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A Sampling of Advisory Opinion
"Americans used to believe that if they were
debt free, they were free.
Today, Americans just want the freedom to
"What's for Dinner
July 4th? Home Equity!
June 23 ●
July 4 should be about celebrating freedom
and independence, yet the bankers are the only people jumping for joy. Never
have Americans owed so much in terms of their total debt, the ratio of total
debt to income, and the amount of cash flow the debt needs to service it.
Americans used to believe that if they were debt free, they were free. Today,
Americans just want the freedom to borrow more, even if it means they are on
the way to becoming enslaved by their debt. Each year we see a new record
broken in the number of consumers filing bankruptcy, while Congress is still
looking at "bankruptcy reform" legislation which basically reserves the right
to default on debts as more of a corporate right than an individual right….
For the economy, there is the "hard road" or
the "easy road". The "hard road" approach is to wait for a massive consumer
recession which will encourage the US to buy less overseas and help the
government spend more, as it has to, for unemployment benefits and other
transfer payments. The "easy road" approach is to get out front of the
problem. First, let the dollar fall and make imports much more expensive.
Stop sending all of the jobs to China! Second, let the politicians have a
field day spending on things such as tax cuts, drug benefits, and building
roads, bridges and tunnels, thus saving the cities and states…An election is
coming, and Americans need jobs!
- Richard Benson