Citibank memo states the rich have everything, and deserve it.

Quote from spinn:
The funny part is....the rich are acting rationally by....paying $1 million for a one bedroom condo in Manhattan?
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New York City real estate is "different". :cool: :D :cool:
 
I found it funny that two of the people who wrote this article are indians who probably have a networth equal to the value of a Tata Nano.

What you see is aspiring social climbers willing to sacrifice everything and whore themselves to the "plutonomy" to get a small piece of the pie.
 
I can't really come up with a good counter argument for this article.

But it feels to me like the many pieces I have seen over the years that attempt to explain unusual economic circumstances by saying "this time it's different" and "here's why".

I just don't buy the argument that the rich will drive the economy so thoroughly that the spending of the middle class and poor doesn't matter.
 
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