Quote:
Originally Posted by MikeWaters
Maybe the problem is that families really ought not carry 50,000 dollars in credit card debt.
Instead of the problem being that they can't increase that credit card debt.
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This happened because the entire country is living beyond its means, in the macro. That's what happened no matter how you look at it.
We've been paying those fat cats tens of millions of dollars a year of borrowed money.
They were churning, generating short term paper gains to justify their (cash) bonuses, not caring about consequences tomorrow.
Generating transactions is all they cared about because that's how they got paid.
Have you ever heard of baseball baptisms? That's what this was like, to a tee.