Wednesday, November 19, 2008

30 reasons for Great Depression 2 by 2011

Paul Farrell over at Martketwatch lists his 30 reasons why we'll be in a depression by 2011. He Cites greed several times, that's obvious but what about envy? It seems to me that envy drove the subprime mess. The feeling of wanting that house despite the lack of fiscal discipline and the politicians that fed that envy drove all of this. I've blogged before on the lack of fiscal discipline among groups of people (link 1, 2). It seems to me that we can't face up to the fact that we have equal oppurtunity but that doesn't give equal outcomes. And what if everyone couldn't be a homeowner? Renting, is that inhumane?

On that list of 30 items, here's the largest:

25. The 800-pound gorillas: Social Security, Medicare with $60 trillion in unfunded liabilities

We just voted in the political party least likely to fix this mess.

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