Over at Frugal Hacks I posted a link to an interesting article from NPR on the resession.
Among other things the article quotes an economist as saying
“That chart is the most striking piece of evidence that I have that what is happening to us is something that goes way beyond toxic assets in banks. It’s something that has little to do with the mechanics of mortgage securitization, or ethics on Wall Street, or anything else,” Beim says. “It says: The problem is us. The problem is not the banks, greedy though they may be, overpaid though they may be. The problem is us.“
(Emphasis mine)
What do you think? GO on over to Frugal hacks and tell me on the post : “How about a dose of personal responsibility?”
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First time visitor and am thrilled i found you. Fellow frugal home school mom, who is loving my browse of life in your shoe.
i think I found you thru Meredith who I love. I got to meet her at Blissdom and she is precious.
I could not agree more. I am so glad someone finally had the guts to say it!
That is exactly right. Banks are institutions, for-profit institutions run by people being compensated to earn money for shareholders. That doesnt mean that they didn’t mismanage some things pretty badly. Where the real blame lies in primarily in the American consumer, who demanded more and more consumption recklessly. The people who are responsible are the ones with maxed out credit cards, with home equity lines of credit used to pay off revolving debt and with more stuff than they ever could use.