Thriftyness in High End

While the rich will always be able to spend as they do, even in down markets and difficult economies, the faux rich or Mr. Pretender will not be able to access the HELOC (home equity line of credit) for trying to maintain an MTV lifestyle.

The Wall St. rich are now under intense scrutiny of their bonus compensation on the heels of the public's money being used for bailouts. How will this affect the high ticket and luxury items going forward is anyone's guess, but I think some struggling retail outfits that cater to the rich and have a cross sell down to the aspirationally credit maxed rich will be impacted.