Through The Static

April 13, 2008

Despite Tough Times, Ultrarich Keep Spending

Filed under: Culture,Economics,Politics — disciplepete @ 7:58 pm

It’s good to keep in mind that we’re not all in the same boat, all jingoism and partriotism aside. NYT:

Who said anything about a recession? Sometime between the government bailout of Bear Stearns and the Bureau of Labor Statistics report that America lost 80,000 jobs in March, Lee Tachman spent roughly $50,000 last month on a four-day jaunt to Miami for himself and three close friends…

…He is hardly alone in his eagerness to keep spending. Some businesses that cater to the superrich report that clients — many of them traders and private equity investors whose work is tied to Wall Street — are still splurging on multimillion-dollar Manhattan apartments, custom-built yachts, contemporary art and lavish parties. (article)

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