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Irrational exuberance went hand-in-hand with gross excess and crass consumption.

November 26, 2008

As I was browsing today for some penny stocks like CitiGroup (C) to pickup I stumbled on this amazing article which contains today’s title. It goes on to say:

Irrational exuberance went hand-in-hand with gross excess and crass consumption. You couldn’t turn on a television without seeing some horrific sign of one-upmanship, where it was somehow perceived as cool — rather than boorish — to throw money around frivolously.

While some of that behavior will always exist, fear of another Depression has people trying to be fiscally responsible, in their own lives, politically, and throughout society, where a few bucks less for show means a few bucks more to serve the right purpose.

So instead of having parties to show off their jewelry, there are parties where people sell the stuff they don’t want for some much-needed cash. From a societal standpoint, that may qualify as progress.

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