First the truth is presented as a throw away statement.
Now, let's be honest. Part of why our debt crisis is so bad is that some folks are making reckless decisions -- racking up big credit card bills by purchasing flat-screen TVs and other luxury goods that they know they can't afford. And they should have to face the consequences of those decisions.Let's be honest. This is the whole problem.
Do credit card companies advertise? Yes. So do beer companies and car companies and camera companies and phone companies ... How many people in America can actually justify smart phones? If you really need one, the business you work for probably bought it for you.
If you can't control your reactions to advertising, that isn't my fault. If you can't understand the wording of a mortgage document, car loan, credit card agreement, or other loan agreement, and you sign it anyway, it isn't my fault.
But Obama is about to make me - and every other American who isn't in hock up to our eyeballs - agree it is our
Don't even get me started on Florida's safe-haven of housing law. In Florida they can't take your home in a a bankruptcy. So people would move to Florida, buy a multi-million dollar home and then declare bankruptcy. They got to keep the home, and sell it 3 years later to the next person in line. Is that fair?
Are interest rates too high? Maybe. If you don't like the rate, don't sign for the loan. Credit cards are even easier - don't use them, pay off the total balance, look for cards with minimum fees. In other words, live within your means.
Was it the eeeevil bankers fault we had a mortgage crisis, or the eeeevil real estate brokers who sold the houses? How about blaming an education system that doesn't teach people to read, do math, or anything else that you need to thrive in a modern society.
How about blaming the people who are too stupid to manage their own money.
I'm not talking about people who have lost jobs - I've been there. I'm not talking about people drowning in medical debt - a lot of them have legitimate beefs. What I am talking about is the new car, large house, new furniture - including media room - set that suddenly can't pay their bills.
Drive an older car (mine is from 1993), live in a smaller home, watch less TV (I don't own one and certainly don't have plasma), eat out less, etc. Beans and rice, chicken, veggies, ... none of this is expensive, most of it is healthy, and all of it can be good if you learn how to prepare it.
My sympathy for people who dug their own (credit) graves is severely limited. I certainly don't think it is the government's job to hold my hand every time I sign a contract. If they do, I expect every contract to cost me more.
Barack "Don't Say the H-word" Obama can keep his change.