I just got off the phone with a credit card company and during the call something occurred to me. This is in addition to them being in a serious state of disrepair. It's pretty clear that Americans are to blame, maybe not at the same level, though a significant amount for the current events of the financial status of this country. Not that we're directly responsible, though we were given opportunity to borrow and millions did just that. We have built up the credit machine for decades now and at the moment we're seeing this machine breakdown. I'd be lying if I said that it didn't make me smile just a bit. I mean, we're watching corporations fail, who hasn't tried to beat the system at some point in their life? Don't get me wrong, I don't want to see people go through hard times, as I've been there myself and so have friends.
October 10, 2008 - Fight [Credit] Club
The following is written in theory, as I'm just sharing my curiosity with you.
It might not be as glorious as say the ending of Fight Club where massive buildings come down in controlled demolitions, honestly that's not the result I'm looking for. I am looking for the same effect, destruction of a system in order to make room for a [hopefully] better one. The idea is this; a nation-wide consorted effort to stop paying your credit card bills. It wouldn't hurt you, maybe you'd accrue a late charge or two, maybe you'd see your credit limit go down. The fact is your better off without it. This probably wouldn't just work in one month, payments would have to be put off for possibly 3 or 4 months. We've seen what's up with WaMu, Wachovia and I've hard of choppy sea around CitiGroup. The latter has a massive stake in not only business though consumer credit, however every bank has some steak in consumer lending.
Credit is simply a false sense of reality, it will work for awhile, however its bound to bite back, as we're seeing. So what would be the end result if such an nation-wide effort took place? We'll I'm not going to lie and say it would suck for a significant number of people, jobs would be lost and you'd see the chain-reaction in many sectors. Though with this 700bn bail-out, the cash has virtually already been printed to help restore our economy. The banks and lenders would be fine in the end, they would loose revenue, however they would eventually have their assets/investments purchased and reallocated.
Don't be confused however, I'm simply talking consumer credit not business credit, which is a whole different ballgame. Consumer credit is calculated on a much different level than the latter which generally has significantly more assets. The biggest impact the bail-out is seeking to have is to restore the foundation of business lending which in turn ends up at the consumer, gas, food, luxuries, etc. The hope is to destroy the consumer credit card as we know it and remind not only the government, however the biggest corporation and the members which reside on their boards. There is an overwhelming majority that these companies require to function and stay in business, in short; The people are the power!
Your looking at a wounded animal which is bleeding, you have the choice to pick it up and hope a doctor can close the wound or you can end its life. Don't think of it like a cute puppy or something, this is a full grown animal, its had a good run and probably tried to hurt you at some point. What do you do?
"The only credit there is to give is to those who do good in this world."
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