"No respect for work and real estate or the value of a good pair of cufflinks... But now, in the cold glare of a recession, everything looks different: We've got no house to lose, no career to dash, no school-aged children in need of pricey Wii gaming systems."

Author makes some big leaps. He doesn't think that having high work ethic is a virtue regardless of what work he's doing... and he follows through with the logical non-materialism... and then, he's lucky he doesn't have kids, because you have to buy toys for your kids?

I think he was trying to drive home that he's a nonconformist, and nonconformity is looking a lot better right now than it did two years ago. Very true - but you don't need to throw the baby out with the bathwater.