UnThreaded | Threaded | Whole Thread (97) | Ignore Thread Prev | Next
Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308363  
Subject: Re: Parents as Role Models for Financial Matters Date: 4/17/2012 10:12 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 6
I continue to suggest that getting working people into debt has been a useful method and tactic for capturing a labor force, probably throughout history.

Sharecroppers and coal miners are two examples of that in recent American history:

<<According to Travis, the line from the chorus "another day older and deeper in debt" was a phrase often used by his father, a coal miner himself.[4] This and the line "I owe my soul to the company store" is a reference to the truck system and to debt bondage. Under this scrip system, workers were not paid cash; rather they were paid with non-transferable credit vouchers which could be exchanged for only goods sold at the company store. This made it impossible for workers to store up cash savings. Workers also usually lived in company-owned dormitories or houses, the rent for which was automatically deducted from their pay. In the United States the truck system and associated debt bondage persisted until the strikes of the newly formed United Mine Workers and affiliated unions forced an end to such practices.

>>


http://en.wikipedia.org/wiki/Sixteen_Tons


Some people say a man is made outta mud
A poor man's made outta muscle and blood
Muscle and blood and skin and bones
A mind that's a-weak and a back that's strong

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store




Seattle Pioneer
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (97) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement