posted on Feb, 20 2009 @ 12:42 AM
It seems like there are a lot of people who have either willfully been asleep the past 30 years, or real good at denial. Face facts, we have no one
to blame for this but ourselves, and we will never get out of this mess unless we start being honest with ourselves.
No one was complaining when house prices were going up 50% a year, year after year. No one complained when they made huge gains off of tech boom
stocks whose "great ideas" were on the level of selling bulk dog food on-line, because how else would anyone want to buy bulk dog food. You don't
get something for nothing, and if it sounds too good to be true, it probably is. Remember being told that when you were young, but how many people
just pushed it back, and did what everyone else was doing, mainly grabbing with both hands and making a stash.
Why we are in trouble;
1) Greed. Not a desire for security, or a better life for your kids, or a desire to be noted for your accomplishments, but true unchecked greed, and
a tolerance for "greed is good" that allowed us to accept bogus excuses for it.
2) Trillions and Trillions of dollars in bad paper. So much bad paper, that the attempts of our government to shore up the financial system by
printing a few Trillion are bound to fail. The government is trying to dig its' way out of an avalanche with a spork.
3) Over borrowing and general living beyond our means. Lack of savings, and a society that thrives only by immediate gratification. Don't get
offended if it does not apply to you.
4) A manufacturing and technological base that has stagnated. This is not a perfect generalization, but if you have worked for any big company
recently, you probably realize something is very wrong.
It also seems we have not had many great ideas lately, and we are not making the products that the rest of the world wants. I don't think we have
lost it, but I do think we may be in a rut.
5) Unrealistic expectations of workers. As bad as corporate and Wall street bosses are showing themselves to be, there are still a lot of people in
this country who don't see much honor or use in a good work ethic. We also don't do a good job of getting people to be responsible for their own
health, and this combined with a blind faith in the ability of medicine to fix everything is a disaster. In many ways we expect employers/government
to care for us more than we should, once we get on with the right company that is.
6) Lastly, and most importantly, we have a political system that glad faces and just wants everything to keep going as is, without systemic change,
I had, and to some extent still have high hopes for Obama, because at this point, he is our only hope, but I have to say I am disappointed in the
moves he has made so far. We are starting to pay for the past 30 years, and changes will take place that government can not stop. They have been in
damage control for the past 10-15 years, and now the quick fixes are used up. Time to pay the piper, so to speak.
Here are the two ways I see things going. The first way is the wrong way, my opinion, but it introduces the pain in small steps, so it will probably
be the one that gets done.
Way 1 - Keep borrowing and don't admit anything is wrong.
The government pumps money into the banks , and sets up a receiver bank to consolidate the bad paper. In that order. The paper will be worthless,
but the people will have the giant debt held over their heads, forever, because that is how long it will take to pay it off.
The government bails out businesses, and creates projects that keep some people employed to keep some stream of revenue going, mainly from
gradually increasing taxes.
The dollar gets gradually devalued, while benefits get fixed/frozen under the argument that there is a budget crisis. Eventually, housing market
prices meet what people owe due to the fact the dollar is just not worth as much.
We work harder with little hope for a better future