The credit markets meltdown

It was disheartening to see the Government pass the $700 billion bail out plan last week. Supposedly, the intention of the plan is to stabilize the credit markets and ultimately restore the American consumer's ability to get the credit that we "need" and "deserve". Immediately after the bill was passed by the Senate, and prior to it's passage in the House of Representatives, one misguided senator justified the Senate's decision by explaining that if consumers were unable to borrow money, they would be unable to purchase goods such appliances and other household items. What I'd like to know is, "What ever happened to paying cash"? Credit Cards didn't even exist prior to the 1970's, and yet many of us are so frightened by the prospects of being denied credit, that we are willing to give even more power to the Government. Yes, we might have been given a brief reprieve, but creative financing and credit extensions are not the solution to our long term problems. And, as we shift personal responsibility from the individual to the Government, we are yet another step closer to Socialism.