Maybe We Need Another Great Depression
My late friend Art Ealy sometimes said, "What this country needs is another Depression." He meant that everything from top to bottom is out of whack. The latest developments must have him thrashing about in his grave.
In Ohio, the payday lenders are trying to get a recent law repealed that limits them to collecting 28 per cent interest. They want to go back to 39.1 per cent. Payday lenders are fairly new on the scene. They came along to satisfy the "I want it all and I want it now" mentality that has become so prevalent. Too many people max out their credit cards but want to go right on spending. Either that or the credit card bills, the huge mortgages on the houses they knew they couldn't afford and a variety of other factors leave them broke long before the next payday.
Then there is the mess at the top, if Wall Street can be called that with a straight face. Bush and his cronies want the average men and women to pony up $700 billion to bail out the fat cats. No strings attached is the way they want it. That way the cats can go right on doing the things that created the mess.
So from Wall Street to Main Street we suddenly have a crisis. They didn't see it coming during all the years Bush insisted the economy was strong. Now they say it has to be fixed in one week, meaning hand over the money or else. In Ireland they call them pin-stripe bandits.
Maybe it's time again for people to realize they should forget credit and buy only what they can pay for and time for the fat cats to come down to earth. But no, the big boys will be bailed out, credit will flow like water and some of it will trickle down to the poor suckers who need payday advances. That means we will merely be postponing the day of reckoning. Why not just get it over with now, take the consequences of our own actions and start building again on a solid foundation? Fat chance when the lobbyists and the government lackeys are working overtime to get their grubby hands on that $700 billion.
In Ohio, the payday lenders are trying to get a recent law repealed that limits them to collecting 28 per cent interest. They want to go back to 39.1 per cent. Payday lenders are fairly new on the scene. They came along to satisfy the "I want it all and I want it now" mentality that has become so prevalent. Too many people max out their credit cards but want to go right on spending. Either that or the credit card bills, the huge mortgages on the houses they knew they couldn't afford and a variety of other factors leave them broke long before the next payday.
Then there is the mess at the top, if Wall Street can be called that with a straight face. Bush and his cronies want the average men and women to pony up $700 billion to bail out the fat cats. No strings attached is the way they want it. That way the cats can go right on doing the things that created the mess.
So from Wall Street to Main Street we suddenly have a crisis. They didn't see it coming during all the years Bush insisted the economy was strong. Now they say it has to be fixed in one week, meaning hand over the money or else. In Ireland they call them pin-stripe bandits.
Maybe it's time again for people to realize they should forget credit and buy only what they can pay for and time for the fat cats to come down to earth. But no, the big boys will be bailed out, credit will flow like water and some of it will trickle down to the poor suckers who need payday advances. That means we will merely be postponing the day of reckoning. Why not just get it over with now, take the consequences of our own actions and start building again on a solid foundation? Fat chance when the lobbyists and the government lackeys are working overtime to get their grubby hands on that $700 billion.
posted by Dick Stodghill | 9/24/2008 10:35:00 AM
1 Comments:
Dick,
I think you summarized the situation very well. There is one possible benefit from all of this. If the 700 Billion is pledged, perhaps there won't be enough money to invade another country.
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