I live in the UK and things are no better here. I wound up a business I’d only had for a year and suffered a huge financial loss. I thought my business couldn’t be affected when the housing market bubble burst – but if was, indirectly.

As for car loans etc, I did own 2 cars, one bought with cash and the other with finance. I already sold one and I owe one small finance payment on the other. I plan to sell that too – now I’m working at home, instead of from an office, I don’t need transport for work – I can just use my husband’s car when I need it.

http://www.globalstockmonitor.com/index.php?id=123

Enjoy and help spread the message – call your congress person and stop this mess…

It really is a shame.

Guess no one ever listened to our great grandparents when they talked of the great depression. I guess the lesson from that was not learned.

It may happen again and this time instead of not having money, I think everyone will have money socked back, but will not have food.
Makes you want to go to the store and grab a bunch of canned goods doesn’t it?

Why should those of us that saved keep spending to benefit those who borrowed?

Those of us who were prudent will skate right through this recession. Or depression. Or whatever. I’m looking forward to more potluck dinners with friends, more time on the weekends to just do nothing, because there isn’t anything to do, overall, a welcome slowdown in the frenetic pace of the last decade.

Personally, I’m cutting my spending to the bone.

If everyons stopped spending tomorrow and only saved, you’d go straight into recession. No more consumer spending would mean all the high street shops, manufacturers, and the myriad business to business companies which support them would start making losses. Soon job cuts would be everywhere, even less spending, more companies go down, contracting the economy…

By all means save, but don’t stop spending.

Hazlitt’s theory of letting sick industries fail is just fine and works well. However the banks aren’t just another industry. Lose them, and you lose the oil that lubricates the economy. Everything stops, everyone loses.

Don’t save the banks and you might find that your hard-won savings deposits vanish in front of your eyes…

What we have here is a failure to communicate.

The facts are that the debt levels of the U.S.A., U.K., Ireland, Spain, Italy, Australia, New Zealand, Canada, and many other European and ‘advanced’ economies are too large to be serviced by the income these economies generate.

There are only two ways out of this:
1.) Debt destruction through default leading to a severe recession or depression after which normal and stable growth can resume.
2.) Postponing the problem by the creation of new debt with inflationary results and the eventual necessity of having the above occur latter.

We must pass through debt destruction now or take on more debt and go through a much larger debt destruction latter.

That is the choice. All the other posturing and spin is bull feces.

Paulson and Bernanke and Cox and Bush and Wall Street and the House Leadership and the Senate Leadership, all hoped they could ‘contain’ the problem until after November 4th.

The only rational solution is the Irish Solution, that is protect depositors and thus stop the bank runs, and let investors take a bath.

Dow 8,000 will happen sooner or latter. It is better sooner than latter.

“We are at a crucial time in our country’s financial history. Congress defeated the $700 billion bailout plan on Monday. However, they are revising it and trying to push it through again. Dave is supporting an alternative plan that will keep our nation from going even deeper in debt.”

Read the rest here:
3 Steps To Change The Nation’s Future

Frank