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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Daniel Pennell: Thoughts on American Homeownership | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="0YzBx6J7v9"&gt;&lt;a href="https://www.nakedcapitalism.com/2011/04/daniel-pennell-thoughts-on-american-homeownership.html"&gt;Daniel Pennell: Thoughts on American Homeownership&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2011/04/daniel-pennell-thoughts-on-american-homeownership.html/embed#?secret=0YzBx6J7v9" width="600" height="338" title="&#x201C;Daniel Pennell: Thoughts on American Homeownership&#x201D; &#x2014; naked capitalism" data-secret="0YzBx6J7v9" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Yves here. Despite the prevalence of retail therapy in America, consumption does go in and out of fashion. For instance, in the wake of the nasty 1991-1992 recession, "cocooning" was in briefly, which was code for "stay at home, feel sort of miserable and read books, but pretend you are virtuous by lighting nice scented candles and making at least some of that reading New Agey." Entertaining at home was in. If you were feeling a tad more secure, you might decorate, but nothing really splashy, just comfortable/functional.   This downturn is leading to more fundamental rethinking of what used to be a mainstay of personal security but increasingly became a consumption item, namely, owning a home.</description></oembed>

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