On Tue, May 18, 2010 at 15:13, Technomage
<technomage.hawke@gmail.com> wrote:
The biggest problem with have in this country is a lack of personal responsibility for ones own actions (including incurring debt). we need to be a lot more responsible and we need to force the states into doing so at their level.
I couldn't agree more. My wife drags her deadbeat high school friends into our lives.. they have an entitlement mentality and it dives me crazy. They can justify getting a new car when they can't afford the one they already have and when things get rough just declare bankruptcy or run from the repo man as long as they can. These people can get cars/motorcycles/etc but can't pay their mortgage, repay personal loans, or keep promises they make. We've loan them money to keep their kids from being homeless but do they change any of the behavior that got them into that position? No. Within a year they're back again with their hand out.
If they were willing to live within their means they might prosper but they're always trying take more than they're willing to work for. It all falls to poor character in my opinion and a selfish attitude; I
don't see it getting better.
5 years ago, Arizona had 2 billion in excess cash set aside (call it a rainy day fund). the politicians couldn't leave well enough alone and now here we are, suffering a 2.1 billion dollar shortfall for this year alone. California was living on borrowed time ever since gray davis started as governor.
At least Arizona is trying to do something now. I'm sure we could make our state government 20% more efficient if we wanted to but even that would cost money.
Personally, I have gotten rid of all my credit cards (can't have them anyone living on a disability income), I am paying down any debts I have left (just over $3,000 at this point) and will be debt free in 3 years.
We did the same thing. Last year when my business was finally debt free I felt a tremendous sense of relief! For 8K in debt I easily paid $30K by the time it was all paid off. Until it was paid off I felt like a slave to the credit card companies. Theres nothing worse than working with clients you can't stand and doing jobs when you'd rather be sleeping but I had that monkey on my back.
I view credit as nothing more than a company selling you the money you borrow (debt) and then charging you monthly to be able to use that money. it isn't yours. its a legal scam IMHO
Oh but we're so addicted to instant gratification :) Credit does allow people to have things they could never save up for but credit card companies have really set up the less intelligent people in the world for failure. I doubt the new laws will change that much. The young know everything so good luck teaching them that it's better to work for what they want!
anyway, my point is this: deflation might actually be a good thing for this country, if and only if, it can be held to a minimum level for as long as possible.