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The Standard of Living Bubble (And Why It’s About to Go Pop!)
- Text size
Karen De Coster
Taki’s Magazine
October 26, 2008
Our representatives in Washington, alongside the easy-credit Federal Reserve and its Wise Leader, “Helicopter Ben,” have essentially subsidized a rash of misguided investments and profligate spending-sprees by consumers who’ve bought into the illusion of endless prosperity. Everyone knows about the Housing Bubble. Well, get ready for the even bigger Standard of Living Bubble, whose bursting is now upon us.
Because real wages have not been rising, the growth in consumer spending could only have been financed through borrowed money. Debt, which allows consumers to have cash on hand that hasn’t been earned or saved, has given Boobis Americanus the ability to live beyond his means, at least for a little while. And a great many have taken up this “pay later” lifestyle, accumulating a great many houses, cars, and other things.
A favored form of debt for funding extraneous purchases has been the home equity line. During the housing bubble, homes became virtual ATMs. Whereas home equity was once used for purposes of improving the home for the long-term, it became a source of quick cash for reckless buyers eager to turn their home into an instant showplace. First there’s the actual house, then comes the Martha Stewartization, followed by the furniture, the landscaping, the lighting, the additions, the appliances, and on and on.
The government’s mantra since the days of the New Deal has been the “right to own a home.” In the modern version of “the American Dream,” a starter home is treated as a humiliation, as everyone has the right to own a great, big home in an esteemed neighborhood, and preferably one of new construction and with all the bells and whistles. The term “being house poor” used to be a negative connotation. During the bubble it became a bragging right.
Even worse, home equity has been funding the purchase of everyday consumer durables, especially those items that tend to be discretionary in nature. Home equity has funded the kind of purchases that should be funded from earned, saved monies. A perpetually (and rising) line of credit induces consumers to “bite” at the availability of easy money at low rates, and thus they take the cash and spend their way to a perceived prosperity.
For the average person, “things” have become identical to wealth. They equate the accumulation of “stuff” with “being loaded.” Accordingly, everybody has been well-heeled in these bubble times. The availability of debt at bargain rates and the glory of immediate accumulation due to debt quickly erodes the values and common sense of people.
- A d v e r t i s e m e n t
Some of the more pompous—and truly false—signs of prosperity can be seen within the automobile bubble. With the onset of the have-pulse-will-loan credit market, auto consumers have been bypassing common sense for a bloated sense of reality. Everyone deserves the biggest, the best, and the most custom vehicle they could dream up—and one’s income shouldn’t mater. People with mediocre wages purchased Escalades, Lexus SUVs, and other luxury-type vehicles, with many of these cars costing far more than the purchasers earned in a year. Additionally, the roads are now littered with brand new cars that have expensive aftermarket wheel sets, tires, boom-boom stereo systems, and gaudy-but-costly custom trim. In fact, stock, solid-transportation vehicles are no longer sufficient for the spoiled masses enjoying an overdrawn standard of living. Debt has funded the majority of these extravagant purchases, yet we call it “prosperity.”
Auto consumers have not been compelled to pay market rates for their cars because they lease perpetually at discounted rates or get ultra-incentives from automakers desperate to keep the assembly lines moving with the UAW gang breathing down their necks. Leases have been a financial disaster for the auto companies, but the wild impulses of buyers, fueled by below-market interest rates, propped up that racket long enough so that Lexus and Mercedes dealers were popping up in wholly middle-class neighborhoods. Both Chrysler and General Motors have discontinued or cut back their unworkable lease programs. Additionally, buyers have not been required to put substantial down payments on new vehicle purchases. Cars have come on the cheap, with pushed-down interest rates, no down payments, and terms extending the payment plan to six or seven years.
Accordingly, with the housing market imploding and the entire banking system resting on wilted stilts, Americans are left with a devalued dollar, escalating costs of living, a massive federal bailout of Wall Street’s derelict financial management, and the nationalization of some of the country’s largest banks. The standard-of-living squeeze has made its way to Main Street, slowing down the spend-o-rama of the middle class, as retail sales numbers are starting to hit the skids.
The bursting of this bubble and its unwinding could result in some unpleasant withdrawal symptoms. People—especially younger folks—who have been reared on the splendiferous way of life that debt offers, will be resistant to changes which will require lower time preferences (longer term views) and more careful planning in terms of shuffling around priorities. As Main Street endures a stifling credit crunch; inflation; increasing interest rates; scores of home foreclosures; cut-off of home equity lines; a job market squeeze; soaring federal, state, and local taxes; and the inability to manipulate low-interest credit cards to cover shoddy financial decisions, there will be restlessness amongst the masses, especially from those people who have never had to live within their bona fide financial means.
Some of this anxiety has been witnessed already, as lenders who are taking back homes in foreclosure have been dealt some vile vengeance from bitter homeowners who take to vandalizing their homes before they vacate the premises. This problem is said to be present in almost half of all foreclosure cases nationwide. The response from lenders has been to take the most economical path and actually pay the vacating ex-homeowner to refrain from leaving behind a trail of destruction as leaves his property.
The worst part of the contraction will clobber Main Street with a shortage of the consumer credit that became an addiction for so many individuals. The price we pay will be oodles of socialistic legislation aimed at containing the fallout in order to further sustain the fictitious prosperity a bit longer. Central planners act on the notion that the unhappy reality of hitting bottom can be delayed indefinitely. Thus the cycle of fiction will be lengthened, turning a headache into a migraine, and perhaps even worse.
The central planners in Washington, along with the Federal Reserve, planned and fueled an unsustainable standard of living across the country, from the neighborhoods of McMansions to the ghettos. The impending bust will affect us all, regardless of whether or not we partook in any of those easy-credit orgies sponsored by our leaders in Washington.
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October 26th, 2008 at 12:06 pm
America is changing and we are not going to like it.
October 26th, 2008 at 12:24 pm
this article is so true.!!!!!!!!!!!!!!!!!
October 26th, 2008 at 12:48 pm
Something had to give. Guess it was the standard of living’s turn.
October 26th, 2008 at 12:49 pm
.
” Strike another match, start a new; it’s all over now – baby blue. ”
~ Bob Dylan
October 26th, 2008 at 12:54 pm
I don’t even go out during the day anymore. It’s a nightmare.
October 26th, 2008 at 12:54 pm
We are going to see some really hard times soon (some of already have) Are you prepared?
October 26th, 2008 at 12:55 pm
This is news?
October 26th, 2008 at 12:58 pm
The USA is bankrupt…. simple as! Thanks to the Fed’ Reserve and fractional banking practices. It is all over now for the world in general because it is not just The USA that has lived this way. One must remember that the international banks all took part in the derivative market etc…. it is all coming home to roost. Yeah Fed’ Reserve keep up the charade a little more…. why don’t you?
October 26th, 2008 at 1:05 pm
avoid unnecessary spending and Learn Proper natural health care
http://www.curecabinet.com
October 26th, 2008 at 1:09 pm
the end of the spoiled brat society?
good riddance!
A bunch of spoiled little clowns.
Who dont care about anything,
except the crap they have, and still getting more crap than they could ever need.
Somone is about to die because they dont have a nickels worth of food,
and you cant pay for your new set of rims,
you need the latest new phone, whats that $500?
have to have a new lap top,
how much is that cup of coffee?
Pity this? Nah, it is long over due for it to be sent to the corner, with out any dinner.
All the people who had more than they could ever need, did it make them want to help anyone, or make the world a better place? Nah, it just made them want even more.
The shows on TV, about worshipping the greed of the wealthy, I imagine these will be archived for people in the distant future to watch; watching an episode of MTV cribs, or the Apprentice to a person in the year 2050 will probably be like watching a film from a Roman Vomitorium.
13*
October 26th, 2008 at 1:30 pm
Time for some changes. Wish we could control them.
In some ways we can just by mentally projecting our own visions of a better planet.
Takes longer but very powerful method.
October 26th, 2008 at 1:45 pm
f--- consumerism and Hollywood.
They are a disease to the human race.
October 26th, 2008 at 1:50 pm
f--- consumerism and f--- Hollywood.
They are a disease to the human race.
October 26th, 2008 at 2:09 pm
NeoCon Narc #11 –
I am trying to undersatnd and see anything of substance to your post.
Time for some changes. [Change occurs every day.. sometimes the results are bad.. but overall most survive. You do have some sayso.. or you can do nothing and wait.]
Wish we could control them. [ I would hope you think you have some influence of your destiny. ]
In some ways we can just by mentally projecting our own visions of a better planet.
[ I have a winter garden in sight as I type this. That garden is not a result of some "mental projection".. it took a little effort and the purchase and application of some seed and fertilizer and soem ongoing care and with hopes I will reap. What is this "mental projection" crap? This future is not some TV show or vidio game. This action of a few will result in the literal survival of many due to lack of preparation on their part. I am not smug as I have made preparations. I am making every effort to be non-depend on anything outside my own control that can affect my life. ]
Takes longer but very powerful method.
[ Let me know how your mental projection experiment turns out. Personaly. I am going to reach out on a limb and forecast that it will be mentally hard to focus on "projection" when your stomach has become a major distraction...... and that is assuming you have no one to worry about but yourself. ]
Not to pick at you or demean.. Just trying to understand how another human thinks..
October 26th, 2008 at 2:17 pm
Another suggestion. These articles are focused and oriented on the finacial side of the street. On the other side of the street are the basic needs to be concerned with. Food is a necessity and hand in hand with health. Many will dies within days without proper medical attention(dialisys type needs, certain medications and similar things. This will initiate two things.. (a distraction from the theives, be them bankers or feral people who will come out of the woodwork and more dependence on the system. ) I won’t ramble on. All I am saying is don’t lose sight of the big picture focusing on money. If you think the world comes to a halt because of lack of money.. Your done already.
October 26th, 2008 at 2:45 pm
I like that comment NeoCon Narc.
It truly is about mentally projecting a vision….Tiger Woods style. He envisions every shot.
What’s the point? Well, look at what most of the people on this site envision? What does AJ envision?
Gloom!
When exactly the opposite should be projected.
“We gotta fight ‘em!” “This is war.” “f--- ‘em.” “Shoot ‘em.” “Destroy the enemy!”
You know where that kind of thinking gets you? Dead.
Better to think of these times as a good ol’ cleansing. Necessary. Good and good for ya. It just doesnt taste very good. It might be a little hard. Getting that f---ing cable hook-up out of your house might be a little too much for most.
But fearing depression and buckin’ up for the fight…that aint gonna get it done.
“Takes longer but very powerful method.”
October 26th, 2008 at 2:49 pm
I’m with you, Hancox. This article says nothing. It’s just an attempt to scapegoat “yuppies” so people like #10 Dan (and a lot of others on this site) have someone to blame for this mess because they don’t understand derivatives, and someone to blame for their own shortcomings in life and failure to earn higher incomes. There is nothing wrong with using credit if you get a decent interest rate and use it sensibly. There are people with higher salaries that earn bonuses every year that have no problem making payments. In fact, they will come out ahead in this mess because they have the material things that now will cost considerably more. If they have also invested in gold, they are even better off for purchasing things when costs were lower. Sorry to say it but many indebted “yuppies” are going to benefit from inflation as long as they don’t lose their jobs.
A majority of people do not understand derivatives, including financial professionals. It’s the derivatives that are sinking the investment banks. By “bailing” them out there are individuals getting super rich on transactions that contribute nothing to the economy.
October 26th, 2008 at 3:41 pm
the usa will fall over what they did to gary gann no hope for the people of the usa,your childeren are dammed,your police fbi cia your lawmakers all dammed judges all damed,britney lying bs,dammed no hope for any of you, says god,now go to hell, in the name of jesus,amen amen.
October 26th, 2008 at 3:59 pm
http://www.iimagazine.com/rank.....bal08.aspx
October 26th, 2008 at 4:36 pm
I agree with the mental projectionist..:)…my god…I can take this site in small doses…to answer the garden grower. “What you focus on will expand”….I appreciate Alex’s information, but he does not provide solutions….and the solution is- being aware, but projecting a better outcome. Before your garden ‘became’ it was a thought in your head. If you think gloom you will create gloom. And guys this is ‘rocket science’…every scientist I’ve worked with is fully aware of this ‘concept’…the average ‘joe’ is just not privy to it. period.
October 26th, 2008 at 4:39 pm
Gary Gann, I would love to meet you. Why not meet me somewhere so I could give some piece of my mind, you cowardly piece of s---. Burn in hell s---f---!!!
October 26th, 2008 at 5:02 pm
This article explains the “why”….
Interesting and enlightening opinion that surely clears up things.I like it when a columnist does his job efficiently with references.
THE PEOPLE’S REPUBLIC OF AMERICA
http://www.newswithviews.com/Cuddy/dennis140.htm
October 26th, 2008 at 5:15 pm
Dan, well said. Many good points made.
October 26th, 2008 at 5:21 pm
if everyone were living below their means(like me) the country would be in a state of prosperity.
I am a union boilermaker for about 1 year. I make 26 dollars an hour and have no debt. My whole life i have been very poor until now. I have no debt and plan on keeping it that way. the only way that this country can ever get back to what it once was is if people live the old fashioned way. Save you f---ing money and count the cost least you be a debt save! This is the reason this country is f---ed up because me and like 3 other f---ing guys in the states do not belive in credit, but in saving our money. Everyone else is driving a lexus or a f---ing SUV and boy don’t they look great… until the bottom falls out and then OMFG you acctually are accountable for that debt you accumulated on your lexus and your big nice house you stupid f---, and good luck trying to pay it off when your working @ McDonalds you f---ing cockholster!! Thanx for f---ing up my country you f---ing greedy ass want to be someone f---ing consenting debt slaves.
now back to you deek… thanx anti, the planets f---ed, it’s your fualt and it’s getting worse. Have a nice weekend!!!!
October 26th, 2008 at 6:06 pm
These topics are NOT appropriate for this forum and will be removed as needed.
http://www.popularmechanics.co.....27842.html
Copy and paste that link to the address bar of your browser if you REALLY want information on the subject.
This is debunking the 9/11 myths and conspircys…
October 26th, 2008 at 6:24 pm
well if these people had jobs to go to i believe they would still pay on their loans, problem is someone is taking the work away. who would do such a thing.
October 26th, 2008 at 6:49 pm
Brad everyone here has seen that and if you look around on this website you’ll find several articles basically explaining to you why popular mechanics makes no sense at all on the subject.
and BTW I’ll bet you haven’t even bothered to look at the other side of the story and you probably won’t…
October 26th, 2008 at 7:15 pm
THE AMERO AND THE RISE OF THE NAU (NORTH AMERICAN UNION)
http://video.google.com/videop.....&hl=es
October 26th, 2008 at 7:52 pm
im you with #24. you have all these people living in mac mansions just to look better than their neighbor but cant afford to do so. for most the american lifestyle is an illusion. i know so many people who have credit card/other debt up the ass and no way way of getting out of it. im just glad that i was raised to live within my means, i dont own a hdtv or drive a fancy car but everything i have i own. if this economy does crash their are going to be a lot people hit with a hard reality check.
October 26th, 2008 at 8:18 pm
That was a good article, well written.
October 26th, 2008 at 8:33 pm
Brad, you’re a schill, the PM debunknig story has already been debunked!!lol!
October 26th, 2008 at 9:32 pm
Devil’s Advocate, damn straight, God will let it happen, in his own words “for the amount of their sins”. Being blind to government doings and feeding into their propaganda will led you to the road to hell.
October 26th, 2008 at 10:02 pm
Trickle down POVERTY. hasn’t yet hit every aspect of the economy, and worse some places than others. Anyone know people who have been laid off, or has had hours cut?
October 26th, 2008 at 10:11 pm
I have a nice condo for sale in Ohio if anyone is interested.
October 26th, 2008 at 11:49 pm
Shame on you America !!! What disgusting materialism !! If you had purchased all this rubbish with money you had actualy earned or inherited, fine, but this is rediculous !! Now the whole world has to pay the price for your materialistic bogus lifestyle !!! Our economies are going down because of YOU Americans !!!! Don’t blame the bankers !!!! You didn’t have to take the bait. You didn’t have to accept these schemes. What a vain and materialistic people !!! Competing with your neigbhors for the biggest SUV and the most rubbish in your car ports !!! So why should credit for a first time buyer buying a home in Europe now be restricted just because of greedy, vain and materialistic Americans???? America should have it’s own economic programme ! People in Iceland now have empty store shelves because of you people !!!! I bet most Americans reading this comment have so much rubbish inside their garages that they can’t even park their luxury leased car in it !! How pathetic !
October 27th, 2008 at 12:24 am
Been longing for this kind of Judgement Day
(Secular that is),
Where the “Train to Oblivion” grinds to a HALT!
Time to stop and smell the Toxic Tu*ds,
sold as AAA rated, by people who will probably
escape their justified legal desserts.
Basically until we all see who is controlling us,
nothing will change.
Looks like time to get off my hobby horse!
(that too ground to a halt!)
October 27th, 2008 at 12:25 am
Been longing for this kind of Judgement Day
(Secular that is),
Where the “Train to Oblivion” grinds to a HALT!
Time to stop and smell the Toxic Tu*ds,
sold as AAA rated, by people who will probably escape
their justified legal desserts.
Basically until we all see who is controlling us,
nothing will change.
Looks like time to get off my hobby horse!
(that too ground to a halt!)
October 27th, 2008 at 12:40 am
The leaders of both political parties are like TV wrestlers.
They put on a great show in the ring. They slam each other onto the mat. They jump on each other, pummel each otherwith apparently bone-breaking blows. They throw each other out of the ring; but it is not areal contest.
They have agreed in advance who is going to win, and they are content to wait their turn to be the winner next time. They are professionals, and it’s good for their business.
Likewise, politicians today are professionals. They also know what is good for their business, and they play the game well. Meanwhile, voters are like tennis balls, smashed back and forth across the net of politics. The tennis players win half the time, but the tennis ball never wins. And so the game goes on, as our nation and freedom fade into history.
http://www.freedomforceinterna…..lling2.pdf
October 27th, 2008 at 12:41 am
This is all part of the plan to “collectivism”…. The new “religion” of the NWO..
“Sacrifice the few so that the many may benefit…. ”
The leaders of both political parties are like TV wrestlers.
They put on a great show in the ring. They slam each other onto the mat. They jump on each other, pummel each otherwith apparently bone-breaking blows. They throw each other out of the ring; but it is not areal contest.
They have agreed in advance who is going to win, and they are content to wait their turn to be the winner next time. They are professionals, and it’s good for their business.
Likewise, politicians today are professionals. They also know what is good for their business, and they play the game well. Meanwhile, voters are like tennis balls, smashed back and forth across the net of politics. The tennis players win half the time, but the tennis ball never wins. And so the game goes on, as our nation and freedom fade into history.
http://www.freedomforceinterna…..lling2.pdf
October 27th, 2008 at 12:46 am
Bad link on post #40
Part 1: The Chasm
Part 2: Secret Organizations and Hidden Agendas
Part 3: Days of Infamy
Part 4: The War on Terrorism
Part 5: An Idea Whose Hour Has Come
This is not yet in written form but may be viewed here on YouTube.
Part 5 can be purchased as a DVD here.
http://www.freedomforceinterna.....issues#fic
October 27th, 2008 at 1:29 am
liquor sales should soon be up.
need a job? bill collecting should be overwhelmed with work.
October 27th, 2008 at 3:37 am
Need or want a position in a growth industry?
Work with Main Street Mom & Pop Business Owners.
Contact me: NoMonarchy@aol.com , with “Please send info” in the Subject Line.
and I will send a link.
This is NOT “Network Marketing,” or “MLM.”
Earnings of $800 to &2,000 weekly, cash paid daily.
Results come with effort.
All Commission Sales.
Not for the faint of heart!
Limited to ONLY those with a car who reside within the USA.
October 27th, 2008 at 3:40 am
A studio or a 1 bedroom should not be beyond the income level of local labor and would not be if the system was not based on artificial inflation like it has been ever since the banks gained control through the legislators and influenced the court system etc… People that offer the premise that housing should not be right are scum. No one should be able to work for less than shelter and no one should employ homelessness. Idiots accept the wage of a ”global” free market, which subjects labor to local taxation, without consideration for devaluation, as a result of the power of greed shifting profit beyond the Constitution, greed sheltering it’s power and control beyond sustaining the Constitution, holding debt as an interest which produces no security or rate of return for labor required to serve and protect it and greed inevitably leads to failure, failure to shelter, not only labor but, profit as a whole … greed is evil. It’s ridiculous to suggest that man can work at the lowest level in the first world market and not be sustained inside living quarters independently by the labor of earned income. The system can be free and balanced from the bottom up in a global market but, it requires an apportioned tax code coupled with a living standard and basic health care, paid upon purchase as a consumer of the system. This notion is not food for thought, it’s a reality that sustains the truth, the Constitution, freedom and justice for all. This means the top must produce jobs and products the OLD WAY, the top must earn wealth from the bottom, it must not offer debt to the bottom and think it possible to remain the roof of wealth that has no foundation, no sustainable economic parody with constitutional reality. If you are rich, you will pay higher taxes, the wage of the roof because, you purchased expensive things like the right to employ people to provide the roof from the foundation of good principle and because, the top naturally buys more in support of the system when shopping for the essential need of true wealth, which resides with labor being securely housed in a free market that runs on consumption that is not subject to the current principle inversion running wild in the field like a self devouring beast. DUH! The Constitution is a leash law for the beast and the tax system was suppose to be apportioned but, the moral hazard is not only coming from the roof of this burning house of cards, the foundation has no will to secure it’s own interest, much-less the interest needed to secure those at the top who are able to employ them. It will not matter if you try to GATT or NAFTA people to death if you place a VAT on top of a local, state and federal combined commerce tax system coupled with human/constitutional sustainability wage law. This will set the proper higher price that is now not being paid and has sucked the life out of labor and now finally wealth all together, DUH! If the idiots who right articles like this dare speak in my presence at this point, they will get an ear full of the crap they are offering and at this point, if they dare try to enforce the current New World Order mentality of this article, they get a kick in the Fannie Mae until they are out doors or out of the country and back in the Black Hole from whence they came. P.S. No ones going to employ illegal laborers if they are force to pay the price local labor requires. People will work in the field if they don’t have to live in Mexico as an American and if Mexicans labor was finally forced to square away they own corrupt government as a result, they would fix their country so no one needs to be humiliated by lofty rich foolish thinking. Capitalism works perfectly when it’s governed by a work ethic that serves and protects the Constitution, it does not work when corporate New World Order pirates fund communists and socialist states hell bent on war and the destruction of individual right. The Truth is not a choice, it’s the Love of God Yahshua.
October 27th, 2008 at 5:37 am
I think what we really need to add to this is the loss of jobs by the thousands. So many have fallen for this ‘credit prosperity’ thinking they will always have their jobs and retirement. We need to pull together and help each other survive.
October 27th, 2008 at 5:44 am
the reptilians are marching on!
October 27th, 2008 at 6:42 am
Frankly, all of the people who decided they needed to live like J.B. Gottrocks got this coming. Their equity lines should never have funded such a luxurient lifestyle. Even more frankly, I’ma gonna buy me a NICE house when this shakes out. My car is paid for, I have no credit cards, and I will have enough time to buy one out in the country. NYAH NYAH NYAH NYAH NYAAAH! All y’all that decided a car dictated what kind of person you are have this coming. No mercy here, no pity. I empathize, because I was once an ignorant fool, too.
WAGON! WAGON!
DEAD BODIES DRAGGIN’!
MCL
October 27th, 2008 at 8:12 am
Consumer debt is largely created credit from the reserve bank’s who just create the money from thin air. The reason why they do this is just to keep the materalisic culture flowing.
October 27th, 2008 at 8:56 am
I wish I had the land to grow my own food, I would grow more than enuff food and take what eat and giveaway the rest to friends and family.. My property is 1/3 acre with 2 houses on no real full sun growing spaces. But i figured out how to grow food on the roof without having to add dailywater. what I did was make roof top case put this case on a stand than place large diameter sewage pipe then!! and then take a old sock put in filled pipe with water via small holes you drilled at the tippy top run the sock into the pipe with water in it and the sack will draw the water around the root system of your plant .. you only need to water like once a month. Anyway that probably doesnt make sene to any of you but growing food on your rooftop is very possible without having to spend a lot of cash. I just wish I had more ground space to grow dont like going on my roof to get peppers and tomatoes, okra lettuce spinach and basil.
October 27th, 2008 at 8:59 am
Obama is without a doubt a Marxist,so I think when the economy gets really bad(and it surely will),he’ll then adopt some socialistic big government response to keep the ignorant masses happy.
But,if Obama loses,we’ll have rioting in this country that will rival all other riots so grab the popcorn(and your guns) and tune in to the anarchy.
October 27th, 2008 at 9:25 am
#49 Great idea with the roof. But be careful, depending on your city you could be violating regional water rights by collecting water on your roof, I s--- you not! Aint life grand?
October 27th, 2008 at 9:54 am
Some of us tried to warn those passengers on the make-believe gravy train that the
whole deal was a house of cards, but they were mesmerized by their “wealth” that
was based on nothing. Of course that was the plan; aided by banks and mortgage
companies pleading on the phone daily saying “Couldn’t we interest you in an equity
loan…everybody is getting them.”
Now the gold rush is over and the bum’s rush is on. People I know who actually
thought all this was legitimate and planned their future on cobwebs are zoning out
in a state of shock. I knew young married kids who “bought”, (took on a bogus
mortgage) houses for a million dollars whose incomes were $25K per year. I also
know foolish people whose house payments are $800 per month and their income
is only $1K.
I’m not glad to see this happen, but anyone with one brain cell should have known
that YOU DON’T GET SOMETHING FOR NOTHING.
Now they’re learning the hard way. Trouble is, people who are used to easy money
may have no other choice, (in their own minds) than to steal…
which is the way of things now. Perhaps they can work for the gov’t and do it “legally”.
October 27th, 2008 at 11:16 am
Unless the standard of living decline affects enough people and is drastic enough, the political bubble that’s been in place since WWII will remain in place.
October 27th, 2008 at 12:09 pm
As I used to go thru Costco, all this stuff at my fingertips, even though I personally didn’t get into debt, I had this uneasy feeling that it didn’t make any sense. Everyone able to satisfy any need.
October 27th, 2008 at 12:12 pm
Yeah Dan’s pretty much right on target, and as for Bad Slave, you’re a total moron. Anyone who can’t see the truth in this article surely has blinders on.
October 27th, 2008 at 12:43 pm
It’s true that you should buy things you want only with money earned and saved. I preached that to my children for years, but they were credit, credit , credit. Now that they are foreclosing on their home, not only won’t I help them financially with even a dolllar, they are not welcome to stay at my home. It hurts but living beyond your means is going to bite back sooner or later. Now instead of credit, credit, credit, they can learn, learn,learn.
October 27th, 2008 at 12:57 pm
Here we go with the bubbles again!
October 27th, 2008 at 1:18 pm
ok.. I read most of the comments on most of the articles. I read all the articles. Now many of us on this site are upset. Rightfully so. “We the (slaves) People” will be the bearers of the burden. In fact we could be metaphorically our own pall bearers carring ourselves to the grave.
Explanation:
The whole philosophy of “Taking up Arms” and “Going to war” with our government is exactly what is expected. Do you people actually read before you speak. Killing should not be an option at this point. In fact by just making the statement you could be carted off to a “terrorist” concentration camp. Patriot Act. Dont be foolish with your 1st amendment right. You could go missing. It has and can happen.
I am no genious. I have no solution to our Countries/World problems. I know it will come from action and not in-action. But to say that action is violence is just taking the bait. Be smart my fellow countrymen and countrywomen.
October 27th, 2008 at 1:58 pm
#57 GOOD FOR YOU. Same thing with my girlfriends kids. But I’m still an ass and a jerk because I DIDN’T make them listen to me. I can’t win either way.
October 27th, 2008 at 2:06 pm
I think, the problem is that human beings are most obsessed by their immediate surroundings because we have been brought up in a largely static world. Because we spend most of our lives in a monotonous way living in the same house, with family, doing the usual things, our brain becomes localized, in some sense.
Because this happens, our sense of success too becomes localized. Can we buy this house, or that car. Can we win over that babe and so on. So it is not our fault that we don’t realize that even the worst house or the worst car has the blood of some third world slave on it.
Why this happens is because the forces governing us are so powerful, they can distort reality over long periods of time. For instance, a person can live comfortably in a developed country without ever wondering about the counterbalancing suffering in the third world country.
The forces that govern us have all sorts of tools to make this insulation possible. Even in this age of the Internet, they can control the information flows. For instance, conspiracy sites can be genuine or they can be around to add noise, create confusion, even give their ilk a bad name.
These powerful international forces run incredibly complex computer models in such a way that they are able to get all they want out of a situation and yet have a minimum of unintentional side effects. These models are then continuously refined till there are next to no side effects i.e all variables come under total control.
Our world is actually a dictatorship. Why it doesn’t appear to be so is because of those complex computer models.
Of course, nothing can be proven. But it helps to assume the worst – that the world is really a dictatorship, which is then dressed up to not appear as one.
If we assume that it is a dictatorship, then it is not really anyone’s world. The hidden powers and their computer models decide when to create what crisis, then put forth what reforms and so on.
Of course, a major vein in all this is taxation. Global taxation is collected via US then siphoned off out of the world economy altogether. For instance, make USA militarily very strong so no one can shake its reserve currency status easily. Then kill alternative energy research and use oil to milk the reserve currency status. Because all countries need oil, they need dollars. For dollars, they need to supply products and services to US. So make US a consumerist society. Slowly kill services and manufacturing so that more and more stuff can be outsourced. Also kill the gold standard so that derivatives can mushroom uncontrollably and so on.
I am not an expert but I think that some sort of global thinking based on centralized power and taxation might answer a number of questions we face today.
January 18th, 2009 at 9:06 am
and what do yuo think about energetic risis in Ukfaine?
January 21st, 2009 at 5:09 am
So cool!
January 21st, 2009 at 2:54 pm
Nice opst =)
January 22nd, 2009 at 8:43 am
such a eral story..