And change us it will. If you don’t believe me, you can ask someone that has had to deal with a grandparent or a friend that lived through the Great Depression. They can tell you. It changed them. Through the rest of the Twentieth Century, they were typified by being reluctant to add new debt by borrowing, distrusting their money to financial institutions or the stock market, afraid of relocating or disrupting the likelihood of remaining employed, some even were found on the streets even when they amassed a fortune stuffed in a mattress somewhere.
And who can blame them? The banks they trusted defaulted with their savings, their trusted jobs left them high and dried and their way of life or at least their perception of life, was changed forever.
If you dissect the news reports or listen to President Obama, we are not exactly at the same level of depression as we were in the 1930s, so we should feel more at ease that things will not be as dismal. But I am almost sure that this experience has affected us more deeply than we now recognize. For one thing, people are already saving more, buying less, and thinking about what debt they are willing to undertake.
But at a deeper level, how will our lives change after this? Will we become more environmentally conscious? Will we recycle more? Will we use less bottled water? Will we look for and purchase hybrid or more fuel-efficient vehicles? Will be buy smaller houses? Whoever can figure out how this experience will change us, will definitely have the potential of really making it big in the years ahead. But I’m not trying to be the one that figures it out, I’m just hopeful that what WE end up being, is going to be better than the alternatives.
I challenge you to allow it to change you in a meaningful way. Let’s be known by how different we are from the generation that brought us here. Remember, it was mostly greed that made banks accept those less-than-desirable mortgages, it was greed that created those mortgage-backed securities, it was greed that made us buy more house than we could afford and greed that made us overlook the fine print of those too-good-to-be-true mortgage papers. Let not greed be our legacy.
How will this change affect our environment? Must we work hard to attain a positive double digit GDP (Gross Domestic Product)? Or would just 1 or 2 percent GDP be OK? Must we just shop our way out of the recession or could we figure out a more sustainable way of living on this planet? Should we find environmentally sound ways to fuel our vehicles and homes? Lot of questions. And only history will be able to tell how this financial downturn affected our generation. But it will be our collective responses that will ultimately define us.




