I don't think there will necessarily be an "impending financial disaster". (unless of course you make a living selling "mortgage derivatives"!)

One could also say this is a very necessary correction to change the course we have been on to a more sustainable one.

We talk of the sub prime mortgage "crisis" but really how long can we go on with negative or interest only mortgages and folks counting on a house as a profit or income center rather than as shelter and a place to raise your family??

How long can we cut taxes and increase spending? How long can we continue to spend money on things that do nothing to improve our infrastructure, human or otherwise?

A correction is always less pleasant than the spending splurge.

It's also generally much more fun to be focused on and indulge ourselves rather than the greater good.

Yes it is going to be tough and unpleasant to make needed corrections in many areas. However this does not mean we need to hoard peanut butter, crackers, and buy firearms! Hoarding peanut butter, fuel and firearms is no more a solution to this problem than the bomb shelters we were supposed to build in the 60's were the solution to nuclear weapons! You can not stick your head in the sand - we are in this together. It will take working together to get out safely. The more folks think only about themselves the longer it will take.

A correction can be a very good thing, if painful in the shortterm, if we leave a better place for our kids to grow up in. Hopefully we can find the leadership in our country and around the world that can think longer term than we have been.

I think of this as maybe like going to the dentist - hurts like heck up front but you will be much better off in the long run getting the tooth pulled than letting it continue to rot away your insides.

Hopefully we will elect a good dentist, not the guy who gives out candy to folks with rotten teeth. jmho.

Jim at Dawn