A Way Out of Debt by Way of Iraq

[kskiska]

Source: NYT

Nick Sloan was $68,021.35 in debt earlier this year when he decided he needed a change. Mr. Sloan, 26, is a captain in the Air Force, and was stationed in Colorado Springs. Looking at his financial life, he saw only a series of bad decisions.

So he made what he calls a “radical” break: he volunteered to go to Iraq. In May he arrived for duty in Baghdad.

“I came to the realization that I was so far over my head, I had to do something drastic to increase my cash flow,” Captain Sloan said by telephone from the Green Zone, where he now receives extra pay and has minimal living expenses. “Iraq did that.”

In a nation swimming in debt — prime, subprime, adjustable, student, payday — debt reduction is coming to resemble dieting, a province of gimmicks, good sense, talk radio and endlessly resourceful scheming. Though there is as yet no South Beach Debt-Loss Plan, for Captain Sloan, there is Iraq.

Read more: http://www.nytimes.com/2007/09/03/us/03debtor.html?_r=1&hp&oref=slogin

[1932]

1. Debt slavery. Debt makes people do things they'd never do otherwise. And who benefits?

A cast of characters -- weapons manufactures, banks, oil companies -- who are tight with the current administration.

If freedom's just another word for nothing left to lose, slavery's just another word for thousands that you owe.

[msongs]

2. if his problems were because of HIS bad decisions it can hardly be debt slavery nt

[1932]

3. It used to be that no sane lender (except loan sharks) would lend people that much money

when they had so few assets, and even loan sharks only gave out money they thought they'd get back.

Now, I guess the moder, professional loan sharks are the good guys because they wear suits, work in manhattan office buildings, and their employers happened to be called "JP Morgan" and "American Express" -- and it's all the borrowers' fault.

I guarantee you, MBAs and JDs and psychologists and advertising execs came up with this strategy to turn this country into debt slaves so the oil companies, banks and bomb manufactures could get rich. It's too bad all these borrowers didn't have a team of professionals (or even the politicians they elect to represent their interests) on their side, fighting for their interests.

[1932]

4. Msongs, you know how drug dealers recruit new drug dealers?

They lend them money not expecting to get paid back. In fact, they hope you don't pay them back. When you can't pay it back, you have to go to work for your dealer so that you're the one on the street taking all the risks and not the drug dealer. Sound familiar?

Yeah, it's bad to do drugs and even if you don't, it's bad to borrow money from a dealer, but if I had to remove someone first from that formula, I'd go after the person with the most power, the one who is making all the money -- the drug dealer.

[annabanana]

9. Health related catastrophes are the most common reasons

that people get in over their heads... To start out with the assumption that it was "their own damn fault" and we are exempt from having to have some modicum of compassion is unhealthy in it's own right.

[happyslug]

5. Being so far in debt use to be grounds to lose one's Security Clearance

And as an officer that would means being kicked out of the Service. Most of the other comments reflect the enlisted ranks (Who can be indebted, less need for Security clearances, but if your ranting requires a Security Clearance, such debt could be the kiss of Death when you need to re-enlist and STAY in that ranting). The reason for this is simple, if you are in debt over your head, you may be susceptible to bribes from "enemy agents". That is a legitimate Security concern and grounds for Dismissal from the Military.

One last comment, while an officer was the top subject, the debt problem is more an Enlistee problem (They are paid less than officers). Given today that one out of every six person in the Military is an Officer (This is from a report from the early 1990s, I believe the percentage of officers has INCREASED since that date, but the report compared 1990 rations with WWII Ratio which was 1 officers to every 15 enlistees). If you look at the this story what one out of Eleven person in the military is in severe debt implies to me a SEVERE problem with debt among Enlistees. Just a concern about the enlistee ranks and how far will Officers and Enlistees can withstand the temptation of easy money by selling US and/or captured weapons? Can we trust people with such level of Debts? Historically the answer has been NO, but it looks like we have been doing so.

[1932]

6. Fall of soviet union -- who's going to bribe you? Now the point is that the corporatocracy

can bribe you.

That much debt is a good thing.

[sofa king]

11. Oh, I can think of someone....

But we'll probably never know if money was involved.

[onewholaughsatfools]

7. Iraq, is the solution,

and it very well may be the cause of ones debt, other than being responsable for one's money issues.......

[Indenturedebtor]

8. Debt is impossible to avoid

Debt is impossible to avoid if you want to get anywhere in this country... you need debt to get through school, debt to finance the time while you wait for a decent job, debt to buy clothes for the job, debt to buy the car to get to work, and debt to make it because your job that you work 60 hours a week at doesn't pay enough.

I look at credit applications all day long. Everyone is swimming in debt. Our wonderful banking system was designed to allow us to continue to buy things like houses, cars, clothes, and educations which continually grow more and more expensive while wages stay essentially the same and aren't adjusted for inflation.

We are born to either wealth or debt that is never supposed to be paid back. Most Americans don't own the shirts on their backs. I was born an indentured debtor. And I work harder than most, and spend less lol. You should see the credit reports... most of you would weep.

[salin]

10. So the implication... is Greenspan etal pushed the buying frenzy that led to the

current (personal) debt crisis - in order to make the choice to become cannon fodder easier and to avoid a draft?

hmmmm that's something to think about...

[tanyev]

12. Okey dokey. As long as Iraq is a way for a few people to get themselves out

of their personal debt, then it completely justifies the crippling debt the entire country is incurring by being there.



:sarcasm:

[ohio2007]

13. he is to occupied with other needs and can't use his credit card anywhere

as if he has timme to shop

[Summer93]

14. Catapult

I heard *Bush* say as he stood upon the pile of rubble at the WTC - go shopping.

I thought - what a bizarre thing to say to the many people hoping to find loved ones, missing loved ones, injured themselves, volunteers trying to find people.
Go shopping?

[Javaman]

15. We don't need any stinkin debtors prison, we have Iraq! nt