Thursday, October 30, 2008

Consumers are defaulting at high levels on their credit cards, they contend, while banks bleed tens

Groups seek credit card debt forgiveness

This is getting annoying now, the next boom i am going to borrow as much as I can and then ask if someone can bail me out or forgive me for my debts, why should i save and get nothing...

Posted by mark @ 12:40 PM (660 views)
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3 thoughts on “Consumers are defaulting at high levels on their credit cards, they contend, while banks bleed tens

  • Quote from Bill Bonner

    “The entire world economy rests on the consumer;
    if he ever stops spending money he doesn’t have
    on things he doesn’t need — we’re done for.”

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  • Quote from John Maynard Keynes

    “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”

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  • Sounds like I’ll be getting my wallet out again….sigh

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