Need a new Rolex? Lay someone off.

The wealthy are going hog-wild. Rather than do what they howl the economy needs (create jobs) they’re feathering their nests with expensive toys, jewelry and clothing.

From Bloomberg:

Sales of luxury goods may climb this year to the highest level since 2007, led by demand in China and a rebound in the U.S., according to Bain & Co.

Sales of high-end apparel, accessories, watches and jewelry and other products may rise to as much as 170 billion euros ($236 billion) from 153 billion euros in 2009, helped by currency moves including the appreciation of the dollar, the consulting company said today in a study. Sales of leather goods will lead the increase, gaining 20 percent, Bain estimated.

“After the crisis a new luxury era is emerging,” Bain said.


So, rather than grow their businesses (heaven forfend the captains of industry do anything to help the country and support a black president) the uber-class has decided that leather jackets are more important than helping families.

Not that we didn’t know this already, but this report just underlines it in bright red: the wealthy in America are not concerned about their fellow man, families or the well-being of the country. All they care about is their bloated bellies, bank accounts and bling.

  2 comments for “Need a new Rolex? Lay someone off.

  1. FRED BATES
    October 20, 2010 at 10:21 am

    The well off are just doing their Christian duty. What we have is a moral failing, not a pure economic problem. It’s not been anything like this since the mid 1930s. Whenever capital is losing and feels thrreatened by labor, capital becomes an advocate of extremes. It enshrines inequality by justifying hierarchical social organization intended to keep themselves on top. If everyone plays by the same set of rules most will feel the game is played fairly. If not, we get hemorrhages like the Whiskey Rebellion, the CSA (1861), or the Tea Party. If only that kind of energy were turned not against government, which is after all quite necessary, but toward real reform of the “rich get richer” program. Glaring disconnects between value contributed and reward received make up the stuff of constructive revolt. Perverse incentives perpetuate the madness, and almost everybody suffers. If a pitchfork would do any good, I’d buy one today.

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