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Debt-Based Economy has Consequences

Many financial institutions extended lots of credit to lots of borrowers over the past decade. Now many of my fellow Americans have a very hard time paying back the money they owe. The possibility of bailouts gave many lenders perverse incentives to lend more money than was prudent. Unfortunately, these lenders probably did not tell the borrowers that they may be borrowing amounts of money that would be difficult or impossible to pay back. More borrowed money drove up the prices of many necessities like housing. This pushed many of my fellow citizens into taking on lots of debt to live life and raise their families. I will do what I can to help individuals, families, and small businesses reorganize and get out of debt. It is up to each citizen to influence our governments to encourage responsible lending. I suggest taking a look at the perspective of Russ Roberts who wrote an article on the problem "Gambling with Other People's Money: How Perverted Incentives Caused the Financial Crisis." You can read the full article at You can listen to a number of excellent podcasts on this subject hosted by Russ Roberts at the EconTalk page at