"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." -Thomas Jefferson (1802)
Economics. I remember having to take Macro in my first semester as a freshman college student. Coming home that day in tears with a big clunky text book that I knew wouldn't be a cup of tea. I flipped through the pages and my brain hurt. Read the first two required chapters as homework and found myself lost in WTF clouds.
Yet somehow I was able to embrace economics and boldly crush both Macro and Micro under my foot with authority, acing both courses without breaking a sweat. Knowing that economics may never be needed in my life path and that I probably never use a lick of it again. Until recently.
Recently it has come to my attention that I've never forgotten what I've learned back in 1993. In fact I was using it through the years without even a thought on why I had. Tiptoeing through our own finances over the past few years sure helped. Watching trailer park neighbors with barely two cents to rub together come home with shiny new cars with high interest payments. The repo-man was a common sight back then, as was Rent-a-center coming to take back a stereo system that was behind on rents.
Debt, debt and more debt. It was the subject nobody could avoid. I watched rich people build a mansion from an expected turn around on their (a-hem) pretty but cardboard pre-fab of a house that would fall at the sight of a simple Cat 2 hurricane. It went on the market a year ago for $800K and they haven't had an offer over $400K yet.
Topping off my concerns and know-how on that when things go up - they must someday come down; we can add in a few other factors. Baby-boomers retiring by the thousands each day collecting not only their Social Security Checks but pulling their retirement account moneys out of the market to subsidize. Gas prices soaring and groceries and other costs soaring along side of it.
Our economy is going to crash.
I knew it years ago and stand by it today. This bailout is not going to save us, it may merely hold us above water for a few more months. Either way expect more banks to merge or fall, even the airlines to come rushing to DC for a bailout plan. The first domino has been knocked over. Get ready for the rest.
Oh well, it's not even 8am and I've read that the Asian market fell drastically. The Russians forced a stop on trading in fear that their market would do the same. President George W. Bush is supposed to give another speech at 7:45am or was that 8:45am? I can't remember. All that I can guess is when Wall Street flicks the switch this morning.... Tuesday's Gone.
Margie,
Thanks for visiting and commenting on our Blog. I will answer you.
It is good to see a Christian husband/wife entrepreneur combo.
That in itself is a lesson in free market economics, but you have an advantage with your education.
Too bad everyone in our Republic does not understand this.
Pray for our country.
God bless you both.
In Christ,
ExP(Jack)