Over the past few weeks, I've been reading quite a few articles about the wealthy and how they are dealing with the financial crisis. Perhaps it's just my affinity for the New York Times and Washington Post, but I've noticed quite a few of these articles cropping up, all seeming to put a "human face" on the nobility while they figure out how to live large on less. Follow below the fold for some examples and some questions.
What finally pushed me to examine these articles was an article in today's (Monday, Feb. 2, 2009) USA Today, not exactly the Wall Street Journal of reporting.
Here's the headline: As recession ravages their assets, the rich retrench.
And here's the lede:
The rich may not be quite so different than you and me these days: They, too, have less money.
Get that. The rich are no different than you or me. Well, that makes me feel better getting by on a middle-class income trying to keep enough to feed, clothe, and house three kids, not to mention pay for health insurance.
It's not the first article I've seen that attempts to document how the wealthy are struggling with the economy. Here are some others:
The High Cost of Losing Money
Peaceful Clinic Flooded With Patients With Their Own Fiscal Crises'
There is also this article that has caused some controversy: It's the economy, girlfriend.
The Wall Street Journal does their part, proclaiming that the rich have been hit hardest by the housing downturn.
Even this, Getting Their Cuts Both Ways on Wall Street, seems to be an attempt to promote the "it's just a different world" view of Wall Street bonuses.
In a similar vein, we find that the wealthy are trying to be less ostentatious, hiding their wealth in the midst of the downturn.
While I realize that "the rich" are flesh-and-blood human beings, I am not so sure that these types of articles will generate much sympathy among the reading public. Is that the intended effect? Are we supposed to feel sorry for people who have had their seven-figure salaries cut to six figures?
Or are these articles meant to assuage guilt? I don't really have an answer, but this is something I've been noticing and was wondering if others were noticing it as well. How does it make you feel?