I know I am totally ignorant of the details of high finance and economy. I realized that I have some simple economic rules to live by and only spend what you have is the principle law I live by. I think most of you live the same way. Yes you will take out a mortgage, car payment, dinners, and vacations on credit but most of us do not take on so much debt that we cannot meet our monthly charges.

The refusal of the House to pass the bailout bill might actually be a good thing. I know it will be painful, but think about it. All government entities would be held to the same standards that we impose on ourselves. Every time they wanted to spend more than they expected we would have a vote on whether to allow the spending. Businesses that require short term loans to bridge the gap between collecting revenues and spending the revenues would have to make an adjustment but look at the savings in interest that would be saved. College loans that strap the newly graduated for a lifetime would be halted. Save some money take some courses. I spent years in night and weekend courses for my degree. I paid as I went and owe nothing for my education. Given the length of time it takes to graduate for alot of these kids it would not matter. All loans would be scrutinized before a lender would just blindly give out the money. People with savings accounts would actually get some real interest rates like we did in the past.

I have to believe that not being a debtor country would make us the real power house in the world. I have to believe that it is not so much Wall Street that fears this problem but the biggest waster of money our governments. Local, State, and Federal government would be restricted from spending money they do not have. No more give aways to foreign countries to llow them to trade with us, but ends up financing their hatred of this country. No one wants to be owned and told what to do except the most childish people.

Today really emphasized the ethereal quality of our finances. Yesterday the market tanked, today it is gaining some back. That IBM stock did not change overnite, just your attitude towards it. So how real is the stock values? Maybe we should just hold hands sing cumbayah and wish for it to rise. Having workedin State government I learned that their method of measuring deficits and surpluses have more to do with how they want to paint the other party than in checkbook finances. They constantly play games with projected spending and projected revenues to create any scenario they want. The state of New Jersey generally does not have a clue where they stand unless they freeze spending in the fourth fiscal quarter to find out hwere they really stand at the end of the fiscal year. All this juggling would go away.

So now what do we do, pay 700 billion dollars to remain the biggest debtor nation or do nothing and see where we go? We stand at the brink of a high cliff. Is there a soft landing or rocks at the bottom? I can not tell you. I am just one of many that pays the bills so that these experts can get their butts in a wringer and get bailed out when they screw up.