The Party's Over

On September 19 Patrick Buchanan posted a very good article on what has happened to our economy, titled, "The Party's Over." For the most part I agree.

“Government must save us!” cries the left, as ever. Yet, who got us into this mess if not the government — the Fed with its easy money, Bush with his profligate spending, and Congress and the SEC by liberating Wall Street and failing to step in and stop the drunken orgy?

For years, we Americans have spent more than we earned. We save nothing. Credit card debt, consumer debt, auto debt, mortgage debt, corporate debt — all are at record levels. And with pensions and savings being wiped out, much of that debt will never be repaid.

Our standard of living is inevitably going to fall. For foreigners will not forever buy our bonds or lend us more money if they rightly fear that they will be paid back, if at all, in cheaper dollars.

We are going to have to learn to live again without our means.

The party’s over."

I'd add to that, the insane belief that home ownership, fueled by the CRA hoodlums through 3-4 administrations, Fannie Mae and Barney Frank, is a "right." Or that it is even an "investment." It's only an investment if you rent it to someone for a profit. Otherwise, it's a place to live. Then next, I'd hang Hank Paulson up by his thumbs for bailing out the banks with fewer guidelines (voted for by both presidential candidates) than we give children on how to spend money from the tooth fairy. But Pat wrote this in September and probably in his wildest dreams didn't see the collection plates that would be passed between the aisles of Congress.

Also, this article is whizzing around the internet under the name of Linda Monk. I don't know how her name got attached to it--but she's probably more famous now. Any way, Pat Buchanan wrote it. Check his web site. He's a libertarian, a Catholic, and he doesn't like Bush.