The Financial Crisis of 2008: The Underlying Issue and Consequences
We live in a country that encourages and allows you to prosper in ways that require hard
work, dedication, willpower, knowledge, experience, and productivity. What we do, what
we have, what we view as wealth and a living standard, is our choice. But one issue can
that change this concoction of personal and societal growth is a powerful concept of
corruption in my opinion*€”entitlement.
Figuratively breeding the idea that you deserve to live a lavish lifestyle; to strut around in
designer clothes, rock a Rolex and roll up in a Porsche, is completely financially harmless
as long as you can afford these things. Sure, you slapped down your American Express
Gold or Silver or Titanium plastic monetary medium, which is fine too. We live in a
society that relies heavily on credit and the proof that when you do borrow, you repay.
Because more than likely, no matter how much money you make, you will have to borrow
sometime. Most people, even financially stable, cannot go to the bank and withdraw
$200,000 when they decide to buy a house. Nor can most people pay off a new car in full,
no loan required. Credit is certainly very important and very valuable in our society. It is a
useful tool if you know how to use it, and you understand that you are spending money,
promising future funds away as well as interest on what you borrow. The problem begins
when you choose not to repay. We view credit in different ways, here are a few quotations
about the view and uses of credit in our society: Earl Wilson said, Today, there are three
kinds of people. The haves, the half-nots, and the have-not-paid-for-what-they-haves. An
anonymous author said, Oh, for the good old days when people would stop Christmas
shopping when they ran out of money. Mad Magazine said, The only reason a great many
American families dont own an elephant is that they have never been offered an elephant
for a dollar down and easy weekly payments.
Just the other day, I was having a casual conversation with a customer at the restaurant I
work. We got on the subject of student loans, and I had said that I had a few thousand
dollars out worth of loans for school, but believed it was more than worth it. She cackled
nonchalantly, Honey, just file bankruptcy. Thats what I would do. File bankruptcy because
