- Alex Hutchins
- Jefferson City, TN
- United States
that our free market enterprise system is based IN PART upon the financial ignorance and stupidity of individuals and/or groups...
80% of the people, give or take, have no education beyond high school even though many of these people have common sense which I would guess would be another 80/20 split which seems to be a general rule of thumb.
When in college, I was told in a marketing class to advertise and market as though most of the people had an 8th grade education.
While my comments are obviously a personal opinion, one can easily see where this is going, and that is, persuade or convince the general masses to spend their money on your product or service, whether they need it or not, and regardless of liabilities already in place.
IBM had a more sophisticated approach by convincing their junior executives to stay in debt as part of their position which kept them from easily leaving the company.
Built in obsolescence was used in manufacturing to build products that would need to be replaced in 3-5 years, thereby generating an on-going and constant stream of income.
We, the financially ignorant consumer, acted like boiling frogs in the process, not questioning the process at all.
Today, we sell student loans to people who cannot afford them to get education that they cannot retain and therefore not use. We play on the ignorance of people by convincing them to go after quick cash and use their bank credit to pay for it. We convince people who cannot afford it to buy tickets to sports events, concerts, or theme parks, knowing that they do not have the financial resources to pay off that credit during the entire next year.
We become wealthy by taking advantage of the financial ignorance of the poor and then we deposit that money in off shore accounts that cannot be taxed by the Federal Govt. to collect money to help the poor.
And, the really sad part about all of this, is that no one CARES... and, if they do... it is not enough to do anything about it... so, it just continues...
But, if we did not do this, our country would not be the greatest financial country in the world now.