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The Great Depression of the 1930’s and the financial crisis of 2007-2008 was caused respectively by a stock market crash and deregulation in the financial industry.
Robert and Dorothy were children of the Great Depression.
Robert lived in an upscale neighborhood, he was a compulsive buyer. “My family was very poor” he used to say, justifying his latest purchase. Robert used to buy two of everything; there were unopened boxes of small appliances and a variety of other items all over his home.
Dorothy was also a child from the Dust Bowl. She was frugal, lived in a modest home with basic furnishings, and wore simple clothes. She died leaving her two sons a surprisingly large estate.
It has been over a decade since the global financial crisis. The human reaction of losing it all resembles that of previous generations.
Some people chose to move out of their area for a complete fresh start.
There are those who are traumatized, and can no longer spend as they used to. Living through their personal crisis, while watching family and friends hit bottom, can make one lose faith in stability. This kind of event makes us think of how little of control we actually have over our own lives.
But the spirit of consumption lives on, as people that could not pay their electric bill back in the 2008 are now fully functioning again.
I have noticed sudden changes of character, as some people seem to have become more entitled; it’s almost a sense of vengeance against ‘not having enough’.
Have we learned anything from these two traumatic financial events?
I think NOT!
The total household debt as of the 2ND quarter of 2019 is US$13.86 trillion. In 2008, when the chandeliers blasted off the ceilings, we owed US$11.5 trillion.
Keep on spending…
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