Tuesday, April 6, 2010

The struggling lender of last resort:

As usual an excellent article in WSJ detailing the lives of the struggles or very upper middle class families caught unaware with the economic situation and how it is affecting their grown up kids. Even the elite of the Americans who were making more than 200k a year are feeling the pinch as they have been either laid off or have lost a lot of investment in the stock market and other investments and are now trying to rebuild their battered investments for their retirement.

In the meanwhile when their offspring need their support the most, they are unable to give them that due to their own precarious financial situation. This economy has really been merciless and relentless with no regard to class, race or social structure. Everybody is scared stiff and they are also helpless that how they will be able to retire or even help their offspring. Now that even the cream of the crop of the American society are feeling the pinch, maybe they will come to realize how the lower ladder of the society are coping with far less resources and more worries.

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