-
Website
http://brentinworship.com/blog -
Original page
http://brentinworship.com/blog/2008/09/id-like-a-big-mac-fries-and-700-billion-dollars-pleaseto-go/ -
Subscribe
All Comments -
Community
-
-
Top Commenters
-
Popular Threads
nice work.
<abbr>joshua´s last blog post...…some weeks are worse than others</abbr>
<abbr>Christian´s last blog post...Different Visions of the Cross</abbr>
Credit is not your problem here, Dude... Greed and undisciplined 'want' is.
Credit serves a useful function - it permits growth, expansion of ownership.
But there ARE definite rules we all NEED to learn and follow. In this it is exactly the same as owning a gun.
It's not the gun's problem people get killed by other people using them - it's that people don't learn and only apply the rules when owning one.
It's not the credit facility's causing the problem - it's us schmucks who don't learn the rules and just see what we want and go for it.
If we listened to people like my parents who always used credit responsibly and waited until they could afford everything but their Home to get one we would not be in this mess today.
We're human - we're greedy and make mistakes and rarely understand what we do. (this applies to those 'in power' also).
<B
<abbr>love´s last blog post...love’s Bare Bones Bible.</abbr>
C, Not sure we can ever put the Genie back in, but I'm a bit cynical about all of it.
Love, I completely agree that credit, guns, etc, are not the problem. But, credit without money to back it up is. And, I'm not just talking assets. Banks have taken on and promised out too much. They've risked money they didn't have to risk and they've lost and because of it, we are losing as well. Many people who properly used the system are losing.
Tammy and I went through that. We properly used the system. We bought according to our income and price range. We trusted the lenders and they lied and in turn they hurt us. But, in the long run, I look back at it and what I wanted and wonder if I "needed" any of it to begin with. I wonder what my life would look like if borrowing or using the system(even properly) would be like.
Of course we would have to sacrifice things like huge houses and expensive educations...but if you think about it...the cost of those things would have to go down.
<abbr>Tyler´s last blog post...One Spot Left</abbr>
If we could not borrow money, things would be have to be different.
Our budget would have to be streamlined to only the necessities.
My wife and I learned how to be fiscally responsible early in our relationship. Mostly, we learned how to live within our means. We still borrow money for our house and cars, but other than that if we don't have the cash, we don't buy it. Yes, we(our family) all do without the name brand clothes and foods, but it is a much simpler life. Why spend two to three times more on the same thing just with a different label? I suppose if we did not quasi-own(?mortgage) our house we would have to rent. If the banks would not give us our car loans we would be forced to buy less of a car, and not have as much in our savings account.
I think we all will need to face the fact that the economy is going to require us to sacrifice, innovate, and adapt. Like you I am excited to see what happens with all of this.
Keep up the great work, Brent!
<abbr>bryan´s last blog post...Ready for another day @ school.</abbr>
<abbr>Indian Lake Papa´s last blog post...I dreaded Saturday!</abbr>
Back in the day, we had to go to our bank and apply for a credit card with even a low credit limit. The first card I had a $500 limit back in 1984 I think. We did not receive pre-approved credit in our mail boxes 10 times a week and 5 more on Saturday. There was no such thing. When we wanted something at the department store we waited for it to go on sale then we "put-it-on-lay-away" and paid for it slowly ... then it became ours only after we paid it off.
Things have changed. Deregulation was supposed to spur competition and the consumer (a.k.a. taxpaying citizen) would be the benefactor. Competition has given way to co-dependency, whereby if one domino falls, they all fall. And it is a little difficult to see who the benefactor is now. Part of me wonders if we don't need this crash. Badly.
<abbr>Ric´s last blog post...Rise an’ Shine!</abbr>
I'm sure you've all thought about the timber industry, the applicance manufacturing industry etc. What about your local public works? How will they be affected by this housing crash? How will that affect you? What about churches. If jobs are lost, homes are lost, do you think people will be giving $ to churches? Even a 10% minimum tithe would be difficult, if existent at all. That would affect tons of jobs too. It would affect all of those who are depending on churches for a hand up. People who are struggling to buy groceries (who can no longer depend on government subsidaries, because they are overstressed) will depend on the church, but the church won't be able to accomodate.
It would take a miracle...oh wait...never mind. Delete all the above. I forgot for a second Whom we live for...
<abbr>mandy´s last blog post...Bailout</abbr>
We have been in a sort of "economic crisis" on a smaller level since we came back into regular air force from recruiting. Imagine your paycheck literally cut in half. ;-) It's been interesting to see how we do with need vs want. Jake misses going out all the time but I love the simplicity of it. I was just thinking about how much money we wasted before. Kinda makes me sick.
Also, if we couldn't borrow money I wouldn't have a ridiculous truck or our camping trailer (which I love actually). I keep saying ridiculous truck b/c I hate that stupid gas guzzler. :lol:
<abbr>Brandy´s last blog post...My Funny Boys</abbr>
I am hoping for some alternative energy choices from all of this.
Id be ok with not borrowing money if I could get rid of the debt ive already borrowed
<abbr>klampert´s last blog post...“Cheer Up, It’s Not the End of the World”</abbr>
Money, or rather debt, is said to be the biggest thing couples fight about and then divorce over. If you lose your credit card, you can't rest until you've found it or cancelled it (and of course ordered a replacement). I just want to be free.
<abbr>Melinda´s last blog post...Did you see?</abbr>
Tyler, that is my assumption as well. If things didn't need borrowing to buy, prices would have to accommodate or else no one would buy.
Bryan, you said something important that I think takes many of us a long time to learn. If you don't have the cash, you don't buy it. I think this is huge wisdom that we all should live by.
Papa, you've used the system correctly. It was never meant to drag people along, it was meant for people to get a boost and then leave it behind. And, the communication is key. It is amazing that finances is the number one reason for divorce.
Ric, Haha! I remember lay away. I bought my first keyboard that way. Paid for it for 6 months before I got to even touch it. Also, deregulation...don't get me started. The final decision always lies with the buyer, but deregulation released a rabid dog and it's out of control.
Mandy, I love your comment! You bring up the reality of the situation, but in the end you realize, it really doesn't matter and our God is bigger than all of this. Amen!
Brandy, I think papa's wisdom is good. Get that stuff paid of and keep communicating between you and Jake, and you guys will do great.
Klampert, I hate debt! But I got myself into it, so i had no one to blame but myself. The alternatives will be interesting, as long as people seek the good and not the dollar.
Melinda, I hare you loud and clear. tammy and I had to file for bankruptcy this last year. It was the hardest financial decision we will ever make, but I would recommend anyone in an overwhelming situation with finances to get some council on it and make a plan. Everything changes. All your priorities change and all your budgets change. But for us, it was the best thing that could ever have happened. Let me know if you need any numbers to call or anyone to talk to. I'd be glad to pass a long the info.
<abbr>Cheryl´s last blog post...A Thousand Questions....</abbr>
I wonder what would happen though if those businesses didn't produce until they were paid. What if TV was only turned on when you paid. Pay up front and you get what you pay for. That would cancel any chance of late payments.
All of these problems are due to one thing. People who want to play God. Religion, politics and economics will always cause anxiety in everyone, its sickening.
Anyway, we managed to be debt free with exception of medical bills for Greg's surgery... 4 years later. Ugh!
<abbr>Cheryl´s last blog post...A Thousand Questions....</abbr>
<abbr>Cheryl´s last blog post...A Thousand Questions....</abbr>
For the Kingdom,
Fred McKinnon
www.fredmckinnon.com
www.theworshipcommunity.com
<abbr>Fred F. McKinnon´s last blog post...Worship Books - Which Ones?</abbr>
Cheryl, you guys have done well considering the medical pressure!
Fred, it just doesn't make sense does it.
Brent, you are asking a very important question that we all need to think about.
I agree that too many Americans have borrowed too much money. America collectively, people, business, and Gov't, all share responsibility. Controls that were put in place to prevent a depression, have been removed by both Democratic and Republican administrations.
I think however, that Capitalism is still the best financial system mankind has created so far. Capitalism is built on credit, no business, large or small, can exist without it. Any technology you can think of was built with credit. Recessions, bad times, are part of the economic cycle, they can't be avoided. What the government is trying to avoid now is a "depression", like in the 1930's.
Even if the bail out does not get voted it is hard for me to believe we are headed for a depression, an unemployment rate of 25%. However, without an infusion of credit the number of unemployed, the number of bankruptcies, is going to significantly rise. The only institution with enough credit available is the US Gov't. We have already seen the largest bank failure in our history, Washington Mutual, and Wachovia, which had been the fourth largest bank in the country, was just sold for about $1 a share.
With no bail out the unemployment rate may go over 10%. It is a question of how many bankruptcies do we want to endure?
Trying to go to a cash, pay as you go system, does likely mean, imho, going through another Depression, like in the 1930's. Farmers need credit to buy their seed for planting. Companies need credit to buy their inventory. I prefer to keep our current Capitalistic credit system in place.
<abbr>ed´s last blog post...Charter For Compassion</abbr>
Anyone wanna buy my share of AIG?
<abbr>scott´s last blog post...Blogged Bible Study - John 11</abbr>
I still contend that I am not speaking against our system of capitalism, I am speaking against our system of money handling. Capitalism is not built on money that doesn't exist. Bad loans are. Capitalism is not an opportunity for just a rich man to get richer, it is an opportunity for a small business person to create a great product and make a life for himself. Our system does not protect that. it protects the rich man. Why? Cause the government is involved.
Capitalism is not built on credit. It is built on innovation and hard work. Credit is a tool, not the product.
It was in reaction to the Depression of 1930 that the government became more involved in the US financial markets. Regulations, like the Glass-Stegall Act, which created the FDIC, were designed designed to control speculation by Banks. It was repealed 1999 to de-regulate the banking industry. To get the Government less involved in business.
I hate the idea of owing anybody money. If I did own a business I would probably try to operate as you suggest, on cash not credit.
I can see some advantages to a cash system, such as it might be more stable. It could lead to a slower pace of change, which some people would prefer.
I think growth is likely to be slower because you would need to build up a cash reserve before you could buy new equipment. A new competitor, starting out with the latest innovations, could put you out of business.
I could also mean that in bad times, when you do not have adequate reserves, with not access to credit you are more likely to go bankrupt. The people with the cash to start of business are the rich, a person who inherits a business, or an older person who had worked long enough to save enough money.
I think a cash only environment is likely to work against a young person with a great idea, but no money and the innovator.
<abbr>ed´s last blog post...Charter For Compassion</abbr>
I'm opk with slow growth, but it does seem that when a product really connects with society, that there is no way to slow growth down. I believe that there will be businesses that only maintain and that's ok and others that excel. I don't think all businesses should have the same options, just because they are a business, I think that the product and the need for that product should gauge the value and worth of a business. That's what i would like to see us get back to. We are just so money hungry as a country. We think we should be able to make money without working for it. I disagree.
I don't have much opinion on this do I :)
I worked at two banks, First Union in CT and Wachovia, that were lead by some of the smartest bankers in the business. They made terrible loans and both banks have failed. It was greed that turned these financial genuises into river boat gamblers.
I can't claim to be enough of an expert to say that Capitalism could not exist with out the use of credit. You could be right.
I do think the credit markets have helped to built America into the strongest economy in the world, even with all these bankruptcies. However a strong economy in itself does not make a great country.
The focus of too many Americans is on making money and the material goods it buys. We do need to shift that focus from money to people. Building a stable family life is more important than the size of the house we live in.
Greed is key here. I know I have to make sure I am living without it. When i do, it's interesting how things that used to matter, just are not that important anymore.
Have you been following the same scenario in England with the B&B? It eerily similiar..and has caused me to step back for the news reports and the press releases and look at both situations...and now my bigger question is.."What is really going on, and when do they think the truth might be a good idea?" just being the 70% later the 30% will be out to play!
<abbr>darla´s last blog post...Healing, restoration, and a smile</abbr>
Seems to me, that in our governments hopes of pushing away a depression, they have chosen to not look at and fix the current systems. A mere band aid, that is going to come off at some point to expose a nasty wound that already exists.
just a thought but entertain it for a moment that is all it takes...If I were Al-quaida(sp?) freezing our economy and causing a depression is similiar to us trying to freeze their assets...we all know there are plenty of people who will sell their mother for the right price...just a thought I had when realizing we are not the only country..looks like all countries claiming democracy..and yes our greed plays into it...okay I am done with the hard thinking...love ya have a good day..back to work for me!
<abbr>darla´s last blog post...Healing, restoration, and a smile</abbr>