The rich are different
... and writing in the WSJ, Robert Frank says that according to an article in The Economist, the world's rich lost over $10 Trillion (that's Trillion with a capital T) or over one quarter of their wealth in the global financial crisis.
That's more than the stimulus plans, bailouts and government guarantees combined.
Cycle or sea change?
Here's a hopeful statement:
"Part of the genius of capitalism is its ability to adjust to disruption from within and attacks from without. Indeed, the system is already beginning to correct itself."