<p>Materialism is the bane of modern society. Several examples from current events and history show that obsessision with material gain is the downfall of many societies.</p>
<p>The financial meltdown in Wallstreet demonstrates that being too materialistic is detrimental. The cause of the meltdown was Wallstreet investment bankers' avarice. Several years ago, during the housing boom, many average citizens requested loans they couldn't afford. Instead of being cautious, the bankers accepted the requests for want of higher profits. In the summer of 2008, housing prices decreased severely and several people were stuck with mortgages for worthless houses. They defaulted on their payments and gave the banks the worthless property. The losses caused many of these banks to go out of business. If these bankers hadbeen less concerned with material gain, they could have avoided bankruptcy.</p>
<p>Socretes also shows the detrimental effects of materialism. He is now considered the founder of Western philosophy, but was criticized by the Athenian officials of his time. He constantly rebuked them for being concerned more with money thatn virtue. He even declared, "He is rich who is content with the least, for virtue is the wealth of nature." Although he held the higher moral ground, he was eventually executed for his beliefs; the Athenian government forced him to drink poison hemlock. However, Athen;s corruption led to political instability and the eventual decline of the Athenian empire.</p>
<p>After careful analysis of the Wallstreet crisis and Socrates' Athens, one can see that materialism, indeed, ruins a society. A materialistic society can never prosper.</p>
<p>Please excuse some of the spelling mistakes. My written essay is probably spelled more correctly.</p>