We Have No Choice!

After listening to Obama's speech last night, A bailout may be neccesary. Us common people, on the bottom of this ladder of money problems will NEED some action going on by those at the top just as much as they need us. No, do not allow the rich to keep getting richer while the poor gets poorer. Slap some strong banking regulations in place and make these banks that hiked every credit card purchase pay back some of this error. Hit the big guys with their own slack and teach them that they can be treated just like they have treated others. I'm sure you can find that entire speech on the internet, go listen to it! I'm sorry, I can't give up much more than I have. My monthly income is just over $600 dollars and I am making it without any assistance. I just pay my bills first, buy food and if I have a few dollars to blow... Yep, I might get me a casual cocktail once or twice a month.

I agree with you. The basis of the current problem started with the subprime mortgage situation. Sure many lenders offerred these type of mortgages and pushed them but it also took people who ignored the old adage, "if it sounds too good to be true, it usually is", and got themselves into trouble by getting in over their heads. In my opinion so many people just have no common sense in general and even worse with money matters. I have never understood how people can have huge credit card debt. I have never had any credit card debt or paid any interest to a credit card company; I always pay the bill in full each month. Why do people buy stuff that is usually not stuff they really need and that they can't afford.

No matter what life throws our way, we will always have the ability to make choices. Though it don't get nothing accomplished (as we all can see), it's those whiners and complainers choice to be lazy and not wanting to sacrifice anything in a manner that would help the American economy out of what it has become today. Me, I would give up most things without a fight, if it meant that it would get this country back on it's own two feet again. Rightly, sad how spoiled and lazy this country has become, makes me wonder what went wrong with us and how we have become so self-centered that we can't momentarily sacrifice a comfort of modern living to help our own country out. Sad times ahead yes indeed.

I guess I'd like to know what you think would work in fixing things. From everything I've heard and read, banks are not loaning money to anyone for anything right now. That means that a small business that needs a loan to expand cannot, so without expanding, he cannot hire more people. How will any of us doing without help that situation? We should have been told years ago that we need to all have savings accounts. Banks are supposed to loan money from deposits. If no one is saving anymore, then what are they loaning from? Most people say they cannot possibly save, at least people I know. But you can. First, to avoid paying high bank fees, you can open up minor savings accounts in your children's names. Then you don't get accessed monthly fees for accounts that are small. Also because it's a minor account, you can usually start with a smaller amount. Next, you can collect all of your change each day or each week, and deposit that into the savings. You can give up one Starbucks coffee per week and put that in savings. You can look at your grocery receipt and where it says "you saved $XX" you can take that money and deposit it.

I love your view on this. And I think many Americans, especially the "little guys" feel the same way. Take a look at the source of the comments saying we have no choice. Most of them are the "Financial Experts". They have lost almost all respect and credibility in my eyes. Most people who are used to going to work everyday and taking care of family, know that when there is a problem they must make sacrafices. It isn't rocket science. This is just a way to socialize our economy. I am convinced we will have less and less control over our lives and over our money if they pass this bill. We will just be working to pay for the lavish lifestyles that the rich and greedy have created for themselves with no hope of moving up the economic ladder ourselves.

I believe that we had a choice years ago. the choice to not fall into consumerism. the choice to not spend lavishly on unnecessary things. the choice to save instead of splurge.

We are looking into cutting down on a lot of things now. We are getting rid of cable and just sticking to basic cable, and our landline too since we both have cell phones (even still we don't use those as much either). I only shop when we really have to - when there are sales and good bargains. Our car is only used for when we do our grocery shopping and urgent errands. I use public transport anyway since I can't drive. I've picked up extra hours for the holidays to bring some extra cash in and am contemplating on whether to look for full time work in the new year - depends on how much it's going to cost us to put my son in afterschool care so I can work full-time. We have even changed how we grocery shop too, and go by menu instead of randomly buying what we feel like. Those are some of the things we are about to do or are doing right now.

Great discussion, Worldwise1! I think we're close to the same age and our parents are or were likely from the same generation so we come from close to the same perspective. My parents were both around during the Great Depression and my dad fought in World War II while my mom and brother (I wasn't born yet) waited here at home so they both understood sacrifice. I don't think we've ever had a period in our history where the people haven't been asked to sacrifice a single thing in a time of crisis. Everyone remembers after 9/11 when Bush said we should "Go shopping". We've been in or on the brink of an energy crisis for years now but until gas reached the $4 per gallon mark it seemed like no one cut back on their driving or started to buy fuel efficient vehicles. You were so right, nobody wanted to give up a single momentary pleasure. As I write this I'm half listening to the latest news on our current financial crisis. Another huge bank has failed, the largest one in the history of the country. The bail out Congress and the Administration is working on, with no success so far as I gather, is going to cost us all plenty but I have to wonder how did we get to this point. I gave up my personal car a few months ago because it needed too many repairs to pass inspection and I simply couldn't afford it right now, and I've come to think as inconvenient as it is at times it was a blessing in disguise. I've gotten back into the habit of walking the few blocks to the store when I only need small items that I'm able to carry. I've cut back a lot on many things and so has the rest of my family. No more taking two or three trips to the mall or other stores when we can get by with one. Often we don't go at all because after thinking about it we sometimes realize we can do without whatever it was we were going to burn up gas to go spend money on. This summer we used our air conditioners much less than in the past and would have used them even less if it weren't for my 92 year old mom having COPD which causes major breathing problems. Last winter we kept our heat turned lower and will keep it in lower this year and wear sweatshirts or cover up with blankets. I haven't given up my computer or my cable TV but since I've cut back on pretty much everything I used to do out of the house I plan on keeping them, at least for now, but one never knows, they may have to go eventually as well. I hope everyone is learning a lesson and realizes it will take everyone collectively tightening our belts to get us back on the right track! Annie

I am a single mom and I live very frugally. I don't know what else I could really give up but I'm sure if I had to, I'd first give up my cable because I rarely watch tv but thats only 19.00 per month. I guess I could give up my internet but it is only 23.00 per month and my daughter uses it a lot for schoolwork and I use it for paying my bills which saves me money on checks and gas & postage. I also make a bit of money here & it's really the only extravagance we have. I drive a used car that I got & paid for very cheap and I need it to get to and from work. I don't own a cell phone and everything in my home is 2nd hand & old. Still, times are really tough. I do know what you are saying. There are far too many that just carelessly spend money on non-essentials and then cry that they have no money. My daughters boyfriend recently wanted to borrow money for his car insurance...of course i didn't have it. Yet, he drives a nice car and rents a big flat screen tv and has expensive internet and only works part-time. i don't get it.

Oh,oh,oh, this sounds just like something my husband says and I totally agree..But how do you get it through their thick heads that there is always another choice..?? As for what creature comfort I would be willing to sacrifice? Well considering I don't have much to begin with, I could live without a computer and TV, though i would miss mylot terribly and my family would not thnk those are good choices, they owuldn't make that sacrifice.. I would and could sacrifice some electricity, as long as I have my fridge and sewage pump going, I can live without lights..

Well I am not an American. I am Australian but I have had to give up my car, we sold it to help bring my credit card bill down. We rarely go out, we just cannot afford to eat out. We own our own home without a mortgage so that is good and we can just manage to pay all our bills. I use my credit card for all our shopping but no matter how much we try it is hard to bring the debt down. It is the only debt we have but we do not have much money and when I became ill and could not work it was hard for us to reduce our living costs down enough so that they were under our income. It took us about a year to cut our costs but in that time the interest had mounted so we are struggling. Quite frankly I think we have given up all the creature comforts we have to give up there is nothing left to cut. My super is accessible in 3 years time and we will use some of that to pay of the rest of the debt and then never get in that trouble again. The thing is though that I am not sure that ordinary people giving up things will change the US economy problems. They are not the ones who caused it. The problem comes from companies being so desperate to increase their profits that they were offering loans to people who were too high a risk. We have companies here doing the same thing. I am personally opposed to taking out a loan. Before I got into my problems I always paid off my card in full every month. I did not realise that my situation would change so much but our debt is quite small and manageable. I see adds on tv telling people that they can get a loan for a new car even if the bank says no. That is dangerous. If the bank say no then you are too high a credit risk and should not do it. Also the people who offer these loans charge such high rates of interest that people often end up being unable to afford it. So the problem is greed on the part of the loan company and desire to own something nice on the part of the person taking out the loan. It is also too easy to take out loans and increase credit card limits. I mean I am in debt and on a pension but my bank has just offered to increase my credit limit by another $5000. I am talking the pre-approved type of increase. This is madness and I will not touch it.

Let me start by saying my family and I give up alot or I shouldnt say give up because weve never been the people to have to live a life of luxary we only get our needs very rarely do we get what we want the one thing my family has sacreficed is time with my husdband/childrens father why do i say that because hes working 7 days a week just to make ends meat. now there are a lot of things that we have a choice but there are a few things i dont think we can chose such as employment it is very scarce right now which in my opioin falls back on our goverment allowing us to purchas from other countries i mean 80% of anything in a store is from china or somewhere else ban china from supplying our products start stocking those shelves with more amercian made items then that would help. alot of our ecnomic struggles fall back on our goverment

The present economic condition is not in satisfactory level in the world. Each country struggle hard to overcome from it. The most sufferer are those country which we called the poor and developing country. I have such type of word "we have no choice". Actually i think such kind of word u can count as a political word which is used to convince the people. Actually ur discussion is one of the thinkable and tougher issue at the present situation. happy lotting

I agree that it is up to all of us to change things if we are not satisfied with the way they stand. Everybody has a choice to make, and whether or not they are willing to make it is the real question. Personally, I have nothing left to sacrifice, my car is gone, I have no job, I barely have money to eat, my clothing is already 5 years old.... What more could I do I ask myself. Somehow I know that if I were to think really hard and ponder that one question I could come up with several things I could do to help. I know there are people out there worse off than I. I would give them what I could to help. I would gladly work any job I could find to help me survive. All I have left as my one vice is this computer. I use it when I can and try to discover ways to increase my income while not placing too much demand on the economy as I do so. I do not use the food, money, and health funds others so quickly grasp at, rather I try to solve my own problems. I apply daily for 30 or more jobs online. I read the free papers that come in the mail and apply for jobs there. I graduated with a degree in business and yet I am willing to do whatever it takes to survive. What more could I possibly do for myself? As for the economy, I hardly am a drain on it, as I said before I do not grasp at the offered hand of free income and food which so many people accept. So many people on welfare and medicare, yet how many truly could not find a job if they really tried. I know that at least I am trying. I sit in a house without air, in temperatures which are hot enough to make me sweat off weight, yet I do not turn on the air. I keep my lights off, rather using candles to provide illumination. I don't eat out, but I cook meager meals which most starving people would consider a godsend. Sacrificing such things as fast food, nice cars, high priced clothing, even houses, these are hard to do but it can be done. You can live within a certain budget if you really try, it just means you wont be going to movies, amusement parks, bars, taking trips, restaurants, or anything else which we have so greatly taken for granted as being our due. In this time of troubles we need to truly stop spending outside our means and start saving where we can.

My husband and I live in the United States and we have always made sacrifices in our life just to make ends meet. We do not live a life of luxury here. We barely get by even though we work seven days per week. There are many people here that still live the life of luxury and they have not given up anything though even with the high prices of everything.

Unless there is only one option there is always a choice.

I just cannot understand how these appointed people had been so negligent in their job. Looking at what is happening I am so disappointed and appalled as this just could not have happened. Yet it happened. Are we having kindergarten drop outs running the senate and financial administrations? Look at the irrecoverable debts and now the President is seeking or rather pleading for a U$400 billion bail out! Yes, U$400 billion of your tax money which should not have to in the first place had they been more prudent and conservative with their "wild" ideas. Now, the world is threatened to be brought to her knees and that is really going to cause an "economic Pearl Harbor" as quoted by Warren Buffet. Millions of jobs are lost with another untold millions at stake, welfares and health benefits threatening to reduce and withdrawn and many more cut backs and we just do not know when we will see the "light at the end of the tunnel". Yes, it is certainly harsh and bleak on the front now and I am just praying that this fiasco isn't going to spiral into a world recession much worst than our predecessors.

As far as I'm concerned it is not a matter of choices but a matter of choosing. Many times I just sweep aside the so-called choices and draw up some new ones that I like. In college, I came to a meeting/election thinking to become president of the sttudent body but my name was not on the ballot and there was no way I could be inserted in the list so I decided everything was void and the teacher who later became my very good friend challenged me to a fistfight. I told him I came to be elected president and not fight, something I would be willing to do at a later date. Suffice to say the election was cancelled and a new election was scheduled and the new president was me.

I see what your saying but I honestly do not know what I could give up. Im a stay at home who gets whatever is left over after bills, not a lot and I use that to keep my babies feeling like their loved, like were decorating for Halloween and decorating cards but if it is one thing I can definately say that it would be my car because even now I do not like using it. I have only had a car for a year and Im 27 years old (as of September) but ever since I was on my own at 18 I HAD to use a bus and train to get around and I am now alarmed how lazy its made me (my car) that I WANT to start using the bus and train again so thats what I would give up. I have a old diesel mercedes but it still pollutes and still cost lots of money with prices flying up and down, it takes money to drive over the state line to get cheaper gas, you know.

You are rihgt.I think the choice all made by ourselves.