Millionaires feeling the economic doldrums

[Blue_Tires]

Source: AP

NEW YORK Even millionaires are feeling the economic squeeze, with many saying they don't even "feel" wealthy. But as a group, they are optimistic that things will improve in the next year.

The Fidelity Millionaire Outlook, a survey of 1,000 people with at least $1 million in assets to invest, found that you don't have to be a laid-off worker to have a negative view of the nation's economy.

Using a scale from minus 100 as the worst to 100 as the best, the survey found that high-net-worth individuals have a minus 50, or "very weak," view of the economy right now.

However, when asked where things will be next January, the grade rises to a positive 18.

That could mean millionaires see "today's problem as tomorrow's opportunity," said Jack Callahan, president of Fidelity Institutional Wealth Services, the unit that sponsored the survey, which was conducted by an independent research firm.



Read more: http://www.inrich.com/content/cva/ric/news.apx.-content-articles-RTD-2008-04-29-0028.html

[Miss Carly]

1. Bless their poor souls

They will have to forego the month-long trip to the Hamptons this season...sniff sniff

[GoddessOfGuinness]

8. That's exactly the way they're thinking...

Back when we were experiencing the results of Poppy's bank bailout, I was on a players committee of an orchestra, trying to negotiate contracts for the next few seasons. The president of the board, whose wealth came from the banking industry, complained that they'd only be able to afford a trip to Nassau that year. :eyes:

Of course, he complained mightily that the raise we were seeking was far higher than a cost of living increase. He couldn't understand that the wage was inadequate to begin with.

[rfranklin]

13. A million dollars isn't a million dollars any more....

To equal a millionaire in 1900, an individual would now need $24,000.000 (according to the Consumer Price Index) to have the same buying power. Having a $1 million in assets does not put one in the stratosphere these days. But Republicans have been fond of quoting statistics on how many Americans are "millionaires" while they were merrily printing money to devalue the savings and assets of middle class people.

[Warpy]

18. A million bucks will generate enough income

for a single person to have a frugal but adequate lifestyle.

It certainly isn't what it used to be.

The rich man's club has an entrance feel of ten million, and it's really hard to get through the door with that kind of net worth.

[grannylib]

2. They don't "feel" wealthy?? Awwww...the poor, powerless, pitiful

little things.
Would they prefer to feel uninsured? Hungry? Homeless? Jobless?

[Connonym]

3. Does it make me a class warrior if I say too fucking bad for them

they should try living a real life.

[angstlessk]

4. so now even the rich want a change in DC and believe it will make a difference

in the outlook of the country? I agree with the rich on that one...hope they know mcsame will not change the course so they better vote for a Democrat!!!

[tomg]

5. I've always wondered. Does a person

who writes an article like this write it because he or she intends it to be taken seriously, or because he or she realizes how absolutely insane it sounds to most of us? Just curious.

edit: grammar

[Clear Blue Sky]

6. Cry me a river...

[baldguy]

7. They've had to cut back to only one ball washer instead of three.

[GoddessOfGuinness]

9. The folks who get paid to dry their hands in the restrooms at the club...

are going to get laid off.

We've got to help these rich people so those poor slobs can have a job!

[Tandalayo_Scheisskopf]

12. I would be happy to wash their balls...

With a sand blaster.

[AndyTiedye]

19. Wouldn't it be Better to Hit Them Up for Contributions to Elect Democrats?

Seems like these people are at least potentially on our side this time.

[Tandalayo_Scheisskopf]

33. If they are on our side...

It is in the same manner a parasite is on the side of its host. Like tapeworms, for instance.

[KansDem]

10. .

:nopity:

[OnyxCollie]

11. Awww...

Fuck 'em.

[lovuian]

24. Awwww

poor babies

[AlCzervik]

14. can someone hand me the box of Kleenex? after my crying jag for them i just don't

have the strength to get it.

[mac56]

15. Waah.

F*cking waah.

[MilesColtrane]

16. Just as long as they keep fattening themselves up I don't care how "wealthy" they feel.

Once the revolution comes, it will all be about how "tasty" they are.

[AndyTiedye]

20. If "The Revolution" Comes, Maybe They'll Think You're Rich Enough to Eat, Too

[onehandle]

17. Looking at how my 401k has performed in the first 3 months of the year is telling.

Just got my statement and it's lost 20% of its value.

This is likely hurting those with real money to invest as well.

[shanti]

21. poor babies

:cry:

not

[Vinca]

22. Three words: boo fucking hoo. nt

[paparush]

23. WAAAAAAAH! They can only wash the Beemer twice a week..waaaah!

[KamaAina]

25. One, two, three,

AWWWWWWWWWWWWW!!!!

:nopity: :nopity: :nopity: :nopity: :nopity:

[Xenotime]

26. I have no fucking feelings for the wealthly

[SammyWinstonJack]

34. I do. I loathe them! Didn't use to feel that way, until george came along and made them even

wealthier. Disgusting and they have the nerve to whine about how not so wealthy they suddenly feel? Oh yeah, I loathe them!

[MilesColtrane]

27. The United Plutocracy of America

Net worth and financial wealth distribution in the U.S. in 2001



CEOs' average pay, production workers' average pay, the S&P 500 Index, corporate profits, and the federal minimum wage, 1990-2005 (all figures adjusted for inflation)

[Magleetis]

28. If you have

1 Mil in assets you don't even feel $4.00 gas.

[OhioChick]

29. Poor Things. n/t

[earth mom]

30. Cry me a river.

:puke:

So the poor babies didn't make enough money off the middle class and the poor?! :grr:

[bluestateguy]

31. Bunny and I had to let our country club memberships lapse this year

And now we clean our pool ourselves.

[Rwalsh]

32. Such stereotypical thinking.

Many millionaires support DU and progressive causes. Soros. Streisand. Springsteen. A few others I could name.

Nothing wrong with being a millionaire. It's what you do with your millions that counts.

Let's judge millionaires the way we judge others, as individuals. Maybe some of them are truly having problems. We had compassion for those who suffered during the fires of S. California and some of them were millionaires. . .

[HughBeaumont]

35. See that?

That's the world's most microscopic tear being shed for their plights.

Let me ask the apologists this: How sympathetic would they be to democratic and progressive causes if they had pre-Reagan tax rates (in other words, their fair share)? Probably not many, I guarantee it.

[laylah]

36. I only have to read the headline to respond with

BOO FUCKIN' HOO~! What else can I say?

[Sabriel]

37. Who wants to join me in starting a Drive for Dollars for these folks?

Come on, DUers! We can get our change together, choose an unlucky millionaire, and send her or him our donation.

Who's with me on this?

Hello? Hello?

[Art_from_Ark]

38. Well, I would pledge a penny

but the postage costs would eat me up