Hyper-consumerism

Today one economist predicted that there most likely would be a mild recession in 2008. What does that mean exactly? The easiest way to explain it is that demand will fall and corporate earnings will drop, which means that the Federal Reserve will lower the interest rates in an attempt to counteract the credit crunch caused by the sub-prime crisis, normal “Joes Schmoes” like us will curb our spending, businesses will cut their capital expenses and global growth will slow down. Just think how powerful we average consumers can be. We stop spending, companies panic, revenues fall, the stock market plummets and everything goes in a hand basket.

Frankly the good thing about hyper-consumerism slowdown is that it helps the environment. In Al Gore’s words “We're embedded in a culture that makes it so easy to just go with the flow and support a pattern that's horribly destructive.”
I do agree. How many television sets does one need in the house? If one looks around, how many gadgets do we actually use, how many remain lying around? How many clothes with the tag still on are in one’s closet? I admit I was one of the culprits. I had to have the latest phone, PDA, DVD recorder etc … One year I went through three different cell phones and two PDA’s. I had to change my car every three years and of course it had to be one of status. I was a regular at Barney’s and Saks Fifth Avenue in NYC and I had to go to the trendiest of restaurants. Well I look at my life today and I see how much my life has changed. I live a simple life, buy what is necessary, do not own a flat screen LCD TV, drive a 10 year old Jeep and eat in holes in the wall. Ok I still splurge on clothing, but not that often. I discovered that the most precious asset of life, nature, is free and I take full advantage of it. If my friends could see me now… LOL