Spend, Spend, Spend... or NOT

As a Latter-day Saint/ Mormon, I have the deepest respect for my church leaders, and look forward to the semi-annual worldwide conference held in April and October. One of the most memorable quotes I have heard over the years, came from Thomas S. Monson (current prophet and president of the LDS Church), who said this in the April 2005 General Conference when he was still a first counselor:

"Avoid the philosophy and excuse that yesterday's luxuries have become today's necessities... It is essential for us to live within our means." (Quoted from HERE) 

So true!

Then, last night, I was reading Lizabeth Cohen's A Consumer's Republic (you can buy it HERE on Amazon), which is about the rise of mass consumption/ consumerism in post-World War 2 America. Basically, how did America become the #1 country of "stuff"? It's written in very readable prose, so even those who are not in the academic world won't get lost. Definitely recommended!

But that's not what got me excited. After reading for hours, as I started page 261, GUESS WHAT I FOUND?!

No, not a reference to President Monson. Too bad...
Anyway, on page 261, Cohen quoted then-Macy's board chairman, Jack Isidor Straus, who said this in 1965 (Staus also oversaw the development of a large shopping mall in New Jersey, so you can imagine that he was one of those advocating "spend, spend, spend!"),

"Our economy goes on spending regardless of how many possessions he has... The luxuries of today are the necessities of tomorrow."

But this time, Straus was saying this to justify the expansion of shopping malls, credit and endless/ mindless spending. 

Isn't that funny? The same quote applied to two situations arguing for the exact opposite effect. One to discourage unnecessary spending, and the other to encourage it.

Moral of the story: Always read quotes in context. And be grateful that I was still alert enough to spot this quote after 261 pages!