written by Norm:
We did what we were supposed to do
Your comments about this column are welcome ~ e-mail Norm at
In the last two decades as good Americans we worked hard and invested in
our homes and children. When we wanted something that cost
more than we had in our checking accounts, we borrowed. We borrowed by
using charge cards or taking second mortgages.
did the same. They expanded by taking business loans from banks.
Then something happened. We got blind-sided.
All of a sudden
we found that the lending people were extending loans
to people and businesses that normally couldnít qualify for credit. Many
these loans increased the interest rate after awhile and people
found that they couldnít meet the principal and new interest payments.
They defaulted. The banks were left holding homes and businesses they
didnít want to own. People had to leave their homes and businesses
started lying off employees.
On top of all this, some money traders were putting their money in
these shaky loans. When the defaults
began, these traders began to lose
The landslide began and spread across the country and around the world.
and financial gurus looked up and were surprised. No one
seemed to know how to fix the problem. A lot of blame was laid and
We elected a new president and thought, or hoped, he could find the answer.
Congress decided to push out billions of dollars
into all sorts of projects.
The stock market shrugged and continued its decline. People continued
to lose their jobs. Businesses
went bankrupt. Tax revenues diminished
and states and the federal treasury didnít have the money they once had
and began to cut projects.
And the politicians and economists still
didnít know what to do.
But we did what we were supposed to do. We worked hard and tried
to get ahead.
So what to do now?
Maybe we all should take a deep breath and look at the good side.
According to some, there is
a lot of money sitting on the sidelines
waiting for positive signals that our economy has hit bottom and is on
families are getting along despite the news of the ones who are
in trouble. Most businesses are making money. Most banks are solvent.
Good news doesnít sell papers or attract viewers or make interesting
blogs. But maybe we should look at history that tells us America
still the strongest and most resilient country in the world. That people
still want to come here to seek their dreams. That we
value hard work
and reward it. That despite our crooks, gangs and corrupt citizens,
almost all of us are honest, fair and tolerant.
That is our strength,
Letís take pride in our country and get patriotic and fly our flag and
say the pledge of allegiance
in our schools and public gatherings. Some
object. Let them have their say but do not let them detour us from our
quest to honor and
serve each other and our nation.
This may not solve all our problems right away but it is a damn site better than what we have today.
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