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making America’s mistake

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Imagine you are choosing which path to follow to get to your destination.  You’re unsure which path to take so you decide to follow the person you think is smartest.  You follow this person for about a kilometer or so and then suddenly you see that this person trip over a tremendous log, breaking his leg.  He is laying there bleeding, crying out in pain.  So, because you admire this person so much and think so much of him decisions, you trip over the same log and break your leg as well. 

As the world bares witness to the dishonesty and underhandedness of the banks and credit card companies in America and the devastation they are causing, one would hope that at the very least the rest of the world would learn not to do the exact same thing.  These banks and credit card companies baited high interest rates and property liens with easy money, hoping to find the next friar and lure him in.

I remember once coming home from High School to find a $5,000 check in the mail – all signed and approved from a bank I have never heard of.  All I had to do was cash it, which would of course enroll me in a loan with interest so high it could make a loan shark blush.  This of course was just one of several checks that came amongst the myriads of pre-approved credit cards in the mail. 

Such tactics played an integral part in the recent collapse of the American economy.  And I hoped, I really hoped, that I would not see the same tactics in Israel…

But then I did. 

During Pesach, when I saw How to Train your Dragon (which was a fantastic movie and worthwhile to see in 3-D), I saw a commercial for an Israeli credit card company.  The commercial featured some woman bragging about how she was able to buy stuff because her credit card gave her a loan with no questions asked.  I couldn’t believe it so I had to check out their web site to see if this is true.

Apparently, this credit card company is offering “loans to everybody.”  And I ask why?  Why would Israel allow a credit card company to do to Israel what they did to America?  America is the most marketed to culture in the history of mankind and the most marketed product of all is debt.  It is the marketing of debt that turned America into a world leader on the rise to a nations who’s distribution of wealth looks less like a first world democracy and more like a third world tyranny.

Don’t let credit card companies destroy Israel.  Do not let them persist in the marketing of debt until this country becomes as pathetic as my last home country.  Tell others what they are trying to do.  If you can, preach financial responsibility and make it a number one priority among your family.

Let them all know – if we wanted to live in a country that looks like a pale shadow of a falling empire, we would have never left the US.


2 Comments

  1. rutimizrachi says:

    “Let them all know – if we wanted to live in a country that looks like a pale shadow of a falling empire, we would have never left the US.”

    Great line! You can be sure that we will pass this important message on to our olim chadashim children. Thank you!

  2. […] for­mer MBA class­mate of mine from Bar-Ilan Uni­ver­sity, has some cau­tion­ary words on the mar­ket­ing of debt and loans in Israel:Dur­ing [Passover], when I saw How to Train your Dragon (which was a fan­tas­tic movie and […]

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