[MCN] How well does this explain "the Great Recession"?

[Lance Olsen]

"Consumer expectations of ever-higher living standards were fuelled 
by more lenient and readily available bank lending, the subsequent 
booms in construction and property market sectors, .... Social status 
and identity became closely associated with consumption, in 
particular with the concept of luxury. Identifying oneself with the 
good life meant being able to live beyond traditional understandings 
of basic needs. Debt was the price one paid for the joys of being 
part of a hedonistic consumer culture."

Kenneth Dyson.The Morality of Debt. Foreign Affairs. May 3, 2015
https://www.foreignaffairs.com/articles/2015-05-03/morality-debt


-- 




-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://bigskynet.org/pipermail/missoula-community-news_bigskynet.org/attachments/20150701/cd85ad5a/attachment-0002.html>