Recession's real when rich feel it

It's not a recession until the rich say it's a recession.

And the rich now say it's a recession.

hear the wolf at the door, no matter how profligate they make their lifestyles. It is not humanly possible to spend a billion dollars on living expenses, not even with a different penthouse hotel suite every night.

They must just now be noticing that Stupid's reckless tax cuts have so fouled up the economy that they've lost 60% of their net worth due to the fall in the dollar, alone.

They got what they voted for. It's too bad they had to drag the rest of the country down with them, the bastards.

for a while

...because it's the little people who drive sales at their restaurants, gift shops, clothing
stores and other businesses.

If people aren't purchasing, those business owners aren't making money.

I would suggest that business owners are even more vulnerable than some poor and lower-middle class people.
These business owners might see their entire livelihood fail and lose everything. Whereas, someone who is
in the lower income brackets--will continue to feel the squeeze as food/gas prices increase, but they will
not lose their entire livelihood.

I'm not suggesting that the wealthy will suffer more or that their suffering is more important. Not at all.

I'm just suggesting that this horrible economy is really going to hit people who were doing very well, but not
anymore.

This is anecdotal, but I know someone who owned a chain of restaurant franchises in malls. They lived the high
life for three decades. The malls are barren now, and that person is hanging on for dear life, after being forced
to close all of the restaurants, except one, due to poor sales. This person is now 68, and has been doing this
his entire life. What happens now?

This economy will affect all income levels, except the top 1 percent or so.

I'd like to know what "top 10 percent" means in terms of income? The article does not indicate what
"top 10 percent means." That would be interesting to know.

have managed to become middle class.

The entry fee for the rich man's club of private airports, private marinas, and VIP wings of big hospitals is about ten million bucks. Even then, they're barely allowed to use the amenities favored by people with hundreds of millions to over a billion in net worth.

The worst thing the rich have done to any discussion on class is define everybody up a class: the destitute are now the poor, the truly poor are now the working class, the working class have been taught to think they are middle class, while they think even the lower middle class of small businessmen and professionals are somehow rich.

The truth is that we've all moved down a class while they've grabbed everything in sight. Every class will be hurt very badly but their own, even though they've lost net worth due to the fall in the dollar. They will likely never feel the slightest pinch even as they cry poverty to Congress.

when Republicans run the country. Hoover and Wilson did the same to us.

...about foreclosure on your houses.

Everybody gets one before anybody gets two.

"Surely, we can't expect first-class people to live in a second-class economy"

Why not? The elite in 3rd world countries do it all the time.

The people in the vertical spike in the top 1 percent don't feel pain. They do well regardless if the streets are running red with blood.

http://www.lcurve.org/

Must be things are tight for the elite. Those big houses are paid for by the consumers (workers). If the workers don't have money to spend no one does well. It's simple Economics 101. Our government leaders think the treasury is endless when they ran out into the next generations. Shame on them.