Do High-Income People Lose Income in an Economic Slowdown?
By David Henderson
It seems obvious that the answer to the above question is “yes.” But it wasn’t obvious to a small businessman who bet hundreds of thousands of his own money and hundreds of thousands of other people’s money on his answer.
Chuck Bidwell is co-owner of a company that sells luxury luggage. Here’s what the news story said:
“Chuck said that because he deals in luxury goods, he wouldn’t be affected by the slowing economy, because his customers are affluent,” Mr. Kassim recalls. “But I wasn’t so sure.”
Mr. Kassim, by the way, was one of the major lenders.
The whole story is worth reading.