Thank Heaven the Market Isn't Worthy of Our Money

Sure, the economic boom was nice while it lasted. But from the standpoint of people who love to spend, there was a downside: Stock prices were rising so vigorously that even diehard hedonists felt obliged to defer some consumption and invest the cash. After all, they didn’t want to be left mute when others bragged of how much loot they were making in the market. Shares in an IPO became as much a status symbol as an investment, thus taking some of the shine off tangible status symbols.