05 Dec '10 17:57>1 edit
Amid all the economic pain, doomsday predictions, and general moaning and groaning about the economy, many people have lost sight of the fact that in Europe, as well as the United States, standards of living were far worse 75-100 years ago than they are now, life expectency was shorter, and multiple families living under one roof were not uncommon. The crash of 2008 damaged the American economy, and it will not snap back like a rubber band, as many in America expect it to do, but it will get better folks. Just as America and Europe survived the great depression, they will also survive this economic downturn. Perhaps this is a time for all of us to look at our own economic situations, ask ourselves if we're spending our money wisely, saving enough, seeking cheaper pastimes, and choosing not to buy some of the latest electronic (keep up with the jonses) gagets. Some will argue that consumer spending will fuel a recovery, well...this is true, but spending must be tempered with good judgment.
Financial institutions and lack of government oversite share a measure of blame for this economic mess, no doubt about it, but individuals overspending, borrowing too much, and not saving enough were a big part of it as well. We can't always control what banks and politicians do. We can however take the next few years to get our finincial house in order, and in doing so, minimize the effects of economic downturns which are a part of any economy.
Financial institutions and lack of government oversite share a measure of blame for this economic mess, no doubt about it, but individuals overspending, borrowing too much, and not saving enough were a big part of it as well. We can't always control what banks and politicians do. We can however take the next few years to get our finincial house in order, and in doing so, minimize the effects of economic downturns which are a part of any economy.