Whatever happened to the old-school way of forcing "personal responsibility" on Americans by the FED... Raising interest rates to minimize irresponsible spending including controlling the crazy growing debt during economic growth ??? Serious, America has a credit card crisis, businesses over-expanded (now retracting) and rising interest rates has not been able to reign it in...at least so far. wrbtrader
Baron, how about you telling me 3 ways a person can fall behind economically due to irresponsible decisions? Just 3 examples of bad decisions . I think both you and I may be on the same page. Obviously high credit card debt - buying items you cannot afford is one example.. im not talking about using your credit card to pay for food or an electric bill.
Bugenhagen- Another Alias of Cuddles, Tony_Stark, Nine_Ender and a bunch of others. Those fake avatars fool no one.
1. Consistently spending more than you earn. 2. Having children when you can't even take care of yourself financially. 3. Marrying the wrong person, aka divorce.
Agree 100%. Especially with #1 and #2 ( particularly when young and not being married). #3 is a tad dicey. You can get married for the right reasons and then 10 years later things go south. However, many people get married way too young, for the wrong reasons, or spur of the moment without knowing the person well enough ( hollywood ).
I just did.. we are on the same page. We can also throw in going to college and choosing a useless major or committing crimes( not stealing food) but your list is in line with mine. Numbers 1 and 2 really capture the essence of the issue. Family structure is extremely important.
I asked you to give me an example of what you'd want to hear from the Fed regarding personal responsibility but you haven't answered that question. Obviously since you started this thread, there's a lot you'd probably want to hear from them, so spit it out.
The fed could mention family structure, crime, substance abuse. The fed would say there is only so much they can do and responsible lifestyles is an individual choice. Maybe Janet Yellin could assist. I do agree with everything you say Baron.
The reason why the basis of your thread is flawed are many. I'll just name a few: 1. If the Fed mentioned the items you noted, do you really think that the people who really need to hear that message even know what the Fed is? Hint: THEY DON'T. 2. There's a reason why it's called "Personal" responsibility. It's a man's personal choice to make wise decisions or not, regardless of what the Fed may do or say. He can make dumb ones if he wants, but the consequences for that are already built into life itself. 3. The Fed has no authority to preach about personal fiscal responsibility when that institution is responsible for devaluing our own currency due to rampant money printing and other monetary policies that have turned out to be some of the worst financial decisions ever made in the history of mankind.