Website review: Debt Nation: Its the Ball &Chain of...
Stumbleine33 discovered this in Weblogs
•7 reviews since Nov 8, 2007
blogs, debt, capitalism
•edstrong.blog-city.com/debt_nation_its_the_ba...
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Reviews of this website
Stumbleine33 discovered 8 months ago- i can attest to this! i feel worse for my art school buddies, most of whom will be graduating next semester with close to $100,000 of debt, if not more...
- alana13 rated 6 months ago
- "From the point of view of the big rich, getting young people in debt not only keeps the money coming in but also makes youth timid and obedient. Debt ensures that they won't turn up on the streets to demonstrate for some unwholesome cause."
- milzika rated 6 months ago
- "Since so few people have so much of the money locked up and do not plan to share, either the masses cut back on their spending, which is the road to universal disaster, or they must borrow and borrow and borrow without end. Not only the grownups. From the point of view of the big rich, getting young people in debt not only keeps the money coming in but also makes youth timid and obedient. Debt ensures that they won't turn up on the streets to demonstrate for some unwholesome cause. You could almost call it a rule that all people--black people, Hispanic people, white people, trailer trash people, college graduate people--when put in debt pretty much do what they are told. Debt, of course, breeds more debt, as people contract new debt to pay off old debt. As the process proceeds, first it becomes a practical impossibility to pay off the principal and then people find they cannot pay the interest on their debts. That is what has happened to the subprime borrowers. Should we reach the point where the half of our population trying to make it on 12 percent of the nation's payroll can no longer meet the interest payments, we shall have a crisis where all the choices are worse than awful. And a happy doomsday to you, too."
- curly789er rated 8 months ago
- Debt Functions as a Social Control Mechanism I've been thinking about this a lot lately. I'm lucky to have a decent job so I can pay off my college debt. But am I really that lucky? If it wasn't for my college debt, I'd be traveling around the world by now with the money I've saved. I'd love to teach English overseas. But that doesn't pay enough to cover my unsubsidized school loan payments--so I'm stuck here against my will paying off college debt. I feel like I've been tricked! I definitely agree that debt is a social control mechanism. Good post, Stumbleine.
- keenEddie rated 8 months ago
- From the page: "Debt, of course, breeds more debt, as people contract new debt to pay off old debt. As the process proceeds, first it becomes a practical impossibility to pay off the principal and then people find they cannot pay the interest on their debts. "
- afroboi rated 8 months ago
- Getting young people in debt not only keeps the money coming in but also makes youth timid and obedient Debt ensures they won't turn up on the streets to demonstrate for some unwholesome cause When put in debt we pretty much do what we're told
