"This current economic crisis is not a poor people's crisis, it is mostly a middle class crisis. individuals who asked not what the interest rate was, but what the payment was...and you never ask what the payment is when there is an interest rate attached. This represents massive levels of financial illiteracy in America and around the world. Individuals who purchased homes like we purchased automobiles, and we should not purchase automobiles that way. Individuals who purchase iPods like we purchase automobiles, and we should not purchase iPods that way. If you purchase an iPod for $400.00 and make minimum payments on a high interest rate credit card, you will pay $4,000 over time. Now, you add a few zeroes to that and call it a 30 year, full amortized mortgage, and you have a financial tsunami on your hand. We need to make individuals financially literate, so that this never happens again."
John Hope Bryant