tag:blogger.com,1999:blog-6525334973892331389.post5799628802177321986..comments2023-06-12T11:50:19.679-04:00Comments on not the jet set: All We Need is a Little More DebtMichaelhttp://www.blogger.com/profile/05449100145223553747noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6525334973892331389.post-78259616779545434542008-09-28T21:53:00.000-04:002008-09-28T21:53:00.000-04:00Anony - Thanks for your comment.While it is unfort...Anony - <BR/><BR/>Thanks for your comment.<BR/><BR/>While it is unfortunate that your BIL lost his job because of this stupidity on Wall Street, that's not the real problem. The real problem is companies, especially small businesses, becoming reliant on lines of credit to operate. <BR/><BR/>The problem with the bailout is that your BIL will be right back in the same situation when this all goes south again - unless his employer makes a change in life. Companies can, and do, operate without debt. Asking for a percentage upfront is not uncommon in industries like construction. That, along with other debt-free business practices, will make all the difference in times like these. <BR/><BR/>The same goes for individuals and families. Banks have convinced so many that they should live on credit - inside their means or not. Even if you are paying it off each month, when disaster strikes, you're up a creek. As we have seen here - that disaster may have absolutely nothing to do with you. But the affect can be far reaching. <BR/><BR/>Moving away from debt is the answer, and that's where Washington is wrong on this issue.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6525334973892331389.post-634601357908789822008-09-27T13:17:00.000-04:002008-09-27T13:17:00.000-04:00My BIL lost his job because Banks have pulled back...My BIL lost his job because Banks have pulled back. See, he's a construction worker and if Banks don't give loans to construction companies (and other small businesses, I assume), they can't get the materials they need to do the jobs that they will be paid for when the job is done. The administration thinks that if banks feel comfortable enough to loosen the purse strings so people (which includes small business) can get loans, then things can get moving again. I don't know if bailout is the best way to go about it for the country, but I know it will help my BIL's situation.Anonymousnoreply@blogger.com