Constructive gadfly
Published on December 29, 2009 By stevendedalus In Politics

"Had the people at the top of corporate America, Wall Street banks and hedge funds not taken a disproportionate share -- most Americans would not have felt the necessity to borrow so much."

Reich is only partly correct here. Excessive consumer debt has always been with us since the credit card became universal. What was new was remortgaging the home that had nothing to do with improvements and maintenance to enhance or retain price integrity of the residence. Credit and debt by definition is symbolic of the haves and have nots. The greater the wealth of the elite the greater the debt of us lowlife,especially when the latter over the years continually are shortchanged in real wages.


Comments
on Dec 29, 2009

I like your article, strange though how you failed to mention that people in debt have the option of not getting into debt if they didn't fancy all the things they can't afford. Why blame the ones who got themselves in trouble when we can blame the ones who got rich of their stupidity.

on Dec 29, 2009

Richard I have to agree with Chuck on this. No one is holding a gun to most consumers heads, forcing them to use credit. People must take responsibility for themselves. If people don't use the services of the "elite', as you say, then one of two things would have to occur. The people you assume are taking advantage will go away or offer more favorable terms. The real problem is most people don't have the self discipline to make the correct choices. There is plenty of blame to go all around here.

on Dec 29, 2009

"There is plenty of blame to go all around here."  I agree, but greatest gap ever is not good for the necessary health of a middle class.

on Dec 29, 2009

Richard I have to agree with Chuck on this. No one is holding a gun to most consumers heads, forcing them to use credit.

It goes to the core of liberalism.  People are not capabile of being responsible, so the government must take care of them.  The Nanny state.

IN all fairness, I know SD is a liberal, but he is not that stupid either.  He knows the truth of the matter, but will not admit it unless pushed to do so.  It is easier to blame evil rich guys instead of the stupid people, and it appears more compassionate.  Note I said appears.