Can the US be cured from the credit card addiction?
Thursday Nov 13, 2008
As I have understood from the new direction the bailout is taking, Paulson wants to move some of the funds towards credit card companies, student loans and consumer lending in general. As much as I am pleased that not all of the money will be going to the financial institutions that got the world into this mess, it does make me wonder.
When is the US going to get the wake up call that is long overdue? Being a society focused on consumption is not bad per se, but living on credit to keep the consumption going is another thing. I am the first to admit that I also have a few credit cards, but zero debt. Each month I make sure that all that is owed is payed, as it should be IMHO.
Has the US reached the point of no return? Meaning that should the US adopt a different attitude, and stop spending on credit, the whole country would go bankrupt? And with it, dragging the whole world down with it?
What do you think? Should all hope be abandoned?
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