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That is certainly the easy explanation. It's the explanation that the people with all the money would like for us to believe. Back in the 1900's people with a lot of money tended to earn it by manufacturing and selling things. They employed people, they invested in their businesses and the whole country prospered. It's how America became great.
Now a large portion of those top earners have made their money through selling paper with nothing on it. The country was doing great until the government deregulated the financial and mortgage markets. 30 year mortgages have been the norm for at least the past 50 years. When I was in my 20's, it was just about impossible to get credit of any kind unless you didn't need it. Now they send credit cards to kids in college that have no jobs. It's easy to step back and criticize those people that don't pay as they go. It's human nature to want instant gratification. Granted it is a bad aspect of human nature but it's there anyway.
Life really is a lot like a game of Monopoly. Some people land on Boardwalk before it has been purchased and reap the profits. Other people land on Baltic Ave. Ronny should have left well enough alone.
That is certainly the easy explanation. It's the explanation that the people with all the money would like for us to believe. Back in the 1900's people with a lot of money tended to earn it by manufacturing and selling things. They employed people, they invested in their businesses and the whole country prospered. It's how America became great.
Now a large portion of those top earners have made their money through selling paper with nothing on it. The country was doing great until the government deregulated the financial and mortgage markets. 30 year mortgages have been the norm for at least the past 50 years. When I was in my 20's, it was just about impossible to get credit of any kind unless you didn't need it. Now they send credit cards to kids in college that have no jobs. It's easy to step back and criticize those people that don't pay as they go. It's human nature to want instant gratification. Granted it is a bad aspect of human nature but it's there anyway.
Life really is a lot like a game of Monopoly. Some people land on Boardwalk before it has been purchased and reap the profits. Other people land on Baltic Ave. Ronny should have left well enough alone.