101 Economics
I am typing away on my laptop watching CNBC when I saw something that almost made me fell out of the chair.
CNBC has several segments where a panel of experts advised a common American man or woman on his/her personal finances. Basically, the panel of experts would take a look at the person's financial debts/assets and then advise him on what he should do to reduce debt and increase his assets.
There was this black woman who took my breath away with her stupidity. She did not have a stable job, had no steady income but was completely up to her nose in credit card debts. And yet, she kept saying that she needed sound financial advice on how to structure her debts and grow her assets. Most normal people would be able to see her problem by now (i.e. get a fucking job and income) but this black woman was absolutely stubborn in her belief that she just need to find the best way to "restructure" her debts. Finally one of the experts got fed up and told her straight in her face that she needs to get a JOB! Period.
You take this idiot black woman and x a few millions and you will get the root of the sub-prime problem in the US. Basically idiots who have no stable or little income and yet want to own big houses and live out the American dream (the American dream is one in which the family owns a house in the suburbs, has a dog, big garden and a grill in the garden where the family will bbq hotdogs on Saturday morning).
Millions of American idiots with little/ not stable / no income + deluded ambition to own a house + greedy banks still giving loans to these idiots so that they could charge them exorbitant interests = One in three idiots defaulting in their loan payment (fact) leads to SUB-PRIME DISASTER ACROSS THE WORLD.
I am constantly amazed that people can live their lives this way in which a person will pay for something which he or she obviously cannot afford even in his/her life time.
And yet, you know what is the most ironic thing now?
We now need these idiots to keep spending and spending. Heck, we need them to spend more. Because the American economy now needs an unprecedented spending spree from its legendary base of "buy-anything" consumers to pull itself out of the hole it has dug for itself. If these idiots suddenly see sense and stop spending and begin saving, then the American economy is doomed.
Economics. Isn't it wonderful once someone break it down and simplify it?
CNBC has several segments where a panel of experts advised a common American man or woman on his/her personal finances. Basically, the panel of experts would take a look at the person's financial debts/assets and then advise him on what he should do to reduce debt and increase his assets.
There was this black woman who took my breath away with her stupidity. She did not have a stable job, had no steady income but was completely up to her nose in credit card debts. And yet, she kept saying that she needed sound financial advice on how to structure her debts and grow her assets. Most normal people would be able to see her problem by now (i.e. get a fucking job and income) but this black woman was absolutely stubborn in her belief that she just need to find the best way to "restructure" her debts. Finally one of the experts got fed up and told her straight in her face that she needs to get a JOB! Period.
You take this idiot black woman and x a few millions and you will get the root of the sub-prime problem in the US. Basically idiots who have no stable or little income and yet want to own big houses and live out the American dream (the American dream is one in which the family owns a house in the suburbs, has a dog, big garden and a grill in the garden where the family will bbq hotdogs on Saturday morning).
Millions of American idiots with little/ not stable / no income + deluded ambition to own a house + greedy banks still giving loans to these idiots so that they could charge them exorbitant interests = One in three idiots defaulting in their loan payment (fact) leads to SUB-PRIME DISASTER ACROSS THE WORLD.
I am constantly amazed that people can live their lives this way in which a person will pay for something which he or she obviously cannot afford even in his/her life time.
And yet, you know what is the most ironic thing now?
We now need these idiots to keep spending and spending. Heck, we need them to spend more. Because the American economy now needs an unprecedented spending spree from its legendary base of "buy-anything" consumers to pull itself out of the hole it has dug for itself. If these idiots suddenly see sense and stop spending and begin saving, then the American economy is doomed.
Economics. Isn't it wonderful once someone break it down and simplify it?
posted by Captain Obvious at 8:13 AM
1 Comments:
Ha... I can totally comprehend. I always have idiots bidding on my LV auction and later told me that they can only pay when they received their pay checks????
Anyhow, good news is these people are not affected by the crisis at all. And they are still spending.
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