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· Connoisseur/Curmudgeon Emeritus - Moderator
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...What prompted me to post this was 1) Gray's take on the GFC and 2) that an email was sent around the Catholic Girls High School where my wife works. The sender highlighted the passage below.

While having previously read the article I thought was an interesting to point to make, that of trust in the governance of society and our participation in that trust.

"When it becomes clear that debts cannot be paid off, it is not just that people may walk away from them-as many who were induced to take on subprime mortgages have been doing. Their trust in the society that encouraged them to incur the debts is also destroyed. Again, the shock that is felt when a major part of a lifetime's savings vanishes, seemingly overnight, does not come only from the prospect of a diminished standard of living. It comes also from the collapse of the narrative according to which people have hitherto understood their lives."

.....
Indeed, there are many that are hurting in our society but, our expectations of instant success and our sense of entitlement to immediate gratification (usually through the acquisition of 'just' one more credit card) were in dire need of a radical readjustment. It is not much of a stretch to suggest the our global financial structures had become less stable than a miasmatic ponzi scheme! It was bound to fail and if we ever get to the point that we quit whining about it and accept the fact that we did it to ourselves, we just might grow and become stronger from this experience!

The government didn't do it to us. The OPEC community didn't do it to us. Emerging third world economies didn't do it to us. Our unbridled greed and excessive expectations, led us down this present path of destruction! If we live within our means, save for the future and, during the recovery, show sufficient compassion for our fellow men, we can be better for this..."Calm skies, do not a skilled pilot make!" ;)
 
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