Guest Column: After economic crossroads, where do we turn?

As Washington struggles to prevent the Wall Street crisis from further damaging our economy, we need to look past the shape of the "bailout" and give serious thought to the future. We must ask, "Where do we go from here?"

While a rescue plan for the mortgage market may help financial institutions and investors who lost their way, it will not be the end of America's credit crisis. Passing a rescue package would provide a near-term infusion of cash, which is probably needed. That may be the beginning of a solution, but it certainly is not the conclusion. We must consider the big picture and confront the deep, longer-term weaknesses in our country's financial culture.

It is time to get back to fundamentals. To rebuild America's financial strength, we need to take action in five areas.

1. Change our view of debt. Many Americans have fixated on things we can buy on credit with minimum monthly payments. Some consumers have not even thought about the massive debt they've accumulated or how to repay it. As a result, for every $1 in economic output, our country is burdened with $3.50 in debt - the highest level in our history, even worse than in the Great Depression.

This means Americans need to develop good habits that include proactively keeping a household balance sheet, owning what we can afford and managing debt with care. The same holds true for businesses and the government.

2. Promote savings and investment. Americans have gradually become a consumption society; we're no longer a saving society. Many of us no longer set aside money for a vacation, car or down payment on a house. People spend more time researching a new car to buy than planning or investing for what could be 20 to 30 years in retirement. To prosper in the long run, we must relearn how to save and invest.

3. Build a culture of responsibility. A sound economy requires a culture where each individual takes ownership of his or her financial responsibilities. Viewing more and more possessions as "rights" - and expecting others to step in if we overextend - is shirking responsibility. Consumers, corporations and government leaders have all bought into this mindset. What we need at all levels is a mindset of responsibility.

4. Educate our people in handling money. Government plans to buy or guarantee endangered loans are a short-term fix. To avoid repeating this crisis in the future, we need to commit resources to educating consumers about managing money successfully. Financial literacy should be a national priority.

Consumers should learn how to make and follow a spending plan; gauge what they can and can't afford; handle mortgages, credit cards and other debt; and save and invest. Talking with your banker or financial adviser is one way to begin taking ownership.

5. Simplify the borrowing process. One lesson from the mortgage meltdown is that many consumers have not understood what they signed. With more complex loans, the borrowing process has become less and less transparent. Attempts at regulation have added more paperwork but not always more clarity. We need to simplify the paperwork.

In America, we should be rewarded for doing what's right and not just what's popular or trendy. Considering the current environment of "rescue plans," I worry that some players who helped create the bubble may be spared the consequences of their excesses. My hope is that businesses and consumers who acted responsibly will be allowed to reap the benefits of their stewardship.

Unfortunately, our economy as a whole is going to feel more pain. How long the hardship lasts - and whether we see an enduring solution - depends on how the country responds. Consumers must take ownership of their financial lives. Corporations should strengthen their balance sheets. And government needs to lead in restoring a culture of responsibility.

Mariner Kemper is chairman and CEO of UMB Financial Corp. He keeps offices in Denver and Kansas City and may be reached at www.umb.com.