A lost decade? And, yes, we did it to ourselves

Disturbing story (click!) this morning on NPR (yeah yeah, I know, it’s that damn liberal radio show) with Census Data showing the younger generation has taken it in the shorts in the economy.

Essentially, the last 10 years — yes, including W’s administration — have been a non-starter for the younger generations, and they’re going to pay for it for the rest of their lives, which means this whole mess will ripple down for the next 60 years or so as a bubble of underpaid, underemployed workers pass through.

They have had a lousy start in life. Wages have been stagnant, massive debt run up during the housing boom has left us paying off the past instead of building the future, and on top of that the Baby Boom generation isn’t retiring fast enough to make way for them to find jobs even though there are fewer of them than us (I’m a BB’r).

What really sucks is that, in light of this, I have to admit that doom-and-gloom prophet Ron Paul, (click!) perennial presidential candidate, may be right in at least one sense: We really have blown our wad and now we have to pay — not ourselves, of course, but those who follow. During the 90s and 2000s the nation essentially took out a massive mortgage on our future and threw a giant party. The party’s over and now the tab is due.

This is what happens when you believe housing speculators and guys named Alan Greenspan who tell you that housing prices will never go down because they haven’t yet (although they had). I can almost forgive the speculators — it’s their job to sell houses — but Greenspan has seen the phrase “past performance does not guarantee future performance” about a zillion times on stock prospectuses and knew better.

But of course the people who actually took out all the millions of loans also knew, really, that it had to end.

And it has.

 

 

Share
This entry was posted in Blogging the Rambler. Bookmark the permalink.

11 Responses to A lost decade? And, yes, we did it to ourselves

  1. ctrentelman says:

    ps — interesting story in the Washington Post today with gallup asking who is to blame — bush or obama?

    Interestingly, neither one of those guys took out all those mortgages. Of course Bush, and by extension Greenspan, did nothing to stop the mortgage hyper-inflationary bubble, so they get more of the blame, but since we spent the money on us, why does that poll not also ask “do you blame the American people?”
    http://www.washingtonpost.com/blogs/the-fix/post/blaming-obama/2011/09/21/gIQAU6MPnK_blog.html?hpid=z1

  2. Howard Ratcliffe says:

    Mortgage means “Death Pledge”. Banks made loans absent collateral or ability to repay; default and foreclosure followed. Banks sold titles and mortgages as Derivative Investments to foreign investors, often multiple times on the same properties and were bailed out by the now homeless taxpayers now hopelessly indebted to the foreign bank we call the Federal Reserve. No reserves, the FED prints money to loan at interest to the Federal Government who now passes the increasing debt balances on to the taxpayers.
    Cool game isn’t it? Scripture calls these individuals “Workers of Iniquity” and Jesus pronounces “Woe” meaning “Grievous affliction” on them. Can you see why He is hated so much?

  3. Owain says:

    Charles, you are appalling ignorant of the facts here. I realize you are just now getting used to Twitter, but Google has been around for a while now. Try using it.

    In 2003, “The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.”
    http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html

    What happened to that legislation? It was blocked by Chris Dodd (D-Conn) in the Senate and by Barney Frank (D-Mass) in the House.

    Bush tried to stave off the crisis numerous times, starting in 2001 as covered here.
    http://www.thegatewaypundit.com/2010/05/pelosi-caught-in-major-lie-says-bush-didnt-warn-congress-about-financial-crisis-records-show-he-warned-congress-17-in-2008-alone/

    You are entitled to your own opinion, Charles, but it helps when your opinon is grounded in actual facts.

    Lazy journalism…

    • Howard Ratcliffe says:

      Victor Ashe, the “Gay Mayor of Knoxville” according to Peter Jennings at the 2000 Republican Mayor Convention in San Francisco was George Bush’ 8 year roommate beginning at Andover Prep School aka Phillips Academy and then at Yale. Both drama club and cheerleaders at these all male schools. Both men inducted into Skull & Bones together. Victor bankrupted Knoxville building $2B worth of new municipal buildings before Bush Jr made him CEO of Freddie Mac which is also now bankrupt insuring toxic mortgage loans. The Mortgage meltdown was on Bush Jr’s watch. Nice try Owain.

    • ctrentelman says:

      warnings to congress about fanny and freddy aren’t the same as getting on the phone to Greenspan, or making a speech himself, calling on congress to do something about liar-loans and other such abuses. The system was running wild and bush was saying the cops weren’t doing their job — fine — but he was the head cop and I don’t recall him making one speech anywhere saying “This housing market is going nuts and needs to be stopped.”

      And Greenspan should be tried for criminal incompetence, him and stupid “frothy” speech.

  4. Owain says:

    Do you have a link for any of this…stuff…Howard? For one thing, my mad google skilz don’t show that Ashe was ever CEO of Freddie Mac. Substantiate, please.

    • Owain says:

      No?

      You know Howard, in spite of our previous disagreements (notably, The Howard Ratcliffe Reality Disconnect), this time I tried to give you the benefit of the doubt, and allowed you the opportunity to back up your post with an authoritative link or two. I’m guessing that won’t happen. It just might be that my first impression of you is probably accurate: You are as crazy as an outhouse rat.

      • Howard Ratcliffe says:

        Sorry Owain, didn’t realize I had 59 minutes to respond to your accusations.www.newseminary.org/ – http://www.rense.com/gwww.usmayors.org/usmayornewspaper/…23…/ashe_fannie_mae.aspeneral57/newbook.htm
        Been awhile since I read about ole’ Victor; Bush put him on the boards of Fannie and Freddie; Frank Raines a fellow Bohemian Grover was CEO of Fannie. Both are bankrupt and Vic left Poland as its ambassador as the Polish Government went down in the Katyn Forest on the anniversary of Stalin’s purge. Like Iceland and Libya, Poland had the audacity to pay off IMF loans and reject their dirty money. Victor or Bulldog as Bush Jr called him now seems to be ambassador to the Vatican. How about them Skull & Bones? Can you go pick on someone of your own Gravitational attraction; it’s pretty heavy hauling you around.

        • Owain says:

          Your link is corrupted. Yields a Page Not Found error.

          Even so, I must admit, I’ve never heard of Jeff Rense, so I had to google him.

          “Rense’s radio program and website, Rense.com, cover subjects such as 9/11 conspiracy theories, UFO reporting, paranormal phenomena, Holocaust denial, Zionism, tracking of new diseases and possible resultant pandemics, environmental concerns (see chemtrails), animal rights, possible evidence of advanced ancient technology, geopolitical developments and emergent energy technologies, complementary and alternative medicine among other subjects.

          Rense’s show has been accused of being among “conspiracy-oriented Internet radio shows that often feature antisemites and extremists” by the Anti-Defamation League.”
          http://en.wikipedia.org/wiki/Jeff_Rense

          On second thought, don’t bother updating the link. Why should we bother hearing from some other nut-job conspiracy theorist when we have Howard Ratcliffe?

          Nice try, Howard.

  5. Howard Ratcliffe says:

    Sorry Owain, I guess links don’t copy over very well. Here is one that seems to work http://www.puritans.net/news/bush022403.htm
    If you like Pirates better than Puritans (not much difference to me) here is another
    http://www.piratenews.org/newslinks.html
    Did I mention the Sanhedrin pronounced Bush Jr “Gog, Chief Prince of Mesech and Tubal” in Zedekiah’s Cave on 1/8/8?
    How about his Comproller Rabbi Dov Zakheim who stated $2.3 Trillion was missing from DOD accounts on 9/10/2001. Now he is looking for another $60Billion in Iraq and Afghanistan.
    How about Bush bro Jeb’s new LLC which places bets on weather related disasters? How about Marv who controlled Security at the WTC on 9/11/2001? How about Neil who stole $2Billion from Silverado Savings and was set to have dinner with John Kinckley’s brother on the day Reagan was shot?
    There are just so many great stories about Victor and George but so little time; Noreen Gosch has a few about her son Jeff Gannon aka Johnny Gosch being escorted into the White House some 200 times and running a gay escort service.
    Did I mention her Mom Barbara being Aleister Crowley’s daughter? Or his Grandpa Prescott having his assets seized by Congress in Oct 1942 for aiding the Nazi Empire? How about Prescott’s real name George Scherf the lab assistant to Nikola Tesla?
    Isn’t life strange Owain?

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>