Everyone from Alan Greenspan to Billionaire George Soros and less endowed politicians like Barack Obama and Hillary Clinton are uttering the "R" word these days. The AP has a report today on how a growing number of Americans are so affected by the economy that they "won't buy a home anytime soon." But the rich, as they say, "are not like you and me." The New York Times has a report on how the ultra-wealthy are still signing their checks away to private jets, hummers, $40K weekends in Miami, and much more. First read the excerpt below from the AP article on how people are reaction to the housing crisis. Then read about how the wealthy are still living it up.
A growing majority say they won't buy a home anytime soon, the latest sign of increasing pessimism about the nation's housing crisis, a poll showed Monday.
In a vivid sketch of how the sputtering real estate market is causing distress throughout the country, the Associated Press-AOL Money & Finance poll found that more than a quarter of homeowners worry their home will lose value over the next two years. Fully one in seven mortgage holders fear they won't be able to make their monthly payments on time over the next six months.
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.
The trip was an exercise in luxuriant male bonding. Mr. Tachman, who is 38, and his friends got around by private jet, helicopter, Hummer limousine, Ferraris and Lamborghinis; stayed in V.I.P. rooms at Casa Casuarina, the South Beach hotel that was formerly Gianni Versace's mansion; and played "extreme adventure paintball" with former agents of the federal Drug Enforcement Administration.
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