Learn to live within your means, Geithner advises US

Yes I totally agree. It is with the banks that all came tumbling down like a house of cards and it is definitely with the banks first that the bricks for the foundation of a new strong and stable economy must be laid.

Also, yes the American public must be made aware of, as well as counselled and sensitized towards the need for saving and giving up a lifestyle of making ends meet on credit. At the time of recession that there was news circulating all over the world claiming that the rate at which the American people saved, was a pathetic -6%.

it's true that tragic events need to wake people up before reality hits them :(

That, i totally agree!

@Grafitti and Shirley: U both are right. Look at India, the Sensex here was at a staggering 22000 points, when the recession news of the US hit the Indian financial markets and our national financial market indices came shattering down like shards of glasses, with the FIIs (Foreign Institutional Investors), withdrawing their money, the Sensex fell to a disgraceful sub-8000 levels. But our economy had a strong foundation in terms of abundant domestic demand and sales and factors of production due to our hardworking, dedicated, disciplined and peaceful, world's largest population, that produced and consumed at the same rate. Besides, this our economy's average saving rate is 26%. This ensures that we leave a lot for our coming generations, while the elders have ample reserves as their old age retirement solutions as well. Investing ans saving is in the blood of all Indians and taught to us right from the time we start reading, writing and talking. That is the kind of respect for money that needs to be generated among people of all economies. Money can be spent in a second but cannot be generated at the same rate. Thanks to our strong foundation, we have been able to bounce back to almost 18000 levels at the Sensex market Index again in less than a year from our October lows of sub-8000 levels :)

u have very good insights about the Indian stock market :) i agree w/ u that it's easy to spend but takes a lot of self-discipline to save.

u have very good insights about the Indian stock market :) i agree w/ u that it's easy to spend but takes a lot of self-discipline to save.

@all: I hope I am not sounding boastful, my intent is to just emphasize on the importance of savings and investments, and in turn the value and respect for money :)