Tuesday, January 30, 2007
The following is from Robert Frank, The Wealth Report: Borrowing Large; Debt of the Wealthy Soars, Wall St. J., Jan. 19, 2007:
According to Dalton Conley, a sociologist at New York University * * *, "What we're seeing is the top 1% struggling to keep up with the top 1/10th of 1%." * * * And those people trying to keep up with the top 1/100th of 1%. There is a drive by the merely rich to keep up with the obscenely rich."
Special thanks to Prof. Joel C. Dobris of the University of California-Davis for bringing this article to my attention.