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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (30664)	4/15/2005 3:54:26 AM
From: Taikun	Read Replies (2) \| Respond to 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

To: mishedlo who wrote (30664)	4/15/2005 12:52:32 PM
From: benwood	Respond to of 110194

Good piece Mish. I agree with you on the long term ramifications of this bill (and the timing, which coincides with the maximum indebtedness of Americans, ever). I think a lot of Americans are basically unable to see the big picture and are governed by fears -- somebody will get something for "free" (bankruptcy bill); they will pay for something they didn't use (hence microscopic itemization of medical bill even though it adds 25% to the cost, or more); rid ourselves of others if possible (support for war, torture, abandonment of Constitution, locking up 10x more than Europe, convert China to Catholicism). Never mind the massive cost inflicted on society and individuals by these fears and resultant choices. Is our military and gun toting society overcompensation for these fears? As for this question you ask: Can anyone tell me what Bush is attempting to accomplish by dragging Taiwan and religion into [the China currency debate]? To quote John Irving: "He's a f***king moron. You can quote me on that." powells.com