Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Financial Sense is an excellent site- I visit their site everyday- since the vast majority of their writers make much more sense then the mainstream business media.
We are in this mess for many reasons. Too much liquidity by the Federal reserve for a decade- too low real interest rates, and a false set of perimeters by the Fed on real inflation.
The Fed has done a poor job-Greenspan and now Bernanke have trashed the dollar, making those who save and stay out of debt look dumb, while rewarding speculators, bankers, debt, and making the Wall street tycoons rich.
Bernanke while lowering rates caved in again too Wall Street, while thumbing his nose to ordinary Americans. The dollar falls, Gold soars, and oil goes to the heavens. Nice Work 'helicopter Ben'.
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 6,533,089 times
Reputation: 1721
get ready to pay.
Quote:
Originally Posted by jimhcom
If you have ever wondered how we could end up with our economy in such a mess and or public debt so high
This ones easy to answer. The answer is blind greed coupled with the thought of "I don't have to pay for it now." "I just pay it later. when the bill comes." Well the bill is in the mail get ready to pay.
This ones easy to answer. The answer is blind greed coupled with the thought of "I don't have to pay for it now." "I just pay it later. when the bill comes." Well the bill is in the mail get ready to pay.
Actually, it's "why pay for it at all?" Reading these posts, I'm amazed at how many people have gotten in over their head with credit card, mortgage or HELOC debt and are just washing their hands of it, leaving the mess to the lender, the financial company, the government, anybody else. Foreclosure and bankruptcy have no stigma-- or at least not enough to get people to own up to their choices and see them through.
So greed and fear started this (the whole "If I don't buy now, I'll be left out" and "If they got that, I need this" mentality), and irresponsibility is added to the mix. What a cocktail.
Actually, it's "why pay for it at all?" Reading these posts, I'm amazed at how many people have gotten in over their head with credit card, mortgage or HELOC debt and are just washing their hands of it, leaving the mess to the lender, the financial company, the government, anybody else. Foreclosure and bankruptcy have no stigma-- or at least not enough to get people to own up to their choices and see them through.
So greed and fear started this (the whole "If I don't buy now, I'll be left out" and "If they got that, I need this" mentality), and irresponsibility is added to the mix. What a cocktail.
The answer is simple: the Federal Reserve act. We need a gold standard. Fractional reserve banking has to end. Doing it, is an impossible task. Just don't buy the nonsense they will tell you to fix the mess when the economy crashes.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.