4everlost (96.55)

Entitlement Leads to Socialism - and Talk About Volatility

November 04, 2009 – Comments (1) | RELATED TICKERS: REAL , EST , ATE

I read this article with a lot of intrigue.  The site talks about the destruction in the Irvine, CA housing market.  The writer is anonymous but makes some very good economic and social points.  Here is an excerpt:

One trend in our consumer society has been an increase in our collective sense of entitlement. People came to believe in the permanence of the supply of consumer goods they enjoyed, the exaggerated sense of self-importance they created, and the unsustainable level of lifestyle spending they deserved. Since this sense of entitlement was only enabled by a massive Ponzi Scheme, many people in the aftermath must adjust to a new lifestyle that is considerably less affluent than the one to which they feel entitled.

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On another note: Points and ratings have been all over the place lately.  I was quite embarrassed by this on Oct 8th, 2009:

I guess the economic recovery has been a big help ;-)