Comments on: President Bush Addresses the Economic Crisis

By: miranda

miranda — Mon, 22 Sep 2008 13:51:54 +0000

Thanks, Frugal Dad! (Sorry about this. After painstakingly using my mobile to type out a reply to your comment on Saturday from Blogworld, I found it didn’t work. The blog post I painstakingly typed on my mobile Saturday disappeared as well.)

At any rate, even though we disagree on some things (respectfully, of course!), I do agree with you about looking at society, ourselves and what the government has allowed. A healthy dose of introspection is needed. And we need to, as individuals and a country, and with the encouragement of our government, move away from a consumer-spending-funded-by-debt model of the economy.

Past is past. And everyone played a part in this crisis. It’s time to just move forward and make better decisions.

By: miranda

miranda — Sun, 21 Sep 2008 04:11:32 +0000

MEA: You make a great point that we do need to be responisble for our own actions. I think some of the outrage right now comes from the fact that the government made it possible (legalized) the sort of credit derivatives that are at the root of this problem. Then other people speculated on them, and taxpayers (most of whom did not speculate on these risky investments) will have to foot the bill and will ultimately pay the price.

But you are right that we do need to look at ourselves as a society and fix some of the thinking and practices that contributed to the problem.

By: Mary Emma Allen

Mary Emma Allen — Sat, 20 Sep 2008 21:07:01 +0000

When things go wrong, it’s easy to place all the blame on the President. When things (ecomomy, jobs, etc.) are going good, the opposition takes the credit. We, the citizens, also have to take responsibility for our lives and our decisions. Did we, personally, make some poor decisions that contributed to a crisis?

By: Fittingly, It’s ‘Talk Like A Pirate’ Day

Fittingly, It’s ‘Talk Like A Pirate’ Day — Sat, 20 Sep 2008 03:33:30 +0000

[...] “These measures will require us to put a significant amount of taxpayer dollars on the line.” -George W. Bush, POTUS [...]

By: Frugal Dad

Frugal Dad — Sat, 20 Sep 2008 02:59:46 +0000

I voted for George Bush, but I’ll be the first to admit his fiscal record has been appalling. I am a strict fiscal conservative, and for the first seven years of his presidency he never wet the ink on his veto pen. I’m not impressed by these tax-payer funded bailouts from the current administration, just as I was unimpressed with the so-called stimulus package. I just basically have a problem with the government spending public money to salvage private entities. Our leaders ought to go back and read the words of our fore-fathers.

Having said that, Congress must take some of the blame here, as must the American people who borrowed an ever-increasing amount of debt for things they simply could not afford. Even if they could afford the minimum payments, the added risk to their lives was not worth it. A rogue wave or two comes along and we were all tossed overboard.

I’m all for moving past finger-pointing and getting to real solutions, but part of recognizing the problem requires at least some self-reflection as a society to see that our years of over-consumption finally caught up with us. Then again, what kind of commentary would you expect from a “frugal dad?”

By: miranda

miranda — Fri, 19 Sep 2008 18:40:03 +0000

Excellent points, Sean!

I know that President Bush’s assurances don’t hold much weight with me…

By: Stock Market Up on Government Bailout Plan - Money & Investing - Banks.com

Stock Market Up on Government Bailout Plan - Money & Investing - Banks.com — Fri, 19 Sep 2008 18:38:27 +0000

[...] this is one of my biggest issues: President Bush, in his speech, mentioned how important it is for the credit markets to get moving again so that people can get [...]

By: Sean

Sean — Fri, 19 Sep 2008 18:37:54 +0000

I dunno… calming requires credibility. With the country so polarized, half the population might take it as a positive reassurance, the other half as a contrarian indicator. Either way, we are left with questions. With us nationalizing everything and the kitchen sink, is this the administration for 1) reducing the risk of recurrence 2) promoting the best interest of the greatest number of people? In any storm, you don’t want panic at the worst times, but you also hope for adequate infrastructure, and if necessary, competent reconstruction. Fingers crossed.

By: miranda

miranda — Fri, 19 Sep 2008 17:45:13 +0000

Thanks for weighing in, Laura! It sounds like you have a good plan. And, really, that’s about the most any of us can do: Reduce debt, live frugally and hope for the best.

By: Financial Rescue Plan Announced Today - Mortgage Rate News

Financial Rescue Plan Announced Today - Mortgage Rate News — Fri, 19 Sep 2008 17:44:57 +0000

[...] really concerned me about President Bush’s speech this morning was his apparent concern that Americans be able to start borrowing again. He didn’t talk [...]