Jim Quinn has written a dynamite post about the “Peacock Syndrome” which deals with the binge of conspicuous consumption this country has been on since the 1970s and what it has done to people and the economy:
The herd has been mad since 1970 and with the post economic collapse of 2008, some people are recovering their senses slowly, and one by one. The country was overrun by flocks of ostentatious peacocks displaying their plumage in an effort to impress their friends, families and work colleagues. What set the flaunting American peacocks apart was the fact they financed their splendid display of plumage with $0 down and 0% interest for seven years. The lifestyles of the rich and famous miraculously became available to the poor and middle class through the availability of easy abundant credit provided by the friendly kind hearted Wall Street banks and their heroin dealers at the Federal Reserve.
A worthwhile read for those who want to understand the psychology that enabled our journey to the economic abyss.
[...] Peacocks Consuming Conspicuously (economicnoise.com) [...]