The changing American elite

It’s a truism that the American elite that once sailed through recessions and downturn pretty much unscathed, is feeling this economic backlash more than ever. After all, these folks were the ones who visited our vacations resorts and paid top dollars for plush accommodations, good food and bought countless and luxurious second homes. Today, most of them are feeling 50% poorer and have suddenly “frozen” then spendthrift habits. What will their future be? For one thing, their suffering due to the real estate meltdown will keep on getting worst and it will take more than one decade before their other assets return to where they were in 2007, if by that time, a raging inflation doesn’t set everyone dramatically back...