7
“For the poorest in society, high gas and petrol prices are a problem. But while they are many in number, they are few in spending power, and their economic influence is just not important enough to offset the economic confidence, well-being and spending of the rich.”
—Good news! Even though gas prices are high, the damage to the economy may be limited, because rich people, the only people who can buy things anymore, just don't care.
Where are the smart rich or not-so-rich people who can get us out of this mess? All I come up with, if I think about the future, say when my son is 52 like myself, is anarchy. It is WAY TOO SCARY.
The rich are just like us, but even stupider.
Crude dropped how much a barrel, and we're still supposed to pay $4+ a gallon? (I'm talking about milk.)
Time for a remake of The Road Warrior, in Rolls-Royces, with Mel Gibson roaring around looking for the last jar of Grey Poupon.
A rich friend of mine said he welcomed higher gas prices because he doesn't notice the expense much, but the situation clears out the roads on the way to his country house.
I think the Moody's guy needs a new HP-12C. It's just not conceivable that the top 5% spend 98.6% of their income.
"Plutonomy" has a nice ring to it.