Howard Davidowitz's standard of living speech (foreclosures, malls, discount)

[Hollytree]

I couldn't help but think after hearing his speech last night that most New Englanders I know have always lived the way he describes our "permanently lowered" standard of living will become.

We aren't rampant conspicuous consumers, don't spend freely at malls or dress expensively, have always saved, pinched pennies, and lived fairly frugally. This practice has a name- Yankee frugality! RI has never built the new vast burbs of cathedral ceilinged 4000 sq ft mcmansions (thankfully) and our foreclosures are mostly confined to the poor parts of town. The middle and upper are holding their own for the most part. Not to discount the plight of the poor, but they were handed deals they didn't have the means or the ability to hold up.

Yes, we're losing jobs, but RI hasn't had a big booming economy in a 100 years since it was an industrial economy. Most people who live here recognize this and have made the needed adjustments, like having 2 or 3 different jobs, being self employed in recession resistant occupations, etc.

In short, I think we'll "fall" less than other regions since we're comfortably positioned near the bottom.