Laxness warned you. Did you read Independent People? Did you make an effort to understand it? Did you realize that unless you are one of the 1%, you are Bjartur of Summerhouses. You don’t think you are? Really? Denial and vanity won’t keep you from being Bjartur.
Bjartur worked all his life to be independent. That’s in the title, right? Independent People. Owe no money to anyone. Never trust a money lender. I remember my grandfather saying the same thing. Both grandfathers, actually. They never believed that debt equaled wealth. Bling wasn’t their goal in life.
Yes, I know, Laxness was first a Catholic and then a Commie. He was looking for something, anything that would make more sense than the system in which he grew up. They didn’t. He threw them off. The way one tries on coats at the clothing store. That didn’t keep him from seeing the crazy way the Capitalist system worked. Boom and bust. Power to the bankers. Success judged by how much you can spend. He should be alive now, in the age of Bling.
When I bought my last house, I didn’t have much money for furniture and drapes, the kind of stuff with which you fill up a house. Stuff to sit on, eat off, eat with, sleep on. I saw an ad in the newspaper saying that some people were selling all their household goods. Second hand, I thought, maybe cheap enough for me to be able to buy a few things.
I drove out there. Mamma mia! Or whatever they say in Icelandic. Mega house. New. This couple had built it, furnished it. Nothing but the best. Twelve months had passed. They didn’t like their stuff anymore. It was piled up on the property and in the three car garage. When you’re competing for the blingiest of the bling, you’ve got to have the latest. You don’t want your blingy relatives and friends to see your couch, your mixmaster, your latte maker and sneer. I fought with the other peasants for whatever I could get. When you’re a peasant, you use your elbows and knees to claim and protect stuff that came from stores that wouldn’t even let you in the door.
What made Bjartur and you spring into my thoughts today was Garth Turner’s blog, http://www.greaterfool.ca/. This post is called geezernomics. Since I’m now a geezer, it caught my attention. He’s got advice on OAS and CPP, the sort of things that are important to geezers.
Bjartur, of course, never had OAS or CPP. What he had was a sheep ranch at a place called Summerhouses. The reason he was called Bjartur of Summerhouses is that there were a lot of Bjarturs and when you mentioned his name people needed to know which one you were talking about. In this case, it was the Bjartur who started to build a house with cheap money when the market for sheep products was good and had it foreclosed on when he couldn’t pay his loan.
However, there are people who feel they, unlike Bjartur, can never have this happen. After all, real estate always goes up. Except in Vancouver there is already a property being offered 40 % below assessment. 40%. 30% below assessment is common. Don’t roll your eyes. This is coming to you. There’s an ad on Craiglist by a couple who bought something they shouldn’t have. In the ad they say you, yes, that’s you, can rent their place for $2500.00 a month and they are going to live in the basement along with the washer and dryer. Their bling has blung. People think they may have bought another house before selling (houses always sell really fast for more than you paid for them, right) and they can’t sell house number one. Imagine having two mortgages and living in the basement along with the washer and dryer. Maybe they can take in washing.
I know that the most brothers and sisters of Bjartur are the young and the indebted but I also know of any number of geezers who bought or built bling, houses that said in spite of the fact that they’re part of the Viagra crowd, they’re going to have a pile more kids. I mean, why would a couple in their sixties build a place with four bedrooms, five bathrooms, unless they’re going to have more kids? Maybe they figure in tough times (have you been watching the stock market these last few days?), their kids and grandkids can move in. Or maybe they’re going to provide room and board?
Garth Turner says get liquid, sell your house, rent until whatever is happening quits happening. Only a short time ago, I could have done that. In my neighbourhood, when a For Sale sign went up, two days later a sticker went on saying Sold. Not no more, no more. DOM (Days on the Market) has gone from hours to months, many months. A beautiful house in our neighbourhood has been on sale for at least three months. Today, as I walked by it said “New Price.” Betcha, betcha, the price hasn’t gone up.
Life’s funny. When I read Independent People it never occurred to me that I wasn’t any smarter than Bjartur of Summerhouses. Cripes, I thought, couldn’t he see what was coming? Nope. And neither could I and neither could you. We keep making the same mistakes over and over again.
Sorry Halldor, I ignored your good advice. You may have been a Catholic and a Commie but you got it right.