HT: The picture above is from The Market Ticker
We, America, are at a crossroads. The old way of getting ahead, through massive credit and unsustainable leveraging, is over. Period. Money was too easy to get. The problem is, we are now in denial. The market needs to adjust. Prices are too high. Demand is low. We had a boom, and now we (should) have a bust. This is the way free markets operate. Is it painful? Yes. Is it necessary? Yes.
We are at a crossroads. Why? Because we feel entitled to the prosperity we had in the past. It has been so long since we had a real recession, so long since we had to fight for our well being, so long since we have had to regroup and re-invent ourselves. Our standard of living is going to go down for some time. Period. People are going to lose their jobs. Businesses are going to fail. Some cities and counties, possibly even states (hello CA) are going to fail. Are we going to recover? We always have. Does that guarantee future success? No. Has every other great power on the history of the planet eventually failed? Yes. Does that mean it has to happen to the US now? No.
Great powers fail from within. What we are doing now, in the name of “compassion”, in the name of “fairness”, is changing what made America great. What we are doing now is stealing from our children and our children’s children. What we are doing is saying Capitalism doesn’t work, the government knows better. What we are saying is that “We are all Socialists now”.
Really? We are ALL Socialists now?
There are no free lunches!
Capitalism works. It is often painful, many times ugly, but it always works.
Socialism is always painful, always ugly, and it never works.
Let Capitalism work!