The Suffering of Wall Street Wives

"Wall Street wives are finding that they must defer dreams and fancy things," the L.A. Times reported in a page one story on Saturday. One wife, who had been looking forward to her husband's retiring with "$10 to $12 million," told the Times she was "so angry" with the stock market meltdown, which was "not in her plan." The husband made $400,000 last year, "but there are no reports yet on what will happen to 2008 bonuses and options."

The same day a page one story in the New York Times reported on yard sales at foreclosed homes in working class neighborhoods in California: "three-year-old Marita Duarte's tricycle was sold by her mother, Beatriz, to a stranger for $3 - even as her daughter was riding it." The mother had lost her job as a floral designer two months ago, and now the house has been lost.

On Wall Street the average income is $365,000, according to the Times, "although top-flight managers typically make many millions more." Wall Street wives described to L.A. Times reporter Geraldine Baum "the pain of walking through malls and boutiques -how it hurts knowing they can't grab a few things for themselves that might catch their fancy."

Meanwhile in working class Manteca, California, south of Sacramento, another family was selling their kids' toys at another yard sale. Constantino Gonzalez's problem? He lost his construction job, Patricia Leigh Brown reported. "We need to eat," he told his kids about why their toys were being sold. "I can't cover the sun with my finger. So why lie?"

Back on Wall Street, one wife described "bitterly" the "lavish gifts" they had given to others - like the $5,000 diamond-and-platinum ring her husband had given his sister when she got married, along with a week at the Bellagio in Las Vegas. "I wish I had that money now," the wife told the Times.

Comments (26)

1. Rushing away.

   In the light of a new song I like the perception of a sweet sensibility, the height of the season and a burning desire.

   Francesco Sinibaldi

   Posted by Sinibaldi at 10/25/2008 @ 4:20pm

2. Kinda ironic ... she's clinging to her religion (worship of Mammon) and is bitter .....

   Posted by leftofcenter at 10/25/2008 @ 7:50pm

3. Are we witnessing the demise of the great roman empire of the twenty first century ?

   Roman empire in their heyday sent military expedition all over the world. The cost of military ultimately did the great civilization in. American society, inspite of its greatness, compassion, fairness, seem to be totally oblivious to the harm of a bloated Pentagon budget, CIA's secret budget,the killings and tortures that are being done in the foreign countries in the guise of ushering in democracy. At home we have no money for education, health care, decent housing for poor, our roads and bridges are falling apart. Like George Washington warned us centuries ago "... a standing army is a danger to democracy and the republic..". When are we going to wake up ! The military industrial complex has gripped our nation. How do we get rid of this Frankenstine ?

   Jack Hickey, Ca

   Posted by silverhickey at 10/25/2008 @ 8:09pm

4. Oh PUH-LEEEEEEEEEEZE...

   Cry me a river.

   What most Americans REALLY need is a nice solid dose of REALITY.

   The kind of reality where food and water isn't sold pre-made in plastic containers, and where they don't have the convenience of buying worthless plastic shit to fill their sad and empty lives.

   WAKE UP PEOPLE!

   Posted by TexasFlood at 10/25/2008 @ 9:20pm

5. boo hoo hoo!!!

   har har har!!!

   Posted by dexter666 at 10/25/2008 @ 9:37pm

6. Anybody else see this leaked 527 spot?

   http://www.youtube.com/watch?v=1r3y-pdELsg

   Posted by Exredstater at 10/25/2008 @ 10:34pm

7. It's about high time a few defense contractors got a chance to sing them blues along with the folks in the pentagon.

   We should cut our military spending, shut down overseas bases, quit funding dictatorships and paid off governments overseas to protect corrupt businessmen's ventures and the like.

   That money could be reinvested in the U.S. infrastructure creating jobs, while moving us away from using foreign oil not to mention our entanglements in places such as Iraq, Afghanistan, Egypt, Jordan, Pakistan, Saudi Arabia, Israel, Georgia and God knows where else our tax dollars are being wasted to further corrupt businessmen's ventures at our expense.

   Wake up America. Let's take our friggin country back from international crooks using stupid ass issues like prayer in class to divide us. We've been stupid for too damn long.

   Posted by Wolfgang1 at 10/25/2008 @ 10:34pm

8. It's about high time a few defense contractors got a chance to sing them blues along with the folks in the pentagon.

   We should cut our military spending, shut down overseas bases, quit funding dictatorships and paid off governments overseas to protect corrupt businessmen's ventures and the like.

   That money could be reinvested in the U.S. infrastructure creating jobs, while moving us away from using foreign oil not to mention our entanglements in places such as Iraq, Afghanistan, Egypt, Jordan, Pakistan, Saudi Arabia, Israel, Georgia and God knows where else our tax dollars are being wasted to further corrupt businessmen's ventures at our expense.

   Wake up America. Let's take our friggin country back from international crooks using stupid ass issues like prayer in class to divide us. We've been stupid for too damn long.

   Posted by Wolfgang1 at 10/25/2008 @ 10:39pm

9. Sorry about the double posting.

   Posted by Wolfgang1 at 10/25/2008 @ 10:42pm

10. Posted by Exredstater at 10/25/2008 @ 10:34pm

    That has to be the best comedy I've seen in some time!! If those people in the video wish to pursue acting careers, they just ended their careers with that lame ass video.

    So now Obama is going to take peoples' guns away so they can't shoot Mexican dead people coming to take the country over..or their home?! I guess I'll never sleep soundly again. lol

    Posted by Wolfgang1 at 10/25/2008 @ 10:54pm

11. In 1929 busted financial types jumped from rooftops. Today the same "losers" are jumping into lavish resort swimming pools under golden parachutes. Meanwhile the poor in their basement flats are searching for their bootstraps under a foot of brackish water.

    Btw, the Wall St. wives stuff is more "crisis contagion". Kind of like the wealthy a few months ago cutting down on their driving after gas reached 3 bucks a gallon.

    Posted by Sorelish at 10/26/2008 @ 12:25am

12. For the most blatant and bathetic example of lefty class warfare I highly recommend this Jon Wiener squish and splosh.

    He shows us millionaires irked at the loss of bonuses while little Oliver Twists have their roofs and tricycles auctioned out from under them.

    That is what, The Nation offers America nowadays under its 100 + year banner, "unconventional wisdom".

    Posted by Hugo_Pirovano at 10/26/2008 @ 12:59am

13. For the most blatant and bathetic example of lefty class warfare Posted by Hugo_Pirovano at 10/26/2008 @ 12:59am

    Didn't you mean to say "class welfare" ? And scratch the lefty word?

    Posted by Sorelish at 10/26/2008 @ 01:35am

14. I think this type of "article" contributes nothing - other than fuel for the fires of class warfare. Everyone wanted on the Lifestyles of the Rich and Famous bandwagon during the 90s and in the early years of the 21st century. We aspired to Kate Spade, to Prada, to those second houses in the Caribbean, to ski trips in Vail, etc. Remember how everyone just had to rush out to get the iPhone? Remember how everyone ditched their minivans for the SUV? Remember when folks wanted to be the first on their block to have the large plasma flatscreen TV? Reverse snobbery is never attractive. Divisive rhetoric is likewise demeaning.

    Posted by Greytdog at 10/26/2008 @ 08:32am

15. Let them eat tiramisu.

    With store bought lady fingers dipped in Sanka.

    Then they will know suffering.

    Posted by crabwalk at 10/26/2008 @ 08:57am

16. Remember how everyone ditched their minivans for the SUV? Remember when folks wanted to be the first on their block to have the large plasma flatscreen TV? Reverse snobbery is never attractive. Divisive rhetoric is likewise demeaning. Posted by Greytdog at 10/26/2008 @ 08:32am |

    Remember when greed was a good thing?

    Live simply, so that others may simply live.

    Greed sucks. Greedy people suck more. Greedy people that think they "earn" gold filigree shower curtains and 6 vacation homes suck the most.

    It used to be a sin, till the American Taliban took control, now it is a virtue.

    Posted by crabwalk at 10/26/2008 @ 09:02am

17. Look at the bright side, there may be some great deals at some of those yardsales in the Hamptons.

    Maybe pick up one of those Kettler Kettrike Air Navigators for a song..

    Posted by chaoszen at 10/26/2008 @ 10:40am

18. Let them it cake!

    Posted by truthandjustice at 10/26/2008 @ 10:42am

19. Let them eat cake.

    Posted by truthandjustice at 10/26/2008 @ 10:46am

20. I truly feel sorry for these kids. They never had a chance to grow up. Most of them went from college frats and sororities with a net working attitude and ended up in a decriminalized situation sold to them by a b movie "greed is good". Hey congress told them it was o.k. The more the greed the better the man or woman, Carly Fiorina, Charles Icahn, Bill Gates etc... Enron was the model of creative business. The big boys knew all the answers; Rubin, Greenspan, Summers, Gramm. Anything that disagreed with their crappy philosophy they could discount with one phrase given to them by their political hero Ronny Reagan, "Protectionism is bad",. I suspect that is one of Larry Kudlow's little additions to humanity. These people couldn't understand why people were wading in sewage in New Orleans. why didn't they all get in their Hummers and drive to a safe resort. They may now understand the phrase "What you do to the least of these you do to me".

    Posted by lachatte at 10/26/2008 @ 11:58am

21. Addenda: The class war is over and the billionaires have won. Have you heard the latest on AIG? While they were accusing the poor of waging class war and stop asking for an even break, they were eating the weakest peoples' lunch. I hate to say this, but old John Edwards was correct. I'm really sorry he cheated on Elizabeth. Just think of the power he would have now. The battle will be much easier than he anticipated. Question: Why does the media still vilify people like; Marcy Kaptur, Dennis Kucinich, Berny Sanders and lionize the idiots like Rubin and Paulson.

    Posted by lachatte at 10/26/2008 @ 12:28pm

22. 'On Wall Street the average income is $365,000, according to the Times, "although top-flight managers typically make many millions more." Wall Street wives described to L.A. Times reporter'

    Heard the other day that dealers in derivatives and swaps (like Goldman Sachs traders) average $1,000,000 per year. The derivative and swap market extends far beyond troubled mortgages to include commercial paper (bonds) issued by corporations, bonds issued by government entities (remember Orange County, CA default), currency trade, treasury or sovereign interest rate trade, etc.......you name it. "Special purpose vehicles" apparently were only limited by the imagination of the characters who created them.

    These WallStreet wives remind me of troubles of the Soprano family when Tony temporarily had to hide cash in the back yard to escape detection.

    Posted by OneVote at 10/26/2008 @ 2:34pm

23. I'm a scientist, working full time and living in a fairly affluent community near Princeton NJ, roughly an hours train ride from Wall Street. Many of the people I interact with via my daughter's school work on the Street or for Big Pharma (eg. Bristol-Myers-Squibb). I can't count the number of times I've had to pick up or drop off my 11-year-old-daughter from a playdate or birthday party from one of the McMansions that blight the local landscape, complete with never-used granite-steel kitchens. The environmental calamity that these housing developments impose by fragmenting environmental habitat is bad enough, but that these sick-rich women who treat me with utter disdain have the temerity to complain about their now "reduced" circumstances is laughable. I'm delerious with schaudenfraude.

    Posted by SusanfromPrinceton at 10/26/2008 @ 8:00pm

24. SusanfromPrinceton @ 8:00pm says, -

    <<< "I'm delerious with schaudenfraude" >>>

    You certainly sound delirious, and your sic "shaudenfraude" no less. Maybe it's the background radiation from all those "granite-steel kitchens" you keep driving past.

    Since you say, they blight the landscape, I assume those are outdoor cookhouses. Do your neighborhood Wallstreeters also have outhouses? With their money one would think they could afford plumbing.

    But how do you know, those kitchens are never used? I've never seen an undernourished fat cat, have you? They might find ways to occasionally warm something up when you are not watching. That is just a guess.

    But that you are overheated is not a guess. You might consult Herr Doktor Wolfgang right in these fora. He is probably qualified to at least give your "shaudenfraude" some relief.

    Posted by Hugo_Pirovano at 10/27/2008 @ 01:03am

25. The more things change, the more the class war stays the same. I'm reading a book on the "civil war" within the Confederacy that doomed it to lose the American Civil War (Thank Goodness!!!), and while the families of Southern soldiers were facing starvation, the planters grew fat as war profiteers by planting cash crops (cotton and tobacco) instead of food, which they had promised to do once the war THEY pushed for came.

    My favorite example of planter class cluelessness (as opposed to out-and-out arrogance or greed): a young Southern Belle writing to a friend that the family dinner table had shifted to a war-time footing because they no longer served ice cream and cake for dessert.

    Posted by cka2nd at 10/28/2008 @ 11:49am

26. cka2nd at 10/28/2008 @ 11:49am claims:

    <<< I'm reading a book on the "civil war" within the Confederacy that doomed it to lose the American Civil War (Thank Goodness!!!), and while the families of Southern soldiers were facing starvation, the planters grew fat as war profiteers by planting cash crops (cotton and tobacco) instead of food >>>

    What is the name of that book?

    Have you come to the part where the Union imposed a sea blockade which stopped the South from selling its cotton and tobacco abroad, haulting their cultivation? The occasional blockade runner shipped only a fraction of what used to be exported. Moreover, the kind of soil good for cotton and tobacco is not conducive to growing wheat and corn.

    The Confederacy suffered hunger mainly because the army took most able bodied men leaving too few to work the land, and because of Sherman's war of attrition. His scorched earth policy burned crops and barns, and killed or commandeered livestock. That and her lack of industry and the poor health of southern soldiers, over a third suffered debilitating ringworm infections, doomed the South.

    Fifty years later a Rockefeller's Sanitary Commission, eliminated malaria and the parasitic infections endemic down there.

    Posted by Hugo_Pirovano at 10/28/2008 @ 5:09pm