Normally I would agree. But the circumstances of the current depression are different. There was such a bubble in the middle classes due to living on credit that the yuppies in particular will be hit very, very, very, very hard. See AMEX's recent earnings conference call for details.
The fact is that for years people were living the life not based on real earnings, but on credit. And those that were living on real earning were often earning money from those who were spending on credit. When credit goes away as it has, both groups become poor. Hence yuppies become poor.
The price deflation of mid/upper range houses, bmw's,
audi's, hotel rooms, travel, wine and jewlery shows this
clearly.
PS: Could you please provide some proof that yuppies fair well in depressions/recessions? My evidence suggest they're usually the ones in the middle of whatever bubble activity.
As is certainly the case currently.
The fact is that for years people were living the life not based on real earnings, but on credit. And those that were living on real earning were often earning money from those who were spending on credit. When credit goes away as it has, both groups become poor. Hence yuppies become poor.
The price deflation of mid/upper range houses, bmw's, audi's, hotel rooms, travel, wine and jewlery shows this clearly.
PS: Could you please provide some proof that yuppies fair well in depressions/recessions? My evidence suggest they're usually the ones in the middle of whatever bubble activity. As is certainly the case currently.
EDIT: Added extra Very's for emphasis.