This is no housing recession, this is the hangover from a lot of people getting fat and happy, while already being dumb. Yes, dumb. This is idiocy, and what's worse is that no one — myself included — really wants to take their medicine.
Those of us who are parents like to teach our kids about personal responsibility, at least I like to think other parents want to do this too. The problem is the actions of adults in government and community leadership positions so often tend to put that lesson into practice only when it's convenient, and living by this lesson is not fashionable right now.
What we need to do is let this whole mess just fall out, and be a wreck, and let out economy fall deep into the shitter. Why? Because we haven't had any real collective hurt in this nation in a long time. We have had a lot of isolate pain, which has allowed those affected to conveniently point fingers at others. Right now, however, everyone in culpable.
Will some feel more pain than others? Sure. But pain is all relative, and if we don't try to prop anyone up, if we are equitable in letting the whole system collapse, and regain an equilibrium on its own, we'll find a place that is realistic for everyone. That also means that some people will end up with far less than they have now, and others will not seem so bad off.
If this happens our family is screwed. I would bet good money that if this whole system shook itself out our home would be worth another 20% less than the 18% in value it's already lost. That's not good for us. We'd be WAY upside down in our mortgage. But who's fault is that? Ours. Yes. Ours. It was OUR choice to buy this house even though we knew that the run-up had gone on for way too long, and it couldn't go on for much longer.
Will life really suck if we adults step up in line and say, "let the chips fall where they may, this current "housing recession" is our fault?" Yes. Could it be another depression? Sure. But think back over the last 80 years. What generation is the one we turn to and say "they were people of true character?" We look back on the older generations who really lived through tumult, pain and tragedy. Do we say that about the baby boomers?
If we want to point fingers at anyone it's the "me" generation born from the free spirit of the 60s that broke the shackles of conformity and forgot that – like writing good sentences in English — it's OK to break the rules when you know what they are, and when it's OK to break them. We forgot about personal self-governance. We've forgotten that life isn't just about ourselves. By focusing so much on our selves, we've screwed everyone. And though I'm not a baby boomer, I need to include myself in the equation because I haven't done anything dramatic to change what's going on out there outside of writing this piece.