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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (117917)	3/5/2009 11:16:36 AM
From: Freedom Fighter	Read Replies (1) \| Respond to of 132070

KT, I think the key is that when an economy is suffering from too much debt it's not much different than when an individual or household is suffering from too much debt. The way to dig yourself out of the hole is to tighten your belt, consume less, pay down debt, encourage savings etc... and try to live within your means. If all that fails, then you file for bankruptcy and someone has to eat the losses. The solution is not to counterfeit money (the Fed), borrow money from a loan shark to pay the interest on your credit cards and sustain your lifestyle, or to steal from your neighbors that are doing better than you. The answer is certainly not to expand your consumption even if it makes you feel better in the short term.