White? Middle-Class? Boomer? You Could Be a Sociopath

Steve McDonald By Steve McDonald
Bond Strategist, The Oxford Club

Slap In The Face Award

Transcript:

Here’s a slap, maybe the worst slap for the boomers I have seen to date.

A new book has dubbed us a generation of sociopaths who have overspent, have racked up endless debt, are chronically self-centered and egotistical, and have used our massive voting power to elect officials who focus only on us and our benefits. But the death blow? We raised a generation of kids who are more self-centered than we are.

In other words, we’re leaving the world a much worse than place than we inherited it – at least according to a new book, aptly titled A Generation of Sociopaths.

This book even blames us for ending economic growth. Geez! That one hurts!

And the worst of the worst egotists of our generation are the white, middle-class boomers. We, as a group, are supposedly more sociopathic than our peers are.

The proof for this hypothesis of 40 years of destruction wrought by the boomers? Improvidence.

The author claims that not saving for retirement is the height of improvidence.

Don’t worry; I had to check the definition of that word too. It means a lack of foresight and caution.

It seems we have a high sense of esteem but are messy, are rebellious and were raised in a permissive environment. In fact, we were the first generation to be raised permissively.

I think someone forgot to tell my father that kicking me in the butt and grounding me for a whole summer was “permissive.”

We were allowed unlimited TV time and had effortless prosperity, which added up to a belief that everything gets better year after year.

We have passed on enormous debt to our heirs without a thought about its long-term effect on their security, destroyed our environment and elected the “Manhattan vulgarian,” Trump.

I’m not sure what that says about the person he beat.

But excuse me, I don’t remember anyone asking me if they could spend $20 trillion more than we have. And a vulgarian? Really? Sounds like an enemy of the “Starship Enterprise.”

These aren’t new ideas about our generation. Back in the ’70s, Thomas Wolfe described us as the “Me” generation – focused on remaking and doting on our personalities.

Silly me, I thought getting up every morning since June 20, 1971, and going to work to pay the bills and create a better life was how it was supposed to be done. Seems I was really just an out-of-control egotist…

Oh, and the author, Bruce Gibney, is a Stanford University grad who was one of the first investors in PayPal and employed by a hedge fund and venture capital group.

Sounds like he’s benefited quite nicely from our improvidence and out-of-control, end-of-growth, egotistical behavior…

Good investing,

Steve