Citibank memo states the rich have everything, and deserve it.

http://www.scribd.com/doc/6674229/Citigroup-Mar-5-2006-Plutonomy-Report-Part-2

The funny part is where they say the rich are acting rationally, by investing with Bernie Maddoff and paying $1 million for a one bedroom condo in Manhattan?

Word of the day: plutonomy

 

New York City real estate is "different".

 

I found it funny that two of the people who wrote this article are indians who probably have a networth equal to the value of a Tata Nano.

What you see is aspiring social climbers willing to sacrifice everything and whore themselves to the "plutonomy" to get a small piece of the pie.

 

This was highlighted in Michael Moore's Capitalism movie.

 

I can't really come up with a good counter argument for this article.

But it feels to me like the many pieces I have seen over the years that attempt to explain unusual economic circumstances by saying "this time it's different" and "here's why".

I just don't buy the argument that the rich will drive the economy so thoroughly that the spending of the middle class and poor doesn't matter.