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  • From: Lynn Wigglesworth <lynnw1366 AT hotmail.com>
  • To: <homestead AT lists.ibiblio.org>
  • Subject: Re: [Homestead] It depends on whose ox is being gored.
  • Date: Thu, 16 Oct 2008 16:47:42 -0400


Bob; I think that's a 'new' version of the American Dream. My parents
grew up in the depression. They had a small mortgage on their first
house, and scrimped to pay it off in a couple of years. It was the only
debt they ever incurred. They built their second house over 3 years, as
they got the money. They NEVER owned a new car, they bought what they
could afford. They wouldn't even USE a credit card. The world operates
just fine for people who don't use credit. Maybe a system built on debt
is wrong and essentially unstable; maybe it needs to be based on
something with real value.

The idea of financing everything so you can live above your means is, I
think, a new-age idea, and clearly can get people in over their heads.

Lynn Wigglesworth


bob ford wrote:
> That is something else I don't know how to answer. If we had no debt (used
> no credit) there would be no money. Our economic system is built on debt.
>
> I don't know about where you are from in Wisconsin or how it is in
> Missouri. But, in alot of places, a man graduates high school, and , if he
> doesn't go to college, he trys to get a good job. He borrows to buy a car
> to go to work.
>
> He meets a girl, gets married and they borrow to buy a house. Those are
> the two largest expenditures in most people's lives; and for most people,
> just those two things keep them in debt for most of thweir lives. And that
> doesn't include the debt from raising children, their college, doc bills ,
> etc.
>
> If the young man went to college, it would only be slightly differnt. He
> might have a better paying job and marry a couple of years later, but still
> living in debt pretty much for ever.
>
> That is the system, and it isn't right when people who played by the rules
> of that system are screwd over by people who cheated ....bobford
>
>
> --- On Thu, 10/16/08, Gene GeRue wrote:
>
>> From: Gene GeRue
>
>> If all of us refuse to borrow money, then there will be no
>> money
>> lenders. What odds would you give?
>
>
>
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