Watching the bailout

Hugh Hewitt is a smart guy, (did I say that already?) largely because he listens to and has other smart guys on his daily radio show...like Lawrence Kudlow.  He writes some good stuff in this article.

One thing that especially hits home is...

Government spending, deficits, and debt creation of this magnitude is
simply unheard of. So the added TARP money will surely imperil the
entire stimulus package as taxpayers around the country begin to digest
the enormity of these proposed government actions. Financing of this
type would not only destroy the U.S. fiscal position for years to come,
it could destroy the dollar in the process. What’s more, the likelihood
of massive tax increases -- which at some point will become front and
center in this gargantuan funding operation -- would doom the economy
for decades.

Now that's scary stuff.  My personal opinion is that we still don't get it.  It's us.  We are the issue, not Wall Street, no the White House, not Capitol Hill, not the mortgage industry, us...the American people.  We've adopted a "spend like a drunken sailor" mentality and culture.  Actually, it's worse than that.  When a drunken sailor runs out of money he usually stops buying.  We've gone one better and actually spend more than we make.  

I don't know what the answer will be, but as the 12-stepper's say, you first must admit that you have a problem.  We haven't done that yet so any solution offered will just dig a deeper hole.  

Happy thoughts. :-?

theMK