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by Steven D
In this time of economic dislocation, with all this talk of rising unemployment, the health care crisis (and that's for those who have health care), less pay for those who do have jobs, increased poverty, homelessness, and hunger, sometimes it's hard to remember that the wealthy among us are suffering just as much -- no, make that more in many cases -- than the rest of us. Thankfully, Nick Carey at Reuters is here to keep us up to date about the travails of those cursed with the awesome responsibility of great wealth:
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Despite some signs that the worst of the U.S. residential housing crisis may be over, many wealthy homeowners are still being squeezed by the combination of weak home prices and the stock market crash. Yes, I cry for them, too. Capitalism can be tough some times, eh? Thank God, though we didn't over-regulate our financial industry, though, so people of quality and merit who work hard for their money can still make a decent living even in hard times like these.
Major U.S. banks and securities firms are on pace to pay their employees about $140 billion this year -- a record high that shows compensation is rebounding despite regulatory scrutiny of Wall Street's pay culture. So my advice to the wealthy who are being so devastated by this economy? Next time, get a job as an investment banker or a senior executive at a large Insurance company. Because "too big to fail" means you'll never have to be forced to sell your estate in the Hamptons to make ends meet.
The Rich Suffer, Too | 11 comments (11 topical, 0 editorial, 0 hidden)
The Rich Suffer, Too | 11 comments (11 topical, 0 editorial, 0 hidden)
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