TLP: Jets, Jewels and Yachts Making a Rebound, Even in This Economy

Sunday, April 11, 2010 , , 3 Comments

recovery for the rich
In case you were wondering, the rich are doing OK. Maybe not as well as they were, or think they should be, but OK. So don't worry about them. Really.

They are a tad miffed about it, though. Just ask Manhattan travel agent Rina Anoussi about her high-end clients. The New York Times did. “People are fed up, and they want to have a good time,” she told the paper. "They don’t want Italy 101. They want more exotic destinations like Kenya and Tanzania.”

Don't we all?

More from the NYT:
Business is also creeping back for hotels, yacht rental companies, jet brokers and jewelry stores — purveyors of the luxury goods that once seemed immune to a downturn but then took a megahit with the economy.

Some experts contend that much of the high-end spending before the recession was fueled by money borrowed by people who were trying to live beyond their means. Today there is a trend to reducing risk by cutting debt. But even people who came out of the financial crisis relatively unscathed are pulling back. The possibility of losing their wealth has become more real.

“Today if they buy, they are not willing to be embarrassed by overpaying,” said Jane Bayard, executive vice president at Warburg Realty Partnership of Manhattan. Though the Manhattan residential market has held up reasonably well, “there were times in 2007, for example, when there were multiple offers and people paid millions over the asking price,” Ms. Bayard said. “Today, nobody wants to be the last monkey in the tree.”

The what?

Anyway, something seems to be going on that makes it feel like recovery to some people. Maybe the economy is almost fixed. Then again, there are limits.

“Everybody has cut back somewhat,” Shannon Webster, who runs a south Florida boat-chartering business, told the NYT. “Even people who rented a 225-foot boat are saying, ‘Can I get something that is 50 feet shorter?’ "

For fuck's sake, don't let the neighbors find out.

The Lazy Paperboy

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


W.C. Varones said...

This is due to the asset bubble intentionally being blown by the Dirty Fed.

Rich people's stocks are skyrocketing even as poor folk can't get a fucking job and the price of gas is getting painful.

Fuck those evil Fedsters.

malus Diaz said...

"Eat the Rich!"

but seriously, i know so many people who are unemployed or severely under-employed (who the f thought that shit up, under-employed!)

Still long physical rice, beans, salt, sugar, flour, lead & lead delivery devices, and Popcorn & coconut oil to enjoy the show,

And by enjoy i mean sit in my seat petrified, right next to the emergency exit.

elf2006real said...

Aren't you rather ignoring that eating the rich is against the norm of history - more often it's the rich eating the poor that's natural?

And indeed that's what's happening now? Note you can define "poor" as middle class as well.

That's whose next, and why we have a health care Bill that hires zero doctors or nurses but 16,500 IRS agents.

The target: the last pot of money - the middle class "S" corporation. S as in sub chapter S - self employed.

It's where the middle class - read working middle class - and small businesses make (hide) their money.

They've already damaged and destroyed so many industries and drove them from our shores that there's no more real money there...

If you want jobs back, that means not just the evil Fedsters but the DC political and State pols must go - with their tax and buy vote scams with them.

Uh, that means no welfare, healthfare, Mediscare, etc...

You want to sell your civic soul - the vote - for Mammon - well the Devil has come to claim it.

Ask the Seniors.