The rich have also been funding their lifestyles with debt -- from art loans and jumbo mortgages to jet financing. So if credit contracts further, high-end spending also will shrink.

• 富人的生活也离不开举债，诸如艺术品贷款、大额抵押贷款和飞机融资等等。因此一旦信贷进一步紧缩，高端支出也会收缩。