There has been a sinister element to banking and a general distrust of bankers throughout much of history. I was struck by this quote from a character in the movie named Umberto Calvini who right before he was shot and killed told burnt out Interpol dude and laughably hot NY DA chick that;
...This is the very essence of the banking industry; to make us all, whether we be nations or individuals; slaves to debt.
While I am not sure that banks are as evil as implied in that quote or in the movie (although the bank in the movie was based to some extent on a real bank that shut down in 1991) I found the quote to be thought provoking and made the movie worthwhile. Well that and the 90 minute shoot out in the Guggenheim.
Anyone reading this site for a while knows I am a big fan of getting debt paid off and generally avoiding credit card use (except for cash back and where the balance is paid off every month) and while I'm not sure I would liken it to slavery it certainly is liberating to be out from under.
7 comments:
I think debt is a kin to a very mild form of slavery. It is very unfortunate that people choose to make them selves debt slaves for nice cars, toys, fancy dinners, etc.
Proverbs 22:7
"...the borrower is servant to the lender"
Mark from L-Ville
Debt is a useful tool just as many tools are. It's best to look at it in the same light one looks at fire. Useful but potentially distructive. Not very useful to a consumer but highly useful to business endeavors. The world would not run without it.
explosives are also a useful tool, but....
This, from the Morningstar Dividend Investor site that I thought was worthy of sharing:
You know that line about how an investor should be greedy when others are fearful, and fearful when others are greedy? Let me put a different spin on it: it may be okay to be complacent when others seem vigilant, but it is critical to be vigilant when others seem complacent. Taking for granted the premise that capitalism was not over, and that the economy would not go to zero, may not have been the most intellectually rigorous opinion during the dark winter of 2009-2010 but it sure paid off handsomely. Now, though, I suspect we're closer to the opposite end of this spectrum. The right time--and more importantly, the right price--for complacency has long since passed. Be vigilant.
"taking for granted the premise that capitalism was not over"
but what if it was and the U.S did collapse.....
....or WILL collapse
Max,
good point. I am expecting minor pullbacks 'till may 15, should get to a new high. From May 15 to june 10 expecting a substantial pullback.
Jeff from Milan Italy.
Post a Comment