America Didn’t Tithe Enough - Part IV
Posted on September 29th, 2008 by catalyst into the Finances categoryDow down 773.
Perhaps someone should have told Wall Street about the Prosperity Gospel.
I'm of the belief that America is in for a rough couple of years, no matter what the government does. You can only live beyond your means for so long, before the debt becomes due. And America's debt is due.
Five years ago I traveled through China and met some very poor but very happy people. And I came to the conclusion that Americans were pretty spoiled. I think we as a people could learn to toughen up a little bit. It's gonna be painful but America will survive this financial crisis, and we will be better people for it.
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September 29th, 2008 at 6:23 pm
I was watching CNN when the bell rang on Wall St. The down was down about 600. They had the big board showing as Wulf Blitzer was talking. It kept going up and up and up.
Things are going to be rough. Even with the bailout, all the talking heads think the economy will continue to struggle. Over the past few months, I have heard Japan of the 80’s used as an example of where we might be heading. In Japan, the economy was at 0 growth for an extended period of time. No recession but no growth. Money was tight. The housing market needs a serious adjustment. This could be how it comes about.
September 30th, 2008 at 5:36 am
You’re right. The Japan model is probably the one we will follow most closely. However, I suspect it’s going to be a global recession, not just an American one.