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General Interest > Money Matters
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Re: Money IS Debt! Sustainable Economy for a Sustainable Future! [Re: lIllIIIllIlIIlIlIIllIllIIl]
    #8968363 -

adjust said:
People forget the reason the US is in this mess is really just greed, plain and simple. People took on very unfavorable mortgage terms with the assumption that prices would skyrocket before the initial term came due.



subprime's are no longer the only mortgages that are putting people in troublesome financial situations.  Even those borrowers who had good credit, and took on a reasonable mortgage, are still coming in to some troublesome situations (i.e. Alt-A mortgages)

Bottom line is - if the Fed didn't do what it has been (and will continue doing), we would be in the economic crisis that many of you (shroomery members) profess us to be in nearly every day.

But we're not in that situation, our economic structure is sound - and can handle our current situation.  Our economic structure is fighting our battle:  it will encounter some injuries - but in the end, it will prevail.

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Re: Money IS Debt! Sustainable Economy for a Sustainable Future! [Re: memes]
    #8968994 -

Every government on earth except china, norway and a handful of others are in debt. Almost every corporation is also in debt. And the average American has negative savings. It's a bit different in Canada, but not much better.

Are you telling me that a system where everyone has to take on greater and greater debts to keep the economy rolling, a system that does not even contain the necessary funds to pay off those debts, that is a good economic system?

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Re: Money IS Debt! Sustainable Economy for a Sustainable Future! [Re: lIllIIIllIlIIlIlIIllIllIIl]
    #8969031 -

Exactly, the system if flawed, were all these fuckers who make their living off of peoples debt, get bailed the fuck out. Whats wrong with that fucking picture?

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Re: Money IS Debt! Sustainable Economy for a Sustainable Future! [Re: lIllIIIllIlIIlIlIIllIllIIl]
    #8970599 -

adjust said:
Every government on earth except china, norway and a handful of others are in debt. Almost every corporation is also in debt. And the average American has negative savings. It's a bit different in Canada, but not much better.

Are you telling me that a system where everyone has to take on greater and greater debts to keep the economy rolling, a system that does not even contain the necessary funds to pay off those debts, that is a good economic system?


yes.

debt isn't a terrible thing (although it isn't great) and moderate amounts of debt can be sustained for extended periods of time.  Our nation only has a ~9.2T national debt, with over 13T in annual GDP.  That's 70%.  Would you say a newly married couple with 70% of their annual salary worth of debt is a horrible economic situation that must be righted immediately?  It happens all the time, and nations have sustained (and rebounded back from) national debts exceeding 200% of GDP.

Is it a big problem (and growing)?  Yes.
Should we deal with it?  Absolutely.
Is now (in the midst of an economic crisis) the time to be solving it?  No - but it is a good time to formulate a plan to enact once our economic waters are a bit more calm.


I'm stoned pre-bed rambling, but i think most of that made sense.

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Re: Money IS Debt! Sustainable Economy for a Sustainable Future! [Re: memes]
    #8971107 -

I see your point, some people like it that way. Besides, nothing short of an armed revolution will change anything. It is just too profitable as it is and those profiting have much more power within the system than I do.

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Re: Money IS Debt! Sustainable Economy for a Sustainable Future! [Re: lIllIIIllIlIIlIlIIllIllIIl]
    #8972335 -

I understand your position, and agree with the fundamentals of it.  But you're right, nothing short of a revolution (or a catastrophy) will get us out of our current system.

Sometimes we use things - not because they're perfect - but because they're the best of what we've got.

Example:  High school GPA & SAT scores and their correlation to success in University.  They only have a ~23% correlation (or something along those lines, my decision sciences professor did the analysis in my sophomore year), but we still use them as admissions guidelines becuase they're the best of what we've got.

Hopefully a better system will stem from all of this chaos - but until then we need to have faith in our economic structure, the policymakers guiding our economy, and the power of the American consumer

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General Interest > Money Matters
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