Music millionaires and us common folk

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What does Elton John, Paul McCartney, and Mick Jagger all have in common these days? They have lost small fortunes due to the economic crisis this past year. Reuters of London has reported that these artist lost about 10% of there fortunes during this past year. That involved property values, investments and portfolio shares.

Theses artist are Britain’s wealthiest millionaires, Sir Elton John had a 26% drop from 2008 to 2009. Sir Paul McCartney saw a 12% decline as Mick Jagger was hit the hardest he had by a drop of 16%.

Keith Richards and Amy Winehouse also took a hit. On a happier note American Idol judge Simon Cowell continues to prosper during all of this, he had a 7% increase. Now also good news was for the producer of Mamma Mia, London’s Reuter stated that she had an increase due to her huge success with the movie. She had a 29% increase. Therefore, some are doing well and increasing their personal fortunes even in this economic crisis.

British singer Amy Winehouse had a troubled year with her not releasing any new records last year she then went and had her fortune cut in half this past year.

Britain’s economic rate had dropped to its lowest in 30 years. The recession in Britain is similar to here but they did not expect it to be as bad as it is. Meanwhile here in the US, Cnn money reports that Microsoft‘s revenue dropped 6% and Ford Auto maker lost 1.4 billion dollars a 37% drop due to the market.

GM is shutting down 13 of its 20 North American plants for several weeks during the summer so they can sell some of the over stocked inventory that they have. GM had received a 13.4 billion dollar federal loan and an additional $5. Billion by May 30.

On a slight up beat note Treasury Secretary Geithner stated that over all, the global economy is starting a slow mend, while here at home the Federal government has started to repair our financial system and get credit moving again.

In addition, new homes saw a very slight increase and the market might now start to stabilize. This economic disaster has affected the global community and it shows how it affects the rich as well as the middle class. Although, the rich are not affected anywhere near as badly as the middle to low income population. They are not losing jobs, homes, healthcare and such. If it is any comfort, at least you know that you are not alone in this mess.


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