Thursday 11 June 2009

Hippies and greed

If you've ever perused my blogroll, you may have noticed that I follow the Dr Housing Bubble Blog, which I think is a great read in regard to the distastrous US housing market meltdown, and all that followed in its wake.

Don't you just love the concept that the people, nay, the speculators that dove into the housing market with wild abandon, solely in an effort to garner buckets of filthy lucre and become richer than Croseus - were hippies in their youth?

Who generally has enough money and a long enough financial track record to borrow lots of money for speculation? (which used to be called "investment" whilst people were making money, but quickly became "speculation" when the market tanked). People in their late 40's or early 50's - that's who.

In other words, people that came of age in the late 1960's and early 1970's. The Age of Aquarius and all that.

Remember John Lennon singing something about "imagine there's no money"? Personally, Lennon makes me want to puke, but a big chunk of a generation grew up thinking that property was theft and showering more than once a week was a "downer".

The most of those meat heads grew up, got jobs and en masse created the biggest speculative bubble in history.

Oh, the irony.

Those bloody hippies were always a smug, self satisfied bunch of wankers; in it only for themselves. I hope they get to spend their retirement in a homeless shelter. As they used to say in around 1973 - "bad karma, man".

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