It is distressing watching the numbers come in on housing, auto sales, retail, and the stock exchanges. But, who could be surprised? The western world got caught in an ancient credit trap that everyone should have seen coming.
The extraordinary efforts of the world’s central banks have not checked the downward spiral of stock markets worldwide or thawed credit. Nothing works as planned. Almost everybody is losing money daily. Most assets are worth less than they were at the beginning of the year. Retirement funds are turning into dust. What do we do now?
First, the world cannot stop and worry about the carnage. Life must go on. There are bills to pay, babies to feed, old people needing medicine, payrolls to be met, etc. The demands of the economy will not permit us to wallow in this misery.
When the nation gets around to it, this experience of the last six months and much longer should produce substantial reforms and more. When people in the streets were giggling about 110% loans the Congress did not lift a hand and rarely a voice. Maybe, they were giggling too. Even now, as the government ,in various forms ,are providing money from the citizens and their heirs to bail out selfish scoundrels. AIG, who has received 122.8 billion in relief to the minute, is having half-million dollar parties is California. Just making a mockery! One of their executives still receives one million a month. He has received 280 million in the last eight years. These perpetrators are not going to jail or losing their jobs.
More regrettable, this election cycle I suspect we will return guilty House members and near one-third of the Senate. These are the most guilty of omissions that will cause wide spread suffering for a very long time. Yes, regardless of the election results, resignations are in order. For many, if not most, it is the only decent thing to do.
The personal suffering, which should be the principle concern for everyone, will no doubt cause a lot of people to take personal value inventories. It’s about time we all did. Yet, we can trust the scripture: “The Lord is good, a strong-hold in the day of trouble; and he knoweth them that trust in him. (Nahum 1:7).