Personal choices factor into credit crisis
In the wake of the recent economic meltdown, Americans are eager to assign blame and hold the guilty parties accountable for, at best, their poor judgment and, at worst, malevolent greed. To be sure, there is more than enough culpability to go around, from reckless mortgage brokers to politically correct lending practices to inadequate oversight. While institutional glitches bear a great deal of responsibility, the tendency for individuals to allocate any and all misfortune, even that which is self-inflicted, on external scapegoats is a troubling trend in our society.Indeed, the majority of financial failures in America these days are the consequence of poor decision making on the part of the individuals themselves - not the lenders, not the banks and not the stores. Ours is a credit culture, and far too many people have grown accustomed to living outside their means. This is a mistake and one that lends itself to negligence and poor judgment. As the markets seem so erratic, and we struggle to maintain stability, a return to personal responsibility is imperative. And living within one's means is the number one requirement for such accountability.
