There was a time not too long ago, where investors felt confident in companies that had no product to sell or had the managerial skills of your average meth addict. Money flowed, people got rich, and the market flourished. Many Americans became wealthy off the backs of investors trying to get in on the next big thing.
Everyone tried to get on the gravy train. Citizens were buying up all sorts of material excess and running up credit cards on IKEA furniture, home entertainment systems, and strip clubs. Yes times were good for middle class America and they would bear the fruits of not much labor.
Now the housing market has collapsed and the financial state of this country is suffering. Blame is being thrown around like a hot potato. Democrats are pointing the finger across the aisle while Republicans go on Fox News and tear into Pelosi. The public is looking for a crotchety old guy or their risen lord and savior to somehow fix the mess that they themselves made.
Yes I said they themselves. I don't blame the current administration nor anything Phil Graham has done. Fannie Mae may have pulled some shitty deals, but it was us, the American people, who, blinded by greed, pursued a lifestyle way above their means. We signed the dotted line with reckless abandon not even paying attention to terms like 'flex rate'. We did this.
Of course the burden now lies with the people who actually made smart decisions. Now everyone is looking to our leaders to protect us from ourselves, cause obviously we're a bunch of children who can't be entrusted with making a smart decision. Given the high ratings for reality television maybe we do need to be coddled.
"I have as many guns as I need, but I don't have as many guns as I want." - Phil Graham