You know, I actually feel very positive.
I am a young worker and near the start of my career. Having this meltdown happen at the start of my career is perfect, because it will set many things back into balance that have been unbalanced for years, even decades – risk versus reward, debt levels, inflated asset pricing, unaffordable housing.
The system has been awfully unstable for a long time, this is not new, and serious selling is expected. Too many bad loans, too much leverage, too little government oversight, and high debt levels and unaffordable living.
Delaying the inevitable, for instance through bailouts and patch work, only delays this thing and makes the eventual hurt worse. So let's get it over with ... hopefully without burdening me (the future taxpayer) with massive costs and bailouts. Why should I, at my young age, spend the next few decades paying for greedy baby boomers who need support of their inflated asset prices? No bailouts, is what I say.
And manufacturing and engineering. Man oh man, this is going to be great for getting those industries back on track. For decades, investment has fled physical production and gone to these “service” industries. How many high paid MBAs can you pay to shuffle paper and skim fees? That bubble had to burst. We are seeing it happen now. Lots of business people will lose their jobs, because a lot of them are redundant. More importantly, few business people and financial professionals add any value to society.
Getting them out of the way will redirect investment to research, development, construction, manufacturing, and engineering. We will put time and effort back into development and discovery, build all the new things we need, fix all the ageing infrastructure around us. I see a very bright future ahead.
- Perpetual Bull
EDIT: After this article was posted, governments worldwide quickly bailed out large financial institutions, and spent trillions of current and future money. I am not enthusiastic about the bailouts and their cost to society, and I feel somewhat less positive since the endless bailouts started. Unfortunately, current government actions will saddle my generation with a lasting burden.