[quote=equalizer] American people have been hard working and very lucky over last 30 years. The news media and Hollywood has always been fueled by feel good stories (Horatio Alger), optimism, work hard and make it to the NFL, etc. Pessimistic stories are downbeat and make for bad copy. “Economists have predicted 5 of the last 3 recessions, Stock market goes up 80% per of time, never bet against the American people, etc”
Had a discussion with a someone who retired as engineer a few years ago. I told him I was worried about future of jobs and economy in America. He said don’t worry, the Japanese were supposed going to take over America in 80’s and they failed. “We have spirit and ingenuity to prosper.”
Can you blame anyone for doubting the last century of hope and prosperity would continue?
Any doubters were cast aside as doom and gloom like PS.
[/quote]
Equalizer: I’m first-generation American. My grandma came over from Germany in 1935 with my dad and my uncle (both were very young kids, obviously) in tow. She spoke no English, had no money and lived with relatives in Chicago for the first few years. When she retired many years later, she was teaching at Northwestern University and had seen to it that my dad and uncle both went to private (Catholic) school for elementary and high school.
My dad wound up being an aerospace engineer and my uncle was an investment banker for Merrill Lynch.
Point to all this is: I was raised believing in the American Dream and, to a certain extent, still do. However, I never believed the American Dream was possible without hard work and an education and the desire to succeed.
What strikes me as being conspicuously absent as of late, is the desire of many Americans to work at all. That’s where this magical thinking comes in. Invest in the internet and make millions! Buy a house and make millions! Stuff envelopes part time in your den and make millions!
And when these folks don’t make millions, or lose their ass on a really bad RE (or tech) investment, they turn into victims and expect someone to bail them out. We’re all victims and we live in a culture of entitlement.
