Saturday, March 7, 2009


While numbers are not current, total personal bankruptcies rose 29% in 2008 and business bankruptcies rose 41%. Chapter 7 bankruptcies rose 36%. The headlines are replete with job layoffs reaching record highs, downsizing, bailouts, and general economic chaos.
For the consumer facing personal economic collapse, the motto should be, “no harm, no foul.” Look, if the leading corporations and banks in the world cannot make ends meet, why should there be any expectation that consumers can keep their financial ship afloat? We all know that we, the consumer, are wasting billions of dollars by trying to save huge corporations and financial institutions. They are killing us with interest rates, foreclosures, and zero credit. These problems have been generated by corporate greed, ignorance and basic stupidity.
Yes, we must take on the responsibility of our actions. We allowed ourselves to be duped by mass marketing and our own sense of greed. However, fair is fair, at least it should be. The large corporations are taking what little we have and what do we get in return? Layoffs and no credit. Actually, we do not need or even want more credit, we want out of debt. Why should the wealthy few still make their millions while the consumer has a hard time feeding their families? Why should the few take more of our money while we struggle to make ends meet? Why must the corporations get all of the bailout money and the consumer get nothing?
They tell you not to file bankruptcy because it will hurt your credit. What credit? Give money to corporations and there is no problem. Suggest giving money to people and they say, “Oh, that won’t work.” This is all madness. We have forgiven debts of foreign nations, paid corporate debt and given our dollars to banks that use it to buy smaller banks. What would happen if the government said, “We will require that all consumer debt will be reduced by 50%?” What would you do with all of that extra money? That’s how you get the economy moving.
So, for all of you that are worried about going into bankruptcy, don’t. If it is good enough for Wall Street, there is nothing to be ashamed of. The so called brightest economic minds have no clue how to end this crisis. Trust me, clear your debt and watch the credit card offers inundate your mail box. Is this what we want? No. But, feel no shame, there is no foul in taking care of your families.


Anonymous said...

You have my HEARTY endorsement on this post and the admonitions herein. Why should the little people, who have been bled to death "bailing out" the very same huge corporations that have led us to the brink of economic collapse and placed us all in jeopardy, have to feel at all shamed by the NEED to file bankruptcy just to survive the mess they got us in with mismanagement and greedy mega-millions salaries?

Then they try & scare us with the idea that our CREDIT will suffer. Give me a (bleep)ing break! Who the hell needs or wants credit anymore? that's the very shit that got this whole mess started. It's time to return to an economy that pays its way as it can afford it - not selling out our childrens' childrens' future with our have it now and pay for it later mentality.

So yeah - you need to go banko to survive? Screw 'em. Do it. Take care of yourself and your family and lets rebuild a society from the grass roots up with a real and viable truthful exchange of goods and services provided in exchange for cash on the barrel.

Anonymous said...

Hey Phil-

I tagged you today on Free Spirit. I don't normally "DO" tag games and you certainly don't have to participate, but this one has more of a literary value and interest than the typical "seven silly things" BS. Your choice, but stop in if ya get a chance.

The Story Woman said...

Hi Phil, You make a lot of sense. Much unlike the mighty giants who we're told we can't let fail, we, the people, feel ashamed if our small businesses go belly-up (businessess that employed workers, I might add)in this horrible economic morass. Many small business owners are left saddled with debt with no bail-out, no where to turn... The small business people have been the backbone of society, and now they don't rate a blip on the radar.


And this is why we cannot go back to business as usual. The Dow is only 30 companies-if they must fall, so be it. It is always the little guy that keeps the economic wheels turning.

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