Here's where I stand: deep in my hippie soul, above a level of necessity and a little comfort, I do not think think that consumerism improves people's quality of life. So I don't care if it goes away. If a modern depression means that people live on really tight budgets for the next few years, and can't buy new clothes or remodel their kitchens or travel, I don't give a rat's ass. Does a modern depression mean that people will have to increase their living density? Take in roommates to afford the mortgage? Move into a smaller place closer to work because they can't afford gas and heat? You are not convincing me that a depression is a problem. My life is, like, sparse. I ride my bike around and meet friends to do things and hate gadgets. I have a little money put away for the long term. Will my life change if there is a depression?UPDATE: Please be polite to Megan. Her standards for internet conduct are not as broad as mine. To rephrase the question: are we likely to have anything more than "first-world problems"?
What would a depression be like? Not causes or some abstract statistic about home ownership. That doesn't tell me what I am asking. I want to know what a modern depression would feel like as we go through it.
Some people elsewhere have been asking what you wouldn't want to give up. My initial response was going to be the internet and Wegmans-level shopping, but somebody pwned me with toilet paper. I doubt that a recession or depression will result in Charmin shortages at my house, though.