26 November 2008

Why, you might ask, do I continually offer blogs when they are never read?  Never read; I have statistics to prove it.   Because it makes me feel good, and what can I do about who reads?  There may be more blogs than readers, after all.

And why does it make me feel good?  Because I am expressing an opinion.  Isn't that what we all do?  And why is mine better then any others?  I would like to believe that since I read - broadly - I have a wider perspective; but it's opinionated and the reading is probably not as broad as it could be - but one does gain perspective.  So, who cares?  Not many.  Most have little interest beyond their preconceived opinions.  And that's the problem.

What is the cause of the current downturn, and how bad is it?  There is no shortage of opinions, many of which, in my opinion, are not only seriously biased but also self serving - read: media and attracting interest through sensationalism.

What is the cause?  There is no single cause, but perhaps an amalgamation of causes that equate to greed.  Ahhhh, you say (if there were any yous; dont' feel bad, even my family and closest friends avoid me).  But give it a look.

Our Congress decided we needed to expand the opportunity to own homes, so they brought their vast pressure to make it happen.  That caused lenders  to decide that since the government was backing it, there was no risk, and they got greedy.  That, in turn caused people who really couldn't afford to pay mortgage payments - the same.  The government would take care of it all.  And then there were credit cards.  The evil banks issued them.  And who used them?  One quoted user once said, debt is a way of life, so who cares?  I shall go to the grave owing debt.

And the housing bubble burst was sudden and unexpected?  Even when people were taking out loans against the unrealistic surge in value?  Give me a break.  And who would have ever worried about credit card debt?  Answer: everyone (who bothered to look at it) has worried about it for two decades.  Sudden concern for credit overhang?  Oh, come on.

So who is at fault?  Not me said the pig; not me said the...whatever.  And it can't be our politicians faults, because the media won't allow that.  So who possibly?  Ah, the Chinese - the Arabs - the little red hen.  Moi?  Hey, no way.  Welcome to our world of excess - and expectations - demands that it continue.

Unfortunately all who suffer are not guilty of cause, but they suffer anyway.  The ones who's employment depends on the excessers.  Yup, that's how it happens.

And how bad is it?  Just about as bad as our panicked mob mentality allows it to be.  And that's how that happens.