Quote:
Originally Posted by gnu
The economy didn't tank because Americans buy ANY foreign products, but because the American public went on a credit spending spree, caused in most part by the governments insistence that banks give loans to less than credit worthy borrowers.
How many stupid people tried to live "large" on credit? They took mortgages they couldn't afford and took "paper" equity out of their homes to buy huge American SUVs, and second homes to try to flip them.
You've heard that "it's the economy stupid"? Well it's really all those people that "lived beyond their means stupid"?  |
IMHO we have become a nation of spoiled, instant gratification people that think we are OWED things...not that we need to earn ! Credit became a vehicle to get those things that we did not earn...we have to have it faster and quicker than our parents, etc. The credit became easy because money was being made by many, INCLUDING POLITICIANS !!!
We MUST HAVE and DESERVE things...such is the mindset. We are owed a college education, a large house, a car of our choice...the mindset today is that those things are our birthright and NOT things to be worked for and earned. The UAW, not only them, fell into this line of thinking...read about those who get paid for not working, etc. They believed this was owed to them and held the companies up to get it. I am not talking about a decent wage here, a good workplace....well beyond that.
Sorry if this sounds negative, but I have yet to see any evidence that my opinion is not correct.