CNN iReport

The financial crisis in the USA is the result of years of decline in the job markets due to illegal immigration undercutting wages and flight of corporations and jobs to overseas locations.  The rising cost of oil, gasoline, natural gas, heating oil and food drove home the stake in the hearts of the American public who could no longer afford to make payments on their homes.

Bailing out the banks is not going to help the American public who no longer have homes to go home to because they no longer have jobs that can pay the mortgages on the homes they can no longer afford.  The short term fix to renew the flow of credit in the credit markets will not solve the underlying problem since people will still not be able to afford to take out new loans that they could not afford previously.

Am I the only one who can see the real mess we are getting ourselves in?  Adding more debt to our overburdened debt load is not going to solve the problem.  Trying to borrow our way out of debt is not the answer.  We must allow the courts to return the good people who lost their homes to their homes and restructure their loans or even grant clemency in situations where they cannot afford to make payments until they are solvent and able to make begin making payments again. 

Restoring the banks’ ability to make more loans that people cannot service is simply going to put more people into bankruptcy court and further depress the economy, requiring further bailouts and increasing the debt load until it will be apparent that the USA can no longer service its debt obligations.  Then, heaven help us, we will finally have reached the bottom of the barrel and will become a depressed and destitute nation in a world of depressed and destitute nations.