Andrew Halliwell wrote:
Tim Smith <reply_in_group@xxxxxxxxxxxxxxxx> wrote:
You two are amazing. Is there any subject either of you actually knows
Debt has been at the core of most industrial and business activity in
the UK, just like the US, for hundreds of years--just as it has in
pretty much all of the developed world.
That may well be.
But until the 1960s or so, it WASN'T part of the consumer culture.
Anyone who bought on the "never never" tended to be frowned upon until about
the 1960s or 1970s. My parents utterly refused to go on the "never never"
right up until their deaths, it was part of their upbringing.
The ONLY thing they took out a loan for was the house. If they wanted a
fridge or a washing mashine, they saved for it.
That's the way I was raised. I went into debt once for a home... then
years I calculated how much the bank got and how much I really had to
pay for this house.
I paid it off in 5 years so I could save a lot of money.
It would be hard to find any material thing in your lives that didn't
have its construction or manufacture financed by debt.
How about the broadbeans growing in my back garden?
Especially if you harvest the seeds from year to year from good stock.
"It is impossible to defeat an ignorant man in argument."
William G. McAdoo.
American Government official (1863-1941).