Christopher S. Penn's Awaken Your Superhero - Latest Comments in This is why I have a personal blog…

Re: This is why I have a personal blog…

Heather — Wed, 09 May 2007 13:52:13 -0000

Great Post. Why not take it to the next level? Send a note to these senators stating that you are opposed to a bail out in the subprime market. Attach the campaign contributions and question who they are really trying to bail out. I did.... surpisingly, I still have not received a response.

Re: This is why I have a personal blog…

Donna Papacosta — Sat, 14 Apr 2007 17:45:56 -0000

Very well done post, Chris. You did your research!

Re: This is why I have a personal blog…

Whitney — Sat, 14 Apr 2007 14:43:50 -0000

Part of the problem is that many people don't really understand money. Oh, they understand they exchange it for things they want, but they don't understand economics of long term debt- they only understand "I want it now".

I worked for a student loan co as a customer service person during college; I have dealt with college students and contractors and the like failing to pay their bills from a legal perspective, including eveictions and foreclosures, and it all comes down to Chris's basic message- Don't sign anything you don't understand, and live up to the obligations you have knowingly taken on. Understand that if you want a new ipod, you have to pay the rent and the mortgage first, and deferred gratification is a good thing.
But I also think we need to start teaching real world economics and money management skills to kids starting in middle school. Not just "balance your checkbook" stuff, but "This Number of dollars is needed per month to cover your most basic needs. Then you need to save in case you can't work because you get sick. After all of that is paid for, then you can start talking about ways to manage the gravy."
I know too many grownups who get themseleves into debt because they don't understand how expensive compounded interest is, what they can really afford, or how to say no. Banks will always lend you as much money as you want if you have a decent credit rating- you'd be STUPID to say yes.

Re: This is why I have a personal blog…

Amy — Sat, 14 Apr 2007 10:02:49 -0000

I think you are right on.

Re: This is why I have a personal blog…

Chris Brogan... — Sat, 14 Apr 2007 07:33:05 -0000

I have nothing significant to add, but wanted to say that the way you laid out the information was very informative, and matching that to your emotions and thoughts on the conversation was excellent.

In other words, great post!

Re: This is why I have a personal blog…

Jason White, CSCS — Fri, 13 Apr 2007 23:03:57 -0000

Hey hey hey,

Let's not get too hasty about legislating against stupidity. The very thought that a government can/would/should take some responsibility for a person's intelligence level is flawed to the core.

We are all here, right now. You are here and you are responsible for your self and your intelligence. you can make it better or not.

Learning is what happens when people make mistakes and people need to make mistakes in order to learn (generally speaking) attempting to prevent this prevents a fundamental part of the process of being human and learning your lessons.

Like signing on the dotted line...

Re: This is why I have a personal blog…

Ted Demopoulos — Fri, 13 Apr 2007 21:17:39 -0000

The people living on floodplains might disagree . . .
Now, I'm somewhat responsible. I pay my bills, I take on debt I can service, and I realize that maybe, just maybe, something will happen and I won't be able to anymore. But I'm an adult, and don't expect anyone to bail me -- or my debtors -- out.

Re: This is why I have a personal blog…

Jay Moonah — Fri, 13 Apr 2007 21:09:45 -0000

Don't hold back Chris, how do you really feel? ;-)

What I think might really be need here are better requirements for the lenders to disclose the possible outcomes (such as foreclosure) to potential borrowers if they are not able to pay.

While I agree people need to be responsible and understand what they are signing, it's not possible to legislate against stupidity (but that would be great, wouldn't it?) It is possible, on the other hand, to legislate against big lenders obfuscating the terms of their often complex agreements and thus allowing people to think they can afford something they really can't.