So what do you think, Tide is down and the faux rich will be naked from head down to be exposed to all. While the real rich, those who were smart, managed their money will become stronger. Those with real equity, real savings and paid off homes or those with little mortgage left etc.. will do better in the next 10-20 years than before in my opinion. Especially if they have real skillsets that are valuable today. Interesting article like 4 pages I think. http://www.time.com/time/nation/article/0,8599,1887728-2,00.html The '80s spirit endured through the '90s and the 2000s, all the way until the fall of 2008, like an awesome winning streak in Vegas that went on and on and on. American-style capitalism triumphed, and thanks to FedEx and the Web, delayed gratification itself came to seem quaint and unnecessary. So what if every year since the turn of the century the U.S. economy grew more slowly than the global economy? Stuff at Wal-Mart and Costco and money itself stayed supercheap! Even 9/11, which supposedly "changed everything," and the resulting Iraqi debacle came to seem like mere bumps in the road. Even if deep down everyone knew that the spiral of overleveraging and overspending and the prices of stocks and houses were unsustainable, no one wanted to be a buzz kill. "Every now and then, the drastic end of flush economic times happens to coincide with the natural end of a conservative political era. Such was the case in the 1930s â coming after three straight conservative presidencies, a period of whizbang technological progress (electrification, radio, aviation) and a culture of bon temps rouler â and such is the case now."
It might not be so bad. I don't think all this wealth, whether real or faux, added any lasting happiness. On the contrary, seems like everybody is in therapy now.
If we keep not learning from our mistakes (i.e. by bailing out stupidity), everything's going to be the same as before. If only we allowed ourselves to fail in the free market, maybe there would be hope, but I guess that's not going to happen with the comrades in congress, in office, in the treasury, as secretaries etc.
Maybe. But I'm sure government will find every way it can to take those things from them. I mean, even today in certain areas there is a flux of people who have to move because property tax increases have priced them out of their paid-off homes. It's pretty sad when government takes and takes what you worked hard for.
You have one of the keenest minds for understanding of human nature and history that I have read on these forums. Most people much less traders donât understand we have ended an era in American and maybe world history. Because I live in the auto capital all my life and I have been prepared for this for years. I paid off mortgages as fast as I could and kept no credit cards balances. I could never afford to have them because I never knew when my job would die when I worked in Motown in the last 20 years (Iâm now retired to trade full time.) The affect of Americaâs pending bankruptcy is only starting to be felt. The world is only going to give us so much credit. The faux rich will become the faux poor. The real rich will stay the same. Too many others ill prepared for this are going to suffer.
I think you fail to realise that we a going through a big dipper, a very big one. D E P R E S S I O N v2.0 Current members -Ireland -Latvia -Singapore -Hungary -Spain -Great Britain you can argue as much as you want but facts are facts, come to London and I will take you to places like Ealing, Hounslow and see for yourself.
Real wealth is "As good as gold". The only thing that has changed is that we spent 70 years borrowing against the future. Gold will endure, as it always has. "Paper is poverty... It is but the ghost of money, not money itself" - Thomas Jefferson "Gold IS money and nothing else" - J. P. Morgan