Credit Card Cancer

Discussion in 'Economy' started by Kevin_Kennedy, Mar 14, 2009.

  1. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Credit Card Cancer by Peter Schiff
     
  2. wimpy77
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    wimpy77 Member

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    i actually agree with this. part of the problem is people lived off their credit cards instead of saving. what obama means though is get credit flowing that people who actually have good credit can buy houses and things and small businesses can get credit. right now some banks and lenders aren't even lending to people with good credit.

    i actually went a bought a floor model car the other day for what a used dealer was offering on 3 year old car.

    i would actually like someone to come up with a way in which credit could be obsolete. i mean didn't people buy houses and things before there was a such thing as a credit score?
     
    Last edited: Mar 14, 2009
  3. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    The banks aren't going to start lending until people start saving on a massive scale and the economy turns around. Spending packages and bailouts only attempt to prop up the false foundations of our economy, and do not succeed in getting credit flowing as evidenced by the fact that they haven't. Savings create a legitimate foundation for the economy.
     
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  4. wimpy77
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    wimpy77 Member

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    actually banks are lending to a point it's the secondary markets that are slowly thawing. the days of buying a house without putting money down are hopefully over and hopefully so are the days of living off of credit.
     
  5. auditor0007
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    auditor0007 Gold Member

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    I've been saying this for a while now. Once people do begin to save, and those savings actually accumulate, then those people will start spending again, and they won't be putting themselves in jeapardy to do so. No economy can live on unlimited credit. Eventually those debts need to be paid. The good news is that savings rates have been increasing since this recession began.
     
  6. dilloduck
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    dilloduck Diamond Member

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    Sane, responsible people have known this for decades. Buy only what you need and can pay for. Take care of the things that you have. Worn out tires do not require you to buy a new car. Paris does not dictate when you have to buy new clothes. You don't need a riding mowing simply because your neighbor has one. Happiness does not come from consuming things-- it comes from taking care of people and maintining what you have.
     
  7. Zoom-boing
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    Zoom-boing Gold Member

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    Never understood either of these. Why would anyone want to buy a house without putting any money down? The more you put down the less you owe, the less you owe the more money stays in your pocket. Maybe before purchasing a house people should have to take a basic 'personal finance/money management' course to fully understand what they are doing. It truly boggles my mind that people don't grasp the concept of living within their means and using credit wisely.
     
  8. editec
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    editec Mr. Forgot-it-All

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    Sadly, that is NOT the case.

    In fact the money we get from credit card companies or to buy mortgages or cars is being created out of THIN AIR.

    Now if it were being created by our government, for the benefit of the nation, I would have no problem with fractal banking.

    But sadly, we gave that franchise to private banks who use it without any regard for how it effects this nation as a whole.

    To those people, this nation is merely a tool to make them rich.
     
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  9. dilloduck
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    dilloduck Diamond Member

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    exactly-----it's "virtual" money not to be confused with money that someone actually worked for.
     
  10. editec
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    editec Mr. Forgot-it-All

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    Well not exactly...I have no problem creating money based on someone promising to pay it back.

    That is a necessary thing and a good thing if it is done RIGHT.

    What I have a problem with is giving that franchise to invent money from debt to private bankers.

    I would have no problem if private banks lend money they have...I just object to them inventing money they don't have.

    If they can that, why can't we ALL do that?

    Why can't you or kite checks for 35 times as much money as we have as they did?

    When you or I borrow money for our homes, we ought to be borrowing from the NATION ITSELF.

    That way, when we pay back that debt, we are paying the NATION back for that loan. We'd actually be FUNDING our government if we monetarized DEBTS this way, wouldn't we?

    Now, we pay bankers to borrow, but bankers whose primary interest is not this nation, but themselves.

    Why should we give them the right to forge the chains of our own enslavement and the enslvement of our government, too!?!

    We have NO control over private banks.

    We theoretically DO have some control over our government.

    Now the argument is made that we cannot trust our government to get it right, and there IS truth to that, to be sure. Government bear watching.

    But can we trust the private for profit bankers to get it right?

    I think a quick reality check should tell you the answer is NO DEFINITLY NOT.

    Obama isn't seeking to change that system, folks.

    He is seeking to revitalize it so they can make the same god damned mistakes(???) again.
     

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