Monday, June 2, 2008

More Money, More Problems

It's good to know that the economic downturn is affecting the filthy rich — i.e. the same Wall Street dipweeds who lobbied for the de-regulation that caused the downturn in the first place. The Times reports that the priceless art, multi-karat diamond, and private jet rental markets are all suffering as the Greenwich pigs tighten their belts, metaphorically, and loosen them literally — trainers and personal nutritionists are also getting cut back.

Justin Sullivan, managing director of Regent Jet, which leases private airplanes, said most clients in real estate and on Wall Street are switching to chartered jets over private jets, and cutting their flight budgets by about 25 percent. One New York real estate developer cut his budget to less than $250,000 a year from $1.5 million a year.

“A year ago, he would have only flown Gulfstreams,” Mr. Sullivan said. “Now it’s moving to the point where he’s flying Beech jets and Learjets.”

A year ago, I would've only eaten Frosted Flakes, but it's gotten to the point where I'm eating generic brand "Sugar Flakes." Let's all pray for the economy before I have to start buying that bottom-shelf cereal that comes in plastic bags.

The economic fallout is also affecting the personal lives of the super-rich, with one guy confessing to his divorce lawyer "that his net worth had decreased to $8 million from more than $20 million, and he thinks that his wife will leave him. He has hidden their fall in fortune by taking on debt to pay for her extravagant clothes and vacations." I can't help myself: Ha, ha! You're trapped in a loveless marriage with a gold-digging bitch!