Personal - #29 - #501 - #83 - Has “CREDIT” become a nasty word?

When you use something without fully paying for it beforehand, you need “credit”.
Whether it’s a house or a T.V. or an auto, you often need “credit”.
Any keen entrepreneur knows that a national need can make someone a lot of money.

So-o-o, the entrepreneurs got into the “Credit” business. They already were in the lending of money (the Credit business) in many ways… mortgages, payrolls, and money for future needs such as inventory, Christmas gifts, etc.. except that Government was encouraging the new “ Credit business” with such things as guarantees, loan amounts, etc.

So-o-o, more people entered the “credit business”. Some were in it already but some entrepreneurs saw a grand new future in the new government’s position …. There people invented new instruments for Credit called bundling, credit swaps, etc. and a new business was formed! It was seemingly unregulated or partially unregulated, with a credit rating bureau that was funded by the same people that made money from the ratings, with lots of legal and illegal points of view, a “NO Docs” policy, etc.: The new Credit people became immoral, unregulated, and obscene in the making of money from this new “Credit Business”.

Now we find ourselves in a mess. Do we penalize the people who did the right thing in order to give the entrepreneurs a chance to succeed or what?

Do we spend the general taxpayer’s money so that the economy in general will thrive…or what?

We already paid the construction stiffs their wages in the present prices of the mortgages. So if we reward the builders by paying down the prices or the mortgages on this “overhang” what do the people who used judgment and played by the “former” rules get or are entitled to?

We allowed the mortgage market to zoom up….what now?
We allowed the new markets to form with their “no docs, and their “bundling” ….What now?
There is nothing strictly illegal, but we are all suffering!

And what do we do with the car companies? The Companies were blackmailed by sriking the companies into accepting trade rules and salaries that made them now uncompetitive. Whose fault is that?...management, the Government, the unions? Nothing illegal…just irrational!

Now we’re told, “My Team” will form the right policies. Without a guiding “philosophy”, all we’re going to hear is more political jabbering.

Have we made an intelligent choice?