United States of America -- Hood Rich

Hood Rich: 1. A person with extravagant luxuries that they clearly cannot afford and they live in the hood or have a hood lifestyle
2. You ain't got [expletive] in the bank, or a job, but you still get what you want, and you look good doing it.

Source: Urban Dictionary

People seem consistently baffled by America's outlandish, out-of-control spending. We have a Trillion-dollar deficit and we're projected to default on foreign debt as early as this Summer. Our tax revenue is plunging, which virtually assures that we go bankrupt (because, mind you, during financial meltdowns, reduction in tax revenue contributes more to the deficit than bank recapitalization and bailouts). So why are we spending Trillions (that's Trillion with a T) of dollars to "bail out" Wall St. and $800+ Billion on "infrastructure" spending?

We're hood rich.

What do you do when you are poor, and winter is about to hit, and you know that you will continue to be poor for the foreseeable future, and somebody is still stupid enough to extend a line of credit? Do you do the "responsible" thing, and refuse the credit that you can't afford? Or do you take the credit, worry about paying it back later, and pay for rent, electricity, gas, water, food, and an Escalade -- all to get you and your family through the winter?

America seems to have picked the second option, and is investing in infrastructure (rent, electricity, gas, water, food) and Wall St. bailouts (the Escalade). The hope is that we can survive winter without having to go without the essentials (highways, overpasses, power plants, transportation, etc.).

This is occuring because, unless a miracle happens, we're going into winter (K-Winter) with no hope of being able to finance these things unless we accept the credit NOW, before the other party figures out that we can't pay them back.

If you want to see what results when you don't take this route, and don't secure your infrastructure in advance of everybody else figuring out that you're broke, look at Detroit.

Get it? The old operating procedure is out the window. Now we're getting what we can, while can get it. And if you think you're being looted, just imagine how it feels to be a foreign nation who happens to be lending to the USA (China to USA: "We hate you guys.").

That is hilarious. I totally agree. Where I grew up we called it something different but it is all the same.

Day1: Sorry kids you cant eat... but look at the new spinners on Daddy's Escalade.

Day2: The PTB are holding us back. My kid cant get an education. (They forgot their kid is stupid because they didnt eat because the food budget went to spinners)

Day3: Lets vote for more government assistance because I cant pay my bills and my kids are starving and stupid.

Day4: Its class warfare. The rich keep getting richer and poor keep getting poorer. (Well except for my neighbor whose parents fed him and sacrificed so their kid could have a better life and get an education, but he probably sold out to the PTB)

[edit on 20-4-2009 by justsomeboreddude]

hahaha well put man and I totally agree. We are hood rich for sure. 80% of the people out there rents their vehicles either via a lease or through ownership but they trade it in the moment they get it paid off. I see more people who drive nice cars and live in nice houses but have no money for food. Our priorities in America are gone and this crisis was a wake up call. I dont think its over and the people who dont change their ways do so at their own peril. This is going to get worse.....much worse.....

Well the fact is that it's in the best interest of banks and credit card companies to give credit to people who will be able to afford it. Once those people declare bankrupcy, the Government is forced to pay off the debts all at once.

The companies win this way. But I agree with you, we are Hood Rich. That will all change however, people will realize soon enough that the banks aren't lending money, even though that's what the stimulus and bailout were for.

Sad sad sad, but hey what are you going to do eh? Doesn't seem like most people care anymore. Kicked while were down.

~Keeper

People (in america in this case) will change their ways only when it really hurts their pocket, exactly like big business. So far, it hasn't hurt them enough.

This so called tea parties only happen when the recession hit, not during Iraq bombing. People don't care (not as much as this) when the (previous) administration reinterpreted the constitution, when they mishandled iraq war. But when something is starting to threaten their pocket, they cry," We're waking up, we're waking up, we want revolution."

Okay maybe not exactly the entire people in general, but you know who I mean.