I get a laugh when I see people say let the greedy banks and credit card companies go under. They really have no idea.
Credit is the life-blood of our economy. Without credit being repaid there is no money to loan to businesses to operate or expand. There is no money to pay a return on savings. Every income group is hurt by defaults.
The government intervention was a necessary evil. If banking would have collapsed we'd have seen a depression like no other in history. We would have dug a hole we'd never climb out of.
Our economy will flourish if people continue with healthy habits - spending for needs and reasonable wants and saving for the future. Extremes of frugality and reckless spending gets us into trouble.
It will take years for most families to dig out of their over-leveraged states. Hopefully some lessons have been learned.
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