Luxury Shame

This isn't good. The rich cutting back on luxuries means what? Lost jobs. Someone has to make those luxury items, and this cutting back isn't helping a thing.

I think what's most disgusting is that everyone, to include Congress, is shaming people for living in a manner that takes advantage of something this country was based upon, capitalism. They worked/acted/managed/led their way to that much money, why the hell should they be "jacked ... for no particular reason" or feel ashamed? I may be part of the struggling masses, but I'm not serving a socialist/communist/etc country where the money I/they make is a bad thing and they should give it back just because they have so much of it. Come on.

boo hoo, listen to all the haters. please. if you worked hard and earned billions, or invented something or finally hit the lottery (you know you play every week, praying for all five numbers and the power ball), you wouldn't have a problem with conspicuous consumption. You guys are all complaining because it isn't YOU sitting back enjoying all the loot. Yes, some of the rich don't deserve to be rich, but most of those people worked their butts off for their money. Isn't that the American dream--work hard and you can acheive anything? Don't hate the rich for being rich; take a look at yourself and figure out how to pull youself out of the hole.

This is why the redistribution of wealth, Obama's master plan, has never and will never work. The rich simply lay-off, raise prices, etc., to pass the cost to the "little-guy." That's why the country needs to focus on getting government out of the American Dream. That dream never included government's help.

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The reason the Rich should feel shame is because with wealth comes the responsibility of taking care of those that are poor - make NO mistake about it. You dont need or deserve a big screen TV when someone cannot afford their medication or heating bill. It involves more than just volunteering time, everyone gets 24 hours a day, not everyone gets 30,000 a year. You have to give a substantial and majority of your money and wealth away. The Rich are not free from judgement and thats why they feel shame.

Who cares about the rich when Newsweek can't even hire a good proofreader--it's MASERATI, not "Masarati." Good lord. Someone got paid to write this drivel?

bunchfam, the rich are not buying hamburger they buy top grade angus filets. Rich people spend more on lunch than you do a for a weeks worth, maybe two of groceries. Spending is not a privlege but a necessity for a strong economy. purchasing goods and services creates jobs. Jobs spread the wealth when people of all incomes have a little more to spend. Note I did not say lend. I worry that credit may be in trouble for years, but when the qualifiers for credit went out the window, so did the economy.

Doesn't anybody remember Rome or the French Revolution? Shame is the least of the emotions that those who have huge amounts of unneccessary wealth should feel? If the economy doesn't find a way to become more balanced on the whole... I am from a small town, and we learn young, that you can't beat a dog everyday, and expect it NOT to bite you tomorrow.

The truly wealthy always live below their means and are often quite generous in their giving. Excessive opulance is usually done for show and is often the result of insecurity. It doesn't impress others as much as it impresses one's self. Remember, Waren Buffett lives in the house he purchased 40 years ago for $40,000, and Sam Walton used to drive around in a used pickup. They felt no need to be showy and spend extravigantly. remember: "A fool and his money are soon parted."
One correction, though. What the wealthy are feeling is guilt - an inner feeling. Shame is thrust upon people by others. The auto CEOs were shamed by congress for taking private jets to DC. Feeling guilty may be the result, but they obviously didn't feel guilty before being shamed. That's how out of touch they were with reality.

Teachers who earn 35k net/year are not rich,but they can live a descent life,especially in TX,were everything is cheap...

OK....does no one see the stupidity of this whole situation? Immutable truth #1: People can get rich without "exploiting" or "robbing: someone else. Wealth is something to be proud of and someone who has honestly accumulated wealth is to be congratulated. It is false modesty - hypocrasy - to refrain from spending during a recession if you can afford to do so. In tough times I would very MUCH like the very wealthy to go out and buy as much as they can. Want to know why? Who do you think BUILDS those palatial homes, those fancy cars, those yachts? 9-5 blue collar average people, that's who. If the very wealthy want to go out and spend - let 'em. Encourage them to do so. If anything it's a patriotic act, because it puts more cash in circulation and in the hands of other people who turn around and buy groceries and clothing, etc. with it. I say that the very wealthy could do us all a big service by spending MORE than ever in difficult times. Forget "image" - go for reality.