Saturday, May 24, 2008

Gee Mr. Money, do girls have to learn all this about credit, too?

2 comments:

msHedgehog said...

I've had a few attempts at commenting on this stuff but I don't really know what to say. My sympathy for people who borrow money to buy widescreen televisions or overpriced houses that they never had any serious possibility of being able to pay for is pretty much limited to those of them who really couldn't add up and don't know what "borrow" or "credit" or indeed "debt" means. I certainly want to slap the comedian at the start of this clip. Why exactly am I supposed to care about someone who thinks the bank should give him free money as a reward for living the life of a thief? What exactly was it about the notion of paying for what he bought that he didn't understand? This man is not exactly starving. He whinges that they pay you for being rich. Yes, that's what "interest" means, it means you have to pay for the use of what isn't yours. Otherwise don't do it. Whether you throw it away on crap or use it to educate yourself, grow a business, or whatever, is your lookout. You expect to be treated as an adult otherwise - why not in this?

I know he's not serious.

But there really are sad stories out there, and what should happen in these situations is bankruptcy, so that the very poor management which led many banks, who should have known better, to make very obviously bad loans to people who wouldn't be able to pay, should suffer some consequences. They have thrown away their investors' and depositors' money. It is not possible to get blood out of a stone, and the process of trying is cruel and inhumane as well as a misdirection of resources.

Alex said...

Hola Ms.Hedge...

With this thread of posts, I definitely am not condoning the people out there in the world who don't have a clue and spend (other people's money) beyond their means - knowingly, or unknowingly.

What concerns me are the hardworking folks who do try to live within their means - but are increasingly relying on credit/debt for the very basics, like groceries and paying the car or house note.

Credit cards, subprime mortgage and banking issues, bankruptcies and federal deficits are all just symptoms of a much larger problem.

While the film does have a focus on credit cards, I would ask everyone to think bigger and longer term.

More later...

Have a great weekend!