As usual, David S. Hollow observations calculated to make you appear smart. No solutions offered. Your posts are reflexively anti-GOP and add nothing of substance.
What “such obvious mistakes” were made? How did “failure on the part of government… built [sic] the economy we now face”?
Ditch whatever you read in the New Yorker or Salon. Come up with an original thought, that’s what many folks on here actually do.
Want mine? Here it is: this economy went bad based on unfettered rent-seeking by everybody, borne of the elevated standard of living provided by those who went before us. People got comfortable enough to get lazy. Now if you’re well-read you realize what I’m saying is that these folks have been seeking to make money without actually contributing anything of value through their labor (even 8 hours worth of manual labor) and therefore represent the inefficient allocation of capital. These folks are people, not Democrats or Republicans. They are both (and one more than the other in my opinion). Too many people wanted to elevate their standard of living without working hard or producing anything — witness running up their credit cards, signing mortgages they cannot afford or don’t intend to pay (recklessly hoping they will produce income), buying cars they can’t afford. Corporate execs who meet revenue targets on flimsy accounting and without real value creation. People who invest their 401(k) in a single company stock. All of this is the same, you can’t single it out. It’s all related to everyone being greedy. But, the people who work hard are not responsible. The people who do not work hard are in fact responsible. Our neighbors making bad financial decisions have created an unstable cottage industry of employment for support of their bad financial decisions, and it’s finally starting to crumble, sparked by commodity speculation but caused by something far more sinister. Sheer laziness.
What I have just said is not political. But what I’m about to say is: one party wants to have one group bail out the other. Another party rightly recognizes that will do more harm than good.
But you know what? You don’t hear me blaming the Clinton administration for pushing banks to make bad loans non-credit-worthy borrowers. Want to know why? Because they still made them, and because it’s the laziness of these non-credit-worthy borrowers that is the ultimate problem in the first place. Of course a Democrat will try social engineering — but they didn’t invent the reason for it.
Say what you will about my argument. At least it’s original and at least I made one without trying to blame a party I hold to be incompetent.
