Chickens Coming Home To Roost
One American commentard on The Economist always argued that saving money is "hoarding" and thereby immoral behaviour.
Probably because "hoarding" does not contribute to that hot straw fire which AIG & Co lighted up.
The stunning incompetence of the American (and British, Irish) government(s) to control finance is now translating into *real* job losses.
The refusal to spend money on training workers makes American workers little more than very expensive illiterates. Here in Germany everyone gets vocational training for two or three years, including rigourous exams. Haircutters, policemen, bakermen, machine tool mechanics, car mechanics, nurses - all have vocational training and proper exams. This is done in the workplace and State Schools (called Berufsschule). It costs quite a bit, but made Germany a world leader in cars, tool machines of all sorts, munitions plants, main battle tanks, highest quality optics, chemicals and lots of other things.
Those who do not take vocational training go to university, of course.
According to wikipedia, we have 342 different vocational-trained occupations here.
That's the reason why all wealthy Americans buy an VW,Audi, BMW or Mercedes and avoid GM like the plague.
Maybe Mr OBama could get the troops back home and help educate Americans ? Less glory, smaller number of mutilated limbs and more economic strength on the long run.