THE US CLASS SYSTEM

A popular myth about the USA is that it is less class-divided than Europe but a glance at recent developments in the housing market should bury that piece of nonsense. At a time when many workers in the USA are losing their homes in re-possessions the owning class is on a spending spree. "Try telling billionaires the U.S. housing market is in the dumps. Many of the world's richest have eagerly been snapping up lavish properties from coast to coast this year. Venture capitalist Yuri Milner broke price records with his $100 million Silicon Valley home purchase, Formula One heiress Petra Ecclestone shelled out $85 million on Los Angeles Spelling Manor, and industrialist scion Alexander Rovt rescued Manhattan Henry T. Sloane Mansion out of foreclosure for $33 million, to name but a few." (Forbes. com, 7 September) RD