America runs on credit, always has, always will. Credit cards are placed in very young hands and borrowing is what makes everything happen at all levels.
Credit is now drying up and this economy cannot survive if banks refuse to lend to individuals and companies and to each other. That's as basic as it gets.
How we got here? Well, think of the money borrowed and spent in Iraq, trillions of dollars spent where they didn't need to be spent. That is what started it all. And of course Wall Street greed. All a result of startling incompetence leading to the beggaring of a nation and consequently the world, since we are all so virally connected.
There is enough blame to go around and the public wants to punish Wall Street. They think this is all about punishing Wall Street. So what happens when tomorrow ATMs refuse to spit their money out or when some companies run out of money to make payroll? We are who we elect!
Republicans are refusing to pass the bailout plan because they were swamped by emails and phone calls from their angry constituents. What a wonderful time they all picked to start listening to angry constituents and not lobbyists! No one is displaying even an ounce of foresight! It is all about those greedy guys getting what they deserved, all about opposing policies perceived as "liberal" or "placing a coffin on top of Ronald Reagan's coffin" according to House Republican Darrell Issa who is "resolute" in his opposition to the plan! What about the country? It is the "New Deal" that brought the US out of the Great Depression in the 30s. It called for the government stepping in in a very big way.
There are words of caution everywhere about the credit crunch choking the country, effectively killing it and yet politicians are volleying, jockeying, politicking without an ounce of intelligence or foresight!