Well, they broke it alright, and it looks like "they" are feeling the effects as well:

Retail Sales Down...including luxury goods. Matthew Yglesias writes about the downturn in retail sales. He cites Felix Salmon who adds: [The decline in retail sales] are huge numbers, especially the 35% drop in luxury sales: it wasn't all that long ago that the luxury segment was supposed to be immune from the plebeian woes of the economy as a whole.

While I'm glad that the economy isn't just affecting the poor and middle class, misery does not, in fact, like company. I'd prefer a properly functioning economy, thank you. But as long as greed is allowed to thrive, this (i.e., our hemorrhaging economy) is what happens. It's absolutely disgusting that the unrelenting greed of a relative few is causing pain for all of us. Hope the new government does something to punish those who brought on this pain and regulate the markets to prevent this from happening again. No, I haven't been drinking.

Link to Yglesias via Atrios.

Comments

[JDM]

Double fuck those rich motherfucking fucks. Cue up Mdme La Guillotine. "The price of liberty is eternally fucking up the rich fucks."

[GM B]

JDM: In a just world you will forever be cited as the author of your adage. Sadly, some talentless fuck will likely claim it as his or her own. GMB

[joseph]

WTF ? Online purchases down 2%. Can't it be a little broader. Not sure I buy into these numbers.

Then again I recently bought a $200 "luxury item" for myself online from California to the east coast. Why ? Because they offered it for less, there was no sales tax, and shipping was $10. I could have purchased it locally for $230 plus tax and "supported" my local merchant but fuck him and fuck the local sales tax. You have to make a stand.

[GM B]

Joseph: Amazon had its best year ever. My brother was looking for a large flat screen hdtv and via Amazon he got a monster for only $1200 and a blueray disc player was thrown in for an extra $5. Free shipping and installation too. No way a smaller retailer can compete. GMB

[Spartacus]

GMB... I think the reason luxury sales are down is because those folks in the upper tier of middle class have passed on leasing that new Lexus for junior when he finished high school or buying that new boat with their bonus money. Out by me, several "luxury" item establishments have closed their doors or completely devoid of people traffic. That said, my sense is that the truly wealthy are NOT affected by this new "depression". They will continue to purchase goods and services at the same levels. Fuckers.

[GM B]

Spartacus: You are right. We had a lot of European tourists buying up lots of stuff here (it is much cheaper than at home) and upper middle class Americans too. The really rich are doing fine. In fact, they do pretty well for themselves during hard times--everything is cheaper, after all. Fuckers, indeed. GMB