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RonPaulLibrary
08-20-2007, 01:28 PM
High Risk Credit

Ron Paul
August 20, 2007

As markets went on a rollercoaster ride last week, our economy is coming close to a day of reckoning for loose credit policies being followed by the Federal Reserve Bank. Simply, foreign banks we have been relying on to buy our debt are waking up to the reality of much higher default rates than predicted, and many mortgage backed securities have been reduced to “junk” ratings. Wall Street fears the possibility of tightening credit and the tightening of America’s belts. Why, they say, “if Americans spend only what they can afford, think of the ripple effects throughout the economy!” This is the cry, as the call comes for the fed to cut rates and bail out companies in trouble...

Link: Full text at the Ron Paul Library (http://www.ronpaullibrary.org/document.php?id=935)
noxagol
08-20-2007, 02:02 PM
Holy shit, if American's only spent what they can afford. I think I need to find a gold/silver broker soon.
angelatc
08-20-2007, 02:06 PM
What really sucks is being one of those people that only spends what they can afford, and watching the feds make this huge effort to bail out those people less responsible than we are.
noxagol
08-20-2007, 02:15 PM
What really sucks is being one of those people that only spends what they can afford, and watching the feds make this huge effort to bail out those people less responsible than we are.

I here you on that one. I am one of those people that only spends what I can afford. I don't even have a credit card.
Scribbler de Stebbing
08-20-2007, 02:57 PM
Digg:

http://www.digg.com/politics/High_Risk_Credit
belian78
08-20-2007, 02:57 PM
I'll never own a credit card. I used to tell myself, "i might get one for emergencies", but i have a debit card for that. It's a sad day when "only spending what you can afford" is such a horrible statement.
constituent
08-20-2007, 02:59 PM
i'm w/ angel.
noxagol
08-20-2007, 02:59 PM
I'll never own a credit card. I used to tell myself, "i might get one for emergencies", but i have a debit card for that. It's a sad day when "only spending what you can afford" is such a horrible statement.

No joke.
allyinoh
08-20-2007, 03:01 PM
As someone who works for a major credit card company, I know all too well about credit cards.

The one and only good thing (IMHO) about credit cards is if something happens with a merchant, you have protection. With checks, debit cards and especially cash you don't have that same protection.
michaelwise
08-20-2007, 03:08 PM
Abolish The Federal Reserve Bank! Repeal the Federal Reserve Act of 1913!
RP08
08-20-2007, 03:17 PM
This is one of the reasons why I think Ron Paul's campaign and stance on such issues fits the ideals taught by Financial Peace Guru Dave Ramsey (http://www.daveramsey.com/). If anyone has his talk radio show syndicated in your area, calling in with a brief discussion about Ron Paul would reach Millions of enthusiastic listeners. I'd be very surprised if Dave, himself, isn't already personally supporting Ron Paul, knowing what I know after years of listening.

They stopped carrying his show in my area late last year. Eh well...