Myth: People can't get loans right now
Fact: People that shouldn't be borrowing money in the first place can't get a loan right now (i.e. sub-prime mortgage).
I've been doing a lot of reading lately and one of the books was talking about personal accountability. He was making a pretty strong case saying people should only ask questions beginning with What and How (instead of who, why and when) using only the "I" pronoun (since only "I" can influence what I do).
Stupid questions: Why is the Federal Government not doing fixing the problem for us? Who is responsible for this mess? When is help coming for us?
Good questions: How can I make my household get through this bad economy? What can I do to help my current situation? What changes can I make to ease the problems in this country?
Am I living in Polyanna? Maybe. But just imagine a world where all of us took responsibility for our own actions and would we have gotten into this mess in the first place? Maybe it just might be a good thing that people can't loans because people's portfolios aren't liquid enough to cover debt right now and this is forcing us (the people with a NEGATIVE savings rate) to save and say no for a change.