Monday, August 22, 2011

RECESSION? WHAT RECESSION?

In the USA, like every other capitalist nation, politicians love to tell us during an economic downturn that "we are all in this together" or some such vote-catching piece of nonsense. The recent spending spree in New York by the owning class gives the lie to that piece of codswallop. "Nordstrom has a waiting list for a Chanel sequined tweed coat with a $9,010 price. Neiman Marcus has sold out in almost every size of Christian Louboutin Bianca platform pumps, at $775 a pair. Mercedes-Benz said it sold more cars last month in the United States than it had in any July in five years. Even with the economy in a funk and many Americans pulling back on spending, the rich are again buying designer clothing, luxury cars and about anything that catches their fancy." (New York Times, 2 August) RD

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