On Sep 25, 2008, at 11:51 AM, OrionWorks wrote:
Sobering and provoking thoughts from Remi, Ed, and Terry. Gives me
the shudders.
I find it curious that the consumer credit card industry doesn't seem
to have been mentioned in this mess, or perhaps I missed that aspect.
Considering the huge credit card debt load that our population has
accumulated over the years, the practice of enticing customers to
borrow more and more money to the point that a significant portion of
the population is now barely capable of making payments on the
principal, I can't help but wonder if that isn't a significant
contributing factor to the mess we are in. I'm constantly receiving
credit card offers in the mail, typically two or three a week. They
only have one goal: To get me in debt with them. Unfortunately, too
many people have done just that. It's absolutely disgusting. I wish
there was better regulation of the industry.
We will pay for this mess.
Indeed we will. As the system melts down, people will not have back-up
savings to help them through the healing process. As a result, even
more pain will be experienced. The only way the government can bail
out the losers is to borrow or print money. This will cause interest
rates to rise and inflation. Consequently, more foreclosures and an
increase in the price of food will result. The pain will be
widespread. We are looking at the beginning of a revolution in the
US. We have been taught to believe our present system is the best in
the world. When the people who have accepted this idea start to feel
the pain, we will see a big change. Being a liberal will not look so
bad. Pain is much more effective than argument or logic. Meanwhile,
rest of us need to find a safe cave.
Ed
Answering Remi's prior question, I hold no position in industry or
academia. Walking the talk is a highly subjective matter. Having done
anything worth recognizing is also a highly subjective matter. And
what good works have I personally done? Also highly subjective. It
would seem that the older I've gotten, the more I've come to a
personal realization that there is so much I don't know, or
understand. But it's a start.
Regards
Steven Vincent Johnson
www.OrionWorks.com
www.zazzle.com/orionworks
