excerpt:Not Party Time!
Clearly, this is no time to party. Economic indicators are deeply troubling. Household debt-to-income levels are at historic highs, and estimates show that homes continue to be overvalued by as much as 30 percent. Many credit-card companies are facing insolvency. And commercial real-estate projects across the nation are quickly coming to their moment of crisis.Link
What does this have to do with lavish and frivolous spending by TARP recipients? Everything. If Americans continue to lose faith that their tax dollars are being used to rescue the economy, they’ll rebel -- at a time when more painful investments and sacrifices must be made to avoid a deeper and deeper recession.
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