I will gladly pay you Tuesday for a Hamburger today...
Quick, who said that?
- Wimpy, (Popeye's Pal)
- The American Taxpayer
- Bill Gates
- Both 1 & 2
As another sign of the times, Citigroup, one of the US's largest financial services institutions was forced to go to Abu Dhabi (one of the seven Arab Emirates in the Middle East) to sell equity shares in their company to raise money. For $7.5 Billion smackers. Money that they made from selling us their oil. Now they are using it to buy ownership in US businesses. No one can accuse us of not embracing a global economy now can they? People smarter than me can explain the virtues, routine-ness and benefits of this agreement I am sure. On a much simpler level though, isn't it ironic that Citigroup, who makes a gazillion dollars off of consumers who finance their credit card debt with them....now has to go begging our international neighbors for help getting themselves out of debt? Wonder what rate they got?
But I digress...
I live near a big mall. The eager faces of the people that are waiting in line to park so they can go holiday shopping is electric. The face of holiday cheer. Unfortunately, the faces of some of the people that are driving away from the mall are decidedly less joyous. More like the face of holiday despair. Based on the feverish activity at the payday advance stores popping up everywhere, I suspect a lot of people will be crushed under some heavy debt this year...just like dear ol' Uncle Sam.
Perhaps too much gifting...and not enough giving.