Quote:
Originally Posted by golfgod
Sorry mercia and happy texan;
maybe you're unaware that during the great deprssion (25% unemployment) demand for luxury items remained high. Transoceanic sea voyages on luxury liners stayed sold out for much of the '30s. While the middle class and the lower class may be losing ground, the professional class and those earning more than $100K/year are doing quite well thank you.
golfgod
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The problem this time is that the luxury market is more pervasive among the middle class than in the 20's, and these people will be hurting the most. Their paper pushing jobs on Wall St., at the local realty office, as well as the bank will be in much less demand during a period of belt tightening.
Actually, many of the 100K+ earners are in industries most vulnerable to the bursting of the housing bubble and the extreme credit contraction that follows.
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