The rules do not apply to everyone. We all know that it is too easy to get into serious trouble with credit debt. Taking on too much credit, risky loans, high interest rates, it all adds up to financial chaos. And thanks to our concerned congressional representatives, it is extremely difficult to avoid bad debt through bankruptcy, or get good loans to bail out bad financial decisions. Unless of course you are a bank, an automaker, or an investment broker.
A case in point is the current fallout of the mortgage market, Ponzi Scheme investment by brokerages, and the 
impending demise of several American automakers. For years, lending institutions have made riskier and riskier loans with “flexible” interest terms–under the great presumption that default rates would not seriously encroach on profits. They sold these mortgages to investors–you know, the folks that buy them to prop up your retirement fund and bolster companies that need to show ever increasing profits while they make nothing really tangible…
A recent NY Times story says it all, “Wall Street analysts say they are increasingly concerned that consumer spending will weaken as more people in housing and related sectors lose their jobs. They also worry that many homeowners will cut back as they find it harder to refinance or borrow against the value of their homes.”
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