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The real fallout from the credit crunch

January 11, 2009 — 10:12am ET | By Jim Kim
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We've discussed the wrenching effect the credit crunch is having on the many people thrown out of a good job. Obviously, the professional challenges are immense. But the domestic challenges are even greater--once solid marriages could easily crumble. This may be the greatest test.

The New York Times spoke to one spouse of a still-employed Wall Streeter. "My job was to run the household and the children's lives," she said. "His job is to provide us with a nice lifestyle." But his bonus has disappeared, and his annual pay has dropped to $150,000 from $800,000 a year. "Let me just say this," she said, "I'm still doing my job." The focus of the article is on a Darien family that has done everything right, which required that the wife go back to work. But still, there's a lot of tension. And you have to wonder: Will Darien and Greenwich ever be the same?

For more:
- here's the article

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By Anonymous | Posted 1:26pm | January 12, 2009

As the sole source of our $80K yearly income for our family of three...all I can do is read and laugh. I'm thinking this financial crisis might actually end up being a good thing if it teaches these families how to cut back and live on what is just about twice my income.

By Anonymous | Posted 4:55pm | January 15, 2009

Oh my God! Darien and Greenwich might never be the same!!!! What will become of us? Western civilization might never recover.
Pestilence, famine and disease could be ravaging the rest of the world but when a Wall Streeter isn't making the equivalent of the GNP of a Third World country it is a tragedy of epic proportions!! When will the world realize it wasn't created for the exclusive comfort and happiness of certain people who, in reality, got lucky for awhile. I feel sorry for the husband, imagine being married to someone who so blatantly married your for money and lifestyle. Most of those women at least have the discretion not to admit it.

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