Trickle Down from Greenwich Yacht Clubs

From the Hartford Courant:

[State Rep. Livvy] Floren, who represents some of the richest neighborhoods in America, said she is more concerned about the younger bankers with large mortgages and little children. She bumped into three people during the past week who are now unemployed — two from Lehman and one from the investment firm Bear Stearns. With no bonuses that they once relied on, the mid-level Wall Street workers will likely pull back from buying the fanciest cars and the largest boats.

Actually, Greenwich probably has one of the largest, low paid service worker to resident populations in the U.S. It is when the yacht clubs, lawn care services and retail establishments take a hit that long train ride commuters from the Bronx won’t be able to afford rent. That is what trickle down means. Hat tip: The Daily Dish | By Andrew Sullivan

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