This is the "new" American way.
Everyone gets a loan for whatever they want, no matter if they can pay it back or not.
People buy whatever they want, even though they don't have a job that gives you the money to pay for it.
Personal responsiblity and I guess to an extent, coorperate responsibility is gone.
When I bought my house, I found out the most the bank would give me...but that doesn't mean I bought a house for that much. I needed to figure out what I could afford.
I WANTED to get a 52' LCD flat screen on black-Friday, but I didn't cause I can't afford it.
Where did this mentality that we deserve and have the right to have whatever we want whenever we want?
I'm sure it has nothing to do with the 50 years of govt hand-out, certain people telling us we are "entitled" to a longer and longer list of items.
You know what, I am going to buy that TV today, and when I can't pay for it, I'll ask the govt to bail me out.
Tuesday, November 27, 2007
Citigroup to sell $7.5 billion stake to Abu Dhabi
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7 comments:
This is a classic case how you make a valid point and blow it up at the end by blaming everything on liberals!! Sorry, dude! That was very dishonest!
I'm with you on how americans are spending beyond their means. I'm with you on the importance of savings. But this is not a liberal issue!! Gosh!!
Our whole economy is based on borrowing and spending. It's the collectinve fault of our policy makers, corporations and more importantly our people!!
Greedy corporations don't want our people to even understand what's going on. People like Ron Paul who tell the truth are rediculed.
It's amazing how morons out there don't even know that our currency is not backed by Gold or silver!
I had a meeting with VP of an insurance company last week. He wants to see 70% of his work outsourced. These are not 30K/year job - these are all 75K+ jobs!!
Guess what? Your master - republicans are in bed with these corporate bastards!
Dude - I know you are smaarter. Learn to take ownership for your side as well.
By the way - who raised the upper limit of National debt when it exceeded 8 trillion dollars? Mmmm....Let's see if you know the answer!!
But game, this is what you get when you allow markets to take their course without adequate government safeguards, i.e., when government works harder to protect the interests of the market than the interests of the individual.
Government monetary policy dropped the cost of credit to absurdly low levels in order to mask the underlying weakness of the economy for political reasons.
The supply of credit was so high that finance companies worked hard to create demand for it by lowering their credit standards to the point where they were making loans not just to people with no credit history, but to people with a proven track record of NOT repaying their debts. When interest rates, when adjusted for inflation, are actually NEGATIVE, it's easy to not worry so much about collecting on every loan.
But this supply of easy money was not provided by liberals. It was provided by the federal reserve banks to hide the debilitating effects of tax cuts in the face of massive spending. Under a Republican administration and Congress.
yes, classic. the entire economy is based on spend, spend, spend. when we go to war and spend $200B a year, it's still spend, spend. this is how our "leadership" supposedly leads.
why would this be liberal thought?
I agree that we have lowered the interest rate too much, and I think it will not go up for awhile...and that is bad...
My point was that this menality of Americans that they are entitled to whatever they want is a big problem as well.
What I hope Bush or the Dems in congress do not do is offer a bail out...
Watch for it, if Dems offer a bail out for people who do not need one or for people who are irresponsible and need to learn from their mistakes...I will be all over them...
People that bought a house they could not afford and now are walking away from those houses did not lose a damn thing...they were just paying rent to live in a nice house...now they can go back to paying rent where they should have been all along...
Frankly, I don't care what the interest rates are, I don't care what kind of economic system we live under, if someone buys something they can't afford, they're stupid. If they fall for marketing and advertising encouraging them to buy now on credit instead of waiting until they can afford it, their stupid. Whoever it was pushing for relaxing bankruptcy laws made it worse. Now the stupid are smart enough to know they won't be held accountable for their stupidity. Bad credit for seven years won't bother them, because there's always someone willing to make them a deal.
I disagree that our economy is BASED on borrowing to spend, though it has come to that. Few want to delay gratification anymore.
When you use all that "plastic" how
is that really buying something? I
always thought it is just another loan...not really yours until paid in full..of course,there was a time that people paid in full,and actually used real currency to pay their bill in full.Seems long ago,and far away.Of course,people do still pay off thsir entire credit bill each month making the charged items theirs.I always pay the full amount of my credit bill
EVERY month,always have,always will.
"Whoever it was pushing for relaxing bankruptcy laws made it worse. Now the stupid are smart enough to know they won't be held accountable for their stupidity."
There was a bipartisan bankruptcy reform bill that was passed a few years ago that made it harder to get your debts wiped away.
The personal examples are simply a microcosm of what is happening in our national economy for abut 7 years. Bush cut taxes and when the economic stimulus that he promised didn't happen, the fed cut interest rates in order to mask the underlying weakness of the fiscal policy. Then, Bush financed his war by selling IOU's to China (Kind of like mortgaging your house to get cash to go to Vegas), and refused to roll back his tax cuts, while telling the American public that the best thing they could do was go shopping.
Meanwhile, those wise free-marketeers were so busy getting rich selling cheap money to the rubes that they didn't really stop to think what would happen when the price went back up and the rubes decided that they actually couldn't sustain the lifestyle that the idiot box in the living room was programming them to chase after. Now, there's no more money left to sell to people who aren't idiots, and want to do productive things with the credit, like start or expand businesses.
And all of this just to gain and keep political power by bribing those same rubes with a tax cut.
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