Scathing excerpt from a highly entertaining article:
One can excoriate the regulators who let this happen, or the banks who skimmed fat commissions from the market, but the driver of both the Internet bubble and the subprime bubble was the same: the desire of the Americans to get something for nothing. Americans mistook the one-time windfall ensuing from the Reagan revolution for a Tischlein-Deck-Dich, the magic table of the Grimm fairy tale that on command lays out a marvellous meal.
Lazy, complacent Americans. That’s what we are. That’s what I am.
After all, who doesn’t want free money? Maybe the children of the super-rich. But really, that’s not their diligence, it’s their “rich guilt”. Side note: I’ll never be fabulously wealthy, but it doesn’t take a Hilton fortune to make a Paris.
And so Americans, and thousands of people after them, chase after free money from securities. Please. Remember what investment actually means and stop treating it like a sometimes temperamental money cow. And for goodness’ sake, hold off on the use of cheap credit to buy a house. Just stop it.
We would do well to remember that work is sanctified to the Lord, as is rest, and that all our possessions belong to Him.