Good article today on the consumption mentality that spawned our present woes, “Pamela Anderson caused the debt crisis.” I couldn't agree more. It wasn't just that the central bankers and regulators left their post this cycle. Regular folks have also played a leading part in our own demise. It’s the same story different actors that caused all of the other credit implosions in history. At least we humans are consistent:
“while a big part of what fuelled the [American] dream was the concept of hard work and a better life (and things), another big part of the equation was more hard work, deferred gratification and shame.
We seem to have forgotten the main ingredients (hard work, deferred gratification) and begun to OD on the others (better life, better things and a total lack of shame). Here’s where Pam, Paris, Britney, Lindsay and all the other posers and pretenders come in to the equation.
Want that big house? Go for it. Britney has one just like it that I saw in People (TWX). Can’t afford the mortgage? Turn in the keys. You’re upside down on the equity equation anyway. Let it be the bank’s problem.
There used to be all kinds of names for people who walked out on debts and obligation. Today you’re considered a sucker if you don’t (there also used to be names for those morally bankrupt jerks who preyed on innocent people and sold them a bill of goods they couldn’t afford).”
These are some of the themes I highlight in “Juggling Dynamite.” You can enjoy the whole article here on Minyanville.
Cory’s Chart Corner
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