Conspicuous Consumption...Conspicuously Absent everywhere Except at the Government

Today the NYT ran an interesting piece titled "Conspicuous Consumption, a Casualty of Recession." The word "casualty" implies a negative aspect, a victim, but the article includes pieces like this...“I think this economy was a good way to cure my compulsive shopping habit,” Maxine Frankel, 59, a high school teacher from Skokie, Ill., said as she longingly stroked a diaphanous black shawl at a shop in the nearby Chicago suburb of Glenview. “It’s kind of funny, but I feel much more satisfied with the things money can’t buy, like the well being of my family. I’m just not seeking happiness from material things anymore.”

From Bloomberg:
Americans are fearful, confused and changing their buying habits, which is showing up at Berkshire’s operating units, Buffett said during an appearance on the CNBC television network today. U.S. stocks fell after Buffett’s comments, following the worst weekly slump in the Standard & Poor’s 500 Index since November. “We are doing things now that are potentially very inflationary,” Buffett said. He called on Congress to unite behind President Barack Obama, comparing the economic crisis to a military conflict that needs a commander-in-chief. “Patriotic Americans will realize this is a war,” he said.

Also from Bloomberg:
Investor Jim Rogers said the Federal Reserve will probably start buying Treasuries to keep borrowing costs down, postponing a rout in U.S. government debt. Fed Chairman Ben S. Bernanke said March 7 the central bank will use “all the tools” available to revive economic growth, indicating the central bank is closer to buying, Rogers said. Record government borrowings will lead to losses later, said the chairman of Singapore-based Rogers Holdings and author of the books “Hot Commodities” and “Adventure Capitalist.” “He’s setting things up for a gigantic fall down the line, but that does not mean he can’t drive long-term interest rates to zero,” Rogers said. “Governments are printing money everywhere, borrowing stupendous amounts. Throughout history that has led to problems in the bond markets, and it will this time too.”