So how did they get that way? If I had to guess, I’d say they were raised with those beliefs. Let’s say that a person was 10 in 1990. That’s the year that the U.S. emerged from the last major recession. During the past 17 years, with the exception of a hiccup after 911, our economy has rolled along at an amazing pace.
Money was passed out like water by the FED and credit was available for one and all. Interest was cut to 1958 lows and the real estate express was doing 90 miles per hour on a dead end track.
So, to a now 27 year old college graduate, life has been one big bowl of cherries. The parents were enjoying incredible rising home values, increases in pay, and like any red blooded American, incurred debt up to their eyeballs. But, to the children (now big children) this is the only life they had ever known.
The parents had borrowed some $2 Trillion from home equity and the whole thing had the appearance of year-around Disneyland. Unfortunately for these kids, the next feature playing is year-around Realityland.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
