This just in.....Wealthy are doing just fine, thanks.

[pepperbear]

http://www.usatoday.com/money/economy/2010-10-27-RW_consumer27_ST_N.htm?csp=24

Luxury buying on rise, as jobless not spending


Consumers are buying more luxury items but spending remains tight for everyday essentials such as food and dental care, a USA TODAY analysis finds, suggesting a growing divide between haves and have-nots.


Purchases of TVs, jewelry, recreational vehicles and pet supplies are growing robustly, government data show. At the same time, spending on medical care, day care and education is down in the dumps.

"The rising tide isn't lifting all boats," says Carl Steidtmann, chief economist at the Deloitte accounting and consulting firm and author of an index tracking consumer spending.

He says higher-income and older households, helped by a strong stock market, are experiencing increased wealth and spending more. However, high unemployment is pulling in the other direction, depressing spending among people without jobs and those anxious about job security.

[WannaJumpMyScooter]

1. the rising tide may not lift all boats

but it usually lifts all yachts

[Hannah Bell]

2. did anyone have doubts about that? they certainly recovered quickly from their

"jumping out of windows" moment at the beginning of the downturn.

the panic was palpable for a brief month or so, then back to crime business as usual.