Thanksgiving is a special day for Americans. It’s a day we celebrate all kinds of good fortune and even some discomforts. In the midst of the worst financial crisis since The Great Depression I have a short list of things for which borrowers can give thanks:
We live and work in a free market economy with lenders competing for our business, which drives down the cost of borrowing money.
There are qualified borrowing advisors that can help businesses and consumers make good borrowing decisions.
We live in a great country where you can say no to loan sharks, payday lenders and title loans. You have the choice to sign your name to any loan document.
We can determine the financial legacy we leave behind by the decisions we make while walking our chosen path.
We have established bankruptcy laws that provide a safety net if a financial disaster strikes. The laws have been strengthened so if you have the ability to pay you must repay your debt. In theory, the bankruptcy laws make bailouts unnecessary; in practice, not so much.
So on Thursday let’s raise a glass:
To the Internet where we can research the moneylenders who provide the financial caffeine to a legion of ADD borrowers
For the right to vote and say no to the country’s obsession with housing and the bailouts which have fostered moral hazard
And to the Federal Reserve whose loose money policies have helped create the lowest mortgage rates in 60 years and propped up the housing-industrial complex. You’ve gotta dance with the one you brought, right?
What do you give thanks for on this Thanksgiving Day?