Let me begin with a few disclaimers. I am not a sociologist or an economist; I am simply a husband, a father, a businessman, a political centrist … and an American who is seeing things in a glaring new light.

Over the past 15 years, I have been in the midst of two distinct economic bubbles. During the first, I lived and worked in the Silicon Valley, watching fast-paced dot-com start-ups create huge wealth for investors, venture capitalists and entrepreneurs.

Many of these companies had no real valuation, no fundamentals, and ultimately the whole illusion crumbled. I watched my own stock options go from millions to zero in a matter of days. I was not alone, and at the time, I thought we had all learned a valuable lesson.

After the bankruptcy and a successful job search, I landed in Sacramento. And like many other Bay Area transplants, I found a nice big house for what I considered a good price by Bay Area standards. Lots of people had the same idea, and the next boom was on its way. Across our nation, developers and home builders responded to the new gold rush and built homes and shopping centers as fast as they could. Property values skyrocketed, and lenders were doling out loans like candy on Halloween.

Suddenly, all real estate was seen as an investment vehicle that would keep growing, endlessly. It felt as if money really did grow on trees.

Oh, how quickly things change. When the artificial housing demand dried up and it was time to pay up, no one was home to answer the call, including the banks and the financial markets that propped up the whole system. Folks were sitting on houses they really couldn't afford, with luxury cars and boats financed on the backs of their homes.

It didn't take long for the impact to hit home, and soon the house of cards began to tumble. Failing banks, investment houses and insurance companies propped up by government subsidies were not enough to prevent the average Joe and professional investors alike from hitting the panic button; the stock market spiraled downward in a record-setting tailspin.

So, what just happened? Well, somewhere along the way we got lost. We actually came to believe, throughout our society, that we were entitled to things we simply couldn't afford. We got greedy.

Don't get me wrong, I believe it's great to make money, turn a profit and provide for your family; it is the "American Dream." I also believe, however, that in times like these, we learn a lot about our country, ourselves and our values. Unless we face some difficult realities, when our economy does recover, we will be doomed to duplicate these failures.

The last two economic cycles have had one thing in common: America's lust for more than it can afford; our need for immediate gratification in the boardroom, the halls of government, work and home.

To move forward, we must go back, back to the basic values that made our country great and the envy of the world. Our economy must be based on hard work, ingenuity, entrepreneurship and our ability to produce real results – not only on the manufacturing floor but also in the financial reports that follow. Excessive compensation for mediocre results can no longer be the norm. Hard work and real performance must be our guiding business principles.

Now is the time to tame our addiction to immediate gratification, to get back to the basics. While we expect our government to watch out for our best interests, we must also take care of our own. There must be investment in our future – in our own workforce, in our infrastructure, in new technologies that give us a competitive advantage over the rest of the world. The opportunities lie before us to improve our lives and to recapture those qualities that have made this nation great.

While our economic system may be dominated by large corporations, let's not forget that the majority of American businesses are small, and many are owned by an individual or a family. It is part of the American dream to be your own boss, and being an entrepreneur is one of the most appealing ways to improve one's economic future.

To that end, let's support our local businesses, our local nonprofits and our neighbors in need. In the end, how would it feel to make all the money in the world but have no one to share it with?

Matthew R. Mahood is president and chief executive officer of the Sacramento Metropolitan Chamber of Commerce.