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Sparkle and shimmer, you're losing a grand.
Refuse and you'll find that steeped leaves I demand.
Measure the liquid and then you are gone.
Fatless and weightless the east end is done.
Burning and brightened you call out: "Left, left!"
It just isn't right, me alone and bereft.

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up vote 19 down vote accepted

The answer is:

GLITTER -> Sparkle and shimmer
LITTER -> Not refUse, but rather REFuse (garbage)
LITER -> A measure of liquid
LITE -> Fatless and weightless (diet foods often labeled "lite")
LIT -> Burning and brightened, like a fire
IT -> "It" isn't right
I -> Me, alone and bereft

The reduction is as follows:

GLITTER -> You're losing a grand = G as in "I got 50 G"
LITTER -> steeped leaves I demand = tea = T
LITER -> you are gone = ..."R" gone
LITE -> east end is done = rightmost letter = E
LIT -> you call out: "Left, left!" = leftmost letter = L
IT -> just isn't right = rightmost letter = T
I -> *insert your favorite song about loneliness here*

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