Browsing Ms. McArdle's exciting thoughts from the "Liberty" (Stop abusing that word, crypto-fascists!!) Fund conference she attended over the wknd. that precluded her from dancing to her iPod @ the Jefferson Memorial & getting popped for mouthing off to the Park Police, I came across this juicy little bit:
2) The moral panic results in a huge amount of paternalism about debt. Credit alarmists frequently focus on college students, with the implication that they are still children who needed to be walled off from bad credit decisions. This is bad enough, but at least they're arguably still growing up. It becomes truly offensive when that attitude often spills over to other groups--minorities, the poor--who are also spoken of the way we talk about children: as people who presumptively cannot make good decisions. Better to restrict their options than let them make a bad decision.This comes after thought 1), which is all about "bad decisions" & their results:
Much worse consequences have come from marrying the wrong people, procreating at the wrong time, majoring in the wrong subject, taking the wrong job, or choosing the wrong hobby. Yet almost everyone, including liberals, would be repulsed by the notion of trying to "fix" this problem by curtailing liberties--should we require poor people to get counseling before they change jobs?We all know that "making bad choices" is glibertarian lingo for "not being born wealthy & white," though here the word is "decisions." Since Megan knows what all the right decisions are, what would be so bad about making a few decisions for people? Then poor minorities (or the minority poor) wouldn't be poor anymore, & we could stop hearing about "entitlements" & "welfare queens." Of course, the "liberties" that some might want to curtail (straw people notwithstanding) are not the "liberties" of college students to get into as much debt as they want, they are the "liberties" of credit card cos. to market to college students ("at least they're arguably still growing up").
In passing:
marrying the wrong people, procreating at the wrong time, majoring in the wrong subject, taking the wrong job, or choosing the wrong hobby."Choosing the wrong hobby?" What the hell does that mean, unless it's code for taking up alcoholism or substance abuse? You do realize those are all "choices" that people make, not diseases or mental health problems. But really, this may be worth a comment/question at the horse's
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But M, when a credit card company knowledgeable about debt pressures you into taking on debt you cannot afford, it was clearly your choice to be mislead. Sheesh.
Idiot writes, "Unless you are in a position that requires some sort of security clearance, the worst thing that happens to you if you borrow too much money is . . . you will find it harder to borrow more money."
Not true. It's harder to get hired if you have a shit credit score--employers look at that and won't hire people with money problems. The only car insurance you're going to get is from a substandard carrier--and it's going to cost a lot. Getting a life insurance policy will be tougher, too. Worse, you will not be able to get a good apartment--landlords all have credit score cutoffs that they have to use for all prospective renters. When traveling, try booking a hotel or renting a car without a major credit card.
Megan is a bitch with no compassion for anyone except for her self-centered idiotic libertarian friends who stupidly dance with earphones on and (thankfully) get arrested.
She needs to be fired.
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