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Well, I guess one could have said the same thing about Hiroshima or Nagasaki. I mean, after a while...
Nothing goes better with a glass of wine like a little hyperbole.
Quote:
All that they need to learn is that they shouldn't trust laissez-faire free market economics. This is a lesson that has been learned before. Too many people forgot. The current difficulties arise all but entirely from policies that people from your neck of the woods recommended and pushed through to adoption. You all were wrong. Again.
We never had free market economics after the Federal Reserve Act of 1913. We also lost our fiscal freedoms that year with the enaction of the income tax.
Back to the original topic of credit card debt and what should the government do.
Why does this always seem to be a reoccurring type of problem? What ever happened to having to have 10% down to buy a home or a car or most major purchases? Does it never cross peoples mind that a persons credit rating may also be in part due to the current economic cycle and may not prove the same during difficult times?
Seems everyone is at fault, people living beyond their means, banks and lenders lending money to people who bare if at all qualify, and a government willing (even if reluctantly) to bail everyone out for being idiots at the expense of everyone else who may actually manage their finances well. Some days, I half hope it all falls a part and Congressman Gordon looks me up to ask for gardening tips.
You know, to be honest, I agree with you. I kind of hope our country totally tanks and we are FORCED to re work our entire way of being. I hate to see people suffer but it will take that for things to change.
IMO I think if the government bails them out..they'll just return to what they were doing before and will treat it like a clean slate..ready to start over again. They won't go through any major hardship and learn from it.
Suffering is noble. It steels the soul, so let's all have some more suffering. What the world needs now is suffering, sweet suffering. That's the only thing that there's just too little of...
Nothing goes better with a glass of wine like a little hyperbole.
We never had free market economics after the Federal Reserve Act of 1913. We also lost our fiscal freedoms that year with the enaction of the income tax.
Serving more FDR apologist New Deal kool-aid?
we are not doing laissez faire we are doing laissez les bonne temps roulez
fun but far more risky.
Back to the original topic of credit card debt and what should the government do.
Why does this always seem to be a reoccurring type of problem? What ever happened to having to have 10% down to buy a home or a car or most major purchases? Does it never cross peoples mind that a persons credit rating may also be in part due to the current economic cycle and may not prove the same during difficult times?
Seems everyone is at fault, people living beyond their means, banks and lenders lending money to people who bare if at all qualify, and a government willing (even if reluctantly) to bail everyone out for being idiots at the expense of everyone else who may actually manage their finances well. Some days, I half hope it all falls a part and Congressman Gordon looks me up to ask for gardening tips.
Quote:
Originally Posted by ViewFromThePeak
Regulation is a slippery slope.
Look at where we're at now. Do you think our markets are really that free and accessible?
credit cards are not very regulated and if you watch that video I posted, you will see the havoc that has caused. Also, check out a movie called maxed out. Also the banking industry wasn't regulated when they came up with these absolutely ridiculous exotic loans and look where that got us. It should be law 20% down and the house can be no more than 2.5 to 3.5 times annual income depending on the persons existing debt. For example if a person makes 40,000 a year then they can afford a 120,000 dollar home and they must put 20% down. If these were actual laws, that would stop run up in home prices, and speculative bubbles in housing. Laws like this should be put on the books across the board. You can not trust greedy and uneducated people to govern themselves (via a laissez faire economy). You do that and things will get out of hand and then the correction will be devastating.
credit cards are not very regulated and if you watch that video I posted, you will see the havoc that has caused. Also, check out a movie called maxed out. Also the banking industry wasn't regulated when they came up with these absolutely ridiculous exotic loans and look where that got us. It should be law 20% down and the house can be no more than 2.5 to 3.5 times annual income depending on the persons existing debt. For example if a person makes 40,000 a year then they can afford a 120,000 dollar home and they must put 20% down. If these were actual laws, that would stop run up in home prices, and speculative bubbles in housing. Laws like this should be put on the books across the board. You can not trust greedy and uneducated people to govern themselves (via a laissez faire economy). You do that and things will get out of hand and then the correction will be devastating.
If the Fed didn't artificially lower rates, you wouldn't have seen the endless amount of no money down mortgage commercials a couple of years ago.
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