The question all americans should ask themselves.

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  • Sat, Jun 13, 2009 - 10:57pm

    #101
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    Re: The question all americans should ask themselves.

Sam may have just solved our future credit bubble problems: Layaways. Credit backward.

I well remember as a kid when no one had any credit cards but fat cat tycoons. When Mom wanted a new washer, you would go down to Sears, give them 10 bucks toward the purchase of the machine Mom wanted, they would take it out of stock to keep for you, you would pay 10 bucks a week or month until it was paid for and then they would deliver it.

No interest on layaways, no way to default on the purchase after you already have the merchandise, and no 750 credit scores. Also no buying those items you don’t need on a whim. If you were going to put money up before you got the item, you would think it through.

 

  • Sat, Jun 13, 2009 - 11:18pm

    #102
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    Re: The question all americans should ask themselves.

See, Jerry, there’s something to be said for the good old days.

Of course, the banksters would hate it – for obvious reasons!

  • Sun, Jun 14, 2009 - 12:48am

    #103
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    Re: The question all americans should ask themselves.

Sam can you point to any point since the founding of our country where bank credit wasn’t the dominate money?

  • Sun, Jun 14, 2009 - 03:14am

    #104
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    Re: The question all americans should ask themselves.

Ahhhhh…..Sam, I wish I was 25 and know what I know now……..

  • Sun, Jun 14, 2009 - 03:21am

    #105
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    Re: The question all americans should ask themselves.

[quote=jerrydon10]

Ahhhhh…..Sam, I wish I was 25 and know what I know now……..

[/quote]

 

Who was it that said "Youth is wasted on the young"  ?

 

  • Sun, Jun 14, 2009 - 04:06am

    #106
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    Re: The question all americans should ask themselves.

[quote=Thomas Hedin]

Sam can you point to any point since the founding of our country where bank credit wasn’t the dominate money?

[/quote]

Thomas – I’m not clever enough to know the answer.

From personal experience I do know that credit was not part of my knowledge base in my youth. If it indeed existed as a dominant feature around me, I was not aware of it. Later on, the first credit cards I ever had were Diners Club and Carte Blanche.

Apparently credit has been around in some form since the founding of our country as noted by Elizabeth Warren in this interview.

It’s a use of credit we’ve had in the United States since colonial times – Elizabeth Warren.

  • Sun, Jun 14, 2009 - 05:59am

    #107
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    Re: The question all americans should ask themselves.

If credit was not what we used for money in your youth what did we use for money?

  • Sun, Jun 14, 2009 - 06:19am

    #108
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    Re: The question all americans should ask themselves.

[quote=Thomas Hedin]

If credit was not what we used for money in your youth what did we use for money?

[/quote]

Silver certificates. Remember those? They were the precursor to FRN’s.

Thomas – I’m not sure what "game" you are up to here. I feel like you are playing the part of a teacher who is trying to elicit the correct answer from his student.

Why don’t you quit being coy and come right out with whatever you want to know. Enough of this foolishness.

  • Sun, Jun 14, 2009 - 06:36pm

    #109
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    Re: The question all americans should ask themselves.

I meant to comment on this days ago but have been preoccupied, but anyway on "what to do" about all this…

Like some of the others who’ve chimed in here, I don’t believe it’s possible (or at least not for us) to STOP the financial system as we know it from suffering a major collapse.  It’s possible to make minor changes and adjustments to allow for a softer landing I believe, but the political and business movers and shakers are by and large focused on preventing a collapse and keeping the status quo as it is, a largely futile waste of time and resources.  CM has started an excellent little community here and that community and the ideas driving it will likely spread far and wide, and I see that as the best way to tackle this problem.  But that is probably not going to spread far enough "upwards" to government and large business leaders in time for them to do anything proactive about it.  So the likely best tactic, as some here have already said, is wait for the system to collapse down to a simpler state, giving the right nudges along the way (building communities that encourage living within our means) in the hope that it makes the radical changes more manageable.  So I think the best thing for us to do is continue making our own preparations, encourage others to make their own as well, and keep an eye out for opportunities to influence the way the financial system and government reacts and adapts to the changes (the tea parties are an example).  We shouldn’t be naive that we will change everything overnight, but we will have a figurative hand or two grabbing the wheel to help steer the ship a little closer to where we want

– Nickbert

  • Mon, Jun 15, 2009 - 08:26pm

    #110
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    Re: The question all americans should ask themselves.

Ah Jerry, you and how many other baby boomers…?!

Mike

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