Quote:
Originally Posted by Ethersync
If you look at human history then yes a "middle class" is relatively recent and uncommon. It is not artificial though. I also do think it will last, but the days of cheap and easy credit and being able to live well beyond your means with your HELOC are over. People today also have a crushing amount of debt to get out from under.
Yes.
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Actually, cheap and easy credit are what make the credit card companies the massive profits they are currently making. It's also the reason we are in this mess in the first place.
If credit card companies weren't making a fucking fortune from giving credit to people whom can't afford it, you wouldn't see them signing up broke college students at college campuses or at Spring Break events giving away CC's like it's candy.
Do away with cheap easy to get credit and it will only help the middle class but it will cause big business to crumble because they are the ones whom are sucking the blood out of the middle class and benefiting from all this.
The simple fact is our current economy is driven by people living out side their means.. You can thank deregulation and the guys at the top for this.. It's not just the morons whom couldn't afford to pay their bills because someone gave them the credit cards/loans they couldn't afford in the first place.