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Very interesting. Paints a picture that the lenders carry more of the blame than the borrowers. That may be true but the underlying implication of this is ultimately that our society in general is quite greedy and cannot delay gratification. That and the fact that most people are really stupid.
At this point, I would like to get a new HDTV, a digital camera, and replace my 4 year-old iPod. I decided that the iPod was the thing I needed least so I cut that out of the equation. I figured that my parents would give me the camera for Christmas, so I could spend $500-$600 on a TV. Then a few days ago, my friends and I decided to go to Canada over winter break to go skiing. The trip will cost me around $600. As a result I have decided to put off purchasing the TV for now (unless I find some absolutely smoking deal on one on Black Friday). I could easily afford to purchase all of these things as I have plenty of savings in the bank. However, I am choosing to delay gratification so that in the future I will have money available for more important things than iPods and cameras.
What would the average American likely do in this situation? Probably buy everything, whether or not they could actually afford it.
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Garrett
Living and Thriving
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