The NY Times notices the rich are getting richer and the poor, well, you know the drill:
At Wal-Mart, shoppers cut back on staples like milk and meat that had price increases of a few cents. At Saks Fifth Avenue, they paid full price for shoes and designer fashions at a rate higher than before the recession.
As several big chains reported third-quarter results on Tuesday, the divide between hard-pressed and prosperous Americans continued to be a defining characteristic of the retail economy.
“Clearly it’s a bifurcated market,” said Stephen I. Sadove, chairman and chief executive of Saks, in an interview. “The high-end consumer is much more tied to the stock market and the Dow and how they’re feeling about their personal situation, more so than the lower end of the market,” where concerns about gas prices and unemployment were more prevalent.
The rarified air of a Saks CEO. The reason the poor and working class are cutting back on necessities like meat and milk isn’t because they are “more concerned,” it’s because THEY’RE FUCKING BROKE AND HAVE NO JOB. You may cut back on luxuries out of concern, but you don’t cut back on feeding your family unless you have no money. You may say to yourself “the market really took a dive, so I guess I’ll hold off on that Bugatti,” but no one says “the market was down a touch, I think I’ll starve the kids.” Wanker. I’m to the point now that I think any asshole making stupid remarks like this should be forced to wear a top hat and monocle in public so everyone knows to kick them in the junk.