My take on the economy

I was going to post this on my Money Matters blog, but I haven't posted on it since April, and figured no one would see it...

I am not an economics expert, but I do have an opinion on what is happening in our economy today, and it may be a little controversial. If you've been keeping up with the news (I've seen a lot of it lately now that I'm at home with Houston), you know that Wall Street is crashing, and everyone is freaking out. I however, believe the problem lies with the American people. Yes I do. You see, in a country-wide attempt to keep up with the Joneses, we overspend, overextend, and under-save. We buy things we can not afford. We take out debts we can not pay back. And we do not save enough money for times like this. Did you know that you should have 8-12 months gross income in savings in case you lose your job? So, if God-forbid I lose my job, it is my fault that I have not saved enough money to cover my mortgage payment and other bills. It's my fault that I have debt and did not pay cash for my big-ticket items. It is not the loan company's fault. It is not the government's fault. It is not the oil company's fault. If you go into some of the "poor" neighborhoods, you will see almost every teenager walking around with a cellphone. Yet mom and dad are struggling to pay bills. Now, I know there are some cases that are unavoidable. There are people out there struggling because of medical conditions. Medical costs and prescription drugs are extremely high for these people, causing them to suffer financially. There are people who have suffered a traumatic event that can cause problems. But I'm talking about the average Joe. I see credit reports all the time of couples that make little money, but have car notes of $500-700, sometimes two! I met with a gentleman who makes $6000 a month, but had a $4000 mortgage payment - and no kids! He was coming to me for a $5K loan to help with bills! These are average people, just like you and me, and I see this EVERYDAY.

So, I'm not sure how I feel about the "bail-out" plan. Are we just treating the symptoms, but not the real problem? Can this problem really be fixed? Or will everyone feel temporarily relieved, and go back to the same old patterns?

On a side note, I believe we need to keep more jobs here in America! Quit outsourcing customer service jobs to foreign countries. Buy American. Drill for oil!

Thanks for listening.