Posted by: Miriam | 08/10/2008


So by this time, everybody and their belly button lint has heard that the economy is in the toilet and headed towards that swirly watery grave.

How? Why? What the hell is going to happen now?

How: We’ve all been living on too much credit and not with in our means. That goes for pretty much everybody, and the vast majority of businesses too. At some point it was going to bite us in the ass. It was driven by the large mega-corporations who make shit-tons of money on high interest rates, late fees, over the limit fees, and other assorted fees. These companies target the young, the old, and those at the bottom rung of the socio-economic level. It gets to the point where more money is made on the people defaulting on the loans and credit cards than was made on the people who actually pay their bills. So, you guessed it, they want to make more money. By doing so, more people get into debt that they can never pay off. And these banks and funds get richer. Its not just people living on borrowed money, its everybody, companies big and small, governments big and small. So basically we’ve built an economy on debt. Not surprisingly enough, its not particularly stable.

So there is your economic less of the week. Pay your bills, your credit card bills off asap, dont get a loan or any other credit that sounds too good to be true, read the fine print, and mostly live within your means. We’ll weather the “credit meltdown” it’ll be a rough couple of years and then we’ll figure out that the only way to fix it is through green businesses, alternative energies, petro-less cars.


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