Has the greed from the "me" generation finally caught up with us?

Has the greed from the "ME" generation finally caught up with us?

Oh sure, we can all blame "Corporate America", but isnt it all fueled by individual greed? Did we not create a demand/hunger for all things material which has fueled this current...

economic crisis? Man, we sure are living high on the hog ,are we not?

I dont' know about you, but I haven't invested (yet) in any company who's values I didn't agree with.

And the stock I held (Yahoo) I sold. If I had the chance, I'd do it again, too - this was before the layoffs of a ton of workers by a *profitable* company.

So...yep, I live my values. Do you also invest with your conscience? Most, however, do not - and those are the guys (wait for it...) that benefited the most from the republican tax breaks over the last 7 years.

No, I made too much money to get a rebate, but where I live, I can't buy a house, so I got hosed there, too.

As far as I can tell, I'm "middle class" but I'm getting hosed.

However, my multimillionaire friends are doing *well*, about a dozen of them, all in. So tell me: how have your multi millionaire friends done over the past few years? The middle class folk I know are STRESSED as a result of this crisis, it's the rich folks that are laughing...

"we"?

But in the end, it all comes back to one issue - housing.

BTW, that's from a CNN article...I don't know about you, but even 3 years ago, I couldn't buy a house where I live.

And I still can't afford one.

If you trace back the fiscal responsibility, it's the "housing crisis" which 2+ years ago, people (tons) said was over inflated...but, sadly, congress (led by Republicans, btw) didn't pass any measures to start regulating this stuff.

Sigh.

No...the "Me" generation isn't to blame for the current financial crisis..."GREED" is as old as mankind (one of the 7 Deadly Sins...THAT old!!!)... Those who have gotten rich promoting consumerism...to buy and buy and buy that which we cannot afford...taking advantage of people...hocking credit cards on college campuses...convincing those who are willing to believe, that they'll "be somebody" if they have this or that...The change in society that buying with cash is gouche, that not being in hock to your eyeballs almost makes you unAmerican...the folks who have pushed that type of thinking into society to line their own pockets are probably more responsible than those who took the bait...hook line and sinker...but not 100% culpable.

Hopefully someday, we'll go back to the times when we quit trying to find someone to blame, and take a HARD look at how WE, as individuals (or collectively) contributed to our own messes...

p

Phrannie, I must have worded my question wrong, cause your answer was exactly what I was trying to imply in my question.
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Gee...I am flabbergasted that I thought that the last 4 years we had a Democratic Congress... My politcal foundation has been blown out of the water...

@rickd...

Consumerism can't be laid upon one generation...it was a "process" of changing thinking, living thru easier times, and sending our manufacturing out to other countries...it's not a political thing either, it's a societal thing. If we were living in Croatia, with food, a roof, and breathing, for one more day...at the top of our daily "needs" list...having any car would do us righteous...

The housing mess started when credit was not just loosened to inspire the economy, but made non-existant...Lieing on a credit app wasn't not only acceptable, but expected...and now those huge financial institutions are falling like rats off a ship.

The taxpayers are expected to help all those poor saps that bought houses, thinking they'd make a killing, but are now defaulting...and we also are bailing out the very bas*urds who put us into this mess... And get this!! There are still about 1/2 of those faulty loans to come due in the next year...YIKES!!

Hang on to your seats everybody, it's going to be a REAL ride.

p

Dude...Bush tried to rein in Freddie and Fannie...but was stonewalled by Barry Frank (House Banking Committee), and Chris Dodd in the Senate...John McCain co-sponsered the bill to do it...

Just an FYI.

p

"Gee...I am flabbergasted that I thought that the last 4 years we had a Democratic Congress... "

Sorry phrannie, there has only been a democratic congress since January 2007.

"Bush tried to rein in Freddie and Fannie."

That's not true Phrannie, Bush did not try at all to rein in Fannie and Freddie. Gary Gensler, undersecretary of the treasury for Clinton, warned congress in 2000 that they needed to be reined in, and was suggesting legislation to do it. The republican congress not only ignored that warning, but when Bush got in they loosened regulations even further, and that led to them getting even bigger. Clinton shares some of the responsibility for them growing so much, but at least he reconognized the danger in the end, and tried to do something about it. But it was too late. Everyone thought that homeownership for all americans was the holy grail. But please don't try and say Bush tried to rein it in.

And I think you are confusing your time frames. Barney Frank tried to block the creation of a new regulator in 1992, citing the companies were serving a public purpose. They did wind up creating a new regulator, but it was a very weak one. A big mistake at the time, and one Clinton tried to undo before he left office.

- Parents taking out second mortgages to pay for there children to go to college for 6 years so they can come out and get a job at Ikea.
-dipping in to their 401k's to pay off there credit cards.

It has all just gone out of control, and now we want to blame the politicians. Bush did not hold a gun to your head when you signed papers on that new house. Bush didnt hold a gun to your head when you bought that escolade with 3000 dollar rims. lets take some personal responsibility.

        i hope you do not take offense,
        To that that comes hereafter;
        'Tis only that it's my two-cents,
        Not one penny more thereafter. §;o)
 
 
 
Greed
n.

An excessive desire to acquire or possess more than what one needs or deserves, especially with respect to material wealth.

 
That's one of the nice things about America. We have the right to be greedy. We have the right to an excessive desire to become wealthy and the right to deserve what we strive for.

The problem isn't greed. The problem is greed plus corruption.

Whether you want to admit it or not, it is greed that has allowed for the wealth that has created the nations businesses which have created the jobs that enable us to survive. Eliminate YOUR greedy employer's accomplishments and you eliminate your own job.

"That's one of the nice things about America. We have the right to be greedy. We have the right to an excessive desire to become wealthy and the right to deserve what we strive for."

-maybe that is not one of the nice things about America. Selfless sacrifice, The spirit of giving, HUmility, these are the good things about America.

Greed is a powerful motivator, but it is not good for society. But it does exist, and government needs to be a check on it, to protect the people from powerfule, unscrupulous corpoations and indviduals.

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