what could turn the economy around?
 

i was curious because i dont see a fix.

Credit reform of some kind? Capping interest rates, scrubbing harder before extending credit etc. Doing away with "introductory offers" that involve the interest rate. That was the big boom for CC's.. (and subsequent explosion of personal bankruptcy) It was not long before everyone jumped on the 0% bandwagon (but 19.8% after 3 months) type of shit marketing.

Right now the cap is at like 30% or something obscene, which granted is better than NO cap at all. But it really should be prime + 10% or some more manageable number like that. Whats the use of piling on 30% interest if the person cant ultimately pay it anyway? These days everyone including landlords and employers rely on your FICO score, so I doubt anyone could argue that it's not a broad enough area to make a real dent.

Do away with the insanely small "minimum monthly payments" in favor of a new minimum based on percentage of principal and interest. And how about actually teaching basic money management in our public schools?

I think basically the things we do AFTER we see problems are what we could have done to prevent the problem.

Credit reform is a great idea... setting guidelines so that not anyone and everyone can obtain credit (which of course is a HUGE business).

The real estate market is pretty fucked up... but they need to let it do it's thing instead of trying to save it. All markets (including the adult market) are cyclical... Highs and Lows. Let the lows kill the right people like they were intended to.

Didn't everyone's momma teach them to prepare for rainy days? Or does everyone believe that it's always sunny and perfect?? (bad analogy.. we here in Arizona get 300 sunny days a year)

My grandparents trust got fucked over by the Tech-boom of the 90s.. due to a bad agent... no one cares... they said tough shit... I feel the same way unfortunately about people in the housing market. It's an investment, not a guarantee... ride at your own risk... take the consequences, good or bad.

Let the economy right itself rather than thinking there is a quick fix.

ymonoce


There you go. :D

6 months- 1 year could