Peter is the archeological ancestor of the banker’s who loaned money to people that couldn’t make their payments. Unfortunately for him, the bailouts are too far in the future.
Usually when some government forces more money into an economy than is matched by economic growth, the result is general price inflation, which the American economy has undergone for over a century.
But there are more ways of inflating the money supply than just running the printing presses. For the last several years the Fed. Reserve injected a flood of credit by its manipulations of interest rates. Banks found they could borrow money almost for free, and began looking for things to do with it.
Leaving out a great many details, the end result was the housing bubble and the credit card problem, both caused primarily by government policy (although shortsightedness by both the banks and the public played a role).
But people who believe in constantly growing government power will never admit who is really responsible. Since they’ve been taught all their lives that profit is evil and businessmen are criminals, of course they’ll blame banks, insurance companies, Wall Street – anyone but Congress, the White House, and the horde of government bureaucrats who are the descendents of George III’s “swarms of Officers [sent] to harass our people and eat out their substance”.
Good or bad, it’s gotten a lot more difficult in the past couple of years to get a credit card. I was working in the credit industry, and many people have been laid off due to drastically declining business. Granted, I have 2 credit cards and pay them off in full every month, so it doesn’t affect me much, but everything has changed recently for a lot of people.
ps didn’t mention the banks used to be required to have 10% of assets for a borrow from the Fed. The SEC was supposed to patrol that, but officials laxed it under Clinton and then the Bush Ad. SEC didn’t enforce it at all. They were down to needing 1% to 1/2% when the crash landed. LACK of government oversight let it happen.
Incidentally, the Fed is a PRIVATE institution so you were actually blaming an unconstitutionally created private capitalist bank for the crash anyway, ps.
Missed the point that greed indeed caused the crash, PS. Gov and Business fed each other’s evil. Human systems will always be corrupt, soc or cap. That Bible you won’t believe has been saying it for millennia.
freeholder1–The Supreme Court declared such banks constitutional way back in the late 1700’s in a case called McCulloch v. Maryland. I took my con law exam yesterday :-)
Ironically enough, the case came after a very similar situation to what we are dealing with today, where interest rates skyrocketed and banks started foreclosing on private land. There were also a lot of issues with crooked bankers. Reading the history of the case really blew my mind. It was like reading a current-day newspaper. History really does repeat itself!
Joe-Allen “Joe” DotyGenius_badge said, about 14 hours ago
“Yes, I knew before I posted the comment of “alive and breathing” would be redundant; but, some folks I have known over the years have actually used those 3 words together.
Some of you folks don’t understand my sense of humor. And you think I don’t get the meaning of some of the comics and yet you don’t get what I write.
You shouldn’t judge folks and then go ahead and do the same things they did, just in a slightly different way”.
Joe- Most of us do understand your sense of humor and enjoy your comments. Don’t get your panties in a bunch when someone responds to your comments.
MontanaLady over 14 years ago
……and you will see the secret message……written in invisible ink….
Pacejv over 14 years ago
That’s how I got to Ft. Knox & Ft. Hood!
Donald Benson Premium Member over 14 years ago
Um, didn’t things change a year or so ago?
COWBOY7 over 14 years ago
It’s the sign of the times………………………
Same here, Pacejv. Just different places!
ladywolf17 over 14 years ago
I only wish it were that easy.
EarlWash over 14 years ago
One debit card is enough. That way I can breathe with ease.
Pacejv over 14 years ago
@ Lonewolf …A big club we were in!
ksoskins over 14 years ago
Peter is the archeological ancestor of the banker’s who loaned money to people that couldn’t make their payments. Unfortunately for him, the bailouts are too far in the future.
Yukoner over 14 years ago
How many clams can you owe?
lewisbower over 14 years ago
I wish my wife would give me some credit.
pschearer Premium Member over 14 years ago
Usually when some government forces more money into an economy than is matched by economic growth, the result is general price inflation, which the American economy has undergone for over a century.
But there are more ways of inflating the money supply than just running the printing presses. For the last several years the Fed. Reserve injected a flood of credit by its manipulations of interest rates. Banks found they could borrow money almost for free, and began looking for things to do with it.
Leaving out a great many details, the end result was the housing bubble and the credit card problem, both caused primarily by government policy (although shortsightedness by both the banks and the public played a role).
But people who believe in constantly growing government power will never admit who is really responsible. Since they’ve been taught all their lives that profit is evil and businessmen are criminals, of course they’ll blame banks, insurance companies, Wall Street – anyone but Congress, the White House, and the horde of government bureaucrats who are the descendents of George III’s “swarms of Officers [sent] to harass our people and eat out their substance”.
zev.farkas over 14 years ago
whatever happened to the good old days when banks would lend you money only if you proved you didn’t need it?
@JAD - I think they only require “breathing” these days…
@pschearer - I think you forgot one important element in the list at the end of your comment - “ourselves”
Inflation is the rate at which people realize that paper money is essentially worthless.
yankygirl over 14 years ago
In there here and now you don’t have to ask for one they come, call , or mail you begging you to take one.
DolphinGirl78 over 14 years ago
Good Morning to ALL!!!
GROG Premium Member over 14 years ago
Reminds me of a Married With Children epsisode where Buck the dog got a credit card….but Al didn’t.
Good Morning, Dogsniff, Ladywolf, ♠Lonewolf♠ & LuvH8!
poohbear8192 over 14 years ago
Seems like SPAM and credit card offers are equally pestilent.
I get about 4 or 5 credit card offers a week. Somebody must have told them I’m still breathing.
P.S. I think these spammers are scammers. The Jordan “seller” is here under a new user name.
rotts over 14 years ago
“alive and breathing” - redundant.
gobblingup Premium Member over 14 years ago
Good or bad, it’s gotten a lot more difficult in the past couple of years to get a credit card. I was working in the credit industry, and many people have been laid off due to drastically declining business. Granted, I have 2 credit cards and pay them off in full every month, so it doesn’t affect me much, but everything has changed recently for a lot of people.
halfabug over 14 years ago
i have not had a credit card offer in a long time. maybe they found out i was dieing.
freeholder1 over 14 years ago
ps didn’t mention the banks used to be required to have 10% of assets for a borrow from the Fed. The SEC was supposed to patrol that, but officials laxed it under Clinton and then the Bush Ad. SEC didn’t enforce it at all. They were down to needing 1% to 1/2% when the crash landed. LACK of government oversight let it happen.
Incidentally, the Fed is a PRIVATE institution so you were actually blaming an unconstitutionally created private capitalist bank for the crash anyway, ps.
Missed the point that greed indeed caused the crash, PS. Gov and Business fed each other’s evil. Human systems will always be corrupt, soc or cap. That Bible you won’t believe has been saying it for millennia.
notinksanymore over 14 years ago
freeholder1–The Supreme Court declared such banks constitutional way back in the late 1700’s in a case called McCulloch v. Maryland. I took my con law exam yesterday :-)
Ironically enough, the case came after a very similar situation to what we are dealing with today, where interest rates skyrocketed and banks started foreclosing on private land. There were also a lot of issues with crooked bankers. Reading the history of the case really blew my mind. It was like reading a current-day newspaper. History really does repeat itself!
Dewed over 14 years ago
lol lewreader
gimmickgenius over 14 years ago
Why the oddly shaped first panel? Are we seeing it in the curve-sided mirror?
Coyoty Premium Member over 14 years ago
…where dinosaurs exist and animals talk and stone tablets propel themselves across the ocean surface…
COGNIZANT over 14 years ago
Why do they always ask for your income? You can tell them anything, as long as it’s not too high, or too low.
GOOD EVENING TANYA!
DolphinGirl78 over 14 years ago
Good morning to you Cognizant!
dinosaur123 over 14 years ago
Joe-Allen “Joe” DotyGenius_badge said, about 14 hours ago
“Yes, I knew before I posted the comment of “alive and breathing” would be redundant; but, some folks I have known over the years have actually used those 3 words together.
Some of you folks don’t understand my sense of humor. And you think I don’t get the meaning of some of the comics and yet you don’t get what I write.
You shouldn’t judge folks and then go ahead and do the same things they did, just in a slightly different way”.
Joe- Most of us do understand your sense of humor and enjoy your comments. Don’t get your panties in a bunch when someone responds to your comments.
nagual11 over 2 years ago
meh