Deja Vu all over again…

I feel qualified to comment on the current state of the economy. After all, I work, pay taxes, and buy stuff and my birthday is October 29, the day of the “great stock market crash of 1929”.

I have lived through although I don’t remember…
Recession of 1949
Recession of 1953
Recession of 1958

I lived through and remember…
Recession of 1960–61
Recession of 1969–70
1973–75 recession
Early 1980s recession
Early 1990s recession
Early 2000s recession

and I am still living through…
Great Recession of 2007

Looks like we have an economic downturn approximately every ten years. What’s wrong with this picture? Obviously we forget ANY lessons learned and it takes about ten years for us to lose our memories. That’s long enough for a new generation of hot shots on Wall Street and in the banking system (who are too young to remember the last recession) to experiment with “new products” that do the same “old thing”. They make tons-o-money at first like a great Ponzi scheme and then the “house of cards” implodes. As long as the hot shots are increasing the bottom line, old timers who have seen this “circus” before will look the other way. Almost everyone who got hooked on this brand of economic “kool-aid” became adversely affected by these toxic assets created by the “Masters of the Universe”. The phrase “Masters of the Universe” rings like a video game and most of these whiz kids grew up on WII’s. So they are used to taking chances in the virtual world where no one really gets hurt. But they have now brought that attitude into a flesh and blood market where lots of real people’s assets are at real risk. Where are the “masters” now? Who knows? They created the monster so why should they hang around to be devoured by the beast? Their sense of culpability is negligible. Game over. I wonder if they considered that their parents might have made investments in the stock market and that the failure of these financial "games" could bankrupt their retirements? Probably not.