Still trying to figure out if this Wall Street Journal Saturday piece is a coup by The Onion.
Like, OMG, they’re gonna have to live in a mere 26,000 square feet instead of their dream home of 90,000 square feet that they use Segways to navigate? They only have one housekeeper (that poor person) instead of 15? Their kids had to fly on a public plane instead of a private jet? Oh, the horrors!
Of course, the Orlando family featured in this piece is the ultimate symbol of the lending errors that lead to the meltdown we’re in. They borrowed money for the jet, for the home, etc. What’s wrong with living within your means, like, say, Warren Buffett or even Steve Jobs?
This piece appears to be making the larger point that the wealthy face more dramatic fluctuations during economically difficult times. Well, yes, halving a $5 million income is different than a 2 percent drop in the income of a household making $50K. But the former still leaves $2.5 million. The latter household is hoping to rake that much in during their lifetime, most likely.
Anyway, i’ve been shaking my head at this piece since Saturday morning. And they wonder what the Occupy Wall Street folks are complaining about.