(no subject)
First, a bit of election-day fun. (It cheerfully pokes fun at both sides, so don't worry.)
Second, why don't we have any candidates calling for outlawing paid lobbyists? 'Cause I would vote for him/her in a heartbeat.
Third, a rant. About finance. And politics.
So I read all these financial websites about all the stuff going down lately, as you have all heard if you're reading here often. Though not as much as engelhardtlm1, but then, I don't teach economics for a living. But since we are in a financial crisis, and a credit crunch, and a recession, and it happens to be an election year, a lot of people are spending a lot of time and effort trying to find out who's responsible for this mess, and what we ought to do with them.
I'll tell you who's responsible. We are. Every last one of us.
Every politician who jumped on the "banks must give loans to everyone!" bandwagon is responsible. Every bank who thought they could make money with ARMs is responsible. Every company that threw about credit like it was free is responsible. Every accountant who kept risky business off the books is responsible. Every financial whizkid who sliced and packaged loans into byzantine "products" with unknown value is responsible. Every financial whizkid who bought these same "products" without doing his/her research is responsible. Every investor who didn't ask questions is responsible. Every mortgage broker who didn't tell their clients the whole story is responsible. Every client who didn't demand to be told the whole story is responsible. Every person who racked up credit because it was easy and fun is responsible. Every person who used loans because they "just couldn't wait" is responsible. Every person who thought it was their inalienable right to own a home is responsible. Every person who bought the lie that "stuff" equals "success" is responsible, and I tell you what, I'm one of them.
The car I so love? The loan is not a terrible one, but it is a rather unnecessary one, and if I'd done the research, I would have done things differently.
But this is not a Republican thing, and neither is it a Democrat thing. 'Cause all of us want what we cannot have, and easy credit seemed the way to make that possible. We all got suckered into the idea that people who had been denied loans for being a bad credit risk were, in fact, not a bad credit risk. Which is stupid by definition. And we swallowed the equally stupid idea that we deserve live luxurious, extravagant lives, with lots of new clothes and the latest technology and big honkin' houses and two or three massive cars in the driveway. We've been suckered into paying for so many things, like cable and iPhones and college for everyone. (Don't get me wrong, college is great for some people, but we really need to quit relying on it as the be-all, end-all indicator for employability.) Materialism has seeped into every aspect of our lives, and it was making us miserable long before it was making us poor.
And you know what's going to fix this? Nothing short of suffering the consequences. No bailouts, no new regulation, no economic stimulus, no government intrusion at all. We can't keep afloat the people who caused this, and we all caused this.
I have and will always have pity on those who are really going to suffer through this. And all of us need to do such things like donate to a food bank, help out those we know who lose jobs, and support those who may even lose their houses. But it should be us doing this, on the local level, not the government. Welfare by law destroys ownership of the situation. We can ignore the poor and struggling because they're Somebody Else's Problem. And when we find ourselves on hard times, instead of relying on family and friends and our own hard work, we begin to believe that we deserve money and care in exchange for no work at all. The only way we're gonna come round to the right position is if we suffer the consequences of the decision we made before.
And if I rant, it is because the Lure of the Shiny held onto me for many years, and only recently have I come to understand how phenomenally stupid it was. "If more of us valued food, cheer, and song above hoarded gold, it would be a merrier world."
And now, to close, with a quote from the great Douglas Adams:
"Anyone capable of getting themselves made president should on no account be allowed to do the job."
Second, why don't we have any candidates calling for outlawing paid lobbyists? 'Cause I would vote for him/her in a heartbeat.
Third, a rant. About finance. And politics.
So I read all these financial websites about all the stuff going down lately, as you have all heard if you're reading here often. Though not as much as engelhardtlm1, but then, I don't teach economics for a living. But since we are in a financial crisis, and a credit crunch, and a recession, and it happens to be an election year, a lot of people are spending a lot of time and effort trying to find out who's responsible for this mess, and what we ought to do with them.
I'll tell you who's responsible. We are. Every last one of us.
Every politician who jumped on the "banks must give loans to everyone!" bandwagon is responsible. Every bank who thought they could make money with ARMs is responsible. Every company that threw about credit like it was free is responsible. Every accountant who kept risky business off the books is responsible. Every financial whizkid who sliced and packaged loans into byzantine "products" with unknown value is responsible. Every financial whizkid who bought these same "products" without doing his/her research is responsible. Every investor who didn't ask questions is responsible. Every mortgage broker who didn't tell their clients the whole story is responsible. Every client who didn't demand to be told the whole story is responsible. Every person who racked up credit because it was easy and fun is responsible. Every person who used loans because they "just couldn't wait" is responsible. Every person who thought it was their inalienable right to own a home is responsible. Every person who bought the lie that "stuff" equals "success" is responsible, and I tell you what, I'm one of them.
The car I so love? The loan is not a terrible one, but it is a rather unnecessary one, and if I'd done the research, I would have done things differently.
But this is not a Republican thing, and neither is it a Democrat thing. 'Cause all of us want what we cannot have, and easy credit seemed the way to make that possible. We all got suckered into the idea that people who had been denied loans for being a bad credit risk were, in fact, not a bad credit risk. Which is stupid by definition. And we swallowed the equally stupid idea that we deserve live luxurious, extravagant lives, with lots of new clothes and the latest technology and big honkin' houses and two or three massive cars in the driveway. We've been suckered into paying for so many things, like cable and iPhones and college for everyone. (Don't get me wrong, college is great for some people, but we really need to quit relying on it as the be-all, end-all indicator for employability.) Materialism has seeped into every aspect of our lives, and it was making us miserable long before it was making us poor.
And you know what's going to fix this? Nothing short of suffering the consequences. No bailouts, no new regulation, no economic stimulus, no government intrusion at all. We can't keep afloat the people who caused this, and we all caused this.
I have and will always have pity on those who are really going to suffer through this. And all of us need to do such things like donate to a food bank, help out those we know who lose jobs, and support those who may even lose their houses. But it should be us doing this, on the local level, not the government. Welfare by law destroys ownership of the situation. We can ignore the poor and struggling because they're Somebody Else's Problem. And when we find ourselves on hard times, instead of relying on family and friends and our own hard work, we begin to believe that we deserve money and care in exchange for no work at all. The only way we're gonna come round to the right position is if we suffer the consequences of the decision we made before.
And if I rant, it is because the Lure of the Shiny held onto me for many years, and only recently have I come to understand how phenomenally stupid it was. "If more of us valued food, cheer, and song above hoarded gold, it would be a merrier world."
And now, to close, with a quote from the great Douglas Adams:
"Anyone capable of getting themselves made president should on no account be allowed to do the job."