I wouldn't have a problem with that...but, it would probably make me even less likely to shop at Whale-Mart

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As for modesty, etc...I guess it depends on where you live. Presumably in repressed places like Ohio or Georgia, community standards are less tolerant of men wearing form-fitting clothing...out here on the West Coast it doesn't seem to be much of an issue.
Perhaps the discomfort regarding men is associated with the increasing average girth in America - most men now routinely wear baggy clothing to cover up the flab they're carrying around. So, any man that's comfortable wearing form fitting clothing may be viewed as a threat...it would make an interesting sociological research project.
And it all seems like a double standard because women routinely wear "stretchy pants" and "stretchy tops" all the time without being asked to cover up (with the notable exception of Southwest Airlines recently, but that was a short skirt as I recall).
I live in the rainy rural Northwest. And yes its true some of us are overweight and don't want to visually subject others to their flab. I'm not sure about the threat thing, that sounds more like what a woman might think. You are right about the double standard but I've got to tell you without going into too much detail. I once had the pleasure of viewing a highly attractive female wearing really tight lycra and the effect was quite breathtaking but still, it would have been distracting at work and it wasn't really appropriate for public dress regardless of the fact that she was riding in a cycling event. Its all a matter of what someone it willing to be seen in I suppose and we can all relate to the unsightly view some people give us. Community and personal standards aren't always the same either and if some had their way we'd
all be running around naked. Thats not something I'd be comfortable doing or seeing.

