President Bush's "Ownership Society" has morphed into the "Rentership Society". The attitude applies to more than houses as noted in the Wall Street Journal article Renting Prosperity by Daniel Gross.Read it at MISH'S Global Economic Trend Analysis
New American Dream is Renting; Reflections on Renting Houses, Cars, Books, Clothes; Will Rentership Fuel the Next Boom? What About Home Prices?
by Michael (Mish) Shedlock
This is huge and it is a pernicious trend that is developing. The flip side of a "rentership society is a rentier-based economy driving by rent-seeking rather than productive contribution. The rise of finance capitalism the death-knell of productive capitalism based on investment and innovation, and the rise of debt serfdom as an institution. What was that about the road to serfdom again?
(h/t beowulf in the comments)
I posted this here some time ago and now it is taking on new meaning.
I posted this here some time ago and now it is taking on new meaning.
3 comments:
Tay Zonday for the win.
http://traderscrucible.com/2011/11/17/instant-classic-shooting-up-the-charts/
Because wages barely grew for 40 years
When you buy stuff
They delay the cost of ownership
You can’t afford it
so they make it to depend
On endless small transactions
Which is more like renting
You pay more for printer ink
Than you do for gold and
More for bottled water
Than you do for oil
Razor blades are made to
Oxidate
So you’re forever in debt to them
Just to shave
Thanks of the reminder, beo. Promoted to the post.
Thats bookmarked. Hadnt seen that before very good.
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