Wealth Shift: The Decline of Ethics in America
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Wealth Shift Wild Fire - Out of Bounds and Out of Control

Having long ago cut its teeth in the business arena, Wealth Shift is now exploding out to permeate every aspect of our lives. Seeing other people Wealth Shift every day, we no longer feel we need to ask other people for the things we want. We simply take what we want, instead. Like hemlines that go up when times are good and down when times are bad, if hard work as a way to get rich is “out”, then Wealth Shift most definitely is “in”.

This isn’t just a sub-prime problem, confined to a certain segment of the mortgage market. Consider the credit card default/bankruptcy rates in this country. Despite the recent efforts of credit card companies to reduce credit lines and/or redeem cards (for which they have been receiving flack from Congress and pundits alike), consumers everywhere are still borrowing far more money than they can ever hope to repay.

Rather than coming to grips with reality by sitting down and making a rational decision as to the level of debt that is most appropriate for their family, people are still continuing to grab up all the credit card debt they can possibly lay their hands on. They are using new lines of credit to make the minimum payments on their old ones, or maxing out their cash advance limits in anticipation of having their credit lines reduced, all the while never once focusing on the self-fulfilling prophecy that they are creating for themselves.

And when default happens, as it surely does, does the person in default take the responsibility for running his debts sky-high? Does he try to structure a repayment plan? More times than not, the answer is “no”. He defaults and blames the lender. He says, “If you didn’t think I could handle that much debt, then why did you lend me the money in the first place? You’re a rich, sophisticated banker. I’m just a poor little peon. Therefore, it’s your fault, not mine, that I’m in this horrible mess.” (A poor little peon he may be, but he has found a very creative way to compensate himself at the expense of others, and that is the very definition of Wealth Shift.)

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