Overcoming Debt and Analyzing Capitalism

9 04 2009

studentdebtCredit Card companies love college students for the sole reason that students get thrown a lot of responsibility to become an adult- why not prey on those students who only in yesteryear was just begging mom and dad for a new car, that iphone, and even that xbox 360.

 

Less than 2 years ago, I had accrued a debt of more than $9,000 primarily from placing my college tuition on my Chase Manhattan Credit Card.  Yes, this was fiscal irresponsibility, I could have taken loans out from school however I did not know the options.  I was desperate to stay and finish school that I did what most students with no money do, borrow.  In this case, I borrowed from my credit company and within several months I found myself behind on payments.  Many students, especially those of working class are generally not shown their options because many do not attend university tracked schools where resources are available to help students get into their preferred college and financial assistance is at hand.  

I did not know how to handle the pressures of debt and instead of consulting a financial advisor or ask family members for help, I decided to consult my friend, the bottle or as Ka Mabait would say, “poison”.  The bottle was how I escaped from the reality of my situation and in fact, that’s how many escape as well.  At this point the credit card company was coming after me for the slow payments.  

 

After becoming more and more depressed over the lingering fact that  the holes in my pocket just kept getting deeper and, my kasamas from the League of Filipino Students had a small intervention with the way I was living.  I took their suggestion and asked my mom if she would allow me back under her roof and she did willingly.  Next I called the credit card companies to see if I could work out a deal with them.  They were more than happy to work out a deal because most of the time they do not get their full payment even after taking people to court.  I planned on paying back $600 a month for about 15 months.  

 

Lucky for me, I had kasamas who had my back and a solid plan to get my ass back in reality instead of the wrong side of the bottle.  The League of Filipino Students did more than get me out of debt, they helped with providing the analysis and model of capitalism. 

 

As the world’s economy plunges because of the unstable U.S. economy, one has to wonder why that is.  The elites, the ones who hold the power and money have us to believe that our economy was fine for the past decade when in fact, it was already falling apart.  

Most recently, working class tax dollars were used to bail out wall street as social services have been cut across the board. The contradictions will continue to sharpen with the working class wondering why their money is being used to save companies that are sucking the blood of working class livelihood.  The Elite are not stupid-we seen many of Barrack Obama’s picks admit they evaded taxes.  The working class ends up paying down the debt of this nation while the Elite use their tax money to advance their own profits.

 

2002-10-08-housing-bubble-markets-flatten-a-bit-530As the elite use clever ruses to disguise the plummet of the economy through “new” investments, one after another those investments have cost the working class their savings from the dot-com crash of the 90s, to the recent bursting of the housing bubble in 2005.  

 

Americans are starting to panic and they have every right to be.  They are losing their savings and retirement, as the cost of living increases while social services deceases.  

 

While the working class is slowly waking up the recent events by protesting social service cuts, the bail out of wall street, and criticizing financial advisors, the Elite continue to do everything they can to save capitalism.  Even the former president had this to say,

 

In an interview on CNN, Bush stated, “I’ve abandoned free-market principles in order to save the free-market system.”

 

Republican pundits have criticized George Bush as well as Barrack Obama as being socialist and enemies of capitalism.  However both presidents have done everything in their power to preserve capitalism.  Bush and Obama’s war of aggression overseas is their attempt to open new markets, steal natural resources, and invest more money into war-time economy to keep the economy afloat.  

 

Capitalism has one true nature and that is not altruism.   It’s model solely seeks profit through exploitation.   This is the reason why the third world is constantly being raped by imperialist and the reason why the third world fights back.  It is also the reason why Capitalists try to divide the working class by race, gender, and class so the resistance will be weakened by internal struggle.

In order to survive, we must strive to overcome our differences and unite against our oppressors.  

For more information please read:

What the People can and must do about the Financial and Economic Crisis by the International League of Peoples’ Struggle


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3 responses

9 04 2009
Armael M.

Yo, dope entry!! i totally feel you!! I was tricked to get a credit card for a stupid flash light. It took me almost 8 years to pay my shit off!!

10 04 2009
links for 2009-04-10 « The Mustard Seed

[…] Overcoming Debt and Analyzing Capitalism « My little book "Most recently, working class tax dollars were used to bail out wall street as social services have been cut across the board. The contradictions will continue to sharpen with the working class wondering why their money is being used to save companies that are sucking the blood of working class livelihood. The Elite are not stupid-we seen many of Barrack Obama’s picks admit they evaded taxes. The working class ends up paying down the debt of this nation while the Elite use their tax money to advance their own profits." (tags: blog northamerica capitalism youth) […]

14 04 2009
links for 2009-04-14 « The 50 Megaton Paper Tiger

[…] Overcoming Debt and Analyzing Capitalism « My little book (tags: capitalism education debt crisis) […]

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