What's wrong with this picture?
Frankly, I don’t know what’s scarier….trying to follow the trail of one borrower’s mortgage loan through the system pre-2009, or the fact that I know how to read the map.
No wonder the system imploded all over itself and expeditiously took down half of the world’s economies. I'd say it tossed that old “too big to fail” notion right out the window as well….and with it obviously went the middle class livelihoods of millions.
Is it realistic to think our financial system will position itself from here on out to learn from the mistakes of the past, as it continuously strives to outdo the bottom line performances of the past without thought of long term consequences? Don’t count on it.
Should history prove a worthy gauge, I figure the next wave of aggressive newbies who grow up and hit the “Street” in about 20 years will go in short on memory about the economic collapse of 2008 (except perhaps what they learned in their history books), and go long on the invincible belief that they’re the exception to every rule governing market lifecycles.
So when that next wave eventually does hit, I too would like to think that I’ll be smart enough to voluntarily jump off of the bull’s back before I'm violently bucked off, then mauled by a bear.
© by DK King
© by DK King