Massive default is best way to fix the economy

[albacore44]

Wake up folks...............The rest of the developing world did. The main reason we outsource is to trade jobs so the developing countries have $$$ to buy our products. The world no longer revolves around the USA. We blew our wad trying to sustain an unsustainable lifestyle and the new reality has set in and its not fun. we have to learn to live within our means, and its not easy. It could be much much worse here if it were not for foriegn sales. Think about how bad it could really be if the rest of the world were to slump, China, India, Europe,Saudi and they cant buy our products

I worry for my kids. How will they make it when I am gone ?? They have to learn to compete with the rest of the world.

[IamOld]

Right but. It isn't the working class that created this mess...NO other NATIon. None practicesthe US style free trade. Also we cannot continue to spend almost a trillion on...defense ..

Wake up folks...............The rest of the developing world did. The main reason we outsource is to trade jobs so the developing countries have $$$ to buy our products. The world no longer revolves around the USA. We blew our wad trying to sustain an unsustainable lifestyle and the new reality has set in and its not fun. we have to learn to live within our means, and its not easy. It could be much much worse here if it were not for foriegn sales. Think about how bad it could really be if the rest of the world were to slump, China, India, Europe,Saudi and they cant buy our products

I worry for my kids. How will they make it when I am gone ?? They have to learn to compete with the rest of the world.

[WanabeFree]

Right but. It isn't the working class that created this mess...NO other NATIon. None practicesthe US style free trade. Also we cannot continue to spend almost a trillion on...defense ..

I am not so sure I agree that the middle class has no blame for this mess. The idea that everyone is entitled is socialistic. We were founded on the principal of hard work and a little education will get us far but the problem is that many now feel that if they get a little education they no longer have to work hard to get ahead and those that are to lazy in the first place feel they are entitled to all the fruits with little effort on there part. Easy credit has made us think we can have things that we really never could afford in the first place. the Housing bubble gave us all a false sense of wealth that really never existed accept on paper. Now we have to re learn to live within our means and accept that there are no shortcuts.

[jacko]

I agree that the middle class lived beyond their means. They also shed their worker representation rights away as well, unlike the Germans who still have their jobs. We are impatient, short term oriented, expect instant gratification and don't know how the world works.

I am not so sure I agree that the middle class has no blame for this mess. The idea that everyone is entitled is socialistic. We were founded on the principal of hard work and a little education will get us far but the problem is that many now feel that if they get a little education they no longer have to work hard to get ahead and those that are to lazy in the first place feel they are entitled to all the fruits with little effort on there part. Easy credit has made us think we can have things that we really never could afford in the first place. the Housing bubble gave us all a false sense of wealth that really never existed accept on paper. Now we have to re learn to live within our means and accept that there are no shortcuts.

[IamOld]

I'm sorry I have to disagree - I think and HIGHLY unfortunately, we're are still stuck with the remnants of the self-hate of the Puritans/Pilgrims - the working class is NOT to blame for this except perhaps to have voted for those and looked the other way FROM those who have caused this mess.

On a different topic, I had the pleasure of of listening to the BBC World Service this morning on the way to work - on Business Daily (you can google it) they had a piece on German banking...OLD FASHIONED banking...local banks, lending to local businesses, to people they know relationships going back MANY MANY decades..NO gambling on the stock etc markets...

I am not so sure I agree that the middle class has no blame for this mess. The idea that everyone is entitled is socialistic. We were founded on the principal of hard work and a little education will get us far but the problem is that many now feel that if they get a little education they no longer have to work hard to get ahead and those that are to lazy in the first place feel they are entitled to all the fruits with little effort on there part. Easy credit has made us think we can have things that we really never could afford in the first place. the Housing bubble gave us all a false sense of wealth that really never existed accept on paper. Now we have to re learn to live within our means and accept that there are no shortcuts.

[IamOld]

Absolutely right about the housing bubble - and there is nothing wrong with a little socialism...just ask the Germans, the French, the Japanese, etc.

I am not so sure I agree that the middle class has no blame for this mess. The idea that everyone is entitled is socialistic. We were founded on the principal of hard work and a little education will get us far but the problem is that many now feel that if they get a little education they no longer have to work hard to get ahead and those that are to lazy in the first place feel they are entitled to all the fruits with little effort on there part. Easy credit has made us think we can have things that we really never could afford in the first place. the Housing bubble gave us all a false sense of wealth that really never existed accept on paper. Now we have to re learn to live within our means and accept that there are no shortcuts.