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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (30664)4/15/2005 3:54:26 AM
From: Taikun  Read Replies (2) of 110194
 
Mish,

I applaud your synopsis. I also think there will be one unintended consequence of this.

I always admired Americans who 'bet the farm' so to speak, in creating businesses. One of the tools of a first time startup business borrower is 'maxing out ones credit cards' (in addition to, say, mortgaging the house).

Perhaps this new law will be the proverbial straw that breaks the camel's back. People will ask the question 'Is it worth it?', conclude it is not, and spend their years in mediocrity when they could have formed a business that provided a needed service to the economy, created jobs etc. Instead they will toil away in a job that doesn't maximize their potential.

This is just protectionism for the credit card companies but it is just another step in destroying one thing that formerly made America great: entrepreneurialism. Once again, mediocrity rules the day.

D
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