CNN: Rich people are going to isolated vacation homes to “sit it out”

In a segment on Saturday on CNN’s Smerconish, talk show host Michael Smerconish discussed wealth disparity in the US with author Nelson D. Schwartz.

“There are reports of the wealthy getting access to private tests, escaping problem zones by chartering private jets, and retreating to isolated vacation homes,” Smerconish said. “One company, PrivateFly told us this kind of business is up 30 percent for them, and every day clients are air lifting their entire families from—say Spain—to a holiday home in the Cayman Islands (for example) to sit it out.”

Schwartz, author of The Velvet Rope Economy, described how the different economic classes are able to move through this crisis and added, “Meanwhile, people are leaving the city. . . and going to second homes while the rest of us deal with the realities of being here.”