Garishness may finally be going out of style. The bling phenomenon of recent years always struck me as blatantly insulting. For one thing, it represents misplaced priorities, particularly for an entrepreneur. If you can afford flashy cars, jewelry and clothes, you can afford to invest more into the long-term viability of your company and your coworkers. Young fashionistas driving leased BMWs should think about what means more to their future - an awesome borrowed car or a growing bank account.

Whether or not people can actually afford flashy clothes and accessories, or are merely pretending to be wealthier than they really are, conspicuous consumption seems like a slap in the face to the less fortunate. But just as the lava from the Earth's core periodically rises up and kicks tail on the planet's thin crust, the history of class warfare is the history of poor people rising up and kicking rich people's ample bottoms. The heat and pressure are rising.

Our Ponzi economy brainwashes people to believe that what we own determines who we are. A lot of young people have seen through this, joining anti-consumer movements and shunning the impractical trappings of fad and fashion. I believe that people should aspire to financial independence and I don't think there's anything wrong with seeking comfort, but I think the next few years of economic hardship will make it very uncool to wear labels and logos on the outside.

Today, are luxury fashions status symbols, or symbols of desperation? Do Louis Vuitton handbags and Rolex watches represent exquisite fashion sense or maxed-out credit cards?

Entrepreneurs get rich by not spending hard-earned money frivolously, so I'm glad the social pressure to spend unwisely is abating. The pendulum is swinging toward a different social pressure: the pressure to behave responsibly. I'm no fashion designer, but I wouldn't be surprised if black, gray, and earth tones make a big comeback in 2009, along with the thrifty working class that built this country. How chic.