02 September 2011

80's Generation and the flouting of the rule of law

People these days are preplexed by the events happening in the financial markets, the political sphere and the many family problems.

All these can be explained:
Greed
Democracy has led the developed world down the road of no return, incurring debt to the brink of economic collapse as politicians have entrenched interest to stay in power and giving away benefits to get votes. This is no better than totalitarian regimes, just that in those regimes, it is a struggle between the ruling and the ruled. In developed world, it is a class struggle between who can influence the voted to get them tax breaks and those who have limited say.
Both voters and voted do not want to give away their interests.
Legislative Vacuum
White collar mistakes in many cases are crimes but go unpunished, this is creating even more frustration for the public.
Imagine why would you as a financial institution grant loans at 100% of the property value to potential buyers with even more loans extended to them for purchase of furniture, they are risking the hard earned deposits of the public placed with them as when property values tank or sink, the whole financial system is in jeopardy . The regulatory body should never allow such loans in the first place, error of Alan Greenspan. Do not forget such subprime loans are extended at a frantic pace near the end so as to feed Wall Street's voracious appetite to sell the synthetic CDOs to get more bonuses.
The rule of law in the old days do protect the public and make the society fairer, it no longer is now because the legislative system gets only too complex to punish people who committed white collar crimes. The Enron and Worldcom are good examples of white collar crimes, yet the CEO denies having read the financial statements in detail and this is why the Sarbane Oxley Act comes about.
There are many white collar mistakes which should be treated as crimes but there is no legislation in the area to get them punished. The 2008 crisis has shifted the debt burden of the Wall Street to the US government [i.e. the general public], but then Wall St executives keep on reaping big paychecks in the years that follow. The public deserves to be angry with such treatment and injustice.
80's Generation
In the late 90s when internet becomes more commonplace, this generation is the first to be able to access info not just in their local communities but the whole world, they are computer savvy, addicted to msn, qq, all messengers type communications, thus they have become more short tempered than earlier generations. The parents especially those in Asia, have on too many occasions take away their child(ren) independence by arranging too much for them in their daily life as well as not preparing them financially to be independent, this is why this generation is never frugal [rare if found] and want the same consumption patterns as their parents. Because of their short temper, they want it now not later.

Conclusion
Expect even more public disorder like that of the UK when the economy goes slow or sink because the modern world is mistreating their citizens at large.