I’m aware of having already lived more than a half-century through the greatest fiesta of luxury, comfort, and leisure that the world has ever known.… - James Howard Kunstler

After the mid-1990s, there was hardly a technical distinction to be made anymore between high-risk borrowers and everybody else in the casino atmosphere of [North] America[n] society. No one was at risk anymore because, in the something-for-nothing economy, it was impossible to be a loser. Or so went the herd thinking. […] It is… likely that the housing bubble will have begun to come to grief.

I’ve said many times that we can expect delusional beliefs to rise in proportion to the economic hardships we experience. That is exactly what’s happening. So, it’s necessary to remind people that life is tragic and history won’t shed a tear for us if we make poor collective decisions, or adopt beliefs that are inconsistent with reality. We are proud of declaring ourselves to be a “free country.” Alas, this leaves us free to pound our civilization down a rat hole, which is what we’re doing.

Whole ideologies had to be constructed to account for being modern and to explain it.