European stocks are tumbling today. People are selling them off in fear of the United States going into a recession. Tomorrow will probably be a similar story here in the US.
"People aren't buying the US bail-out story and that feeling has been exacerbated by the weakness overnight in the Asian markets," he said (He being Richard Hunter, equities analyst at broker Hargreaves Lansdown).
None of the plans that depend on borrowing money from the Federal Reserve will work. I've said this often about personal finance and the same holds true on a national level: if the problem if debt, you can't solve it by borrowing more money.
People who are having problems with credit cards aren't going to solve their problem by refinancing their homes. A government that borrows hundreds of billions of dollars a year to fund a world empire isn't going to fix the economy by borrowing $150 billion more dollars on top of that.
Here's another Success Warrior saying from my cop days. "The thing I have found about common sense is that it isn't very common."
People think they can trick their way around these sorts of rules. You can't. You might delay the day that the financial grim reaper comes calling but you can't stop him if you don't stop borrowing money.