Credit Freeze And Joe Public
by Thinker
(Everywhere)
The credit freeze...is it a good thing? Just wondering what people thought of the idea that the current credit freeze is a good thing. America owes something like 10 trillion dollars, individual American citizens owe tens of thousands more in credit card, mortgage and other debts.
So here’s my thinking – even though it makes life tougher for everyone, is it not time that we stopped borrowing for stuff and instead spent a few years concentrating on paying down our debt, both as a country and as individual families.
If we don’t do this soon, what was once the greatest economy in the world is going to end up bankrupt. We will be ‘owned’ by debt holders in Asia and some large oil producing nations (who are currently buying up shares in American companies, significant American commercial properties etc.).
For only so long can you indefinitely continue to borrow beyond your means. It makes sense money has to be repaid sometime, somehow. Why not start now?
The present public outcry for credit to be thawed means that folks all over the country will be able to continue to borrow to pay for a lifestyle which they clearly can’t afford.
Just to be clear – I’m not suggesting that the credit freeze is a good thing for businesses. I do agree that steps need to be taken to help businesses get going and creating or keeping jobs.
But that isn’t the same thing as thawing credit for Joe Public to buy more and more foreign goods that he could probably do without in the first place.
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