Even the rich are getting worried about the economy now!

[tk2kewl]

Children's futures worry rich

Survey shows wealthy less concerned about impact of terrorism on the economy, a shift since 9/11 attacks

BY JAMES BERNSTEIN
June 8, 2005

The rich may not be different from the rest of us after all: Like us, they're now worried that their children will have a tougher time financially than they did, a survey released yesterday showed.

The results, the survey noted, marked the first time since 9/11 that the concerns of the wealthy have shifted away from worries about the impact of terrorism on the economy.

The survey by U.S. Trust, a 152-year-old wealth management company in Manhattan, defines the rich as those with either an adjusted gross income of more than $300,000 a year or net worth of more than $5.9 million.

<snip>

If so, you may find it interesting that in its 24th annual U.S. Trust Survey of Affluent Americans, the money managers for the upper classes found that more than 80 percent now worry that their kids will have a more difficult time financially than they did. That's up from 75 percent who expressed the same concern last year.

<snip>

The survey found.. that the percentage of those worried about the impact of terrorism attacks on the economy and securities markets declined to 77 this year, from 90 in 2004.

[sam sarrha]

1. they know when we start starving we will BBQ their children..

[TheDebbieDee]

3. I have been THINKING the exact same thing for the last 3 years!

[Coventina]

2. "The Rich" can kiss my ass

Fuck them and their polo ponies.

THEY ARE THE FUCKERS WHO SUPPORT BUSH!!!

They fucking started the class war, but they better remember than WE outnumber them and once this economy collapses their gated communities will NOT keep them safe.

[TheDebbieDee]

5. After we BBQ their children, we'll EAT their polo ponies!

We'll be the barbarians at their gates!

[kliljedahl]

21. I'd eat the ponies first, thank you

After their kids clean and dress them for me.


Keith’s Barbeque Central

[MessiahRp]

4. Boo hoo I guess...

" found that more than 80 percent now worry that their kids will have a more difficult time financially than they did"

Well that's only if they don't leech off their parents which many rich kids do. (Watch anything on MTV or VH1, it's disgusting these days)

I don't feel bad if rich kids have it harder than their rich parents...

They're still not the ones seeing every ounce of help they can get severed at the limbs. We're the ones that have see Unemployment Extensions eradicated, jobs disappear non-stop to outsourcing, elimination of bankruptcy protections, health care costs skyrocketing due to political gifts to HMOs and drug companies, cuts targeted to medicare, cuts to Head Start and even the School Lunch programs and then he cut HUD funding so deep that there isn't enough low income housing for people anymore, not to mention Section 8 waivers. Oh and Bush wants to destroy Social Security as we know it and oh yeah, all this while funding a series of giant tax cuts for the rich.

Yep, I should care that they worry.

Rp

(edited for typos)

[PurityOfEssence]

6. The issue is stability

The stability of society is key to be able to be rich and safe in staying so. It doesn't have to be fairness, as many oligarchical tyrannies show; they're ugly, but stable.

The maddening debt problems and the shifting of wealth away from working people will rend this society like nothing seen for the last seventy-odd years. Wild movements on the stock market are worrisome. Idiotic wars drain the treasury. All this contributes to destabilization.

Maybe this will be what wrenches power from the maniacs who hold it now: fear of drastic changes.

[tk2kewl]

7. Me thinks the drastic change is what will wrench power from the maniacs

The pending economic Armageddon will come before the fear is great enough to reverse it

[reprobate]

19. Nothing destabilizes like having a target pinned to your back.

And that may be what they should worry about. When food gets scarce because there isn't enough oil to transport it to the grocery stores, their gated communities had better have turret mounted high cyclic rate weapons.

In any class war, the wealthy lose because of the numbers of us vs. them.

[punpirate]

8. Yep, getting rid of...

... of that nasty ol' "death" tax is gonna put a real strain on the young `uns, and y'know, those tax cuts that put our tax rates right down there with the common folk has made it downright difficult to calculate just how much money we'll be able to save. And... and... oh, yeah, and there's that horrid expense of improving the security around the place... had to make the gates a few feet higher and all that masonry work to embed broken glass at the top of the walls, just because the poor walkin' by have got some real mean looks in their eyes. Damn them DemoncRATs for creating this blasted class war.

Yep, I worry a lot about my kids' futures, I shorely do.

[Protagoras]

9. Watch Warren Buffet

This is a guy who's pretty open in his investments...he don't wanna lose no money...so if you see him going overseas, dumping Dollars for Euros or Yen...that's about all the tipoff we need.

hmmm...I think he's already started doing this.

[Selatius]

10. I'm sorry, but 300,000 is not rich, not compared to the wealthiest 1%

That's well-to-do, not rich. If you want rich, why don't you survey folks who make 10,000,000, 20,000,000, or higher with net worth several times higher. There are those who have a net worth, in relative terms, several hundred thousand times higher.

[KharmaTrain]

11. There's Confusion Right Now

I get a ton of spam newsletters (most from right wing hucksters) that was telling me how "great the economy is and will be getting" just a few months ago to "how to make the most of what you have" today. A big about face in a couple months.

Talking to brokers and money people, we're facing a flat market (one where a portfolio of Fortune 500s) combined with a still depressed bond market and now a screwed up housing market. There's also little relief abroad as foreign currencies aren't soaring against the dollar they were a couple months ago. This is turning into stagflation.

[DeepModem Mom]

12. kick

[Pockets]

13. The way 'rich' is defined...

They should be scared. There are a select few Bu$h wants to have controlling everything, and people making $300k annually or $5.9 million net worth is small potatoes compared to them. To him they are middle class, which everyone knows he wants to annihilate.

[tk2kewl]

14. right-o

[Deja Q]

16. Everyone on DU.

Many people, Dems, repukes, and even some others, haven't fathomed this yet.

if they had, instead of tuning into crap shows like "Karaoke Statue" or "Creepy Condition", then *co would be in REAL trouble.

Even the MSN can't defend *co forever. No amount of money can save *co. Not when the dollar collapses. It's equally worthless to all.

[Deja Q]

15. The filth only see short-term and assume long-term always rebounds.

That's one reason, one of many, that THEY CAUSED, why we're closer to the shitter than we ever have before.

They are at fault. They are in powe, have control, made the system what it is. Not we, the citizens or we, the consumers.

They.

Don't ever forget that. Especially when they try to spin the facts...

[aden_nak]

17. Even the wealthy are losing their grasp of the American Dream.

[Javaman]

18. I'm reading "Hard Times", By Studs Terkel....

The 1929 crash effected everyone, however, there were many tell tale signs on the run up. The market was wildly fluctuating in the months before the crash.
There were a a whole sections of society that was suffering under a depression for years. Farmers, Miners and people in the more remote parts of the country, all were suffering for years prior to the crash. Some of the quotes from these people could be transplanted directly to today. Many saw it coming from way off. They weren't market investors or speculators, just average people with good horse sense.
And in the closing months before the crash, the money holders, the rich, the margin buyers, the stock controllers, the inside traders, kept pumping up false hopes and lying to themselves. "The economy is booming! This is the time to invest! Everything will straighten out!"
So now the wealthy are feeling the pinch, perhaps not monetarily, but psychologically.
The countries economy is on a freight train to hell, with no brakes. It's not a matter of if anymore, but when will it hit bottom.
This time, there won't be any WWII to help us out to boost production. We are already at war and more and more US manufacturing is going overseas. We are becoming the hollow country of users and abusers.
The bigger they are, the harder they fall.

[tk2kewl]

20. I have been feeling this way since last autumn

It freaks me out. A friend who is also my financial adviser calmed me a bit in December, but I am not optimistic at all. I have a rental property that I am going to sell and I have begun to think I should take the profit and put it into gold, that is how bearish I am. :scared:

[paula777]

22. Well why the fuck did they vote for the idiot. They didn't care about

thier kids future 7 months ago. Why do they care now?

[Pockets]

23. They thought he was pro business...

For some reason they thought * was pro business, as if Democrats aren't. One of the lies they bought into.

It really confuses me. Why do people think Dems are anti-business???

I think Democrats actually are incredibly more business and economically minded than Republicans. Where I work, 4 people who voted for * have left or got fired over the past year because they basically were lazy and didn't get enough work done. Democrats really need to get the public past the misconception that they are anti-business.