Waxingandwayneing’s Weblog

April 12, 2008

Recession and Responsibility

Filed under: Ramblings — waxingandwayneing @ 1:11 am

Just finished up my birthday.  Turning 50 is supposed to be dreadful, but, for me, it was exciting.  As long as I continue to act much younger, my actual age is not important.  But, enough about me; at least for now.

I want to use this blog to present my view on various topics that interest me.  I enjoy being controversial, so, if you wish, please get back in my face and challenge my thoughts.  I only ask that you do it with respect and good grammar.

Am I the only one that thinks most economists and politicians have no clue what financial mess we are have gotten ourselves into?  UCLA still believes we will not go into a recession.  And what is the phobia we have with the R-word?  Let’s just face the facts.  We lived for many years on resources we never really owned, propped up by unscrupulous lenders loaning money to people who never earned the right to own such nice homes.  While this was happening, we were selling boatloads of treasury securities to the Asian, mostly the Chinese, enabling interest rates to stay artificially low.  Unfortunately, all dreams come to an end.  But, in this case, the dream is replaced by a nightmare, th elikes of which we haven’t seen in our lifetimes.  Let’s just be frank:  We are in trouble.  We are going to experience a period of tough pain.  Artificial means to stimulate the economy, e.g., the brilliantly-conceived tax rebate plan, will do little to correct our financial problems long-term.  Sure, a $150 billion injection will create jobs, but for how long.  Until we deal with the core problems, the situation will remain.

I will revisit this topic later, but enough on this for tonight.

I continue to worry about the deteriorating state of our country’s morals.  I am hardly one in favor of the government legislating how we live, but living in a society that places no rules on behavior is just not working.  How did we get to a point where everyone has a right to pretty much do anything, for fear that we will offend people by saying “No.”  A combination of liberable judges, overly ambitious lawyers, and undeserving litigants has put fear in our society that dire consequences exist for anyone attempting to put boundaries aorund behavior.  The proverbial pendulum has swung too far, creating a society that no longer requires accountability and the need to “earn” rights. 

For too long we have simply handed benefits to people, creating a sense of entitlement that continues to expect more and more from its government.  As we head into this severe recession that will cripple governments’ ability to provide for us, I hope more of us will realize the importance of self-responsibility.  Let us help each other.  Make the road go both ways.




  1. Hello Wayne,
    So happy to find you in the blogoshpere. You are a treasure and the blog world will be better for having your brilliant mind and humorous and thoughtful posts.
    I look forward to reading more. And more.

    Comment by Nora — April 22, 2008 @ 8:18 pm

  2. You talk about morals which is great. Let us start with the head of Home Depot, or Citibank, Bear St or….Golden parachutes. The more you mess up a company, the more one of these excutives receives as their go away package. Or how about United/American? Flight attendants, mechanics, pilots, all need to sacrifice their salaries yet senior management receives a bonus as the company had good earnings. How about spreading these earnings? Are we creating monsters whose main goal is to enrich oneselves without caring about others?

    Comment by Paul — May 2, 2008 @ 9:12 pm

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