The Rich and the Recession

| February 27, 2009

No one feels sorry for the rich, but the rich are people too, and this financial crisis has shaken them to the core, just as it has the less fortunate—all of us really. I’m not suggesting that you pick up the violin for the top 1 percent—those who still control over 35 percent of the nation’s total wealth, albeit dwindling; I’m simply reporting that their pain is real, too. They’ve seen their stock portfolios ravaged, their real estate values decline and their companies (the source of most of their wealth) affected by this economic tsunami. So how are they reacting?