The Current Economy is Based on Greed Essay

The Current Economy is Based on Greed Essay

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The main reason that large corporations are in dire need of money is simple, greed. Financial institutions went out and found people who wanted to purchase a house, but couldn’t afford it, because of bad credit reports, debt, income, etc. So the banks went out on a limb with these risky people, and loaned them “x” amount for the house. Banks were only trying to make some money off of the outrageous interest rates of the mortgages, because that’s what banks do, they make money. Now banks and other lenders did this type of business on a large scale. People loved the idea that they could go out and get a mortgage on let’s say a four hundred thousand dollar house, with a bad credit score and slightly above minimum wage salary. Can you see where this type of reckless money management is heading?
Now I don’t know about you, but I learned from a very early age that you have to live within your means. That means I only spend as much money as I have. If I can’t afford that new video game, I don’t get it until I have the money that is needed to purchase it. I have heard my mom tell the story of a girl who came into my mom’s office and said that she thought that she had more money in the bank, because she still had blank checks in her check book. Also I have to take into account a portion of my earned wages for my monthly uncontrollable operating cost, such as tithing, gas, and food. So basically if I do not have enough money right now to get something or do something, I will just go without that particular good until I have enough.
This is what I think is wrong with Americans today, it is all about me, me, me, me, me. We have allowed ourselves to develop this idea that if we don’t wear the right kind of clothes, or drive the right kind o...

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... we must look at the destroying the government charter that told banks to go out and loan money to risky people. It’s that simple. You take out that variable and BAM, the problem is cured. Banks would hopefully no longer lend to people who are bad with money, for fear those people wont pay them back. They would feel compelled to only lend people with an good credit history, because if they made the other choice and went out of business the government wouldn’t be around to step in and bail them out with taxpayer’s hard earned money. Let’s review this ground breaking concept, take away the safety net of the government, banks and other firms would make wiser decisions, because if they failed, the government wouldn’t bail them out. Plus the companies would learn a valuable life changing lesson, that this way of doing business was not the plausible, so try something new.

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