G
Guns Guns Guns
Guest
So why do they need more tax cuts?
Rich Americans are not only shopping again, they're showing off their purchases, despite an economy that still leaves millions of people jobless and underemployed.
While the U.S. unemployment rate remains high at 9.4 percent, the past two years have benefited Americans who primarily rely on income from investments rather than their jobs.
The broad Standard & Poor's 500 stock index is up 61 percent since its March 2009 low and now trades above its level before the collapse of Lehman Brothers.
Luxury retailers did lose customers who couldn't really afford expensive products in the first place. With their access to credit restricted, two-thirds of so-called aspirational shoppers stopped buying luxuries in the recession, according to data from American Express Business Insights.
Just a quarter of wealthy luxury customers stopped shopping, and many have been replaced by new, younger shoppers.
At least a half-dozen Los Angeles mega-estates have sold for more than $20 million so far this year...
http://www.businessweek.com/investor/content/jan2011/pi20110127_382340.htm
http://www.latimes.com/business/realestate/la-fi-luxury-homes-20110709,0,3038924.story
Rich Americans are not only shopping again, they're showing off their purchases, despite an economy that still leaves millions of people jobless and underemployed.
While the U.S. unemployment rate remains high at 9.4 percent, the past two years have benefited Americans who primarily rely on income from investments rather than their jobs.
The broad Standard & Poor's 500 stock index is up 61 percent since its March 2009 low and now trades above its level before the collapse of Lehman Brothers.
Luxury retailers did lose customers who couldn't really afford expensive products in the first place. With their access to credit restricted, two-thirds of so-called aspirational shoppers stopped buying luxuries in the recession, according to data from American Express Business Insights.
Just a quarter of wealthy luxury customers stopped shopping, and many have been replaced by new, younger shoppers.
At least a half-dozen Los Angeles mega-estates have sold for more than $20 million so far this year...
http://www.businessweek.com/investor/content/jan2011/pi20110127_382340.htm
http://www.latimes.com/business/realestate/la-fi-luxury-homes-20110709,0,3038924.story