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One of the things that I am deeply grateful for this Thanksgiving season is that my father was a frugal guy and made a big deal out of it. A child of the depression, William O'Reilly, Sr. hoarded his dollars and lectured his children on saving not spending money. Sure, it was boring. My sister and I had visions of Snickers and Good Humor ice cream dancing in our heads. But as soon as I started making some money cutting lawns and shoveling snow, I saved a nice piece of it primarily because my father was six feet, three inches tall. But not everybody got that lesson. The current economic horror can be traced back to one major occurrence—Americans borrowing money they can't pay back. Buying houses they can't afford, running up credit card debt like crazy. Of course, the banks were only too happy to help out, providing massive amounts of credit to Americans of limited means. What's the difference between a drug dealer and a mortgage broker? Interest. Continue reading the full column...
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