South Carolina Citizen Journal

October 18, 2008

Debt/Bailout

Filed under: Economy, South Carolina, U.S. Congress — NotforHire @ 8:32 am

The current economic crisis has been spurred by deregulated greed of mortgage lenders, dubious decisions by home buyers to accept adjustable rate mortgages without reading the fine print, and global bankers who were more than happy to overlook the underlying structural problems of these loans and spin them into investment vehicles worth many times the initial value of the paper- but the bottom line here is the problem is a problem of over extension of debt.

Bad mortgage debt in this country is just another example of how we have been living beyond our means for decades, building up government and consumer debt at unprecedented levels.

Before we come out of the current recession would be a good time for South Carolinian’s to take a good look at how they are living. To practice buying locally and regionally as much as possible, to work on getting out of debt except for a mortgage(No More Credit Card Debt), to establish peer to peer loan operations within the state so when people need to borrow money, the interest(i.e. wealth) does not flow out of the state, and to greatly reduce the amount of oil we import.

If doubling the national debt happens to staive off a recession now, we will pay for it down the road, and it is time for South Carolina to start preparing for the future.

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