Quote:
Originally Posted by Angry
I disagree, I know several people who would rather be free of debt and live comfortably instead of trying to keep up with the Jones's. I was one of them. My wife and I live very modestly off of our salaries. We may not be rich, nor have the latest and greatest of cars or gizmo's, but we can afford to do just about anything we want at any time because we do not owe alot money. We do not spend it just because we have it either. At one time in my life I lived check to check. I swore that if I ever got out of that mess, I would never do it again. I am not the only one out there who feels that way.
If the governmet would have given every adult 50K, then the majority would have become debt free... save their mortgages and they woud have had the financial freedom to spend money outside of past debt. In other words the majority could have obtained almost complete financial freedom. The spending that would have resulted from that would have eventually boosted the economy. Instead we gave the money to banks and corporations for them to sit their happy asses on, pay out large bonuses to CEO's, and layoff employees in order to make their bottom line look better. We always do things ass backwards in the U.S.
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You might be that way but I see it everyday that people spend and spend on things they do not need or can not afford. If the goverment did hand out that kind of money some people would do the right thing and either put the money away or would buy stuff they did not have to have. When the housing market was going crazy I wondered how people could afford the house they purchased. You can blame the banks for some of that but the bulk of the blame goes to the people who still decided to purchase the home. I saw person after person buying home and used a 2nd mortgage to finance the down payment. People got greedy and want more home then they could afford. They got these interest only loans instead of saving the money they saved on their mortgage tp pay down the priciple in 5 years they purchased other things like cars. So now when the 5 year interest only thing ran out the money they saved was tied up in othe dept so then they had a problem. Thus here we are today.