"what did the subsequent administrations do to prevent it?"

Not much, that's for sure.  But they all understood it, even before you did, though I must say that that was pretty insightful thinking for such a young age. It's just that they also knew it wouldn't happen on their watch...so it didn't matter overall. 

I long ago resigned myself to the fact that by law, at least part of my check had to go directly to help pay off a blue haired couple's condo mortgage in Florida.  I don't count on ever seeing it again either. I'm just glad I could help them out.

Greenspan is right. It is in a sad state of affairs.