I talked to him today.
He says the really rich that had much of their stock in banks are being absolutely hammered these days. Some are no longer rich anymore. They enjoyed the yearly income that the banks provided via their dividends, some of them into the 7 figures each year. They knew it would not last forever, but it was lasting a very long time. They knew they should diversify like everybody should for their long term benefit, but found it probably impossible to give up that "free" million every year. They would have to adjust their lifestyle. The lifestyle of the rich. Could you have?
The great mass of unwashed may be rubbing shoulders with them now since this has happened. And happened so quickly to them. They are attempting to sell their fabulous second homes that are well away from the "fray" where they enjoyed the life. They're not selling. Certainly not for what they paid for them.
The great mass of unwashed may be rubbing shoulders with them now since this has happened. And happened so quickly to them. They are attempting to sell their fabulous second homes that are well away from the "fray" where they enjoyed the life. They're not selling. Certainly not for what they paid for them.
One of my friendly favorites at AmbivaBlog wrote this today that impressed me. If that's the right word to use. OK, she scared me shitless. I mentioned her post to him who rubs shoulders. That's when he told me about what he is hearing.
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