AP: Weak economy also hits wealthy
The Associated Press has this story, which is posted at the USA Today web site and is in page 4A of today’s print and e-editions of The Monroe Evening News:
Weak economy also hits wealthy
A snippet:
It may have taken longer and it may not be as acute, but there are early hints that the economic slump is crimping the lifestyles of the wealthy.
They are investing more conservatively, spending less on luxury goods and are being more thrifty with their credit cards. Many are asking their personal shoppers and private-jet travel providers to seek the best deals rather than over-the-top extravagances.
That news may produce a shrug from many people who have lost their jobs or homes in this economy. The problem is that when the wealthy get stingy, it trickles down to the rest of us.
Posted: August 10th, 2008 under In the News.
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