He works for the NYTPosted: February 14, 2009
But now, after the TARP, the auto bailout, the stimulus package, the Fed rescue packages and various other federal interventions, rich people no longer get to set their own rules. Now lifestyle standards for the privileged class are set by people who live in Ward Three.
Oh gosh golly no! Not the rich!
Third, they suffer the status rivalries endemic to the upper-middle class. As law school grads, they resent B-school grads. As Washingtonians, they resent New Yorkers. As policy wonks, they resent people with good bone structure.
Damn this Harvard degree, McMansion and beer gut! Why can’t I live in a $1million/month loft with the money I made from my sub-Ivy League degree and square jaw.
Under their rule, the federal government is permitted to throw hundreds of billions of dollars around on a misguided bank bailout, but if a banker like John Thain spends $1,500 on a wastepaper basket then all hell breaks loose.
Up is down and black is white!