Bailout, Leadership, Credit Card Debt and Corporate Greed

As the news reports begin to settle in the weeks ahead over the bailout, I'm pausing to offer my thoughts on this major catastrophe and hope for the long term.

First, it should be painfully clear to honest people about a failure for politicians in Washington, D.C., to lead effectively. Certainly, both parties are at fault and certainly I was especially disgusted by Nancy Pelosi when she introduced the bill for a vote earlier in the week.

She used her platform to blast the economic policies of President Bush. Great job, Nancy Pelosi. During a critical moment in the nation's financial history, she's intent on dividing and broadcasting even more vehemently her already caustic opinions about the President.

She should have struck a conciliatory tone. But, no. She was selfish. She wants power and she wants it now! Oh, and when she's got her back against the wall in the future, she'll cry out for bi-partisanship.

But maybe her speech is an indication of where the problem lies: Failed leadership in government, government agencies, private institutions and individuals able to rack up credit and worry how to pay later.

We live in an era where it's easier to point fingers rather than work on long-term solutions. Thanks, Speaker Pelosi.

I was speaking yesterday with a woman who used to work at Countrywide. She remembered when the company celebrated $ 4 billion in loans! Associates were under pressure to make loans. The problem: many of the loans were going to default.

I spent two years recently selling roofing to homeowners for Home Depot. It's a company I like but during that time, I saw the pressure in the stores for the managers to push credit on shoppers. They needed sales now! They needed numbers now! Well, they're not getting the sales and numbers today so maybe they'll have to plan for the long term.

Hourly employees were given quotas they had to meet. And, sure. It encouraged buying . . . but from a standpoint of people going in to debt.

And then I remember the slew of letters that came flooding our mailbox promising 1% interest payments.

But I was thrilled with our 6% fixed . . . and I still am. I ignored those letters.

So maybe the system will correct itself and loans will return to the old fashioned days of when homeowners had to save up 10% or 20% down and were rewarded with great rates if they did.

But saving requires long-term thinking. Working through solutions with members of both political parties requires diplomacy, humility and long-term thinking.

We can hope and pray that building for the long term future will begin to permeate our society instead of fighting for immediate gratification.