Comments on: Why do Black People go Bankrupt (for Spedy) http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/ The Future is Here Wed, 10 Mar 2010 21:26:42 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Lester Spence http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/comment-page-1/#comment-558 Lester Spence Fri, 26 Jan 2007 16:49:09 +0000 http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/#comment-558 having credit card debt is the norm, as is not saving enough. having credit card debt is the norm, as is not saving enough.

]]> By: albatross http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/comment-page-1/#comment-556 albatross Fri, 26 Jan 2007 16:20:14 +0000 http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/#comment-556 I'm not sure that's really true. If I'd gone bankrupt when I was out of work, the proximate cause would have been the layoff, but the long-term cause would have included some really dumb financial decisions, like having credit card debt and not saving much money back when we had more than enough to spend. This seems true for the two people I know who've gone bankrupt, too. I don't know how representative this sample is, though. And it's probably always possible to do some retrospective judging of bad decisions. ("See, Frank, you wouldn't have had that heart attack if you'd taken up the Ornish diet and marathon running thirty years ago, so it's all your fault.") I’m not sure that’s really true. If I’d gone bankrupt when I was out of work, the proximate cause would have been the layoff, but the long-term cause would have included some really dumb financial decisions, like having credit card debt and not saving much money back when we had more than enough to spend. This seems true for the two people I know who’ve gone bankrupt, too. I don’t know how representative this sample is, though. And it’s probably always possible to do some retrospective judging of bad decisions. (“See, Frank, you wouldn’t have had that heart attack if you’d taken up the Ornish diet and marathon running thirty years ago, so it’s all your fault.”)

]]> By: Lester Spence http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/comment-page-1/#comment-555 Lester Spence Fri, 26 Jan 2007 14:52:29 +0000 http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/#comment-555 You're likely right. I know that I would have been staring bankruptcy in the face if it wasn't for my network. But my central contention wasn't that bankruptcy was an equal opportunity ailment, but rather than those who had to declare bankruptcy (largely working class folks or perhaps first gen middle class folks) don't do so because of consumption. You’re likely right. I know that I would have been staring bankruptcy in the face if it wasn’t for my network. But my central contention wasn’t that bankruptcy was an equal opportunity ailment, but rather than those who had to declare bankruptcy (largely working class folks or perhaps first gen middle class folks) don’t do so because of consumption.

]]> By: albatross http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/comment-page-1/#comment-554 albatross Fri, 26 Jan 2007 14:25:20 +0000 http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/#comment-554 I suspect there's good data for this out there somewhere, but I think one big difference in likelihood of things like going bankrupt, being homeless, or not getting needed medical care is whether you have a family that can act as a safety net. I've been out of work, and it was depressing and scary. But the worst plausible outcome wasn't "move the family into a homeless shelter" or "declare bankruptcy while working three jobs to try to feed everyone," it was "move the family into my mother's or in-laws' basement" and "swallow my pride and mooch off my parents for awhile." It's easy to miss this difference in official statistics and comparisons of people on paper. Now, that said, the people I know who've gone bankrupt had both bad situations and bad planning/choices. You'd like to encourage better choices without permanently screwing over anyone who fails to make them, or who just gets overwhelmed by bad circumstances. I suspect there’s good data for this out there somewhere, but I think one big difference in likelihood of things like going bankrupt, being homeless, or not getting needed medical care is whether you have a family that can act as a safety net. I’ve been out of work, and it was depressing and scary. But the worst plausible outcome wasn’t “move the family into a homeless shelter” or “declare bankruptcy while working three jobs to try to feed everyone,” it was “move the family into my mother’s or in-laws’ basement” and “swallow my pride and mooch off my parents for awhile.”

It’s easy to miss this difference in official statistics and comparisons of people on paper.

Now, that said, the people I know who’ve gone bankrupt had both bad situations and bad planning/choices. You’d like to encourage better choices without permanently screwing over anyone who fails to make them, or who just gets overwhelmed by bad circumstances.

]]> By: tootsie http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/comment-page-1/#comment-548 tootsie Wed, 24 Jan 2007 23:06:59 +0000 http://blacksmythe.com/blog/2007/01/24/why-do-black-people-go-bankrupt-for-spedy/#comment-548 Bush state of the union address did not mention Katrina or its recovery plan,who are the lobbyist for the consumer? Bush state of the union address did not mention Katrina or its recovery plan,who are the lobbyist for the consumer?

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