TheRealMafoo said:
Not remotely true. Individuals got themselves in debt, and trouble. I didn't, as I am fiscally responsible, so not sure why I should blame myself for paying my bills. But let's look at what you just said. You think the problem is people borrowed money that was lent to them, and spent it with no regard for how they are going to pay it back? They took out way to much credit, to the point where one day, they couldn't get more, and all there debts piled up, and became financially ruined. To the individuals that did this, I agree. They screwed themselves up. The problem is, I don't really care about them. It's a free country, You want to fuck your life up, go ahead. What I care about, is my government doing the exact same thing. We have borrowed trillions from China, spent even more then we borrowed, with no plan to pay it back. Bush did that. Now the new guy is in office, and what does he want to do? Keep spending on all the things Bush spent on (that we can't afford), and explode government spending to heights never seen before in any time. People need to stop acting like it's no big deal. Then again, as I saw in another thread, no one on this site makes any money. When it's not your money, you tend to care less about it.
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I agree. I think though that my neighbors problem always becomes my problem. Maybe its because I live in a metropolitan area, but when people stop paying their mortgages and their home foreclose then my property value goes down, vagabonds move in, less tax revenue to afford the police etc. I guess it has a larger down word spiral. Sure some people truly fucked up and I believe that, but what about residual effects? Because those people fucked up banks stopped loaning credit, my employer relied on credit during this part of the year because business is slow and now that he can't get it, I get laid off. I get laid off and can't make my mortgage that is around 30% of my monthly income (probably less than most people as they tend to spend close to 50% if not more). I have money save but only enough to make four months of mortage, car payments etc.
This may have been a bad example, but I think their is this illusory concept that we are rugged individualists that can completely survive on our own. I think that is a bit fallacious though, particularly because of the nature of our economy is connected through ties of interdependence. Maybe I'm wrong about that, but I can see how my neighbors problem, will become my problem. Maybe if I lived in a different setting, it would be different. I don't know.