Living in the Lord of the Flies

When did parents lose control?  Everyday I am more amazed at what parents will do to please their kids.  Didn't it use to be the other way around?  From choosing where to eat, where to go, Xbox 360, PS3, Wii, Ipad 1, Ipad2, Iphone, Ipod, new cars, designer clothes all to keep their kids in the cool.  If the kids don't get the items they want, then they will stand there and argue with the parents about it.  I buy my kinds what I can but I don't over do it. This  country has  become so materialistic that we will camp out for days to get a new Iphone that does the same things as the last one just to say we have the newest one.  This materialism is passed on to our kids who think this is what life is about.  Our nations debt is way out of control, as is most families' debt.  Eventually we will be a bankrupt society and what will our materialistic devils do then?