Breaking Down the Credit Crisis
by Kamau Kujichagulia
The Nubian News - 24 September 2008
Trenton, NJ B Let me break the financial crisis down for you so that it= s on our level and everybody can understand what is happening.
You know how you have credit cards. That= s what= s happening at the financial markets. These dudes got hold of some credit cards and went wild.
They bought all kinds of things. Luxury this and luxury that. They bought whatever they wanted. They spent billions of dollars they didn= t have.
Then one day they had to start making payments to the credit card company. That didn= t bother them they had good income and they just had to pay the minimum amount. Just like us!
But then one day the housing market started going bad and they lost some of their income. This meant they couldn= t pay all the payments they had on time. Some of them were sent in late and late charges were added to the bill. Sound familiar?
They even used their good credit rating to borrow money to pay some of the bills. But they kept falling deeper into debt. Then the housing market got worse and other sectors of the economy got weaker and their income shrank again.
Sooner or later one of their bills went into collection. The collection company called day and night, everyday. Sometimes five or six times a day. You know what I mean.
As their income shrank more of their maxed out credit cards became overdue. More collection calls, all day every day.
Finally they just couldn= t take it any more. So they asked their good friend, George, to bail them out of their mess. And crazy George said we= ll take $700 billion dollars from the taxpayers and pay for their foolish spending.
And that= s all well and good. But if they are going to get our money to pay off their creditors they how come we can= t get our money to pay off our creditors?
So to these financial institutions and to all the politicians (George, Barack, John, et al.) who want to bail them out, I say - I= ll be damned!!!
Hell no!! Not one penny.
If you ain= t paying off my bills then I= m not paying off their bills.
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