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"Gentlemen, we have officially run out of everyone's money....who wants cake?"
“The universal aptitude for ineptitude makes any human accomplishment an incredible miracle.” ―John Stapp
As the 'Villain and others have pointed out, the collapse in value of all assets other than cash has crushed the net worth of the Baby Boomers. It has also had a disproportionate impact on the rich and near rich.The number of American households with a net worth of $1 million or more, excluding the value of their primary residence, fell 27% to 6.7 million in 2008 from an all-time high of 9.2 million the year before, according to a report from market research firm Spectrem Group.
"America has a lot fewer millionaires than when this economic crisis began," said George Walper, president of Spectrem Group, in a written statement.
But don't weep only for the 2.5 million fewer millionaires. The report, which is based on surveys of 3,000 affluent households, also showed the number of both multi-millionaires and aspiring millionaires plummeted last year.
Affluent households, defined as those with a net worth of $500,000 or more, declined 28% to 11.3 million from 15.7 million.
And, of course, it has only gotten worse since the beginning of the year.
The subsidized insurance program at the heart of the state's healthcare initiative is expected to roughly double in size and expense over the next three years - an unexpected level of growth that could cost state taxpayers hundreds of millions of dollars or force the state to scale back its ambitions.
Give the Gift of Stuff
Dear Barry:
I've had a bit of a bad luck patch over the last month (losing my job, watching my 401k completely disintegrate, etc., etc.) and ended up relocating from a high rise in Lincoln Park to a new neighborhood along the Fullerton underpass on the Kennedy Expressway. I was a bit worried about the move at first, but my new neighbors have been great. In fact on move-in day they greeted me with a grocery cart "welcome wagon" containing some lovely and practical gifts like cans of Sterno, cardboard, fortified wine, and a hypo-allergenic harmonica. I would like to show my appreciation with thoughtful "thank you" gifts. Can you recommend something nice that won't break my budget ($3.00 total for 6 gifts)? Please help!
Barbara in Chicago
Dear Barbara:
With my busy schedule of entertaining foreign dignitaries and celebrities at the White House, I know how important a well chosen gift can be. Two weeks ago, for example, we received a visit from British Prime Minister Gordon Brown. The Prime Minister brought a few housewarming gag gifts including a pen set made from a boat, a framed paper thing from another boat, and some old books by Churchill (not Ward, but that English guy). Obviously we wanted to return the nice gesture so I sent my interns out on a scavenger hunt for an appropriate present. They couldn't find anything in the West Wing, but luckily Costco was open and was running a 25-for-the-price-of-10 clearance sale in the DVD department. You should have seen Mr. Brown light up when he opened that sack of classic titles like "Wizard of Oz" and "Baby Geniuses 2." I like to think those DVDs helped cement our Anglo-American "special relationship" even if, as he mentioned to me, they probably wouldn't work in his European player. Thinking quickly, I told the PM I would send him an American DVD player as soon as I earned enough cash-back points on my Costco card. Crisis averted, but that episode taught me a valuable lesson: always keep a stock of gifts handy in case some foreign poobah or supreme religious figure or failing industry leader pops by for coffee. As a result, I make sure the Oval Office closet is filled with pre-wrapped Sham-Wows and Snuggle blankets and trillion dollar bailout packages for whatever gift emergency might arise......