Rich begin feeling the pain in down economy

[flashl]

By MARK JEWELL
AP BUSINESS WRITER
Last updated August 3, 2008 3:52 p.m. PT

The rich are sharing your financial pain - and contributing to it.

It may have taken longer and it may not be as acute, but there are early hints that the economic slump is crimping the lifestyles of the wealthy.

They are investing more conservatively, spending less on luxury goods and are being more thrifty with their credit cards. Many are asking their personal shoppers and private-jet travel providers to seek the best deals rather than over-the-top extravagances.

That news may produce a shrug from many people who have lost their jobs or homes in this economy. The problem is that when the wealthy get stingy, it trickles down to the rest of us.

Um. mm. Just last week, I had to let my personal shopper go, I feel their pain. ::silly:

[emad]

1. Apart from those who own Chevron/ExxobMobil stock...

They're just getting even better at concealing their true worth from intrusive internet search engines.

[Crazy Dave]

2. It's hitting people who've never felt it before

I recently saw a bit on network news where people's yachts were getting repossessed because it cost $1200 or more to fill it up in gas. Meanwhile families are skipping meals like breakfast in order to get by but I was only able to see that in someones blog.

[fasttense]

3. "down economy?"

How many euphemisms can they come up with to describe a depression?

Because that is what we have - a depression. The basic meaning of an economic depression is: a period of low general economic activity marked especially by rising levels of unemployment.

[flashl]

6. Basic? As we write, they are redefining the economy and the middle class.

America's Four Middle Classes


by Richard Morin, Senior Editor, Pew Research Center
July 29, 2008

There isn't one American middle class; there are four. Each is different from the others in its attitudes, outlook and financial circumstance--sometimes in ways that defy traditional stereotypes of the middle class, according to an analysis of a recent national survey conducted by the Pew Research Center Social and Demographic Trends Project.

[Possumpoint]

9. You Better Hope

we're not in nor going into a depression. The definition of recession and depression are the same, only varying in intensity. Last depression there were about 130 million souls more or less in country and about 40% lived on a farm. At least they could raise some of their food. If I remember right, unemployment ran at about 12%. Our unemployment is listed at 5.7% and less then 10% live on a farm. What would happen if unemployment more then doubled and people couldn't feed themselves? Hungry people will do strange things.

Last depression people, churches and cities created safety nets out of necessity. Would that happen today?

[northernlights]

10. you remember wrong

Unemployment was more like 25% in the great depression. However, back then they actually counted people who were out of work as unemployed, unlike now, when they only count people filing unemployment claims. Those of us who fell off the rolls no longer exist by today's standards. So the 5+% unemployment they admit to today is probably closer to 10 or 11%. And then there are the underemployed, like everybody I know who was dumped after Compaq and then HP cannibalized Digital. And the overemployed like the total bimbo that HP hired after cannibalizing, due to his close connection to a VP at Fidelity, helping along the identity theft ring they run.

You are right, though, that in the great depression a far greater proportion of people lived on farms, there was far less congestion, and people could grow some of their own food.

I definitely would not want to be living in any major city or suburb during a depression today.

[Lint Head]

4. Poor Babs won't get her face lift this week.

One less trip to the golf course for Daddy. Whaaaaaaaaaaaaaaaa! Sniff. Sniff.:dem:

[Atman]

5. "Trickle down" my ass. It's always about them.

I posted on this one earlier...

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=3726906&mesg_id=3726906

.

[TheCowsCameHome]

7. Guess the second boob will just have to wait, honey.

Times are tough.

[islandmkl]

8. 'economic slump'...'down economy'...

kind of like the morgue has people experiencing 'health slump' or 'down lifestyle'...