Ignoramus22030 wrote:

On 2008-03-17, Pete C. wrote:

Ignoramus22030 wrote:

On 2008-03-17, Wes wrote:
Too_Many_Tools wrote:

And prepare for the next layoff...the economy is tanking and has not
seen the bottom.

And then there is that small matter of daily bank failures...


That Bear Sterns thing gave me the willies. Notice how fast government can
move on approvals when it has to?

There is something rotten in our psychic when we believe in ez money over
just plain hard effort and work to get a head. Flipping properties, buying
over your ability to pay and believing the road a head is bright and pothole
free. The character of our citizens is declining for the most part.

I agree with you, but this character decline was caused by willingness of
lenders to make loans that were too risky. No doubt this was caused by
mortgage securitization that allowed "dumb money" to participate in
mortgage lending.

You don't think the corruption of the stock market from a long term
investment where you expected to take income from the dividends to a
market timing short term game to extract virtual wealth had anything to
do with it? I think our economy is still in doo doo and will continue to
be until this issue is addressed as well.

If I understand you right, this issue of greed and fear periodically
overtaking each other, is very hard to solve.

i

Ultimately I think it all comes down to a global short attention span.
The knowledge gained from any particular bad event, be it a world war,
genocide, great depression, etc. pretty much never sinks in to the next
generations psyche and is further lost on subsequent generations so the
mistakes that lead to the problem will inevitably be repeated.