The number of Americans making $1 million or more...

The number of Americans making $1 million or more fell 40% between 2007 and 2009, to 236,883, while their combined incomes fell by nearly 50%—far greater than the less than 2% drop in total incomes of those making $50,000 or less, according to Internal Revenue Service figures.

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The Siegels’ dream home, called “Versailles,” after its French inspiration, is still a work in progress. Its steel-and-wood frame rises from the tropical suburbs of Orlando, Fla., like a skeleton from the Jurassic age of real estate. Ms. Siegel shows off the future bowling alley, indoor relaxing pools, five kitchens, 23 bathrooms, 13 bedrooms, two elevators, two movie theaters (one for kids and one for adults, each modeled after a French opera theater), 20-car garage and wine cellar built for 20,000 bottles.

At 90,000 square feet, the Siegels’ Versailles is believed to be the largest private home in America. (The Vanderbilt family’s Biltmore house in North Carolina is bigger at 135,000 square feet, but it’s now a hotel and tourist attraction). The Siegels’ home is so big that they bought 10 Segways to get around—one for each of their eight children. (via WSJ)

There’s a legitimate economic point to be made here, but really, am I meant to feel sympathy? If the middle class are to accept responsibility for exercising poor financial acumen in taking on mortgages that were far beyond what they could reasonably afford, then the rich should be held to the same standard. No matter our income, we possess free will and thus can choose to live below our means when our incomes become disproportionately high, and live at our means when the size of our paychecks dictates.

Enjoyed the contrast of the piece. Well done.

J N O M I C S