Should we pity the rich? For the first time in the lives of many of them, they are in as much financial trouble as the middle class, poor, and working poor. It just shows up differently. Friends from the days when I lived in Manhattan are writing increasingly gloomy e-mails saying that there are so [...]
By Denis Campbell – New York City suburb, Greenwich, Connecticut, has 55 houses for sale asking $9 million dollars or more. Staff at East Hampton Airport on Long Island, a scene of private Gulfstream jet gridlock, says traffic is down 35%. Bettridge Jewelers on Wall Street sees traffic mostly selling off jewels to make mortgage [...]
by Charley James – In the 1950s, “Engine” Charley Wilson – then chairman of General Motors – said “What’s good for GM is good for America.” We’re about to find out that the reverse is also true.