Responsible citizens are getting higher interest rates on their credit cards and loans. Their retirement funds and investment portfolios are evaporating. In the midst of their attempt to deal with this financial upheaval, they are losing their jobs. Future generations will inherit an untold surplus of debt because of our mistakes and yet no clear accounting has been made of all the problems we must fix so as to not repeat those mistakes going forward.
We must learn from our errors. Stimulus packages, tax cuts, interest rate cuts, etc., may help to stave off the immediate crisis, but what we desperately need is a thorough assessment of what went wrong so that, long term, the processes that led us to this economic disaster can be repaired or replaced.