The economy tanked in late 2007 and continues to tank because the media perpetuates the message that never ending economic growth is essential to our way of life.
Anything short of never ending economic growth is supposed to strike fear into society.
A never ending economic growth agenda is the plan perpetuated by the rich elite through our Ivy League College education system and is a message that is echoed daily by the media.
A never ending economic growth agenda creates pressure to find new ways to "make" money, even when new money making ventures involve economic fraud in the form of home mortgage securitization investment schemes. Wall Street actually created home mortgage investment opportunities for investors in which they profited whether or not the homeowner was able to pay their monthly mortgage.
This wall street win win investment scenario motivated the banks to create enticing and alluring home mortgage loans since once the loan was signed, wall street would make money even if the homeowner defaulted on their mortgage.
High interest rate charges on credit card and student loan debt actually tips millions of americans into more debt, even when lower interest rates could actually allow these very same "debtors" to reduce their debt every month which would result in solid credit scores for the very same people floundering under intense and unfair interest rate charges.
Aggressive, foundational, unethical and possibly illegal foreclosures allows for the labeling of foreclosure victims as bad credit risks. Bad credit risks must then pay exorbitant interest rate charges for the rest of their lives because they have been unfairly scarlet lettered by the banks who were actually profiting by selling loans they knew would fail.
What the world needs now is a consumer's right to declare DEBT NEUTRALITY.Debt Neutrality would allow people who behave humanely and responsibly the right to pay down their existing debts having the interest rates on their debts significantly lowered. Take away the penalties or fees and the struggling masses become less encumbered by a system that is presently rigged like a pyramid scheme for the benefit of the rich elite.
Never ending economic growth will last only as long as there is a never ending supply of oil and the never ending supply of oil is coming to an end. It's a finite resource and world wide oil reserves are being kept a secret for good reason. There ain't much left.
ReplyDeleteYes.
ReplyDeleteIf a homeowner can reduce their overall environmental footprint through serious conservation, they should not be punished by the banks for making "less money" as a result since they now require less income per month to meet their reduced addiction to outsides goods and services.