Wait, Why Am I in Debt at All?
Today the President said we have to give $700 billion to Wall Street because if we don't we won't be able to get loans for cars, college and housing.
Why in the Hell do people who work every day need loans to by simple things like cars, education and housing?
Seriously, the real failure here doesn't have anything to do with any capital markets, the failure is that our government allowed an economy to develop where the totally reasonable wishes of everyday workers have been priced to the point where those workers have to go into debt to get them.
Personal transportation, education, housing. Those all strike me as reasonable desires that any person might have. If they perform labor in the service of others on a daily babsis, seems to me like those three things should be givens.
The crisis right now is not a credit crisis, it's a compensation crisis. People who work day in and day out simply shouldn't have to borrow in order to meet basic needs. The problem is that managers and executives take too much and that they pay too little to the people who make the profits.