Whenever the economy goes south, experts talk of the housing "bubble," the tech "bubble," the credit "bubble." But the real bubble is the 1950 "American moment," and our failure to understand that moments are not permanent. The United States emerged from the Second World War as the only industrial power with its factories intact and its cities not reduced to rubble, and assumed that that unprecedented pre-eminence would last forever: We would always be so far ahead and so flush with cash that we could do anything and spend anything, and we would still be No. 1.
Via Cold Spring Shops.