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The funniest thing I heard recently was that the housing bubble (7 bd. 7 ba mcmansions, etc.) wasn't keeping up with the Joneses, it was "check-raising" them.
The funniest thing I heard recently was that the housing bubble (7 bd. 7 ba mcmansions, etc.) wasn't keeping up with the Joneses, it was "check-raising" them.
Texas hold 'em.
Know when to fold 'em, I guess.
I could never understand that mentality.
Why would I want to pay utility companies my hard earned money for something that big and unnecessary?
I own, but don't want to be tied down to a house.
I don't know why people buy new cars, either.
They lose 20% value as soon as they leave the lot.
I work hard for my money, I'm not going to blow it on stuff I don't need.
I would not be surprised if this leads to a big ongoing change is how we do things.
The great depression, as noted, created a generation that saved, did not trust credit and did not feel the need to impress everyone with what they could afford. It was some of their children and grandchildren who spent the economy to a precipice.
Those who are saving because they don't feel its right to "show off" are a bit close to showing off because other people were too. If things last long enough, which is a good chance, they may start to feel the real pinch, and more importantly, get used to the way they are living. Wearing a ten year old dress that looks fine and not spending on a new one, but buying something you need, could well become a habit. As noted a lot of people have seen vast amounts of dollars of investments and retirement go poof.... They have to be asking the what if... If what we have goes then what?
But those who can't spend because there IS nothing to spend and are dealing with food vs utiliies vs gas are in survival mode. Survival mode never goes away. That 300 dollar outfit will always be seen as a what else can I use the money for. I suspect that many many of us who have not before learned about this will never go back. And the kids who are being exposed to the hard reality of not enough over gettting anything will have it stuck even more.
If you look at the way most of the country almost instantly put the breaks on spending at the start I think it shows that we are not nearly as wedded to the idea of conspicuous consumption and always more. Later on when we maybe can, the lesson of having made it, and especially of having planned a purchase and thought about how much we wanted it while money got saved, and the satisfaction of seeing it come in the door should not be forgotten either. Things which are instant gradification mean that gradification runs out a lot quicker than something you had to do something to get. And if you decide before you buy that you really don't want it, you didn't waste money on something you could do without and can get something better.
I still remember the first thing I saved for and bought with my allowence and baby sitting money. That lesson has not been forgotten.
The "we must spend our way out of the rec/depression" folks should be thinking of plan B.
The need to "keep up with the Jones" shows more than ever in the way some families plan weddings for their children. There are families that will refinance their house if necessary to pay for a wedding. I've lived in AZ since 89 but, I'm originally from NJ. The banquet and catering business back there is huge and out here it's the complete opposite. I've been to weddings here where the reception is in someone's backyard and the the food is BYO. I think with AZ being so new and transient, a lot fewer people really know their neighbors like back east and maybe that has something to do with it.
Just an afterthought, it's too bad the newspaper article covered only the affluent. For the vast majority of wage-earners the economic slide may have a much more serious impact. It's too bad that hardly any media reports cover them.
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