[yesterday’s address] personal economy, delusion and debt

Consumers in the former Soviet republics are well on the way to the disaster which has befallen the west. WC Fields once said that you can’t cheat an honest man – he has to have larceny in his heart to start with and in a similar way, you can’t plunge a family into debt which lives within its means – they have to have the aspirations to start with. And when do aspirations become ambitions and ambitions – greed?

An oblique answer is: debt is something which happens when the rest of your spending is not in balance. Any debt other than mortgage debt is a symptom that something's wrong with a family's budget. [Elizabeth Warren MSNBC] Yesterday I addressed 89 young ladies and 2 young men on fashion and financial danger.