Last summer, I read a Newsweek article on how the world’s wealthy were unwavering in their luxury spending, even in the face of a looming recession. There I was, volunteering in Costa Rica, living with and being influenced by the most liberal people you’ve ever met in your life. My blood boiled while flipping the pages (the magazine was mailed to one of our group leaders from their family back home).
Fast forward to today, the Economist runs a story on the decrease in demand for luxury goods. Before expressing sarcastic sympathy for consumers of said goods, I’ll point out that this new trend may actually reflect it’s satirical title, as christened by Jon Stewart. If the rich are starting to panic, you know the shit’s hitting the fan.
Nevertheless, this is a good thing. It’ll hopefully push the rich decision-makers to make more sound choices. Or at least I’d like to think that.
Nice Site layout for your blog. I am looking forward to reading more from you.
Tom Humes
Posted by Tom Humes on February 25th, 2009.
Meh – I think the rich people sending excessive amounts of money is better for the economy in tough times, rather than in times ‘o plenty
Posted by Whateverman on February 27th, 2009.