The current financial situation, along with 47 days of sobriety, has caused me to take stock of my own financial situation. And I have come to the conclusion that I am broke. No money. When I was 16 years old and babysitting, I had more cash on hand then I do now at 30. If there was a situation that arose tomorrow, and I needed money for it, I would be screwed.
I don't think I am the only one. I am convinced that the current crises is being exacerbated by the fact that everyone is broke. If people are foreclosing on their houses, there is no money in the kitty.
This isn't 100% Wall Street's fault. If we have no financial discipline in our own lives, how can we be shocked when people in positions of power don't have it their. And how much less afraid would we all be feeling if we had 6 months of emergency expenses saved which is the first piece of advice given by any decent financial adviser. We're all too busy buying new flat screens or going out to dinner every night when the economy is good that when it's bad we freak out of government has to step in and bail us out.
There will always be financial crises, and next time let's all be a little more prepared.