"There are three kinds of people: the haves, the have-nots, and the have-not-paid-for-what-they-haves (accredited to Earl Wilson)." A sad state of affairs...
“This is an impressive crowd - the haves and the have-mores. Some people call you the elites; I call you my base." New York, October 20, 2000 speech to the Al Smith Dinner for charity.
Bush gazed around the diamond-studded $800-a-plate crowd and commented on the wealth on display. "This is an impressive crowd - the haves and the have-mores," quipped the GOP standard-bearer. "Some people call you the elites; I call you my base."
Bush admitted to Letterman that he had a low bar to clear in the presidential debates. "A lot of folks don't think I can string a sentence together, so when I was able to do so, it uh - Expectations were so low, all I had to do was say, 'Hi, I'm George W. Bush.' "
That quip is rather cruel, as it paints debtors as unfairly benefitting from being in debt, instead of recognizing it as a normal part of modern society. For credit is the mechanism by which much of the world operates. Few are fortunate enough to own outright the house they live in, for example, which is why mortgage loans make up 70% of consumer debt in the US (versus approx. 60% in Japan).
Sorry if I came across as offensive. That was not the intention. I am a frequent user of credit (like most people). When used properly, borrowed money can be very useful. However, the practices of predatory lenders should be highly regulated.
Mark, what I was criticizing was the original statement; I meant no criticism of you for quoting it. I share your concern for victims of unfair treatment or predatory lending. Most jurisdictions in high income countries such as the USA and Japan, have regulations that put restrictions on lending practices, but as readers of crime blogs and novels know, there are always lenders of last resort who will bleed a debtor dry without a moment’s thought.
"Poor financial literacy adds to the problem." We live in an unequal world. Better financial literacy would certainly alleviate things. But if the workers aren't getting paid enough, it's always going to be a struggle.
This is how the financial-banking sector operates, always was. This is why things like this were a chief concern in the Meiji-Hirohito reigns and in Europe in the 30s & early 40s.
We're facing the same problem again. I really hope suicides decease over there, and can't wait to reach Japan to start contributing to it once more in March.
Dunno how much I can do, but if even one person even if a European can show kindness to them, and maybe help them in their time of need maybe some good can be done even if on a small, local level.
Dou itashimashite, I worry over Japan and fret over her often these days. I’ve taught Japanese herein Canada and in Japan itself, it is painful to see them suffer when they’ve at their core the same goodness one sees in dogs and in Tolkien’s finest Hobbits.
It is illegal to copy and paste almost the complete article (even if you are a subscriber of Bloomberg and even if you mention the source at the beginning). This is a copyright infringement. You should not do this as a Substack author. You may paraphrase the sentences of the article but your wording should not be too similar to the original content. You also have to mention the source from time to time.
"There are three kinds of people: the haves, the have-nots, and the have-not-paid-for-what-they-haves (accredited to Earl Wilson)." A sad state of affairs...
Right. George W. Bush, who lived in a different world, once said that the people gathered at a party were "the haves and the have mores."
“This is an impressive crowd - the haves and the have-mores. Some people call you the elites; I call you my base." New York, October 20, 2000 speech to the Al Smith Dinner for charity.
Bush gazed around the diamond-studded $800-a-plate crowd and commented on the wealth on display. "This is an impressive crowd - the haves and the have-mores," quipped the GOP standard-bearer. "Some people call you the elites; I call you my base."
Bush admitted to Letterman that he had a low bar to clear in the presidential debates. "A lot of folks don't think I can string a sentence together, so when I was able to do so, it uh - Expectations were so low, all I had to do was say, 'Hi, I'm George W. Bush.' "
Thanks for the historical details. I was appalled when I saw that video, then I remembered that I came from the Banana Republic of Berlusconi.
That quip is rather cruel, as it paints debtors as unfairly benefitting from being in debt, instead of recognizing it as a normal part of modern society. For credit is the mechanism by which much of the world operates. Few are fortunate enough to own outright the house they live in, for example, which is why mortgage loans make up 70% of consumer debt in the US (versus approx. 60% in Japan).
Sorry if I came across as offensive. That was not the intention. I am a frequent user of credit (like most people). When used properly, borrowed money can be very useful. However, the practices of predatory lenders should be highly regulated.
Mark, what I was criticizing was the original statement; I meant no criticism of you for quoting it. I share your concern for victims of unfair treatment or predatory lending. Most jurisdictions in high income countries such as the USA and Japan, have regulations that put restrictions on lending practices, but as readers of crime blogs and novels know, there are always lenders of last resort who will bleed a debtor dry without a moment’s thought.
Got it. Thanks for the clarification. We're on the same page.
"Poor financial literacy adds to the problem." We live in an unequal world. Better financial literacy would certainly alleviate things. But if the workers aren't getting paid enough, it's always going to be a struggle.
Exactly. The article clearly states that many of those who borrow money do it just to stay afloat.
This is how the financial-banking sector operates, always was. This is why things like this were a chief concern in the Meiji-Hirohito reigns and in Europe in the 30s & early 40s.
We're facing the same problem again. I really hope suicides decease over there, and can't wait to reach Japan to start contributing to it once more in March.
Dunno how much I can do, but if even one person even if a European can show kindness to them, and maybe help them in their time of need maybe some good can be done even if on a small, local level.
Thanks for your thoughtful comment. I completely agree.
Dou itashimashite, I worry over Japan and fret over her often these days. I’ve taught Japanese herein Canada and in Japan itself, it is painful to see them suffer when they’ve at their core the same goodness one sees in dogs and in Tolkien’s finest Hobbits.
It is illegal to copy and paste almost the complete article (even if you are a subscriber of Bloomberg and even if you mention the source at the beginning). This is a copyright infringement. You should not do this as a Substack author. You may paraphrase the sentences of the article but your wording should not be too similar to the original content. You also have to mention the source from time to time.
Thank you, Martin, I wasn't aware of that. I did as you suggested.