I overheard a conversation on a bus, the two were talking about the recession and how prices are going up and people are not buying cars etc…
Then one of them says “But since the stock market is also so bad, even the really rich are gonna be hurting.”
I just got to thinking, will people who are well off be stunted by this economic downturn or recession or whatever you want to call it.
I mean I walk around Lincoln Park in Chicago and see all the double income Yuppies driving their huge SUVs in their $2,500/month flats, the resturaunts are packed everynight.
While in my neighborhood, (lower income) I see people complaining about Milk and eggs going up and coffee and bread increasing. We’ve had resturants that are empty in my neighborhood.
So I guess the question is does the banking situtation really hit the people making a large income, say like over six figures? I realize it’s different for everyone but in general, or is it the middle class and below that are gonna be hurt.
Again like I heard holiday shopping will be bad, but places like Wal-Mart will do OK 'cause people will buy from cheaper stores and high end retailers will suffer.