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Institute for the Study of Succession and Continuity
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Financial Crisis? So what?
By Morrison J. Lutz
 
So you defaulted on your mortgage payments? Are you one of the people who worked in a financial institution that no longer exists? Are you feeling the brunt of the economic turmoil?
 
If you still have food on the table and other basic necessities don’t fret. What are you looking for, a perpetual vacation and living happily ever after?
 
Get real.
 
Stop blaming Wall Street and do something about it. You have to realize that Main Street has not been able to create new wealth, with the magnitude to sustain the biggest economy in the world, since the early days of industrialization and perhaps the baby boomer generation.
 
Finance fed the flame of capitalism as long as it can. Now you want to pour more water on it?
 
A glut of housing means we have the means to provide shelter for a lot of people.
 
Do you know where they got all the wood, nails, tiles, sinks, door knobs, and bulbs to make a house? Not to mention the labor. From all over the United States of America, and some even from countries trading with us.
 
Now if only Americans could find a way to afford to pay for the houses. Don’t expect the government to find ways for you. C’mon, find it yourself.
 
Independence, creativity, and entrepreneurship are essential at this point in time. I take that back, I meant always.
 
Here are a few pointers to get us over the hill:
 
 
#1 Learn to live within your means.
 
It used to take thirty or more years to save enough money to be able to buy a house, and retire with your life savings.
 
If you remember your great-great grandparents struggles and stories you know what I’m talking about. The Dust Bowl, the Great Depression, and Grapes of Wrath are the memories that drive our economic forces.
 
We can save money by buying only the essentials. Prosperity has yet to be linked to splurging, so get a grip and be like an ant for now.
 
 
#2 Don’t expect a fairy tale life 100% of the time.
 
The great balance in the American way of life is to understand that there are ups and downs in any economic cycle.
 
Living happily ever after is one of the greatest lies of literature, up there with George Washington’s cherry tree, and Columbus’ discovery of the new world.
 
Don’t you ever wonder why fairy tales don’t have completed sequels and always end with hasty generalizations? It’s because reality kicks in and they face mortgages, college tuitions, utilities, insurance and car payments.
 
If you think being Cinderella and Snow White was bad because they never got a formal education, try being a prince who will someday be a king named after an adjective. How'd you like that on your credit report?
#3 Don’t blame the financial markets.
 
People referring to it as “casino capitalism” would rather have a “national mom-and-pop store economic policy,” until they understand the reason why mom and pop always stayed in the store -- so you can get a college degree or higher education.
 
Your parents letting you leave for a place you’ve never been to (higher education, remember?) is a gamble in itself.
 
There's nothing wrong with Vegas, Pechanga, Boardwalk, or San Manuel, if you see how many jobs have been created by these places you’d understand. The direct hires are only on the surface, you should check out the subcontractors, consultants, and staff. And I’m talking about those at the other side of the dealing table.
 
 
#4 Find a way to buy a house.It’s waiting for you.
 
And when you buy all the stuff that goes into it, you drive the growth of the American economy. It’s still waiting.
 
 
#5 Understand the ever-growing complexity of America’s perpetually-expanding role in global political economy.
 
In short, you have a greater role and responsibility with the wealth of the world, more than you could fully understand.
 
There are six billion people in the world, and close to 200 million Americans can afford to buy a house, a car, and numerous pieces of branded clothing. If you think this economy is bad, think about the other five billion people who don’t even understand the concept of a mortgage.
 
Invest, not only for your own gain but also for the growth of the American economy.
 
 
#6 Patriotism is not only political, it’s also economic and financial.
 
You didn’t see that coming, did ya?
 
It used to be sing a song, put your hand on your heart (the other hand will be easier), and say the pledge.
 
Now it’s digging into your wallet to pay for a product or service that can provide a college education or a retirement fund for someone, somewhere in the fifty states.
 
Now think about getting into business and providing jobs for other Americans. If that isn’t the new brand of patriotism, please continue to shout “The redcoats are coming! The redcoats are coming!”
 
The “downfall of Wall Street as we know it” has been going the rounds lately. Who really knows Wall Street? How does a financial expert or organization understand the totality of creating wealth? No one can. That’s the reason why it’s so dynamic and challenging.
 
If you think these times are bad, think about 1929 to 1933. They gave a lot for you.
 
What are you going to do for those who will face the next Great Depression? This is a trick question.
 
It’s 2008 – the beginning of the 21st century. We are seven years off Stanley Kubrick’s vision and about fifty or so years to get to Gene Roddenberry’s dream. We all have to do something to achieve all these goals.
 
Author's note: The views expressed in this article are entirely my own and does not reflect the views of the greatestchallenge.org team. I have no intention of maligning any religion, ethnic group, club, organization, company, corporation, group, or individual.
 

 
 
 
 
 
 
 
 
 
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