MisterB wrote:Okay, I agree with the idea that these generational/social forces have a very large impact. However, I still believe that the people in power and their policies have a significant impact. Certainly, did Greenspan have to loosen credit as much and as long as he did? He did have some control over these actions. As far as the President is concerned, it is very difficult to make things better; but it is relatively easy to make things worse. IMO, a direct rebate to people as a stimulus would have HELPED the situation instead of the spending spree that we got.
I would agree with you that some actions make things worse or more difficult. IMO, all these bailouts will only delay the inevitable and move money from the savers and prudent people to the ones who got us into this mess in the first place. We're going to need the savers and prudent people to get us out of this mess eventually. Government action is only going to delay this, making matters worse.
That being said, baring some significant war or similar "grand" event, there is little any one particular person can do to change the course we are heading in. Anything any one particular person does (or their accomplishments), will easily be overshadowed, forgotten or ignored in such almost unprecedented times.