The economy may be making life difficult for many Americans these days, but the heroic super rich are steadfastly spending and showing the growing mass of poor how wealthy they are. From the NY Times:
Buyers this year have already closed on 71 Manhattan apartments that each cost more than $10 million, compared with 17 apartments in that price range during all of 2007. Last week, a New York art dealer paid a record $1.6 million for an Edward Weston photograph at Sotheby’s. And the GoldBar, a downtown lounge, reports that bankers continue to order $3,000 bottles of Rémy Martin Louis XIII Cognac.
“When times get tough, the smart spend money,” said David Monn, an event planner who is organizing a black-tie party on May 10 for dignitaries and recent purchasers of apartments at the Plaza Hotel; the average price there was $7 million. “Short of our country going on food stamps, I don’t think we’re doing anything differently.”
Even if the economy is of food stamps these magnificent people won't cave in. Why would they? A person with $100,000 in savings might get hurt in the economic downturn and lose 90% of his puny worth and be poor and laughable with his food stamps and rented apartment and used clothing. What a loser! Ha ha ha! Stupid poor loser. Many of the mighty super rich can happily lose 90% of their wealth and still be multi-millionaires. That's why they're so awesome. They can wreck their $600,000 car when the economy is down and laugh at the homeless guy pinned under the fender. These things don't faze them. They're super! And rich! And when and if the economy starts to get better, the stupid poor will only have a few quarters to invest! They'll never get rich like that! Stupid jerks! Meanwhile, the super rich will simply tell their investment manager to buy some more buildings and companies and stuff. Doing such great things with such ease! Magnificent! The super rich don't even have to invest wisely. A million here, ten there, hundred there. The economy has to get better at some point and when it does they will do what they do best: Get super richer. Bravo, super rich. Go out and buy yourself something nice. You deserve it.
(creative commons photo attributed to Flickr user Tracy O)