Posted on 08/16/2007 4:00:16 PM PDT by qam1
Collapse of the subprime mortgage market reflects the "don't trust anybody over 30" mentality of the Baby Boomers.
From 1605 until the late 1960s, Americans universally subscribed to Benjamin Franklin's maxim,"A penny saved is a penny earned." Since the Baby Boomer student anarchism of the late 1960s and 1970s, we have become a nation, on balance, worshiping infantile, instant, hedonistic gratification.
Liberals’ ideas about “values” have to do with the absence of personal restraints and with material goods and services, which is what the welfare state is all about. Values for the colonists were the elements of spiritual morality, the intangible qualities that differentiated humans from other animals.
The values of 1776 preached individual self-restraint, self-reliance, and hard work for the future of one’s family. Liberal values give us what has been called a juvenocracy, a society dominated by the heedless pursuit of instant gratification that is characteristic of inexperienced youth: devil take the hindmost; eat, drink, and be merry.
The current generation are less to blame than their Baby Boomer teachers who fancied themselves so smart that they didn't need education. Their mission was to take control of universities, eradicate the classical curriculum that transmitted the values of Western civilization, and to replace it with "relevant" subjects, i.e., the ideology of socialism's revolutionary social justice.
That brand of social justice preaches that everyone is entitled, indeed has a Constitutional right, to an equal share of society's goods and services, without having first to work and save to acquire the objects of their desires.
Yes, unsophisticated home buyers failed to understand what would happen to mortgage payments when interest rates rose. But more fundamentally, they failed to grasp that jobs can be lost, and anticipated salary increases might not come to pass; that elementary prudence demands having the wherewithal to pay before your buy, as well as having a cash reserve to carry you over emergency periods. Schooled by Baby Boomer "respected educators," they believed that it is their right to indulge to any extent and rely upon the Federal government to bail them out.
What I wrote in A Divided Nation Without God applies to our economic juvenocracy. In Beyond Good and Evil (1885), speaking of the ethos prevailing in Western Europe (what we witness today in the United States as a cultural war between Judeo-Christian traditionalists and liberal-progressive, atheistic materialists), Friedrich Nietzsche wrote:
Anarchists in 1885 were savagely antagonistic to this [original laissez-faire] liberal faith in “progress”
...and even more to the bungling philosophasters and brotherhood-visionaries who call themselves Socialists and desire a “free society” – but in actuality the anarchists are of the same breed, of the same thorough and instinctive hostility against any social structure other than that of the “autonomous” herd (they go so far as to reject the concepts of “master” and “servant” – [Neither God nor Master] is one of the Socialist slogans)...
...they are one in their faith in the morality of commonly felt compassion as though this feeling constituted morality itself, as though it were the summit, the attained summit of mankind, the only hope for the future, the consolation of the living, the great deliverance from all the guilt of yore – they are all one in their faith in fellowship as that which will deliver them, their faith in the herd, in other words, in “themselves”...
Nietzsche could easily have been describing today’s “educated” young people coming out of our colleges and universities, having been thoroughly inculcated with the anti-American, atheistic, and philosophically materialistic religious views of the Vietnam War Baby-Boomers who infest academia’s professoriats.
As many other observers have noted, our short-changed young graduates have been led to believe that universal indulgence in narcotics, sexual promiscuity, and rebellion against the nation’s founding traditions constitutes individuality: Nietzsche’s herd-mentality. Conformity to the latest media-communicated fad in dress, entertainment, and social justice ideas is “individuality.” The media bombard us with images of youth, turning society into an immature juvenocracy that worships only that which is novel and consciously rejects the wisdom of experience in past ages.
Nietzsche’s “commonly felt compassion as though this feeling constituted morality itself” is the doctrine enunciated by our first socialist Supreme Court Justice, Oliver Wendell Holmes, Jr. – truth is whatever wins out in the public market, whatever viewpoint the media can create in the minds of the majority of citizens.
Conspicuously absent is any sense of personal responsibility.
Blaming mortgage brokers for the subprime collapse is like blaming alcoholism on the distillers.
Hear hear!! Me too! Husband and I built what we have with our own hard work. Even the 10K we borrowed from my dad to get into our first house was paid back to the penny.
What a whiney article.
And give me a break (article author) about letting the lending industry off the hook in this latest debacle. They knew exactly what the consequences could and probably would be.
grrrr!!!!
Also, property tax hikes will force me out of my house long before my ARM does. No one knows how to steal like new england libs!
Also, property tax hikes will force me out of my house long before my ARM does. No one knows how to steal like new england libs!
Yep..and that generation includes your parents, who didn't abort you.
"X-ers"....the 'all about me' generation.
Betcha can't say that three times fast!
:)~
This isn’t a “sub-prime collapse.”
It’s a deliberate systematic overextension of credit to the entire country. The purpose is clear: to sufficiently undermine our currency through infusion of worthless dollars from the fed, purportedly to shore-up bank liquidity, but in reality to bring the dollar even with the peso, so that we can be merged with Mexico.
Thanks! I will get a copy.
That was in my restaurant, you need to email me $12.50 plus a nice tip for that cute waitress.
This is it http://www.amazon.com/Common-Sense-Mortgage-Cost-Home-Ownership/dp/0809226014/ref=pd_bbs_sr_1/103-9263923-3740668?ie=UTF8&s=books&qid=1187317243&sr=8-1 I have the 1980’s edition, but believe it or not mortgages are still pretty much the same.
Great article
Forget no-doc. Ninja was better- "No Income No Job no Assets."
And like Baba Ram Dass and Timothy Leary they were pre-Boomers who spent their lives creating chaos in the 60s.
Considering the highest rates of abortion didn't happen until extremely late into Gen X that isn't surprising.
As for X-ers being 'all about me', X-ers and Y-ers are the ones doing the bulk of volunteering during a time of war. They are not out en masse protesting, ala the Boomers. My parents are boomers, and I lived with/married a boomer (biggest mistake of my life)for 10 years. After 5 years I'm still paying for the financial irresponsibilites due to her "all about me" attitude. Forgive me if I have a less than stellar outlook on what the Boomer generation has wrought on this country, and what we have to look forward too (Social Insecurity).
Gen-X is followed by Gen-XXL
Have you Noticed?
You married a “boomer”? You’re lucky you weren’t sent to a reeducation camp for your lack of generational solidarity. Don’t you think it would be great if everyone could wear their birthdate, printed in large, easily read numbers? That way a person could tell at a glance whether someone is worthy of friendship or contempt.
>> Yep..and that generation includes your parents, who didn’t abort you.
???
Sorry, I’m confused about the point you’re trying to make.
I AM a boomer.
My parents, who didn’t abort me, were of the “greatest generation”. The ones who lived through the depression and defeated the Axis.
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