brian on 2003.10.18
at 10:27 pm
Americans aren't going broke over Lattes is the title of a Salon article which interviews a Harvard professor who studied the state of America's personal personal financial situation. Her conclusion? It's not consumeristic-overspending that's driving us into debt, it's our lending industry.
This gives credence to my philosophy that three core industries should be mainly public/non-profit (much like higher education) Health Care, Insurance and Lending/Banking.
The worst thing is that people are so ashamed of their bankruptcy, she says, that they don't tell anyone, not even family about their situation, and thus there's no political pressure to return the regulations to the industry, as there are in most first-world countries.
[Link note, requires free day pass or subscription to read. I found it worthy of the minute of flash-based commercial. I hope that works out well for Salon.]
Posted in: Politics
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