The economy, and shit (not mutually exclusive)

I dunno what to write -- maybe this is common to more experienced bloggerss -- but I feel a need to write something.

I'm sorry.

I'm sorry to all those under the age of 40 or so, especially the Americans, but it goes beyond that. I'm sorry that my mixed up, fucked up, peers borrowed more than they should, and spent more than they earned. I'm sorry that my generation has caused yours to have less, and to be less happy, than you would be if your parents hadn't stolen your future earnings.

I'm sorry.

I'm sorry Messrs. Greenberg, Paulsen and Bernanke allowed money to flow too freely, protecting stock owners at the eventual expense or mortgage holders, especially those least likely to survive a downturn. I'm sorry they allowed bank shareholders to receive record dividends right until the facts emerged that they had issued absolute shit loans, and passed them on to others before they started to smell.

I'm sorry.

I'm sorry that my generation allowed lenders, with the knowing and willing support of rating agencies, to lend money to unworking people, for $500k mortgages, which they knew would never be repaid. I'm sorry that they sold these toxic mortgages, knowingly but without disclosing their real value, to third parties. I'm sorry these immoral, criminal bastards are not being punished. I've just spoken to a top executive of a major life insurer, who told me these debts were known to be toxic to the sellers, but they passed them on. Shame on them.

I'm sorry.

I'm sorry that you will be the first generation in centuries who won't be able to expect a higher standard of living than your parents had.

Most of all, I'm sorry, and embarrassed that my peers allowed that moron, George W., to be in a position where he could appoint people to manage the economy. As good as they've been since it started, I wish they'd been half as good at preventing it.

Kids, you've got my savings once I die. Sorry I can't do more.

Dean