old cars that they bought new--the sort of folks who actually work for a living--then you, my friend, win a cookie.

Stop the spending, stop the bailouts and stop the presses. The faster we get this over with, the less it will hurt.

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