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-Short Attention Span Theater-
Economy So Bad, Even the Rich Are Skimping
2008-08-04
The rich are sharing your financial pain - and contributing to it. It may have taken longer and it may not be as acute, but there are early hints that the economic slump is crimping the lifestyles of the wealthy.

They are investing more conservatively, spending less on luxury goods and are being more thrifty with their credit cards. Many are asking their personal shoppers and private-jet travel providers to seek the best deals rather than over-the-top extravagances.
Heaven forbid! I had no idea!
Posted by:Bobby

#13  What the hell kinda' house needs more bathrooms than it has bedrooms ...?

You obviously don't live with women. ;)
Posted by: AzCat   2008-08-04 20:38  

#12  Jeebus, have you seen the price of arugala these days? And caviar is waaay out there!
Posted by: Deacon Blues   2008-08-04 19:10  

#11  Hearty congratulations on your new acquisition, FOTSGreg dear.!
Posted by: trailing wife    2008-08-04 18:58  

#10  Um, 6 bedrooms and 7 full bathrooms? What the hell kinda' house needs more bathrooms than it has bedrooms (my current one is 3 bedroom/2 bath, my future one is 4 bedroom/2 bath (in Oklahoma - 59 days and counting)).

Posted by: FOTSGreg   2008-08-04 17:23  

#9  Target rich environment -

"People are examining, 'Do you keep the yacht, do you go to the classic car auction, do you take the private jet?'" said Joseph Montgomery, managing director of investments at Wachovia Securities. "Those sound like nice problems to have, but at the same time, they are issues."
Posted by: Nimble Spemble   2008-08-04 16:09  

#8  I wonder if Mr DiRenzo has considered a short sale of his McMansion. ;)
Posted by: Swamp Blondie in the Cornfields   2008-08-04 16:00  

#7   From NW MI, last week the marinas along the Lake Michigan shoreline were nearly full, however very few of the motor craft left the docks of most of them, being used as vacation cottages instead. Moving craft were either personal watercraft or sailboats. In one marina I actually saw a fellow leave his boat, carrying an empty 5-gal gas can up the hill to the local gas station, to save a few cents on fuel.
Posted by: Anguper Hupomosing9418   2008-08-04 13:19  

#6  Joseph DiRenzo, a married 38-year-old father of three who left a hedge fund two years ago to enter commercial real estate.

Not enough greed in the hedge fund industry, Joe? Decide to go big time? Geez, too bad you got fucked...
Posted by: tu3031   2008-08-04 10:32  

#5  Gee, I had no idea they were suffering so.
Better get right on a stimulus package for the top 5%.
Posted by: bigjim-ky   2008-08-04 10:22  

#4  They are investing more conservatively, spending less on luxury goods and are being more thrifty with their credit cards. Many are asking their personal shoppers and private-jet travel providers to seek the best deals rather than over-the-top extravagances.

Asking their personal shoppers to buy store brands. Giving up Pâté de foie gras? Getting their carbon credits in order.

I guess they haven't got to the point where they are deciding between gas and food!
Posted by: JohnQC   2008-08-04 09:42  

#3  To be sure, the poor and middle-class are being hurt more,..

Nope, the official line is 'women and minorities are being hurt more'. Where's one of those elite editors or layers of fact checkers when you need them?
Posted by: Procopius2k   2008-08-04 08:54  

#2  'Skimping' are they? Try and find a room for the week end in Highland, NC... without reservations.
Posted by: Besoeker   2008-08-04 08:47  

#1  Haven't cut back yet on the RC Colas and Moon Pies, yet.
Posted by: badanov   2008-08-04 06:41  

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