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What's the one luxury you couldn't give up?(FROM THE EDITOR)

not everybody is cutting back these days. Consider the nation's top 25 hedge fund managers, who brought home $16 billion in bonuses this year and, according to the Wall Street Journals "Wealth Report" blog, gleefully intend to spend even more this year than last. That won't be easy--in 2007, top fund managers shelled out about $4 million each for art, $582,000 for jewelry $318,000 for watches and $135,200 for luxury spa services.

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But as Carol Tisch reports in this issue, many Saraso-tans don't share those fund managers' all-too-rational exuberance. And it's not only those who have lost their jobs or investment properties who are reining in their ...

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