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Plain Stupid Consumers

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Banjo said:
All bubbles must pop... Stop and think for a moment... How can 90% of the people in America be in credit debt up to thier eyeballs and expect the current economy to continue on . Really, if you think about it these companies that are pumping out Big screen TVs, and fancy excercise equipment, new luxury cars, surround sound systems, garden tractors, and all that stuff that is nice, but truthfully not necessary (most of which are built overseas, then sold to the "names" here in the USA who take thier cut, and pass them on to retailers)
Are really selling the majority of thier products to credit card companies.
It's all false cash flow, and it all gonna catch up with us. You're gonna see a huge crisis when my generation, that has an average credit card debt of $30-40K (and will probably be much more in the future),start dying off. And these banks have noone to get thier money from.
But I really think it's gonna come to a head much sooner. Their gonna have to reign in credit, or else.
We are currently digging out of our hole. Thankfully much smaller than most folks, but still a hole. Credit is just as addictive and damaging as any illegal drug.
Click to expand...

Dale alluded to it and Banjo nailed it! We have a "borrowed" economy and an increasing trade deficit. A deficit which increases with every fill up and every TV. Every time I have ever went for a loan I was required to show how I was going to pay it back. We have not even been able to pay the interest on the national debt, so, how are we ever going to pay this much larger debt back. And just so it is plain, every single person, including newborns, have about $37,000 in debt due to this national debt.
 
Tom,

I remember when I started my business.
I proudly opened my bank account with the
huge sum of $10,000. I then inquired about
a corporate line of credit.

The banker just chuckled at me.
"Come back in five years, lad;
IF your are still in business.

I also could not get a home mortgage
or business auto loan until my business
had seen five years.

BUT............at the end of five years I had
a solid business and zero debt. I was Golden.


Times change, I suppose.

d
 
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