The Economic Crisis: Its All the Boomers Fault

At least according to this Minyanville Op-Ed.

They rebelled against their parents, protested the Vietnam War, and settled down in 2,300 square foot cookie-cutter McMansions with perfectly manicured lawns in mall-infested suburbia. They’ve raised overscheduled, spoiled children, moved up the corporate ladder by pushing paper rather than making things, lived beyond their means in order to keep up with the neighbors, bought whatever they wanted by going into debt, and never worried about the future. Over-optimism, unrealistic assumptions, selfishness and conspicuous consumption have been their defining characteristics.

The Greatest Generation left the Boomers with unparalleled prosperity and growth. While it was the Boomers that have just left us in Gen X and Y with the tab. Maybe a few years of the Obama Depression will get Gen X and Y to embrace a new frugality that their great grandparents had. I mean it will be hard to delay gratification on a new IPhone (or not buy one at all) or be forced to eat ramen noodles for months at a time but we were able to do it in our slacker years.

However it must be very tough for some Boomers to tell their kids that they can't afford to send them to the expensive, top-flight college because they are mired in debt and their 529 college savings accounts just lost 40% of their value. That is a failure of fiscal restraint and lack of financial education that will hit their kids squarely in the face.

Maybe all of the revulsion that the Gen Xers and Yers will feel will translate into rebelling against the whole conspicuous consumption paradigm. Maybe it is time to feel true hate toward Rappers with diamond teeth and gold necklaces as big as their heads. Maybe it is time to look down on the wastefulness of the scum on the Hills and My Sweet 16.

The last thing a person that has lost their job and house wants to see is some spoiled little rich girl throw a tantrum over the length of her $12,000 dress. We might be in for an "Eat the Wasteful Rich" scenario going forward. In any case I can endure the Obama Depression if it marks the death knell of the Bling Age.