Forums
New posts
Search forums
What's new
New posts
New profile posts
Latest activity
Internet Search
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Forums
General Discussions
The Watercooler
Theory on economy?
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="donna723" data-source="post: 319211" data-attributes="member: 1883"><p>I won't even pretend to understand economics, but I think a lot of it boils down to just plain old GREED! Greed on the part of consumers and greed on the part of the big corporations. People have been living way beyond their means on credit for years! They never learned the difference between things they "need" and things they "want"! People had to have the biggest, fanciest house, the biggest gas-guzzling car, the TV with the football field sized screen, whether they could afford them or not. And young people just starting out felt entitled to have all those things right away that their parents had worked a lifetime to acquire, and there was always enough unscrupulous lenders around who were more than happy to accomodate them. Then, they started telling people that they could "make their money work for them" (and buy even MORE "stuff"!) by tapping the equity in their house! And a lot of people did it, because they assumed that the value of their house would continue to go up. Salaries got higher and higher and housing prices escalated to ridiculous levels in some areas. It was inevitible that it would all blow up, and when it did, a lot of people got hurt.</p><p> </p><p>I know nothing about economics and I'm just as puzzled by it as anybody else is. I just know what happened in my own little rural county. Even though it was very short sighted on the part of our local elected officials, two-third of the entire town worked in one big factory that made parts for Ford Motor Co. and for years everything was fine. And as everyone knows, Ford was praised as being the one major auto manufacturer that DID NOT need the bailouts. And now our factory is closed down, hundreds of good people are out of work, and we have one of the highest unemployment rates in the <em>whole country</em> - because they sent all those well-paying jobs to Mexico which kept their costs down! Someone somewhere may know all the answers, but it certainly isn't me!</p></blockquote><p></p>
[QUOTE="donna723, post: 319211, member: 1883"] I won't even pretend to understand economics, but I think a lot of it boils down to just plain old GREED! Greed on the part of consumers and greed on the part of the big corporations. People have been living way beyond their means on credit for years! They never learned the difference between things they "need" and things they "want"! People had to have the biggest, fanciest house, the biggest gas-guzzling car, the TV with the football field sized screen, whether they could afford them or not. And young people just starting out felt entitled to have all those things right away that their parents had worked a lifetime to acquire, and there was always enough unscrupulous lenders around who were more than happy to accomodate them. Then, they started telling people that they could "make their money work for them" (and buy even MORE "stuff"!) by tapping the equity in their house! And a lot of people did it, because they assumed that the value of their house would continue to go up. Salaries got higher and higher and housing prices escalated to ridiculous levels in some areas. It was inevitible that it would all blow up, and when it did, a lot of people got hurt. I know nothing about economics and I'm just as puzzled by it as anybody else is. I just know what happened in my own little rural county. Even though it was very short sighted on the part of our local elected officials, two-third of the entire town worked in one big factory that made parts for Ford Motor Co. and for years everything was fine. And as everyone knows, Ford was praised as being the one major auto manufacturer that DID NOT need the bailouts. And now our factory is closed down, hundreds of good people are out of work, and we have one of the highest unemployment rates in the [I]whole country[/I] - because they sent all those well-paying jobs to Mexico which kept their costs down! Someone somewhere may know all the answers, but it certainly isn't me! [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
General Discussions
The Watercooler
Theory on economy?
Top