The day the debt came due

Joseph Racioppi posted this in a column of his titled Subprime mortgage mess just a symptom of what ails us on NJ Voices yesterday, Monday, January 21 — Martin Luther King Jr. Day — when Wall Street was closed:

Our entire economy is debt based. The Federal Government is in debt $10 trillion. New Jersey is in debt billions and billions and many Americans are "maxed out" on credit cards. Rather than addressing the problem of a debt based economy, our leaders try to find more ways of continuing the spending that runs the economy. When our leaders, after September 11th, tell us to "go shopping", that says a lot.

This was my response for today, Tuesday, January 22:

How prescient of you, Joe. This may be the day the debt comes due.

The above the fold main story on the front page of the NY Times this morning was headlined: Awaiting Wall Street's Open, Asia Market Plunge.

The lead paragraph read:

"Stock markets across Asia plummeted again on Tuesday, and European markets saw volatile trading, as anxious sellers worried about the global ramifications of a slowdown in the United States."

Here's the link: http://www.nytimes.com/2008/01/22/business/worldbusiness/23cnd-asiastox.html

It's going to be an "interesting" day: "The Day the Debt Came Due"?

Do you think we the people will finally get it ... as Pogo told us: "We have met the enemy and he is us" ... or will we in more typical fashion start looking for scapegoats?

Personally? I'm rereading Thomas Paine's Common Sense ... and it is making a lot of sense.