[hammmatt]

I agree with you that there great myths about finance. However, I do not find it fair to conclude that there is a mass belief that is all a lie.

I think people just don't think. They are fine to just stretch their finances to whatever whims them think they can handle.

[terra_t]

Of course.

The situationists have long asked the question of "Why don't people listen to revolutionary movements?"

The answer is that people have a protective mechanism against BS in the media -- a kind of radical disengagement that keeps TV preachers and other demagogues from being much more dangerous than they are.

People aren't offered a story that makes sense; the average person certainly doesn't have a coherent criticism of Wall Street, but, given no framework that works, they just live for the day.

[hammmatt]

I agree with you that given the percentage changes in the way we view money, there has to be massive social change in thought.

I also agree that people filter what the news tells them.

However, I disagree that the two are related. I don't believe the news media causes people to spend more because they aren't having some sort satisfaction.

Other causes seem more likely to me.

1) People believe that their income will continually increase over their lifetime.

2) The increase in the number of advertisements over the last 50 years.

3)People have an accustomed lifestyle, but are making less money. Therefore, instead of cutting back they go into a little bit of debt. Which becomes alot of debt.

And of course, all of the above. 3)