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September 30, 2008


Danny L. McDaniel

The average American taxpayer should shoulder some of the blame as well for the current financial mess. First, Americans have adapted to the same spending philosophy as the federal government; that is, spend until you drop like there is no tomorrow. The credit card debt for the typical American family is beyond description.

Second, it seems ever American now requires a overpriced vinyl sided mansion. Americans have greatly assisted the housing mess by buying beyond their means and the constant "flipping" of homes.

In short, what this bailout constitutes is a covering of the Congress' gambling debt and the stupidity of the American people that good times will last forever with no need for saving for tomorrow.

Americans have no sense of history and most have never experienced hard economic times. As Mark Twain once said, "History might not repeat itself, but it sure does rhyme." This is going to be a long, drawn out era with alot of difficult events.

Danny L. McDaniel
Lafayette, Indiana

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  • Chronicles of international finance and geopolitics, with hints from thither and yon to help us find a way from "growth and development" to "sustainability."

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