leswp1
Well-known member
Re: Gear Grinding 7: Really? This crap again?
It doesn't help that your cat can get a credit card. When I was in college and into my late 20s in order to get a credit card you had to fill out an application, show you had means to pay and they made you wait to get the card until they made sure you were a good risk. To get a loan you had to show a good credit history including not having too much debt. Creating economy by allowing tpeople to borrow on their expectations to enormous debt isn't really an answerAnd why do you suppose people are spending beyond their means? Sure, avarice does play a role. Perhaps also what I would call the "Scrooge effect", where you are chastised for miserly sitting upon your wealth. Look to the Federal Reserve for their comment, however, because they have used this as their justification for intentionally inflating the dollar, even during recessions, thereby creating two of the worst instances of stagflation in history.