It's The End Of The (Financial) World As We Know It, And I Feel Fine.

Stocks are falling.

Banks are failing.
The government is in crisis mode.

But despite the prevailing mood of doom and destruction, it isn't all bad.

Listening to the rhetoric being spouted by any given politician, you'd think that the entire financial disaster was engineered by a handful of greedy Wall Street executives. In reality, this is little more than a populist bedtime story. While it's true that Wall Street shoulders a certain amount of the blame, corporate greed is only part of the equation.

Banks were unwise to give out mortgages to people who couldn't pay them back -- but the same could be said of the people taking them. For decades, the American consumer has subscribed to the notion that something can be had for nothing. As far as notions go, that's a pretty bad one.

And following it has consequences.

We've seen our national savings rate dip into negative numbers. We've seen people drowning in debt to maintain their lifestyles. And now, we're seeing the financial sector crashing down under the weight of all the loans that people simply can't pay back.

Thanks to the greed of Wall Street and Main Street, our economy is feeling the squeeze. Millions of Americans will almost certainly suffer through financial hardship.

So what "isn't all bad" about this?

In short, the crisis gives our country a chance to transform itself. And I'm not speaking in purely political terms. The financial crisis should serve as a wake up call to people in every segment of society. In government, business, and at home, Americans have held a view of money that stands utterly detached from any sort of reality. Although the phrase has become something of a cliché, people have been "living beyond their means". Now that the bubble has finally burst, the economy has a chance to start over again. 

Painful? Yes.

But sometimes, you have to learn the hard way.