Quote:
Originally Posted by salphonso
To argue this point, if banks weren't giving out loan to everyone like it was candy in the previous years then the we would not have needed to give our tax money to them for a bail out because people were getting loans they couldnt afford. Just playing Devil's Advocate  |
I think what he was trying to say is that our economy revolves around credit, because of inflation shit just costs to much money anymore to pay cash for unless you are rich (Houses/Cars,ect). I am not saying that all credit/debt is good, but the responsible people who do pay back there debt are what keep this economy moving. Not the wealthiest 1% who pays cash for everything. But there were some bad mistakes made by greedy banks/lenders and people who were given loans that had no business getting them. But thats why we are in the position that we are in, the bad debt and mistakes have to be paid for somehow.