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PR Newswire
09-03-2011, 11:04 PM
Now that's interesting, a materialistic communist.
I am sure some of them are, look at Kim Jong Ill, who has an expensive taste and his son, who recently attended Eric Clapton's concert in Singapore. It is ironic that the head of communist country is actually a materialistic capitalist at heart.
In any case, under communism, Iphone probably would not have existed as it represents excess and contrary to the core values of communism.
Even if it existed, it would be a dull grey box with a monochrome screen with no wifi and internet access.
There will be people falling into debt for luxuries they otherwise could not afford. But if we look at the bigger picture, it is not as bad as it seems. The banks and financial institutes do look at the borrower's earning power before giving unsecured credit, they can get up to a few months pay at most. This is nothing compared to the 30 year housing loan and the 10 year car loan that a lot of us are getting.
We all assume rising real estate prices and job security. What if housing prices fall significantly? What if jobless rate climb and we are unable to service our loans? The scenario seemed unlikely now but who's to know in a few year's time?
I am sure some of them are, look at Kim Jong Ill, who has an expensive taste and his son, who recently attended Eric Clapton's concert in Singapore. It is ironic that the head of communist country is actually a materialistic capitalist at heart.
In any case, under communism, Iphone probably would not have existed as it represents excess and contrary to the core values of communism.
Even if it existed, it would be a dull grey box with a monochrome screen with no wifi and internet access.
There will be people falling into debt for luxuries they otherwise could not afford. But if we look at the bigger picture, it is not as bad as it seems. The banks and financial institutes do look at the borrower's earning power before giving unsecured credit, they can get up to a few months pay at most. This is nothing compared to the 30 year housing loan and the 10 year car loan that a lot of us are getting.
We all assume rising real estate prices and job security. What if housing prices fall significantly? What if jobless rate climb and we are unable to service our loans? The scenario seemed unlikely now but who's to know in a few year's time?