tag:blogger.com,1999:blog-11719208.post1208717904461141888..comments2023-11-05T04:36:14.223-08:00Comments on The Mess That Greenspan Made: More middle class bankruptciesTimhttp://www.blogger.com/profile/16530974968126497397noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-11719208.post-82136660926135537522009-11-19T20:00:48.771-08:002009-11-19T20:00:48.771-08:00During 1990-1992, America was hit by a recession a...During 1990-1992, America was hit by a recession about as severe as now. There were longer umemp lines than what I see today. An awful lot of debt got blown up and personal bankruptcies were sky high.<br /><br />You'd think people would learn. Nope. Especially the younger generation who was not in the workforce during that time. They proceeded to go nuts with spending, debt, massive mortgage, high leverage stock plays. They had a very good 20 years living on borrowed future. But I know many of these 40-something in real deep trouble now. With America destined for its very own Lost Decade, it would take a miracle for recovery. The next 20 years will be spent to pay for the past 20. And there are two new major players to contend with - India and China. They will take your breakfast, lunch and dinner.<br /><br />For 20 years, America bought Supply Side economics - the rich gets rich first and supply the crumbs to the mob. Now the mob is on the verge of bankruptcy and we are seeing a new Supply Side. China gets rich and supply the crumbs to the bankrupt American mob. <br /><br />America has only itself to blame.The Real Dealnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-33224795465723356942009-11-19T09:56:59.755-08:002009-11-19T09:56:59.755-08:00I was in my 20s during this bubble period and I al...I was in my 20s during this bubble period and I always wondered how people could afford the house, care, vacations, etc. Now I know. So glad I wasn't dumb enough to get myself into debt. I don't practice a cash only life style but when I run up my credit card I make sure I pay it off in a few months.Anonymousnoreply@blogger.com