Could we have done more to prepare for a declining economy?

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I started a new course for home buyers that is certified by HUD. The goal is to learn more about the home buying process and how to take advantage of all the current tax breaks and aid.

Something that stood out in my mind was a comment made by the teacher. She was telling us about another course available to us about financial planning. She said "A few years ago, we knew this was coming. So we created this financial planning course to help those who fall behind." She was referring to all the foreclosures and people in trouble financially.

It really made me question... exactly who all knew this was coming, when, and could we have all done more to stop it? I say the answer is yes, we most certainly could have done more about it. But true to our American way... we procrastinated and doubted the severity. We always put things off as long as possible. No one wants to really deal with an issue until it becomes a huge problem.

I see us headed for more trouble and I still don't feel that we are doing enough to make things better. Americans need to realize it's not just a problem for the government and business owners. These economic problems effect all of us. And so, every one of us (rich and poor) need to stop being selfish and do whatever we can to nurse the economy back to health.