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Wednesday, February 02, 2011

My Message To The Baby Boomers

Dear Baby Boomers,

I used to like your music. Now it makes me want to puke a little. It never really occurred to me that the drug-crazed hippie set would actually be in charge of the country someday; for some reason I assumed that the adults in charge would Prince William right over your entire generation, and leave you to do what you do best - contemplate your own navel. The last decades have been a rather rude awakening that those with the exaggerated sense of self-everything - worth, confidence, importance and esteem are indeed at the helm.

Still, as I watched the country go to hell in a hand-basket, it still hadn't really clicked. I think it was during the dot-com boom that I realized how little you people know as I listened to Boomer "Analysts" pontificate on how "earnings don't matter" when trying to determine whether a stock is overpriced or not.  It was clear that this was a generation of large children who were willing to take thousands of years of basic common sense and toss it in the dust-bin because the bloated self-esteemers think they know better.

Then came the real estate bubble. Having just, literally, minutes before, gone through a bubble in the stock market and the crash that follows, nobody sees the next crash on the horizon. The Boomers in charge start spending like it will last forever and reckless as ever, decide that everybody deserves a house, regardless of whether they have actually earned one. I knew the banks were in trouble just by the mail I found in our mailbox every day. Borrow, Borrow, Borrow was the message - "Bad credit OK". That banks were going to fail was not only foreseeable, it was the only possible outcome.

What I didn't know about was the fiasco on the other side of the country. Nobody in their right mind can think that bundling together a bunch of bad investments, and selling shares of the bundle is going to alter the outcome. The problem is that there is no diversification of risk if the underlying assets are sure to fail. If people don't make enough money to pay for a $1M home, after the teaser rate expires, the house will go into foreclosure. Even if they are not certain to go bad, they are all positively correlated in the event of of an economic downturn or spike in interest rates. It's kind of the same idea as to why insurance companies won't write earthquake insurance. If a big one hits, all the policies make claims at once. Buh bye.

Despite the obvious incompetence or flat out fraud behind our current troubles, there have been no consequences to any of the perpetrators. None. In fact they have been rewarded. This means it is going to happen again. If you reward a certain type of behavior, you are going to get more of that behavior. End of story.

Here in California, the only possible outcome of allowing millions of dirt poor foreigners break our laws and take advantage of our social services is a bankrupt state. Et vĂ²ila - what do we have? A bankrupt state. I am not mean, hateful, racist, homophobic or allergic to peanuts. That is just flat out how things work.

Everything you have gotten your hands on you have ruined. We are a nation which is more concerned with hurting somebody's feelings that ensuring that that person has the means to earn a living and put food on his or her table. Actions, or inaction as befits the state of things not only no longer speak louder than words, they are mute. Hypocrisy rules hand in hand with incompetence and stupidity.

So, here is what you need to know. I am not going to pay for your retirement or your old-age medical benefits. You are on your own. If you try to raise my taxes, I will pack up and leave. I have no problem living abroad. I will not vote for any tax increases, not here in California, not for the Federal Crooks not for the city or neighborhood watch. You want a cushy retirement? Talk to your kids. I am sick-and-tired of living in your wake of destruction and trying to pick up a few crumbs left over from your orgies.

I will support any politician who wants to get rid of Social Security and Medicare. I will never see a dime from either of those systems and you Boomers just do not deserve them. You have already gotten your share.

RH

1 comment:

G. Wilson said...

AMEN! I agree with every point you have made here, I couldn't have said it better myself. I am actually relieved to know that other people besides myself, my husband, and my friends feel this way.