How Spoiled are we?

This week has been crazy. The AIG bailout, Fannie Mae, Freddie Mac, WaMu, Lehman-Barclays, Morgan/Wachovia, and don’t think it’s over yet.

Headline CNN:
12th bank failure of the year announced!
Detroit wants its bailout too
Why the Fed pulled the trigger on AIG

At the end of the week, the DOW off just 33 points… the S&P up 13.

Is anyone else a little embarrassed? I almost feel a little ashamed. I have been talking to my friends for the past several years about the continued growth of the US and asking the question, how can it continue? I’m not the smartest cookie in the jar and I went to school for all the wrong reasons, but I’ve spent a few years trying to fill in the alcohol soaked, blank learning years of my youth. After a bit on contemplation, I think our expectations might be a bit exorbitant.

How Spoiled are we?

How big is big enough? This is an article about a home in Connecticut that boasts 33,500 square feet of space. Are you kidding me? Does anyone in this country still wonder why every other country in the world thinks we are fat, arrogant, ego driven, bigger is better, oil gorging, energy sucking, money grubbing, gas guzzling, we are the greatest country in the world… Americans?

Now don’t get me wrong, I still love this country and I wouldn’t want to live anywhere else… yet. The question I can’t stop asking myself is when is enough enough? How much money do we have to have? How big do our homes have to be? How much does a company have to grow every year? How much do earnings have to go up every year to satisfy the stockholders? When do we get to a point where doing as well as we did last year is satisfactory? Admittedly, I’m not an actuary; economist or historian, so I lack the ability, faculties, or education to speak intelligently about any of this. I do, however, have the ability to be self aware and see what is going on around me. We are spoiled. We as a county need to simmer down, take a good dose of humility, let go of some of our SUV driving, bigger is better attitude and simply be happy with everything we have.

Has anyone else started to ask themselves what happened to the days when people saved, (Remember that words, for those of you who may have never heard of this word, it is defined as: to set aside money for later use, often adding to the sum periodically) their money to buy something “before” they purchased it? Ok, in this scenario I get to be the pot and you (the reader) can be the kettle. Of course I’m as guilty as anyone on this note, I’m just admitting its wrong and we should address it. Everyone who has a household income of 75K a year feels it’s normal and sensible that they should be able to live in a 300K dollar home. Not only is it crazy that people feel this should be ok, but it’s even crazier that there are banks, mortgage brokers and lenders who would allow it. Maybe what this country, and all the people in it really need is a good strong dose of reality and a good swift kick in the ass. Just what I think, I could be wrong.