New Yorker article about American's going for broke

[BinCo]

http://www.msnbc.msn.com/id/23869179/

Is this just another piece of the puzzle?

What's your thoughts?

[Qikdraw]

While I agree that congress is to blame for that appaling bankruptcy bill, that is not the reason our economy is failing.

Also the article says that people ran amuck buying plasma tvs and such, yet doesn't mention the number one reason people filed for bankruptcy. Medical bills. It wasn't consumers overspending, it was medical bills.

The problem people are having now, and in greater numbers is simply cost of living has gone up and wages haven't, so they use credit cards to buy what they need. Two years ago I had to put a couple house payments on my CC, I'm still trying to pay it down. People are putting groceries on CC now too.

The article is right in that the more freedom people have to be able to take risk, the better off you are in trying to start your own business. (this is also another reason for a national healthcare system, if you don't have to worry about health insurance, you are more likely to break off and try something on your own)

Qikdraw

[nacktman]

The USA went broke for the simple reason the morons in 'charge' spent more than they had to the tune of trillions.

As far as personal bankruptcies go Qikdraw is correct - it is medical expenses that cause the overwhelming majority of them.

Consumer overspending is pretty much a myth used by those same morons mentioned above to lull the masses into a stupor so they do not realize the hosing they are getting.

Oh, there is consumer overspending to be sure, but it is not the proverbial gorilla on the back that those 'in charge' make it out to be as it pertains to the Economy ... now as to one's personal economy, well that's another story, now isn't it!?