Teaching Your Child to Love Debt and the Fed’s Credit Bubble

Tuesday, March 23, 2010
Posted in category Boom-Bubble Phenomenon

Reader David Keuhn wrote me to tell me that he and his wife went to Walmart, and upon going through the clearance aisles, he came upon this game: CHARGE LARGE: Buy Big, Build Big, and Borrow Smart to Win. I am so glad he thought of me when he saw it! Now certainly, we know why this game has been displaced to the clearance aisle post-bubble-boom period. On Amazon, this is the product description:

Enjoy great credit without the crunch! In today’s economy, getting and keeping good credit isn’t easy. But now you can take the crunch out of credit with CHARGE LARGE, the game that makes buying, building and even borrowing pay off big! Travel around the board using cash and your gold credit card to scoop up prime properties. Buy strategically, borrow wisely, and pay back quickly to earn a platinum card.

A “product feature” is teaching children to “travel around the board leveraging both cash and credit to win.” Perhaps another feature should be that they get an Ivy League MBA first?

I wonder when they are going to come out with a game that has everyone in debt and going bust; the banks being bailed out; the unions being resuscitated as they take their last gasps of air; personal bankruptcies, debt levels, and home foreclosures reaching an all-time high; Goldman Sachs taking over the Treasury Department; Wall Street taking over everything in government that Goldman Sachs hasn’t already taken over; and Obama and Bernanke congratulating themselves for a heist well done.

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7 Responses to Teaching Your Child to Love Debt and the Fed’s Credit Bubble

  1. Sheryl Blystone says:

    March 24th, 2010 at 7:16 am

    To think there was (is?) a market for that trash is astounding. Just goes to show the lack of responsiblity people want to feel. To be footloose and fancy free is the American dream. This is why kids are so fucked up today. With no formal parenting, no boundaries, and no feelings of self-worth kids today are running amok, searching for instant gratification from material goods. Most kids have no clue how to shop for a bargain or *wait* for a price reduction or save money to pay cash. Adults are even worse with their brand spanking new cars every two years.

  2. Michael says:

    March 24th, 2010 at 9:47 am

    Definitely looks like it belongs in a Wal-Mart shelf circa 1998.

    Without Greenspan and Bernanke, this game would have never come to market!

  3. Don Matesz says:

    March 24th, 2010 at 12:39 pm

    Astounding. I recently had a discussion with a young man (probably less than half my age) about capitalism. He sincerely believed that the Fed creates capital and “promotes capitalism” when it creates currency. I tried to explain that it is at best phantom capital (phantom because not backed by real goods), that real capital consists of real goods accumulated by production and savings, without which you get economic “bubbles.” He could not see my point. He accused me of inventing a concept of real capitalism, whereas he thinks that practice of capitalism does not require that anyone save, because it is “faster” (his own words) to just create currency.

  4. Iluvatar says:

    March 24th, 2010 at 12:47 pm

    Sheryl — I think kids today are poorly prepared for the world even before the Greatest Depression. They are in real deep trouble w/ the GD, totally unprepared for this long haul.

    I heard a good definition of adulthood – the ability to delay gratification. In our (materialistic) society, I see a majority of grown-up children, not adults.

  5. Iluvatar says:

    March 24th, 2010 at 12:51 pm

    OFF TOPIC (but I think worth sharing). Here is a letter from the absolute ground zero of entitlements-ville. Hell, the Social Security Agency is one of the biggest employers (ack!)!

    It is a cut & paste(sorry):

    Democrats produce a new day to live in infamy
    11:32 AM EST, March 22, 2010
    It was 10:45 p.m. Sunday night when I went outside to take note of the surroundings. I was full of mixed emotions; boiling over with anger soon turned to overwhelming sadness and disbelief that I was will be living the remainder of my life in economic slavery.

    I had thoughts of my parents in their late 60s not having enough of value to contribute in the coming years and being turned away for health care. My father, a Vietnam Veteran with two tours and 23 years of service, having his benefits slashed after he put his life on the line for our country. I thought about how sad I will be in the future, knowing that I will leave this earth with my children and their children in economic slavery.

    Perhaps that is the most gut wrenching thought I had, but I had many.

    Never mind that our freedom was stolen Sunday night. Our future as a free society will now be one of economic slavery driven by the most far left-wing president and Democrat-controlled Congress in our great country’s history. No matter what people think about this take over of health care by our government, the fact remains that this will certainly and eventually bankrupt the country. Canada, France, Massachusetts and Tennessee all understand the unsustainability of this model. Anyone who believes that health care will improve and that savings will occur is not paying attention to the facts. Anyone that wants 17,000 new IRS agents sniffing around and digging into your bank accounts to enforce the new rules is probably already on the entitlement mentality and can’t be saved. Taxes will go up from now on, both federally and locally. After all, the Democrats’ bill pushes the costs to the states which is how, besides the budgetary gimmickry, they got to the sham number just shy of $1 trillion.

    President Obama has altered the fabric of freedom in this country in negative way. In 15 months, he has taken control of business and the auto industry, banking, and now health care and all student loans. (What the heck did that have to do with health care, anyway?) Is anyone scared here? I am. He and his Democratic cohorts trampled the Constitution en route to taking over one-sixth of the economy, and they are not even close to done yet.

    With gas nearing $3, let’s not forget President Obama wants it at $4 to $6 so he can control you behavior through the price of economic pain. Cap and tax is next, and the assault on freedom is not likely to go away under this administration anytime soon. Not to mention the value added tax that will be no doubt be forthcoming.

    So, while the entitlement mentality of , “How do I get my free (insert choice here)” begins to infect our democratic republic, I shed tears for my America, her future, her lost freedoms, and the beginning of socialism that my children will inherit.

    March 21, 2010 — a day that will live in infamy, a day for mourning, a day that “We the People” were forever enslaved. Indeed, the saddest day in my life. And the day our country was negatively altered forever.

    Carl H. Kendrick
    Copyright © 2010, The Baltimore Sun

  6. Karen De Coster says:

    March 24th, 2010 at 10:34 pm

    Sheryl used the “F” word on my blog – good for her!

  7. Iluvatar says:

    March 25th, 2010 at 12:41 pm

    Sheryl — Yes you did, geeze louize (grinning)! But it sure did seem to be effective in commuincating an important point.

    She raised an important point that is fire on my belly. I believe that 80+ years of “social engineering” has had a HUGE impact on our society’s ability to think & act rationally. It has dulled our senses & feelings towards liberty & responsibility (which are joined at the hip). It has turned us into materialistic religious fanatics. We have lost the nobleness of Walden pond-based frugality and spartanism. It has made us look to government in order to get our “needs” met rather than to look inwards instead.

    And they (goverment) get away with it under the slogan of “wanting to build a great society”. Don’t believe it? Just take a peep @ the Roosevelt monument on the mall in DC. It’s right there. Black & white.

    There is nothing wrong with desiring a great society. Only difference is HOW you do it. I believe that a great society is built from the ground up – 1 community at a time. No government involvement whatsoever (or very, very little). It is very surprising how often a quality product is obtained when you have full ownership over it!

    “Ask not what your country can do for you; ask what you can do for yourself”. Then STFU and get busy!!@! (sorry, kinda angry here…)

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