And the madness begins

As the months go by, we are noticing that the stock markets aren't holding up very well. Meaning that if your retirement plan was your investments in the stock market, then you probably have also noticed that you have at least lost up to 60% of your profits, soon to be 90%.
Unfortunately, when we live in a false economy, which seemed to be profitable for our retirement accounts. We began thinking that this was normal, and we were feeling like we were on cloud 9.
The sad reality of that statement is that the cloud 9 effect can't really exist in a false economy. There are many economic specialists, who actually attended college and studied economics 101, who also know it doesn't exist, and they have been trying to warn us about this economic collapse since 2005, while the Bush administration was telling us that the economy was doing fine. We should have listened to those economic specialists, but instead we believed what the government told us, and we kept using credit like it was real money, and now we are in debt over our heads, and because of this, we are having a hard time paying our debts back, kind of like the government deficit thing. We also shouldn't have believed the lenders when they said, "don't worry about the rising interest rate on your subprime loan, we will refinance your loan, so that you will still be able to afford your monthly payment."
Lending large amounts of money to people who can barely afford to pay it back is a recipe for disaster. We should have been smarter and discarded those credit card offers that seemed to good to be true. We should have saved our money instead of spending it to pay back high minimum payments for our credit cards, so that we would instead have a decent amount to put down toward a house that we could actually afford.
Now don't get me wrong, I know that it wasn't all of our faults, when it comes to the mortgage loans, that the bank allowed to be given out to people, who didn't need to show proof that they actually did make enough money to pay these loans back, but I will say this, "we should have used our common sense, and avoided the mortgage lenders and continued renting and saving until we could actually afford to take out a mortgage. Now, because we chose the other path, this economic collapse is a four alarm catastrophe that can't be fixed.
As for any kind of bail out for you and your family, well, let's just say that the only way that you will get your bail out is if you have recently lost your job and have been collecting unemployment. As far as credit card debt goes, people who actually had good credit, when all this started, are finding out that their platinum gold cards, are being canceled on a daily basis.
The sad thing is that your credit rating is going to be lowered even though you were never late with your payments, because the banks are panicking and looking out for themselves, even though they received bail out money from we the tax payers.
If it comes down to either putting food on your table every week or paying the minimum payment on your credit cards, then I am sure that we are going to choose to put food on our tables. The fact that we can't even buy back our lost credit from these banks is enough incentive for us to choose to default on our credit cards.
This video is about credit card default.