Thursday, February 18, 2016

Debt Is the Only Problem



Al From Bay Shore said...

And this is why we need to make Alexander Hamilton and the Federalists pariahs. They were crony capitalists who set out to bind the new nation in debt. The Federalists deliberately added vague and ambiguous descriptions of national power to the Constitution. Hamilton used the "necessary and proper" clause to create the first central bank for the United States. His close associates "got paid" from the interest that resulted from lending to the federal government. This also created a huge wealth transfer from the southern states.

Faithless Cynic said...

I am paying off my debt and will be debt free in 5 years, just in time to retire and leach off the ponzi formerly known as Social Security. I got my first lesson about debt in 1982, when I bought my first house at age 25. I was interrogated by a bank loan officer about my finances. This witch was the most intimidating female I ever met, built like a fullback, unsmiling, short Jack Webb like questions, just evil looking. This is what I told the Mayan War God with boobs:

Drove a used car
Engineering job
$6000 saved and given by family members for down payment ( ths was a lot in 1982 ) The house cost $53,000

Suddenly she smiled ( this may have caused facial cracking ) and said these words " It is rare that I see a young man so well set up financially "

The lessons of my long dead parents who lived thru the great depression worked then, and, they work now. I paid the 30 year mortgage off in 10 years.