I went and saw Wall Street the other week, the new(ish) movie with Michael Douglas. It was a riveting story and a scary one as well. Funny how the scariest movies are often the ones most deeply rooted in real life. The movie looks at financial improprieties on Wall Street... and the bursting bubbles of the last few years. The over-extended mortgage crisis and the global banking crisis of last year. The scary thing is that this could happen again... and next time, there might be no recovery...
I read in the news the other day, that some banks are once again over-extending mortgage lending... loaning more money than the house is worth... kind of scary to think that could happen again... A time when our money is worthless... when deposit insurance is worthless... It would make the Great Depression look like a dip in the road... This would be a serious pothole!
Consumer debt is increasing at an alarming rate. Credit cards are maxed out... We are all living beyond our means... Not just the banks. My question to you is... how is your credit? Are you living beyond your means? Do you carry credit card debt (the biggest scam going...)? How financially solvent are you? Do you buy more than you can afford? ... Stop it!!! For all of our sakes... Sto pit...
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