George F. Will Finds the Deeper Issue

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In a roundtable discussion this morning with George Stephanopoulos, George Will, Steven Pearlstein, Robert Reich, and Newt Gingrich; the group started off talking about the proposed $700B bailout plan. Later on in the program, the group gets to the heart of the matter:

"You are coming dangerously close to the truth. The 'sainted' American people are the problem here.  They have 105 billion credit cards; that's 9 per cardholder. Self-reporting, they have $12,000 credit card debt per household. Household debt is 139% of household income.  They can't go on like this. The refusal to defer gratification is a fundamental attribute of childishness," says George Will.

Gingrich comments, "we are overspending on immediate gratification and underspending on investment."

This video is definitely worth a watch.  View it (here)

Tagged as: abc news, george f will, taylor brooks, tbrooks

  • Christian

    Ha.

    1) 9 credit cards per home…. $12,00

    2) Financial system failure…. $700 Billion

    3) George Will’s quote…. Priceless

    Here is how it really is. Yea, we need to watch over our top financial institutions better, yadda yadda yadda, what we REALLY need is to keep a closer eye on Washington. I think it’s funny hearing that some Congressmen are upset over the deal, BS! All those crooks want this to pass and the one’s that are “against it” are saying that because their seat is up soon, so when they go home to start campaigning they can say, “I stood up against the bailout using your hard earned money”. Everyone in Congress is getting some kind of kick back for pushing this bill on through (via special interest groups) and unfortunately it’s at the cost of our paycheck.

    Dude bump Washington.

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