PostgreSQL is powerful and you have just been bitten by an advanced feature.
Your DDL is quite valid but not at all what you think it is.
A sequence can be thought of as an extra-transactional simple table used for generating next values for some columns.
What you meant to do
You meant to have the id field defined thus, as per the other answer:
id integer PRIMARY KEY default nextval('ownseq'),
What you did
What you did was actually define a nested data structure for your table. Suppose I create a test sequence:
CREATE SEQUENCE testseq;
Then suppose I \d testseq
on Pg 9.1, I get:
Sequence "public.testseq"
Column | Type | Value
---------------+---------+---------------------
sequence_name | name | testseq
last_value | bigint | 1
start_value | bigint | 1
increment_by | bigint | 1
max_value | bigint | 9223372036854775807
min_value | bigint | 1
cache_value | bigint | 1
log_cnt | bigint | 0
is_cycled | boolean | f
is_called | boolean | f
This is the definition of the type the sequence used.
Now suppose I:
create table seqtest (test testseq, id serial);
I can insert into it:
INSERT INTO seqtest (id, test) values (default, '("testseq",3,4,1,133445,1,1,0,f,f)');
I can then select from it:
select * from seqtest;
test | id
----------------------------------+----
(testseq,3,4,1,133445,1,1,0,f,f) | 2
Moreover I can expand test:
SELECT (test).* from seqtest;
select (test).* from seqtest;
sequence_name | last_value | start_value | increment_by | max_value | min_value
| cache_value | log_cnt | is_cycled | is_called
---------------+------------+-------------+--------------+-----------+----------
-+-------------+---------+-----------+-----------
| | | | |
| | | |
testseq | 3 | 4 | 1 | 133445 | 1
| 1 | 0 | f | f
(2 rows)
This sort of thing is actually very powerful in PostgreSQL but full of unexpected corners (for example not null and check constraints don't work as expected with nested data types). I don't generally recommend nested data types, but it is worth knowing that PostgreSQL can do this and will be happy to accept SQL commands to do it without warning.