Commentary: America Can't Go Cold Turkey on Credit

[Gunny]

From U.S. Rep. Jim Marshall
Special to CNN

(CNN) -- My family doesn't use credit much. We pay off our charge cards every month. We drive used cars. We paid off our house mortgage early and have not refinanced. We carefully live well within our means. In fact, until very recently, my "apartment" in Washington has been my office.

I'm pretty well-known as a cheapskate.

So when I said recently that I would be willing to give up my seat in Congress in order to pass the financial rescue package, it turned some heads.

It's because I understand what's at stake and because I hope to be a part of reforming our financial system so that we don't have these problems again. iReport.com: Do you support a Wall Street bailout?

I have spent my career as a business, finance and bankruptcy law professor and lawyer. I have helped individuals and institutions get out of financial trouble. More important, I have studied ways to make sure they don't get into trouble in the first place -- and drag all of us down with them.

Commentary: America can't go cold turkey on credit - CNN.com

 

[editec]

This is true.

A total credit meltdown will destroy our economy as long as our economy is based on the fiction that a credit based economy is the only way to structure capitalism.

it isn't.

But the transition is going to be damned hard if we attempt it, because the people who have been running the credit scam are enormously wealthy and powerful.

They OWN our goverments, folks.

Unless we're prepared to take them back, by force, THEY WIN.

 

[RetiredGySgt]

This is true.

A total credit meltdown will destroy our economy as long as our economy is based on the fiction that a credit based economy is the only way to structure capitalism.

it isn't.

But the transition is going to be damned hard if we attempt it, because the people who have been running the credit scam are enormously wealthy and powerful.

They OWN our goverments, folks.

Unless we're prepared to take them back, by force, THEY WIN.

Like I said enjoy your leisure time while out of work and I hope Top Roman stays cheap. By the way I hope you have weapons and will to use them cause this society will not take kindly to a great depression. Or have you forgotten what the last 2 Generations have been taught?

People riot because their Baseball team won a pendant, what do you think they will do when they have no food or water?

 

[editec]

Like I said enjoy your leisure time while out of work and I hope Top Roman stays cheap. By the way I hope you have weapons and will to use them cause this society will not take kindly to a great depression. Or have you forgotten what the last 2 Generations have been taught?

People riot because their Baseball team won a pendant, what do you think they will do when they have no food or water?

Thanks for you concern about my well being, RGS.

I'm touched.

Tell me, when the dollar isn't worth a continental because we have flooded the market with them to pay off the credit mafia, how much do you think your bullets will cost?

And when their next crises happens because Americans still won't be making enough to keep the economy solvent, do you think we'll just keep letting the credit mafia inventing money to bribe them not to melt down our economy again, or do you think we'll wise up and take that power away from them?

Who are you going to shoot when your retirement checks aren't worth jackshit?

Liberals? Your next door neighbors who are in the same sorry state as you?

 

[RetiredGySgt]

Thanks for you concern about my well being, RGS.

I'm touched.

Tell me, when the dollar isn't worth a continental because we have flooded the market with them to pay off the credit mafia, how much do you think your bullets will cost?

And when their next crises happens because Americans still won't be making enough to keep the economy solvent, do you think we'll just keep letting the credit mafia inventing money to bribe them not to melt down our economy again, or do you think we'll wise up and take that power away from them?

Who are you going to shoot when your retirement checks aren't worth jackshit?

Liberals?

I already have close to 2000 rounds of assorted ammunition and 2 rifles and a pistol, Haven't bought ammo in a while. But hey you enjoy those riots you are encouraging. I live in a military town not likely to get to bad here, hope you don't live near any cities.

 

[Silence]

wow... so RGS thinks there will be out of control riots in the street and editec thinks we should just let the credit industry go belly up....

I think I want to move to another planet

 

[Gunny]

wow... so RGS thinks there will be out of control riots in the street and editec thinks we should just let the credit industry go belly up....

I think I want to move to another planet

The credit industry is one of the worst things to EVER happen to our society.

 

[NOBama]

The credit industry is one of the worst things to EVER happen to our society.

How can the guy (Marshall) say: “Deep down, we all know that a financial rescue is necessary. I voted for the plan that was defeated today because, to paraphrase Rep. Spencer Bachus, I'm unwilling to play Russian roulette with the financial lives of my children and grandchildren.”

Then, in the next sentence, say:

“Although the bill was imperfect and wildly unpopular, I believed that those of us in Congress needed to suck it up, vote for it and let the chips fall where they may.”

So, passing the bill and “let the chips fall where they may” isn’t playing Russian roulette with the financial (future) of our children and grandchildren?

These people need to wake up and realize that anybody with half a brain cell sees that we have a serious problem. The problem now is that we reject their solution.

Donald Trump’s solution is looking better to me, by the minute.

 

[dilloduck]

Thanks for you concern about my well being, RGS.

I'm touched.

Tell me, when the dollar isn't worth a continental because we have flooded the market with them to pay off the credit mafia, how much do you think your bullets will cost?

And when their next crises happens because Americans still won't be making enough to keep the economy solvent, do you think we'll just keep letting the credit mafia inventing money to bribe them not to melt down our economy again, or do you think we'll wise up and take that power away from them?

Who are you going to shoot when your retirement checks aren't worth jackshit?

Liberals? Your next door neighbors who are in the same sorry state as you?

No silly---you jsut shoot people trying to kill you to steal your shit.