Comments on: Debt To America http://www.maximporges.com/2010/01/03/debt-to-america/ Winning At Yelling Mon, 26 Jul 2010 21:32:44 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Russell Centanni http://www.maximporges.com/2010/01/03/debt-to-america/comment-page-1/#comment-493 Russell Centanni Wed, 13 Jan 2010 01:46:12 +0000 http://www.maximporges.com/?p=482#comment-493 Great post. There's so many societal problems related to poor financial responsibility that it seems criminal not to teach it in schools. It'd probably help everything from crime to teen pregnancy if it were. Great post. There’s so many societal problems related to poor financial responsibility that it seems criminal not to teach it in schools. It’d probably help everything from crime to teen pregnancy if it were.

]]> By: Alex Nottingham http://www.maximporges.com/2010/01/03/debt-to-america/comment-page-1/#comment-492 Alex Nottingham Fri, 08 Jan 2010 16:02:37 +0000 http://www.maximporges.com/?p=482#comment-492 Nice!!! Nice!!!

]]> By: Maxim Porges http://www.maximporges.com/2010/01/03/debt-to-america/comment-page-1/#comment-471 Maxim Porges Sun, 03 Jan 2010 15:15:14 +0000 http://www.maximporges.com/?p=482#comment-471 That's one of the things I find sadly hilarious. You have these consumers who end up with so much debt that they take out more debt to roll it in to and cover it. So now the consumer is running a Ponzi scheme. They inevitably run out of people to borrow from or funds to pay the lenders (as all Ponzi schemes do), but of course it doesn't matter by then since the interest payments have far exceeded whatever they originally owed the creditors. In the end, the only person who suffers is the consumer. It's incredible that it's illegal for an investor to run a Ponzi scheme, but consumers are allowed to do it to themselves and their creditors every day. That’s one of the things I find sadly hilarious. You have these consumers who end up with so much debt that they take out more debt to roll it in to and cover it. So now the consumer is running a Ponzi scheme. They inevitably run out of people to borrow from or funds to pay the lenders (as all Ponzi schemes do), but of course it doesn’t matter by then since the interest payments have far exceeded whatever they originally owed the creditors. In the end, the only person who suffers is the consumer.

It’s incredible that it’s illegal for an investor to run a Ponzi scheme, but consumers are allowed to do it to themselves and their creditors every day.

]]> By: Josh McDonald http://www.maximporges.com/2010/01/03/debt-to-america/comment-page-1/#comment-469 Josh McDonald Sun, 03 Jan 2010 10:30:07 +0000 http://www.maximporges.com/?p=482#comment-469 The problem is the fractional reserve banking system is effectively a ponzi scheme. Without escalating consumer debt, it can't be sustained. The problem is the fractional reserve banking system is effectively a ponzi scheme. Without escalating consumer debt, it can’t be sustained.

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