the Onda

If want the opposite of a Sunday pick-me-upper, go and read Barry Ritholtz on "The Shallowest Generation" about how the self-indulgence of the Baby Boom generation has gotten us into the economic pickle we are currently facing. Not just a rant, the piece has got a bunch of really interesting data, including CEO pay over the last 18 years compared to the stock indices and more importantly, the average worker (see below) as well as a breakdown on what today's biggest consumers spend most of their borrowed money on (hint: eating and drinking seem to be surprisingly high on the list).

I do wish the piece had been a bit more balanced however. After claiming this:

Past U.S. generations invented the airplane; invented the automobile; discovered penicillin; and built the Interstate highway system. The Baby Boom generation has invented credit default swaps; mortgage backed securities; the fast food drive thru window; discovered the cure for erectile dysfunction; and built bridges to nowhere. No wonder we’re in so much trouble.

the author fails to mention that this same Baby Boom Generation gave us the PC, commercialized the Internet, and the mobile phone upon which we're likely to be basing the next big tech boom. In fact, just the other night, David sent me the Wikipedia page on 1970s technology in response to my complaining about how toys from then just seemed "better thought out." It is really something else to think about the fact that it was Boomers during this era that gave us the PC, the Apple ][, the software industry, and Star Wars!

Still, good to remember that we've got some excesses to undo.

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