It's funny how the bad practices of our Government seem to be reflected in the practices of the general public. I was reading an article in Newsweek yesterday, Why it's Worse Than You Think, and I was glad to see someone finally talking more succinctly about the credit crisis both in the housing market and globally.
Quote: "As it seeks to regain its footing in the second half, the U.S. economy faces two significant obstacles, neither of which was evident in 2001. The first is entirely homegrown: the self-inflicted wounds of the promiscuous extension and abuse of credit in the housing and financial sectors. The second is a global phenomenon that has comparatively little to do with American behavior: rampant inflation in commodities such as oil, food and steel. These trends have conspired to inflict genuine economic pain and deflate consumer confidence."
Basically what that's saying is that we've done this to ourselves (duh). This cartoon popped into my head. This is my last cartoon of the week. Go out and enjoy yourselves this weekend, but please, try to pay with cash.
Best,
Ed
No comments:
Post a Comment