I'm Confused

I've got to say, on one hand, I'm somewhat pleased that the House of Representatives didn't pass the bailout bill. I will say that I'm quite surprised though. I thought they were all scared by the financial crisis. I guess they were more frightened of the voters, at least those who are up for re-election this year. I'm sure they heard from many of thier constituents who were against taxpaper money being used to prop up the companies who gambeled and lost. On the other hand, if the government does nothing, we're most likely in for a deep recession, which may last for more than months, more likely for 2 or 3 years, according to some accounts I've read. I'm not too excited to go through a recession. In my job, I'm already seeing customers curtail thier spending to mainly necessities.

I read an article in the Christian Science Monitor that says that the government should not artificially prop up the economy, that it will only postpone the changes that need to be made in our ways of doing bussiness. They also feel that we just will get another melt down later on that will be even worse. Unfortunately,what the US does or doesn't do affects the rest of the world. Our markets and finances are so intertwined throughout the world, that a recession won't just affect the US, but much of the rest of the world.

I am certainly not qualified to figure out what we should do. My heart goes out to those who are facing foreclosure due to subprime mortgages. I have certainly been there myself. In fact, the company who held my mortgage, has already gone under itself. I guess we just watch and hope and do a little praying that those in power do the right thing. I don't think "we the people" are helpless though. We can mend our own dealings as much as possible, pay down debts if possible, don't take on any more debt if we can help it. Maybe it's time we got away from the instant gratification attitude many of us have and think over any big purchases we may have been planning, even though that might make a problem for retailers. We just need to get back to living within our means. Buying on credit and buying anything that's new has a lot to do with the problems we're facing now, the housing bubble bursting was just the trigger.