An op ed from the New York Times. An excerpt:
Instead of promising the imminent return of good times, why isn’t Mr. Obama talking more about the importance of living within our means and not spending money we don’t have on things we don’t need? We used to be a frugal nation. The president should be talking about kicking our addictions to easy credit, to quick fixes and to a culture of more is better (and Congress’s new credit-card legislation, while perhaps eliminating some of the worst aspects of that industry, certainly didn•t send the right message about personal finance).
Good point. More from the article:
Gas-guzzling S.U.V.’s, cigarette boats, no-income mortgages and private jets should be relegated to the junk heaps of history, or better yet, put in a museum dedicated to never forgetting the greed and avarice that led us so far astray.
I don’t see the connection between no-income mortgages and private jets. If a jet is legally, ethically, and honorably purchased — that is not wrong. The authors seem to have a decent vantage, but connections like that are circumspect. The piece concludes wisely:
We are in one of those ‘generational revolutions’ that Jefferson said were as important as anything else to the proper functioning of our democracy. We can no longer pretend that our collective behavior as a nation for the past 25 years has been worthy of us as a people. Many of us hoped that Barack Obama’s election would redress the dire decline in our collective ethic. We are 139 days into his presidency, and while there is still plenty of hope that Mr. Obama will fulfill his mandate, his record on searching out the causes of the financial crisis has not been reassuring. He must do what is necessary to restore the American people•s – and the world’s – faith in American capitalism and in our nation. Answering our questions may help us get back on track. But time is wasting.