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Thread: Consumers Use Credit Cards for Necessities as Inflation Cuts U.S. Incomes

  1. #91
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    Re: Consumers Use Credit Cards for Necessities as Inflation Cuts U.S. Incomes

    Quote Originally Posted by Paschendale View Post
    Prior to this recession, it was presumed by many, middle class, wall street, and corporations alike, that wealth was ever increasing. They would simply be more and more money as time went by. Everyone borrowed money assuming that they would be able to pay it off later.
    Yep. The borrowing binge began in the mid 90's at the start of the housing boom. With low interest rates and surging home prices, people had no qualms taking out equity loans to fill their homes with furniture and appliances, or to purchase $40,000 SUVs on tax deductable interest -- the thinking of course being that home prices would continue to go up (and by no means would ever go down). This of course continued up until the recession. As home prices rose even more sharply after 2000, consumers were quick to match by assuming more debt... then boom, homes dropped tens or hundreds of thousands of dollars in the span of a year.

    Quote Originally Posted by Paschendale View Post
    Are these people lazy and stupid for believing what they were told? Of course not.
    I wouldn't say they are stupid people, but they sure made some stupid financial choices. Some people were simply naive, whereas others were savvy but willingly took risks, like moving from hot spot to hot spot trying to flip properties for six-figure profits. If people are going to "believe what they're told," they ought to be careful who they listen to. There were plenty of newspapers, magazines, consumer advocates, and news segments waving red flags.

    Quote Originally Posted by Paschendale View Post
    And unfortunately, those who are paying are those least able to do so.
    Unfortunately, we're all paying for it, whether or not we made the right decisions.

  2. #92
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    Re: Consumers Use Credit Cards for Necessities as Inflation Cuts U.S. Incomes

    Quote Originally Posted by SheWolf View Post
    And how is the TP exactly pressuring Obama, by union busting? Unions want to protect their jobs, not destroy their jobs. It isn't in anybody's economic interest to destroy their economic utility, which is why this argument makes zero sense to anybody who understands economics. Individuals seek to maximize their utility, not destroy it.
    I have no idea what you're talking about... no idea what argument you think makes zero sense, no idea why you think the tea party is union busting... anything.

    Quote Originally Posted by SheWolf View Post
    A union will fight to keep a job here, before they would logically destroy their economic self interest and their nation's economy.
    In believing the President's export initiative will bring about such an outcome, they are at odds with Obama, some congressional democrats, most congressional republicans (including those associated with the tea party) and Bill Clinton.

    Quote Originally Posted by SheWolf View Post
    Everything is the fault of the lazy and the unions, right?
    Everthing is the faul.... what??


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