Don't Hate on Baby Boomers? - Part 2

Mr. Steven Brill describes his good fortune in going to Yale Law School in the mid 70s when the demand for lawyers in the new 'knowledge-worker' economy launched. In the mid-1980s the legal industry was bigger than steel and rivaled the auto industry. Talented young lawyers skipped government or public-interest law and headed straight to private practice; this was the beginning of yuppyism. The boomers "created an economy built on deals that moved assets around instead of building new ones". There new financial devices “separated those taking the risk from those who would bear the consequences”, as hedge funds turned into short-term betting machines. They created the leveraged buyout models and promoted stock buybacks that enriched lawyers and bankers with fees. The long-term growth of the larger economy was not their concern.

Supposedly democratic values such as due process and the ability to petition the government were turned into tools of the corporation to endlessly delay and deny regulations and accountability. The private greed soon overwhelmed the institutions that were supposed to affirm equality and community. By the new millennium the newly entrenched aristocracy had well shielded themselves while snuffing out the American Dream for the vast majority of the U.S.

In this sorry state, it's up to a new, younger generation to try to right the wrongs. Only by channeling the frustration of the people can this be done, not by manipulating it and exploiting it as does the current regime. Only in unity can the middle class and the poor take back the sovereignty and dignity of the country, with the help of some enlightened and selfless souls from the halls of wealth and privilege.

http://time.com/5280446/baby-boomer-generation-america-steve-brill/

Peace @ClumsySilverDad