The slight stock market recession hurt wealthier people.When Wall Street (used generically to mean ALL equity markets...not just the NYSE!)bonuses were cut severely,everything from real estate to restaurants,to high end department stores/boutiques to art to jewelry stores felt the pinch.The markets are doing well now,there are LOTS of jobs,and so,the doom&gloom crowd needs to stop with the sky is falling stuff.
Banks,like credit card companies( now,unfortunately often one in the same),lost their collective heads decades ago.I don't really know why,except for a quick guess...the lure of easy money,without really factoring in the consequences of giving people easy credit,who never should nor would be given it before.
Here in NYC the Wall Street people seem a little jittery. Could just be that bonus time is here again or that something is in the air.
When two of my friends(both with MS degrees in Computer Science from one of the best college) were laid off; one went on to be a salesman for BEST BUY and the second one is working as a long haul driver.
During the glorious days of our republic under Green-Scum, we are certainly making a big leap forward in technical arena.
In fact the top engineering school that I graduated from; the CS enrollment at that school is down 60% today as compared to 1997. I know most of you will hate the school, but it is still the best in ENGINEERING & COMPUTER SCIENCE and it is called UC-Berkeley(College of Engineering).