Posted by Dublinmike, a resident of Dublin, on Mar 6, 2009 at 10:22 am

Hi. First, thank you for your son's service and I hope he returns home safely.

We were in dire straits well before the Democrats took over Congress (and with only a slight majority). Depending on where you draw the line, my opinion is that we started the current downward spiral in 2006. A conservative banker I know think it was 2005 while others think earlier with the dot.com bust. But the general consensus the decline was started sometime ago.

The decline in Dow started 2007... I know personally...unfortunately.

With easy credit home owners were taking cash out to spend thinking their house value would go up and they could either refinance again or sell out. The cash out then would be used to buy things. We had an artificial economy. That is, money came from paper appreciation rather than from good old fashion hard work.

For home buyers, including investors, they were buying homes with little or no money down. Speculation was rampant. As my brother would say about the stock market, the "greater fool" thinks someone will pay more for the stock (or house) they just bought and turn a quick profit. Oops... only worked for a few in the beginning.

Lastly, some folks on Wall Street packaged deals with fancy names to sell to foreign investors with income "guaranteed" by the high interest rates from sub-prime loans (borrowers with bad credit or shaky real estate properties such as home in an industrial area). These went bust. There is certainly a lot more to this story but I think this gives an overall view.

Posted by Lots of us, a resident of the Canyon Creek neighborhood, on Mar 6, 2009 at 11:02 am

Posted by Dublinmike, a resident of Dublin,

You paint a fair picture, and yes, there is a lot more. All political parties are fair game for blame. Lots of Americans are fair game for blame. Wall Street, Main Street, the Neighborhood Street and here's a new one, the World Street share in this blame.

Posted by Laughter masks the pain, a resident of the Another Pleasanton neighborhood neighborhood, on Mar 6, 2009 at 11:08 am

This pretty much sums up the situation. From Wednesday's Daily Show:

Web Link

Posted by Keith V., a resident of the Birdland neighborhood, on Mar 6, 2009 at 1:25 pm

In the year Rome fell the masses cheered

From a lonely place I watched her burn

In my prison cell the worst was feared

As they swept her ash into history's urn

Her golden age had long since past

Her fleet of proud ships dashed & shattered

Taunt lines that held them strong and fast

Were blurred and frayed, the sails tattered

With moral sextants misaligned

They sailed to rock and petty sea

Truth's hull integrity declined

Rushed in filth and debauchery

As Senator's of place and station

With pockets lined and glad hand grin

Watched Empire walls with strong foundation

Now crumbled, cracked, fall from within

In the year Rome fell, no lessons learned

No voice to warn from dungeon floor

With history changed, and pages burned

The fall of Rome begins once more

Posted by Matt, a resident of the Downtown neighborhood, on Apr 1, 2009 at 12:27 pm

Students of Roman history, or history in general, will realize that no empire is eternal. Rome had it coming for a long time. If we don't change our ways, our holdings will crumble as well.

Fret not however, decay and destruction are inevitable and natural, as are rebirth and reconstruction. If not for the decline of the global British Empire during the 19th an first half of the 20th century, America would not have gained its position in the world.

Perhaps now is the time for the giants to fall. Perhaps not. But it will happen. And we'll have to learn to adjust and adapt.

Posted by Stacey, a resident of the Amberwood/Wood Meadows neighborhood, on Apr 1, 2009 at 12:52 pm
Stacey is a member (registered user) of PleasantonWeekly.com

Mother of Marine wrote: "Now I'm just plain ol' folk here"

No you're not! Be proud of being the mother of a Marine and don't adopt patronizing labels for yourself!