I didn't say that I said the contrary, but if we take your criteria of stupidity you can conclude that but it is not my criteria So ? I already said: it is not really a choice of people, it is the system.
oh really? so americans didn't actually choose to take on these debts, they were forced into it huh? there was no other possibility but taking on debt, right? yeaaahh, right ps - and note: my criteria for stupidity go further than just taking on absurd levels of debt (especially consumer debt).
Then Japanese are the smartest people in the world because we save money and act like ants to Corporate Japan? We don't take risks and say, "Hai Hai(Yes yes sir), to every authority. We actually have the highest suicide rate in the world. Did you know that everyday there's 3 people who committ suicide by jumping off the train track in the morning? It's too common that, those things don't even appear in the news. C'mon... from what you say, All Europeans or Western Culture is stupid from Japan... Please!!! You're a freagin' moron. But do you know what happens to the family who is left behind? Most of the suicides are guys who committed their life to their jobs for 30 years and got fired because of the economy. They have no other life than that job, so they committ suicide. The family that is left has no where to go. Woman can't get jobs and support themselves so the wives or children starts prostituting or if the girl doesn't like to, they run away from home, get picked up by mobs, starts by treating them nice, drugs them and they prostitute again for the mobs.
Milton Friedman, who is a liberal, said "You know, people have the image, have the idea, that somehow "we the people" are speaking through the government. That is nonsense." http://www.elitetrader.com/vb/showthread.php?s=&threadid=12505 So if you think, that we, the people, choose the system, it's a farce. In France, one of the politician in government, said during the new economic, that people had not enough credits. Why do politicians want people to take more credits huh ? Credit is ok when economy is right. The problem is economy has been broken. All benefits are virtual. For example you think that Microsoft make benefits ? It comes from stock markets, there was a study that was published by some magazines that Microsoft and most enterprises don't make any benefits but do conduct financial pyramid schemes that one day will collapse. This report was somewhat censored. In France it is not even a secret that enterprise do not make econmic benefits but only financial benefits. That means economic is just like horses to bet: it doesn't matter to have many horses but only a few to bet on. So massive unployment rate is to come as well as debt explosion since when people lose their work they can't honor their debts.
harry, just answer me this: is anyone FORCING people to take on debt??? if not, then people have a CHOICE. personal responsibility is what it comes down to. those that accept responsibility for the quality of their lives are by far the most likely ones to improve it. those that don't, those that point the finger of blame in every which direction except at themselves are exceedingly unlikely to.
oh BS. who gets to decide what constitutes a 'benefit'? wouldn't it be the person that desires to purchase the particular product/service? if HE believes it benefits him, then it benefits him. obviously, we don't NEED $5000 hi-fi stereos and we don't NEED luxurious power boats and we don't NEED 80inch televisions, but some people WANT them. hence the 'benefit'. now, the great thing is, if you DON'T want those things, you don't HAVE TO buy them! get it? CHOICE
When you don't win enough, you have to pay your appartment and your foods, and let your children go to school, what will you do huh ? And unlike enterprise all these spending are not deducted from taxes, if you have to pay taxes on your spending, you are obliged to take credits. Millions of american people are under the world minimum criteria of poverty do you know that ? Credits for true rich people (not the false new rich which are rich of credits) is ok, but for others no. The problem is these people sometimes has no choice at all. And now, as for the woman, ok she had the choice, but she chose on what she believed : the so called new economy. Is this a choice ? When you take a trade you will say the same thing, but you limit the risk, so you will say, she has to calculate her risk. Haha do you know Wall Street legend ? "A trader according to the Chicago legend, 'made 8 million in eight years and lost 80 million in eight minutes'. According to the same standards, he would be, 'in general', and 'on average' a good risk manager." from Nassim Taleb in DerivativesStrategy 'The Jorion-Taleb Debate'. So even professional can make a bad choice. So people also and even more of course and even more when they are told fairy tales. And government has published statistics to make believe it and some statistics of that period were even severely degraded 2 years after !
well, if you're lucky enough to live in a 'prosperous' western nation, most likely the government -- your fellow citizens (via taxes) -- will give you a helping hand. if you want to STILL KEEP your 'quality of life' (living standards) up and take on DEBT to do it, it is pretty clear to me that you are a complete idiot. now, you can blame the existance of that option on the 'system', but i would blame it on the individual. also: i wouldn't say that credit is bad for non-rich people; it depends on the kind of credit. credit for consumer goods -- BAD BAD BAD. credit for assets - can be good (if you don't go overboard). as for the millions of americans living in poverty -- yep, i'm well aware of that. but discuss the one topic please. (otherwise it feels like i'm talking to my father..)
of course it's a choice! what the hell else could it possibly be?? sure, the information she based her decision was faulty, but buddy, that simply comes back to RESPONSIBILITY! you're not six years old harry. you know that life isn't always fair. but the people that get ahead in the world realize and accept that. i, myself, got 'screwed' out of a decent chunk of my equity last year. i hate the fact that it happened, but, the way i see it, the only real choice i have (based on the way i see the world) is to go on; pick myself up, learn from the mistake, and keep going. ?? what the hell do you think! of course i do. now, i can imagine someone that quotes Taleb in his signature will probably come back with some smart ass line about how i couldn't possibly know the real risk of my position. well, you don't have to say it. i'm well aware that the the 'real' risk extends beyond what i've calculated -- but i'm willing to accept that. you sure won't find me whinging on a message board (or anywhere else) about it.