HOW ONE MAN TRIED TO GET OUT OF DEBT

I am a little confused about how we are working on fixing the recession.

It reminds me of a man who owed $500.00. He was having trouble paying it back so he went to a friend and borrowed $600.00. With this money he paid his friend back and had a $100.00 extra. A little breathing room so to speak.

After a month or two, he was again in dire straight. He thought, “It worked the first time. I think I will try it again.”

He found another friend and this time he borrowed $750.00. $600.00 to pay the loan and another $50.00 to pay the interest and of course an extra hundred for a little breathing room.

This exact thing went on for a couple of years. Then one day he had run out of friends and had to go to a stranger.

The stranger said, “”sorry you aren’t worth a million dollars. You need to go find someone who want look at your worth or your credit rating.”

The man was angry but soon found out that most strangers felt the same.

He was now facing bankruptcy. He thought there is only one place I can get that much money with such bad credit and no equity.

He took his American Express card that had two more days on it before the payment was due and headed for Washington.

They said, “SURE.

In fact, the only real problem you have is that you aren’t allowing yourself enough breathing room. We will loan you $2,000,000.00.”

A few months later, the man was back. Now there was a new president setting behind the desk.

This younger darker man said, “I am so sorry for your position. I wish I could loan you some more. I think you have the right idea by borrowing your way out of debt.

I don’t know how to tell you this but we have a couple of problems ourselves.

The truth is, we to have been borrowing our way out of debt also. Now, my friend just like you we cannot find any one else to loan us any more and the notes are due on what we have already received.

You see we borrowed most of ours from the Chinese and they were smart enough to want something of value to hold.

That is the other bad news. We put you and your family up for collateral.

You have a nice day now.

The moral of the story is nobody, no company or no government can borrow their way out of debt.

My Daddy told me that years ago when I ask him to co-sign a note so I could pay off some bills.

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