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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 59211  
Subject: Re: Familiar (?) 'Didn't Start Early' Story Date: 2/13/2007 12:48 PM
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<<This gets back to the issue of whether people are competent to manage their own lives. Should people have the liberty to manage their own lives or must other people manage their lives for them?

I was mainly struck by the sheer hypocrisy of his call for people to take personal responsibility for themselves. Your company makes it easy for people with bad credit to get a credit card. Not only easy, but actively seeks out those who will have bad credit judgment and then talks of “personal responsibility” when those loans go bad. As if they didn't have a huge amount of culpability for those bad loans. Then they go crying to congress with big bags of cash so they can get the money out of those bad loans. If a bit more corporate responsibility was in place their wouldn't have been such need for this legislation in the first place.
>>


I have no ties to any credit card company other than owning some bank stocks.


Yes, people have a considerable degree of personal liberty to go into debt if they choose to do so. No longer is credit rationed out only to a worthy few, which caused complaints by the left as well.


Access to credit has had a good deal of deregulation, and the result has been more personal liberty, and greater personal responsibility.

The wise benefit enormously from such policies while the foolish are ground up by the consequences of their follies.


I don't think the dumb and uneducated are really the ones targeted. The dumb and uneducated probably don't have enough money to be the main target of credit card companies and, let's say, McDonalds. The main targets are the working class and middle class I would suppose.

And fast food and credit are tools that, prudently used, give people greater personal freedom and perhaps more wealth. Foolishly used, they can cause harm. But that's the nature of a lot of choices in life.


I've always supposed there were three basic groups of people to consider with this kind of issue:

1) A minority who benefit and apply academic learning, the advice of adults and experts

2) A majority who learn from making mistakes

3) Another minority who never learn.



Is it wise to restrict the personal liberty of the first two groups of people in order to protect that third relatively small minority? If you do, you keep useful tools from the hands of a large majority of people who can use them wisely to the immense benefit of society.




Seattle Pioneer
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