So I sit back and watch our financial system crumble and our retirement savings dwindle, flabbergasted.
photo by Robert Scott Photography
I’m amazed at the deep-seated denial that brought us here. I’m surrounded by over-extended families in over-sized homes with well-paying but tenuous jobs. Extend the radius a bit and there are the working poor who were told the lie that they could afford a $300,000 home despite the lack of even 5% to put down.
I’m no economist, in fact it’s a good day when I can make sense of my own finances. We’ve got debt, car payments and a decent sized credit card balance on top of the mortgage.
But we’re not at risk of losing our home. And I’m shocked at the numbers who are. How do you explain why otherwise intelligent people thought the housing bubble would grow forever? I understand the temptation to ignore risk. We all made money without trying, a lot of money over a pretty long time. It certainly didn’t help that the few regulators still in place made it insanely easy and cheap to go into deep, deep debt.
Now the government wants to fix it by throwing $700,000,000,000 at the problem. One of the possible sources of that $700,000,000,000? Printing new money.
Flabbergasted.
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What greed and denial hath wrought
So I sit back and watch our financial system crumble and our retirement savings dwindle, flabbergasted.
photo by Robert Scott Photography
I’m no economist, in fact it’s a good day when I can make sense of my own finances. We’ve got debt, car payments and a decent sized credit card balance on top of the mortgage.
But we’re not at risk of losing our home. And I’m shocked at the numbers who are. How do you explain why otherwise intelligent people thought the housing bubble would grow forever? I understand the temptation to ignore risk. We all made money without trying, a lot of money over a pretty long time. It certainly didn’t help that the few regulators still in place made it insanely easy and cheap to go into deep, deep debt.
Now the government wants to fix it by throwing $700,000,000,000 at the problem. One of the possible sources of that $700,000,000,000? Printing new money.
Flabbergasted.