Family, Finances & Tech
Finances
The American Economic Collapse in Brief
Jan 23rd
The economy is not much better today than it was in 2007 when the recession began. There’s been many major events from the collapse of Bear Stearns and Lehman Brothers, to the massive bailout efforts put forth by the US Government, to the seemingly stunning stock market recovery during 2009.
In the past week, we’ve seen some signs of the “recovering” economy faltering and possibly the begin of the long predicted pullback. The Globe and Mail published a great little summary of the events in the US, how the people were screwed by bankers time and time again, and what Obama plans to do to make those bankers pay.
I particularly like the part about financial industry lobbyists returning “home on their private aircraft, where they were served fried puppy for dinner by their personal chefs.”
USA, USA!
Debt Sucks
Nov 12th
Debt sucks
Working in banking, part of my job is to extend various credit products (i.e. loans, lines of credit, and credit cards) to my customers. I’m not against debt, but the problem I’m seeing with most people who come into my office for credit is that it’s for all the wrong reasons. These days, people have forgotten (or never learned) what it means to save for something whether it’s big or small, instead they just get a loan. The best part is that they come in fully expecting to get the loan; without a credit history, with a terrible credit history, with little, to no assets, or simply based on the fact that they’ve been a customer since they were a kid.
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