I’m going to be on CNBC today at 1 p.m. to discuss this article in today’s NYTimes:

The rich, as a group, are no longer getting richer. Over the last two years, they have become poorer. And many may not return to their old levels of wealth and income anytime soon.

For every investment banker whose pay has recovered to its prerecession levels, there are several who have lost their jobs — as well as many wealthy investors who have lost millions. As a result, economists and other analysts say, a 30-year period in which the super-rich became both wealthier and more numerous may now be ending.

   Poor souls…it’s hard to make it on a few million or just $100 million these days, what with the price of Lear jets and mansions on the Riveria still selling for a pretty sum.

   But, for the rest of the nation, this is a good thing. Remember, many of the super-rich got that way because of the real estate and stock market bubble–which means they didn’t create anything new other than paper profits gained from playing in a casino-style economy. If this means they might be a bit more cautious, that’s a good thing.

   And, as we all know, the behavior of many of the super-rich led to one of the most devastating bubble-bursting episodes in our lifetimes. I shed tears not for the super-rich but for the millions of people who have lost theri jobs because of the financial incompetence and greed of a few and the robbing of more than one generation’s hope to achieve the American Dream.