I think a new era pointing back to the past is coming, it will be interesting how this will effect the markets longterm ie DOW,S&P etc.. #1 The end of perpetual autoleases,and car loans. #2 Shopertainment will fizzle out, people will buy what they need and that is it. #3 The end of Bling, I think people will get tired of working like a dog to service debt so they can fake it till you make it. #4 Layaway might make a come back. #5 you will no longer see mass consumption of electronics to upgrade your models purchased last year. #6 End of BMWs,Mercedes crowding the streets and big escalades etc.. More modest autos will be out there. #7 Less restaurant visits more home cooking etc.. #8 The end of McMansions. I think people will realise that spending a fortune on 4-8K square feet homes with no yards and poorly constructed in cookiecutter ghettos is not fun anymore.
If by 'perpetual' you mean people will no longer trade in their old cars for new models, that'll never happen Shopping for and buying new 'toys' will NEVER go away! What other fun is their in life? Are you kidding? "Enjoy now, pay later" it's the American way This country was built on CREDIT. I agree with this. Why did they do away with layaway anyway? You aren't serious, right? Electronics are the best toys and they will only get more sophisticated, more expensive, more necessary and more in demand. Try living one week w/o electronics? People buy dreams, not cars. High end high tech cars are a big part of achieving the American dream. You may see them buying more $6 pizzas. No, nobody will want a big beautiful home anymore.
People will be more social, spend more time with friends or family, interacting with their children more instead of buying guilt gifts etc.. folks are going to get tired of working like dogs to service debt so they can go home to their big home filled with stuff bought on debt and no time to do much with it since they are too worried about making the payments and stay employed and the kids in the room playing video games. That aint no life, people will revert back to the way things were.
a bit ironic you are probably communicating all this wisdom from your recently purchased 'latest&greatest" Dell w/24 inch monitor, 7 Mbps line, or even fibre optics to your home
I believe you missed the point of his original post. He is saying that America will change as a country that blows money on non essentials. You are saying that America will never change. Is that correct?
This is the funniest thing ever! I love going into a McDonalds or some other establishment where i know the worker is making minimum wage and seeing them all decked out in gold chains, rings, earrings, ect... One memory in particular, i was in the mall and i saw a mexican woman mopping the floors. She had on all these gold rings on her fingers, big gold hoop earrings and a few gold necklaces and wearing makeup as if she was going to some nice restaurant or club. (mind you she was still wearing her standard issued janitorial uniform, she just had all this gold jewelry and makeup on over it) When we walked by her, i joked to my wife "Look at that woman, she must be a queen because look at all that gold she is wearing!" The funny thing about this is, that poor people wear more gold than people of means. You dont see many millionaires walking around with gold jewelry on. There was this comedian once that said, "rich people save their money so they can BE rich, poor people spend their money so they can LOOK rich"