Tuesday July 17, 2007

BAD FAITH. Ole Perfesser Glenn Reynolds opens Daniel Brook's The Trap: Selling Out to Stay Afloat in Winner-Take-All America, finds a passage about a gender studies major, and decides the book is about silly elitists being silly.

Like Reynolds, I haven't read the book, but I have a hunch it has more to do with the following:

"Consumer borrowing posted a hefty increase in May, reflecting the biggest jump in credit card debt in six months."

"Ratio of mortgage debt to housing value hits new record."

"According to the College Board, the volume of private loans taken by students has escalated by 27 percent annually since 2000-01, to a total now of $17.3 billion."

"Nearly half of all workers saving for retirement have savings that fall short of the $25,000 mark, according to the 2007 Retirement Confidence Survey by the Employee Benefit Research Institute and Matthew Greenwald & Associates... A full 25 percent, meanwhile, said they had no savings at all - retirement or otherwise."

I could be wrong, though -- maybe it's all about a small group of wacky artistes who for some reason don't share their fellow citizens' economic confidence. But common sense is usually a reliable guide in these matters.