Debt Is Our Lifeblood

Member hearing "Credit is our economy's lifeblood?" You remember, member? That the credit crisis is to blame for all our current woes?

Seems to me that debt is American lifeblood. Seems to me that the more debt we accumulate, the better off we are.

Think about it. Debt-based consumer spending kept us humming back in 2005. Think of all those cash out refi's...every one of them...take on a thirty year loan to buy that 1080i hi def, then when it all came crashing down, put the house keys in the mailbox and take that hi def with you to your new rental home.

What is called credit by the bank is called debt by the creditor, so if credit is our lifeblood, then debt is too. So if the government is trying to stimulate credit again, all they are encouraging is that Americans go further in debt. Apparently we are reluctant to do so...oh my. I read somewhere that Merika has a positive savings rate again. Savings ought to be outlawed, because of its deleterious economic effects. Confiscate the savers savings, throw her in jail, and use the proceeds to find a way to further indebt others.

But they've found a way! Wa-hey! How about forcing taxpayers to buy worthless assets at high prices to absorb rich white guy losses! A wholly American enterprise, eh? If not that, then at least force taxpayers to subsidize new homeowners so that worthless older homes around these new homes are worth something again. You've heard that familiar argument that if your neighbor forecloses your own home value drops.

Well, fuck my neighbor! If that prick can't or won't make his payment then someone else will, and our homes will find economic parity at some point. If it ain't at the 2006 highs, well, so be it -- those values were nothing but hallucinated to begin with.