gistfile1.txt

james@bodacious-wired:~$cat test.py 
#!/usr/bin/env python

class MyClass:
    element1 = "Hello"

    def __init__(self):
        self.element2 = "World"

obj1 = MyClass()
obj2 = MyClass()

obj1.element1 = "Goodbye"

print obj1.element1 + " " + obj2.element2
print obj2.element1 + " " + obj1.element2
james@bodacious-wired:~$./test.py 
Goodbye World
Hello World