More bailouts and then some more...Peter Schiff's solution

Bailouts, Bailouts and more bailouts...this is never ending. I 've already written a bit on this topic, but I want to highlight this again, beautifully written by Peter Schiff:

Put simply, our government doesn't have enough spare cash to bailout a lemonade stand let alone a bloated and failing industry that is losing tens of billions of dollars per month. Washington can only offer funds that it has borrowed from abroad or printed. Unfortunately, the nation is in the grips of a delusion that money derived from these sources has the power to heal.
But history has clearly shown that borrowed or printed money only has the power to destroy.

The solution he proposed is correct, but too tough to implement:

Spending must be replaced with savings, and consumption with production. The service sector must shrink and manufacturing must expand to fill the void. The dollar must fall, wages in America must be brought down to a competitive level, and hopefully government spending and burdensome regulation can be reduced.
This transformation will not be fun, but it is necessary. Our standard of living must decline to reflect years of reckless consumption and the disintegration of our industrial base.
Only by swallowing this tough medicine now will our sick economy ever recover. By accepting a lower standard of living today, we will eventually be rewarded with a higher one tomorrow.

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