What do our economy and a really fat man have in common? Quite a lot according to Michael Pento (with a hat tip to Zero Hedge).
Even if that is just a bunch of Austrian assumptions (for a better explanation check out the video above) our economy is definitely not in the pink just yet.
With that comes pain and sacrifice for consumers (unless your Snooki who is the center of an insane reverse advertising war).
Economists see more than just sacrifice they see a Petri dish to be studied. One aspect that is being analyzed is what things are considered “necessities”.
Thanks to Free exchange
As pointed out by the Economist’s Free exchange:
I would not have imagined that the downturn would lead to decline of 20 percentage points in the share of those labeling a clothes dryer a necessity. It suggests that the psychological impact of recession extends well beyond those who remain unemployed.
It also seems that houses may be becoming a luxury:
Thanks to Yglesias
Houses may become a luxury but an economic downturn doesn’t have to stop you from living in a mansion for free.
Speaking from experience an abandoned mansion is a great place to blog from. Don’t take our word on it: find a mansion, fire up you laptop and drop us a comment. Writing comments is a penny pinching way to have fun.
