tag:blogger.com,1999:blog-11719208.post5409952595131088982..comments2023-11-05T04:36:14.223-08:00Comments on The Mess That Greenspan Made: When retail therapy failsTimhttp://www.blogger.com/profile/16530974968126497397noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-11719208.post-33262832931548398402008-07-22T17:24:00.000-07:002008-07-22T17:24:00.000-07:00Stupid people will borrow to their limit, they alw...Stupid people will borrow to their limit, they always have done. The difference is that now it's not just the stupid. Now only the stupid believe that money retains its value.<BR/><BR/>When money will ALWAYS lose its value, why not borrow for all you can? Just pay it back with less value money one day.<BR/><BR/>It's what we've been commanding our government to do, to a greater or lesser degree, since 1933.staghoundshttps://www.blogger.com/profile/05976667812875074135noreply@blogger.comtag:blogger.com,1999:blog-11719208.post-30011129785790347742008-07-22T12:28:00.000-07:002008-07-22T12:28:00.000-07:00There are plenty of culprits at fault. But I woul...There are plenty of culprits at fault. But I would like to see more emphasis put on the cultural phenomena where people of somewhat modest means attempt to look "upscale" and appear as if they have far more. I believe this harkens back to the 80's, when shows like "Dallas" and others as well as the media in general slowly introduced the idea that one could successfully fake being rich, or at least affluent, and that being rich was more important than just about anything else. <BR/><BR/>This is where the debt based economy came in. The culture became one of "You can have that nice car, house, clothing, etc, NOW, rather than saving for it." People even got the idea that mysteriouos things like leasing and ARMs were "magic" and would make previously unattainable luxuries possible. <BR/><BR/>But when my wife reports $30k/year single mom assistants at her office sauntering in with $800 handbags and $500 shoes for coworkers to admire, you know the culture is sick.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-49472984075469341442008-07-22T09:05:00.000-07:002008-07-22T09:05:00.000-07:00I'm soooo jealous. Hopefully, you're going to a hi...I'm soooo jealous. Hopefully, you're going to a high elevation. It's probably pretty hot (and crowded) in the valley.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-46064604923351887462008-07-22T08:45:00.000-07:002008-07-22T08:45:00.000-07:00We're off to Yosemite for a few days so, while new...We're off to Yosemite for a few days so, while new material will be appearing here, none of it will be timely. <BR/>An interesting essay is on tap for Thursday AM - "Waking up from a 22-year coma".<BR/>I can't imagine what the price of oil and gold will be by the end of the week...Timhttps://www.blogger.com/profile/16530974968126497397noreply@blogger.comtag:blogger.com,1999:blog-11719208.post-80014588857039091122008-07-22T08:37:00.000-07:002008-07-22T08:37:00.000-07:00brooks and his fellow nyt colmunist tom freidman a...brooks and his fellow nyt colmunist tom freidman are both wankers of the highest order. neither has been right about anything for quite some time. highly recommend that both be avoided like the plague. a pair of wanking wankers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-80813491811875916852008-07-22T08:29:00.000-07:002008-07-22T08:29:00.000-07:00The vital distinction between debt and drugs is th...The vital distinction between debt and drugs is that one is legal, the other is not. The government and its banking system are the ones creating money and debt. Absent these parties, you have to go to loan sharks which are the equivalent of drug dealers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-36773475546295618882008-07-22T08:03:00.000-07:002008-07-22T08:03:00.000-07:00If people want drugs, they will find them. If peo...If people want drugs, they will find them. If people want guns, they will get them. If people want to go into debt, they will find a way. I think focusing on the culture is an important angle. It needs to change as well as government policy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-62911115462786117702008-07-22T07:59:00.000-07:002008-07-22T07:59:00.000-07:00The author of this NYT article is very typical of ...The author of this NYT article is very typical of a type of person who is glib but really has nothing new to say. These types are common among college professors. Anyone with common sense knows that debt isn't wealth and that America and Americans are in debt up to their eyeballs.<BR/> The drivel that passes for reporting and news today is staggering to me.<BR/> I love this blog because Tim has good common sense and the information and ideas here far exceed anything I read in the so-called mainstream media.<BR/><BR/>Keep it up!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-22372493817043442162008-07-22T07:35:00.000-07:002008-07-22T07:35:00.000-07:00Good points, as always, Tim. People like Brooks gi...Good points, as always, Tim. People like Brooks give the average American way too much credit for making good decisions.Anonymousnoreply@blogger.com