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Mr. Luddite

On 5/29/2014 9:43 PM, wrote:
On Thu, 29 May 2014 16:16:00 -0400, "Mr. Luddite"
wrote:

I *said*, "The roots of this grew deep during the Clinton years". I
didn't say it "started" in the Clinton years. It started way before
Reagan too.

I think the decline actually started when all of those counter culture
60s guys finally graduated from college and came up with the
ridiculous strategy that it was better to go in debt and pay it back
with inflated money later. That morphed into never actually paying off
anything and refinancing every time you had a little equity. It was
during the 70s when the bankers invented the 125% equity loan.
I predicted the housing crash then. It took 40 years to happen but it
happened. The higher house prices got, the more I knew I was going to
be right.

Unfortunately our government thinks the same way and the next crash
will be a lot worse, We can't keep printing money to hide our debt
forever.

I 100 percent agree.

Somewhere the concept of fiscal responsibility .. both personal and in
government was tossed in the ****can. We are now paying the price.