http://www.phrases.org.uk/meanings/227600.html
Since you seem so fond of that quote. I'm not sure what you actually think it means, but people usually quote it thinking it means something quite other than its original meaning.
Anyhow... who to "bail" out...
So... we take money from the taxpayers to pay off... bad mortgages in the hopes of restarting the economy. But that means that the taxpayers have less money to pay their own bills... and rather less incentive to do so if defaulting means "somebody" is going to come along and bail you out.
Dang. I hate it when that happens.
I really don't understand why so many Americans seem to think that this is a local problem when it's being repeated literally the world over. We're not even in the worst shape. Europe's doing a pretty pisspoor job of it, too.
Finance works this way: the future needs to be perceived as rosier so that the chances of there being a paycheck down the line for however long that loan's for are good. If financial institutions take a real beating then the investors simply don't have a reason to keep investing. If you've got a 401(k) or something like it, then you're an investor. Shoot, even if you've got a savings account, you're still an investor.
Our problems are this simple: to have not been in this situation today, we collectively should never have gotten loans or gone into debt in the first place for whatever. That's called "living within one's means". Don't like that restriction? Then forget the big screen TV and quality time with the family and work your *** off to get ahead in life. Or, learn to live with less and be happier. People used to do that once upon a time when they didn't know any better.
Now, you've probably heard me harp about Peak Oil before. What most people just can't seem to get through their thick heads is that production doesn't even have to literally peak for its effect to be felt. All that has to happen is that the demand base gets larger faster than supply grows. OR, exploration and drilling costs go up, which is where we are today. ConocoPhillips just lost something like $31 billion in Q4. Yep, BigOil is losing like big dogs now and aren't we all just pleased as punch about that? Right up until the inevitable shortages start and that nightmare you're alluding to begins to happen for real. Just about that time it'll be the neighbor who voted with you for the same candidate who will all-of-a-sudden not feel the previous comradeship if he or she thinks that you've got one more lousy can of beans in your cupboard than he or she does.
How much land do you need to put into a garden? About an acre per person for a year's worth. Of course, then you've got to worry about your lazier neighbors helping you with the harvest. Or helping themselves TO your harvest, more like. And they'll be just as likely to ruin the plants before the harvest is even ready out of sheer clumsiness or stupidity. Most humans don't deal well with starving to death.
