Didja know the economy depends on the rich staying rich? Says so, right here.

[dixiegrrrrl]

From an AP story:

"........wealthy Americans are re-evaluating their priorities and slashing their spending at a rate unseen in decades
— a move that could have dire consequences for the economy, luxury stores and high-end brands."

"Michael P. Niemira, chief economist at the International Council of Shopping Centers, says
the economy depends on spending by the wealthy because of their dominance in discretionary purchases, from boats to furs."

Very interesting article at link, showing poverty is trickling UP.

http://www.contracostatimes.com/business/ci_11289991?source=email

[Joanne98]

1. LOL! The people at the AP must be having LSD Xmas parties.

[Warpy]

4. Nah, there's got to be another drug out there

because what they're tripping on is something I never tried and never want to.

People who think the economy sinks or swims on the luxury market have been paid entirely too much money to be allowed any opinion on the subject.

[unpossibles]

2. of course it is trickling up

It's just that many were too stupid and greedy to realize that voodoo economics would not and could not sustain itself.

What happens after so many jobs are cut, and the consumers (ie: most of us) can no longer afford to buy anything? The business owners suffer. Sure, their labor costs are way down from outsourcing and their tax rates are great (or non existent), but without sales they're in the same sinking boat we are. Tax breaks for the wealthy are not going to create jobs if no one can afford to buy their products.

[sinkingfeeling]

3. Seems the ultra-rich are a little sexist as well...

"It is hard for us to tell what the true mindset of the customer is at this point," said Ginger Reed, a spokeswoman at Neiman Marcus, where profit dropped 85 percent in the quarter ended Nov. 1. "We do know she is still shopping — both regular-price items and sale items — but not in the quantity she has in the past."

[Warpy]

5. Oh, sexism is alive and virulently well among the trophy wife set

and the average high maintenance trophy babe is only too happy to reinforce it as she trots from waxing to manicure to hairdresser three times a week.

After all, her lifestyle depends on remaining ignorant and decorative.