I don’t suppose anyone really expected the bailout bill to not pass did they?  Regardless of the specifics of how it’s implemented, sooner or later it was guaranteed to happen.  Too many people would have too many angry constituents to face if they didn’t vote for it.  As it is, I wouldn’t be surprised to see a lot of those who voted against it having to explain that back home.

I’m also not saying that the bailout is a good idea.  Frankly, when the economy is allowed to get into a condition like this some kind of bailout is going to happen or we face the possibility of not just a recession but a full blown depression.  In spite of the fact that the financial and media folks don’t even want to say that word where anyone can hear them.

As it is, everything from milk and bread to gasoline and car insurance has gotten more expensive and credit has become a LOT harder to get.  Unfortunately for us, ours is an economy that to a very large degree, runs on credit.

All I can say is that I hope that out of this mess there is some kind of lesson learned about not getting into using credit unless absolutely necessary and then it needs to be kept to a minimum. 

Somebody once told me that in this world if you don’t have debt, you’ll never have anything.  Obviously that’s total BS, The problem with it is that there’s an awful lot of people and businesses that seem to believe it.

And if these things weren’t all ready to cave in at the same time, I’d say let the failing business close and be done with it.  Unfortunately it’s a little harder to say that when that would mean most of the major lenders in the nation going belly up.

The moral of all this is if you’re in debt, get out as soon as possible.  You’re not, then don’t get into debt at all.  Debt is going to ruin a LOT before this mess is over.

Technorati Tags: bailout, bad debt, bailout bill, credit, loans

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