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To: Cogito Ergo Sum who wrote (102019)	9/16/2009 1:04:07 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116555

Many folks are going to have to realise that the standard of living was artificially high.. it's gone (IMVHO :O) I'm not inclined to subscribe to that. There are several billion people on this planet living in abject poverty who might also disagree with that perspective... ;0) So it begs the question why certain countries enjoy a higher standard of living than others? Some assert Neo-Colonialist exploitation, while others (myself included) assert that lack of accountable government and extreme political corruption are the root causes. And was the average American standard of living too high because of easy credit, or because mercantilist forces where Chinese exporters provided "manufacturer financing" for their products by investing in US T-bills and mortgage bonds, thereby keeping US interest rates low? Or was it a combination of the two? Should everyone be able to purchase their own home, or should the economics require them to pay out to some landlord so they can enrich themselves? Ownership creates empowerment and respect for private property, both of which is a common good for our society. As Larry Summers stated (and I don't much care for him), "no one washes a rented car". So, the question remains, how do we turn people from renters into owners, having "skin in the game" and not merely subjugated to enhancing someone else's wealth? I really think that one of the keys to this is for the government to act in a manner that treats people as human capital and provides them every opportunity to fulfill their potential (within reason) and obtain ownership status. That means increasing their income generation potential (education/training), not their ability to accumulate debt beyond their means to repay. Hawk