Zeev's Turnips Patch-No Politics (ZEEV)

[sarai]

mlsoft, Some personal observations regarding the credit bubble.....

Remember the 60's and early 70's when people paid cash? Remember CASH, those little greenbacks? Remember when our parents aggressively avioded assuming debt? When conservative calculations were used to calculate home mortgages and homes were paid off not borrowed against? Credit cards were used to purchase big ticket necessities when cash was scarse, and "pay down your debt" was a priorty? Your parents had only a Sears card for necessities, like refrigerators, stoves and safe tires?

Somewhere along the line attitudes have changed and we have become a so-called "cashless society" spending into the future. And debt has increased exponentially. Could it be the "credit bubble" is 30 years in the making? Scary thought!