Gordon Gecko in the movie Wall Street declared that “Greed Is Good”.
Well Look where that got us. National household credit card debt that averages $5~10K on the low end, automobiles that are worthless as soon as you stick a key in the ignition, and housing prices that are worth 75% of what you owe to the financial institution.
We got hoodwinked into thinking that the upper class was available to everyone at any time. In that struggle to attain a certain level of life style we lost not only our financial way but our social foundation too.
I watched an episode of Oprah, where people were saying as soon as their financial class status changed their circle of friends changed.(DUH it’s called fair weather friend)
This is an endless topic, but several weeks ago I was having a pint with a friend who recently lost his job, when I began to explain:
This had to happen, this financial melt down. I informed him that at the rate of inflation, spending and population expansion, buy the time my seventeen year old daughter reached my age inflation would be deadly. My summation.
- Average suburban home ( nothing fancy) would cost $500,000.000 to $750,000.00 dollars ( Think Southern California but acr9oss the U.S.A)
- Gas & milk prices would be $8~$10 per gallon
- An automobile would cost $50, 000 for a small sedan.
- Insurance would be $4000~5000 a month for a family of three.
- A college degree would cost $200,000 or more dollars after four years.
- $50.00 Per hour would be a standard wage to be middle class.
- and communities would be privatized.
As my friend tipped back his drink and gently placed it on the bar, he gazed ant me and said, “You are absolutely right” . Then we began comparing the prices of things when we were teenagers versus today’s prices.
I watched Scarface of DVD recently and there was one notable scene. Tony Montana was looking to purchase a Porsche 928s, the sales person said the price was $18k. As yourself what kind of a new sports car can you get for $18k today.
We had to have a economic reset to keep out society stable.
Looking at the new here in Detroit all we hear about is GM, Chrysler, and Crime. GM had t file for Chapter ?? bankruptcy for the simple fact that before they made a dollar they had to pay 2 dollars out to pensions. You cannot run a long term business that way.
We have to rethink the who we are as people. We are not our stuff, things, or external physical representation. We are relationships, memories and emotional ties, basically family. We forgot that because we were busy working for stuff we could not afford and had not paid for.
Change and growth are very uncomfortable, but once it is over things are so much better.