Debt and the phony economy

Published June 27, 2009 economics 3 Comments

As we write in The Narcissism Epidemic, the inflation of our collective self-image was mirrored by the debt bubble that passed for our economy in the last decade or two. We all acted like economic winners, and now the check is due. Unfortunately, we are currently paying off the bill by borrowing even more money from the Chinese.  I am sure that is going to work out as well as the strategy of paying off the Heloc with a credit card.

I ran across a very clear summary of this Charles Wheelan titled Mountains of Debt: America’s Economic Realities.

And we’ve done nothing terribly productive with all that borrowed money. Debt, after all, is not inherently bad. If you borrow $100,000 to go to medical school, then you’ve probably done a very smart thing. When you graduate, your earning potential will be higher, enabling you to live better even after you pay off the loans (with interest). In this case, you used borrowed money to invest in something that made you more productive.

Now suppose that you borrowed $100,000 to sustain a lifestyle that you could not otherwise afford: to pay the rent, to buy nice clothes, and to make the payments on your luxury car. When that bill comes due (with interest), you’re no more productive than you were when you started borrowing. You borrowed used money for consumption, not investment.

Unfortunately, America’s borrowing resembles the latter more than the former. We haven’t upgraded our transportation infrastructure or made major investments in alternative energy or financed education for those who could not otherwise afford it.

This is definitely not going to end well.

More narcissism humor

Published June 26, 2009 Uncategorized 3 Comments

I saw this on wired.com (here). For some reason it made me laugh out loud (not at it, with it). The Safari pith helmet and the lightening were too much. I have no idea if this is real or a mock-up.

obkyc

Gen Y and Twitter

Published June 24, 2009 WWW (social networking, blogs, etc.) Leave a Comment

There was an interesting article on Gen Y and Twitter use on CNET by Sharon Vaknin. The author argues that Twitter use is relatively low because it limits self-branding. This is in contrast to Facebook, which includes status updates plus all the photos, descriptions and links that go with it. I don’t know the recent data on the use of different social media by age group, but this seems to be a very interesting area for research.

Twitter’s microblogging platform is what many Gen Y’s may describe as “like Facebook, but just the status update.” What is the point of that? We like to consolidate, so Nemeth explains that he doesn’t “want to join another community, just tell people what (he’s) doing.” We have everything we need on Facebook.

Based on Twenge’s theory, a good explanation of my generation’s lag in joining the Twitter mania is that there isn’t an obvious way to achieve a self-brand on Twitter.  . . . Participating on Twitter requires a fan base that knows why you are unique, special, and deserve attention. Fan base aside, the Web site’s interface paves a short path for cyberstalking–there is nothing to find past a user’s status. . . . For example, Sally went to a great party last weekend, but where are the photos? Who went with her? These features, which Gen Y’s value so much, are missing.

Smart Talk radio interview

Published June 23, 2009 Media Leave a Comment

I had an enjoyable, hour long interview a couple weeks ago on Smart Talk, WIFT-FM. The call in shows are always fun because questions come from way out in left field and force you to think a bit. I always have the perfect answer  — a day or two after the show is over. Anyway, I just found the full show on-line.

The interview can be found here.

Personalized credit cards

Published June 22, 2009 credit Leave a Comment

I had an interesting interview with a writer at creditcards.com on personalized card images. For example, cards can have photos of kids or favored pets. Apparently, people are more likely to use the personalized cards in their wallet. This strikes me as part of  much larger personalization/uniqueness trend. My concern is that we should be putting images on cards that limit use rather than promote it. I would suggest a card that had a skull and crossbones, the word “danger” in bright read, or simply the statement “do you really need this” on it. Of course, I am not in the credit card sales business. If I were, I would take a different approach.

“We know that there is a trend among consumers, be it with coffee or music or automobiles, to build your own, make your own,” says Capital One’s Pam Girardo. “We’re definitely tapping into this notion of putting consumers in control and offering them choices. We believe that increases loyalty, which translates into usage.” . . . .Girardo says that although its data are proprietary, Capital One’s analytics show that CardLab has a positive impact on activation (new card accounts), while image cardholders use them over other cards and become more loyal customers.

“All issuers are seeking ‘first in wallet’ status,” she says. “To the extent that we know that our customers are more loyal and that it positively impacts usage rates, that combination is kind of the sweet spot.”

Narcissism and invulnerability in the young

Published June 21, 2009 Violence , research Leave a Comment

A nice new study by Christopher Barry and colleagues in Personality and Individual Differences looks at narcissism, invulnerability and aggression. These variables were correlated positively in the sample of teenagers studied, but the links between them and aggression became fuzzier when included in larger regression models. I think this is one of those cases where something interesting is there (and it was great to see the link between narcissism and invulnerability established), but determining any causal or developmental paths is going to take some time. A good start.

Vanity URLs

Published June 20, 2009 WWW (social networking, blogs, etc.) 3 Comments

Put this in the “should have seen this coming” file. Facebook is allowing vanity URLs for fan pages, brands, celebrities and the rest of us.

Fan pages for businesses, brands and celebrities will be able to adopt such names, too, but they had to have been on the site by May 31, with at least 1,000 “fans” at that time.  Facebook said people will be able to choose the names on a first-come, first-served basis, so if your name is John Smith and not, say, Blaise DiPersia (a Facebook designer who posted about the changes on the site’s blog), it might be a good idea to stake one out early.

I wonder when the day will come when we are are taught to see ourselves as brands.

Truman Show Delusion

Published June 19, 2009 Culture , The Narcissism Epidemic , delusion 1 Comment

This is a fascinating example of how culture can influence mental illness. There is now an identified delusion where individuals believe that they are on a reality TV. Given the similarities to the movie The Truman Show, this has been described as the Truman Show delusion. From the APA Monitor reporting:

As for what’s driving the trend, the brothers speculate that certain features of modern culture—warrantless wiretapping and video surveillance systems like the one in London, for example—may create a plausible backdrop for those with a tendency to suspect that others are watching them. In addition, widely accessible technology and media that foster the notion of instant fame or put one at the center of attention—reality TV shows and MySpace, for example—square with the Truman Show’s basic premise and with psychotic patients’ delusions of grandeur, Joel Gold says.

These cultural elements could even serve as a tipping point for psychologically vulnerable people, though only proper studies can illuminate this, Ian Gold emphasizes. The brothers also are intrigued by the fact that these cultural features may be influencing people with no diagnosable mental illness.

“It is striking that these modern technological shifts could turn a delusion whose content in the past might have seemed highly bizarre, into something that in certain circumscribed circumstances might not seem as bizarre today,” Joel Gold says.

The focus of The Narcissism Epidemic, and my work on narcissism, has been on classic trait narcissism and NPD. The cultural change in narcissistic or grandiose delusions, however, is certainly consistent with this. I need to expand my thinking on this topic, as it could partially explain some of the very narcissistic behaviors by individuals who otherwise do not appear overly narcissistic.

A little baseball narcissism humor

Published June 18, 2009 Sports Leave a Comment

I ran across this Fox Sports story by Kevin Hench. It had some narcissism/sports humor. Apparently, fans think narcissistic behavior by athletes can go too far. Here is a highlight from the column. Ouch.

When Narcissists Collide: Jose vs. A-Rod

This once-in-a-lifetime reality television event will feature a four-part competition between Canseco and Alex Rodriguez, two men who love themselves enough to outweigh the fact that the general public can’t stand either one of them.

Celebrity judges Madonna, David Hassselhoff and Dr. Drew Pinsky (creator of the Pinsky Narcissism Test) will judge the contestants for maximum self-love in four categories and determine the All-Time Narcissist.

The flexdown. Bring on the banana hammocks and the orange spray tan, it’s time to flex. Bonus points for kissing your own biceps. Point deductions for noticing anyone else in the room.

Mirror kissing. An event introduced and perfected by A-Rod in his recent Details photo shoot. Canseco will look to top him by adding tongue.

Fake contrition. Canseco and A-Rod will have to pretend to be sorry for something, a physiological impossibility for the pure narcissist. Key phrases to look for: “truly sorry” and “if I hurt anyone.” Points will be deducted if the judges believe for a second either guy actually cares about anyone other than himself.

Olympic disloyalty. Wives, mistresses, teammates, fans. Each man’s record will be scrutinized by the judges to make sure he’s never been loyal to anyone but himself.

“You’re not so special” video

Published June 17, 2009 Parenting , The Narcissism Epidemic 2 Comments

I ran across this video on treating kids as “special”. I thought the focus on “overpraise” was pretty good. But why is it that we have to import people from Britain to give us accurate feedback?

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