Pointing Fingers
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It’s difficult these days to see any original headlines. But today, August 29, 2008, the BBC News website just might have asked a relevant and original question in one by asking: “Who Is To Blame” for the current economic downturn. While the actual article might state the obvious, it still beats reading about – for the umpteenth time – how Fannie Mae and Freddie Mac are in trouble.
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The article relies on four expert opinions who together, make a list of three different groups to blame (Surprisingly enough, none of them are President Bush). Two agree that all fingers should be pointed at greedy bankers, one blaming real estate agents and the fourth giving credit for our current meltdown to The Federal Reserve, though it traces the root of the problem back to Alan Greenspan, not Bernanke.
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All four individuals and all three opinions made strong cases, but it also seems that they forgot one likely group: the general public. Maybe Average Joe and Jane bit off more than they could chew. Perhaps their eyes were bigger than their pocket books. Maybe they should have thought ahead instead of looking at only “the now.”
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That isn’t to say that some people don’t have legitimate reasons for being in the depressing situations they’re in, but the Western World at large has grown used to having extras instead of necessities for a long time. Nobody actually needs a $299,600.00 house anymore than they need a Giorgio Armani suit from Neiman Marcus, even if it is on sale for $2,720.00. And that $1,250 Louis Vuitton purse isn’t really a necessity either, no matter that the contrasting browns this season are calling.
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Of course those are extremes, but average home prices couldn’t have been pushed to over the $300,000.00 mark without consumer consent. And when consumers ignore the piling bills to snap up “bargains” for $125 for a pair of sunglasses or $130 for a pair of jeans, and everybody owns a $300 iPhone or some equivalent, you do have to start wondering whether a few more fingers should be pointed…at us.
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http://www.smartprofitsreport.com/archives/2007/global-economy446.html
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Friday, August 29, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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