Or is this just stupid-on-a-stick -- more all-too-easy credit being extended to minimum wage morons who should be learning to live within their limits rather than spending on things they really do not need?
From The Wall Street Journal:
Factory worker Dennis Davis recently stopped at the Cabela's store here to buy a $90 carrying case for the long-barreled Contender pistol he uses to shoot pesky groundhogs at his brother's farm. He paid with a store-issued credit card.
The U.S. government helped finance the transaction. Earlier this year, it recharged the credit-card operations of the Nebraska-based retailer of hunting and camping gear with nearly $400 million of federal financing...
.... Thanks to federal loans, Cabela's Inc. didn't have to slash credit to its customers... "Had we not been able to refinance this [debt], we would have massively reduced credit limits and canceled cards," says Cabela's chief financial officer, Ralph Castner. Now, Cabela's is pushing customers to borrow more. On a recent morning, employees near the entrance of the store in Hamburg encouraged customers to sign up for new cards.
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4 comments:
Uncle Sam doesn't discriminate against morons on the basis of wage. He supports morons of all economic strata who wish to live beyond their means. :-D
Where do you get these amazing articles? I admit my Dad has racked up quite a bit on his Cabela's credit card, but he pays it off whenever he feels like it. The article about gentle hens is interesting. It makes me want to buy "free range" so I can encourage this.
Kasha and Africa
http://trainingboerboels.blogspot.com
True, true Matt. 100% true! GM is now Government Motors, and look how many useless banks we bailed out (to say nothing of AIG). At some point, we need to say that people MUST live within their means. And that includes EVERYONE.
Patrick
Very bad idea that is only pushing the end result off to a future date in time.
Don Davidson | AGOutLoud.com
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