We are witnessing the first signs of the pain that will follow a decade of unprecedented greed and luxury fever in which large numbers of Australians have bet their futures in order to meet grossly inflated lifestyle expectations. They wanted it all and they wanted it straight away. This is illustrated by the fact that interest payments on household debt as a proportion of disposable income have now reached their highest level ever. ...Clive Hamilton from today's Sydney Morning Herald.
The Government will be under intense pressure to bail out wealthy households in financial difficulty, and it will be the prudent who will be forced to pay for the mistakes of the reckless. This should be resisted at all costs. Not only would it be profoundly unfair, it would send a message to the imprudent that government will save them from their mistakes and they are free to repeat them.
Some reflections on the Path to Life. "You have made known to me the path of life; you fill me with joy in your presence" (Psalm 16:11)
Monday, March 07, 2005
Pain will follow Greed..
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