George F. Will Finds the Deeper Issue
In a roundtable discussion this morning with George Stephanopoulos, George Will, Steven Pearlstein, Robert Reich, and Newt Gingrich; the group started off talking about the proposed $700B bailout plan. Later on in the program, the group gets to the heart of the matter:
"You are coming dangerously close to the truth. The 'sainted' American people are the problem here. They have 105 billion credit cards; that's 9 per cardholder. Self-reporting, they have $12,000 credit card debt per household. Household debt is 139% of household income. They can't go on like this. The refusal to defer gratification is a fundamental attribute of childishness," says George Will.
Gingrich comments, "we are overspending on immediate gratification and underspending on investment."
This video is definitely worth a watch. View it (here)