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The Forum > Article Comments > Excesses and excuses - the household sector’s role in the GFC > Comments

Excesses and excuses - the household sector’s role in the GFC : Comments

By Stephen Koukoulas, published 15/7/2009

Debt is very much like red wine. In moderation, borrowing money and accumulating debt is a desirable thing.

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I was brought up during the war and learned all about "living within our means". With the advent of universal television we embraced the advertising industry and actually believed the messages they beamed into all our homes. We began to be transfixed by all this and it raised our expectations to a level that we felt we deserved if not afford. However, this was no problem because we were told it was just a matter of paying some time in the future to enjoy everything now.....as it still is.

I have always thought that the advertising industry can be blamed for a lot of what we now suffer. Sure, it increased production but so much of the excesses created in the name of "progress" can be sheeted home to their often false and misleading propaganda that sucked the population into debt. Most of this preying on emotional triggers of family happiness.

Most of my life my friends have asked me what I'm saving my money for, but I always reply "so that I can pay cash and get it cheaper than you"
Posted by snake, Wednesday, 15 July 2009 9:59:42 AM
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Snake,

This lesson has yet to be learnt by labor.

Their solution is to spend your way out of trouble, and balancing the books is to be left to the boring old coalition to do later.
Posted by Shadow Minister, Thursday, 16 July 2009 10:00:25 AM
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