This video was originally shared with me by Mike Hardy, and I've posted it in a couple of places, but it's worth putting up here, with a few comments of my own.
I'm no economist, or even very well versed in economic matters, but there are a few things I understand. For the only time in history, besides right before the great depression, the amount of debt, on a private citizen level, not even foreign debt, or federal debt, in the U.S. exceeds GDP. Think about that. If every penny that the the U.S. generates was handed back to the citizens of the US and we said, "Here, pay back what you owe on your house or boat or whatever" it wouldn't be enough. That's insane! I don't use exclamation points very often, but I used one there. Before 1980 we were below 20%. The financial problems we are experiencing now is not the fault of the banks, it is not the fault of the government, too much regulation or too little. We are in deep financial problem for one main reason: We have gotten incredibly, incredibly greedy. And this video highlights that well. I'm glad the government is doing what it can to soften the blow, but we have to change our lives, fundamentally. Church leaders have compelled us to be humble for a while, and now we'll be forced to be humble. Hopefully we can learn fast.
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