This recent Economist article describes well what else is in store for the mortgage mess. Meanwhile, we’re trying to keep the economy in flow and stem the unemployment trend. So far, a 3 headed hydra. It’s not going to over soon.

I visited 2 shopping malls in my area over the past 2 weeks where parking spots were difficult to locate. Clearly individual spending has frozen and I have this notion that the economic impact of the mortgage-induced crisis is not as uniformly spread has we may be led to believe. Meaning to me that the way back will be a climb, but not one requiring lots of oxygen bottles. America and Americans must modify many of our business and personal management habits – get back into fighting shape sort of program – and we should not abandon in self-pity who we are and what we’re capable of. I guess that I am confessing that after a one year hiatus, I resumed my 401k contributions this month. After the 500 point bounce yesterday, my portfolio may now be a 250k.

Let’s not waste time and energy bailing-out institutions and individuals who have foolishly wasted their opportunities to prosper in our country and its economic system.