Moral & Intellectual Bankruptcy

America may be approaching financial ruin, but we've already achieved moral and intellectual bankruptcy. I'm not into new years resolutions, but can we all resolve this new year to abandon reckless personal and government spending?

Moral Bankruptcy

Mark Levin made a fantastic point on his radio show a few weeks ago: The Federal Government is prosecuting Bernard Madoff because he took voluntary contributions and ran a ponzi scheme with it, and now the house of cards has collapsed and $50 billion dollars went up in smoke. This same Federal Government takes forced contributions to run a gigantic ponzi scheme known as Social Security, which is racking up liabilities in the trillions. Think I'm wrong? Ask your senator to show you the Lock Box.

Politicians thunder from their arrogant pulpits at the venal bankers and greedy businesspeople who have put us on the road to penury. These same irresponsible high rollers saddle our nation with an increasing debt burden (over $59 Trillion now). They say it's for the children, the poor, whatever, but it's really just to bribe us into letting them keep their sweaty, white-knuckled grip on the levers of power.

Intellectual Bankruptcy
The US savings rate was negative; people were borrowing too much and spending money that they didn't have. This contributed to our current economic calamity. So what's our government's solution? Offer consumers more credit so they can buy more stuff they can't afford!

Nov. 26 (Bloomberg) -- The Federal Reserve's new $800 billion effort to combat the financial crisis is designed to make credit more accessible to shaken consumers who aren't sure they want more debt.

Albert Einstein once said:

“The definition of insanity is doing the same thing over and over again and expecting different results.”

Einstein also said:

No problem can be solved from the same level of consciousness that created it."

Einstein was a genius. The Wall Street pirates and Washington hucksters grappling with this catastrophe they made are not. They are morally and intellectually bankrupt, and We The People continue to put up with it.