Is Bling Over?

Wall Street Journal:

Francesco Trapani, chief executive of Bulgari Group, is cutting back on the fixed costs of his jet-setting lifestyle. The jewelry, luxury-goods and hotel magnate recently sold his 137-foot yacht, the "Christianne B," and he's holding off on buying any more homes. Even his bespoke Micocci shirt was slightly frayed at the collar last week -- a fact he acknowledged with an apologetic smile.

"I'm being more prudent," Mr. Trapani said. "I spent a lot of money this summer renting houses and things. But when the summer's over, it's over."

Read the whole story: Wall Street Journal

Comments

[sowhatdemos]

02:34 AM on 10/10/2008

People have been living on borrowed times (and money) for too long. Yes, the era of bling and greed is coming to an end and it is time.
Those of us who have always lived in modest conditions understanding belt tightening and it is finally trickling up, a wonderful day indeed!
The era of selfishness and greed is over and thankfully we have a gifted, intelligent, calm man to lead us out of this darkness. PRESIDENT BARACK HUSSEIN OBAMA!!

[bpowell1]

12:21 AM on 10/10/2008

I hope like hell it is. Because it looks foolish to begin with. And outside of New York I've never seen anyone walking around like that. Because they would get robbed especially right about now. I think even the wealthy have to be a little scared right about now. This aint looking good for no one.

[ForRichardorPoorer]

10:56 PM on 10/09/2008

It's happening. A redistribution of wealth and power in this country.

[noir]

10:28 PM on 10/09/2008

Nope...At least not in the Hood....

.................................................HOOD ECON 101...........................................................

Diamonds allow us to transfer currency into a medium that prevents the mattress stuffing or having to put money in the bank...

When one gets hard up there's cash on demand...Diamond pendants set in 32 carat gold or platinum a year ago to date has increased dramatically in value...

Also it aides in hiding sums of money that would otherwise cause the IRS to snoop if it were in a bank account...

Don't get it twisted...It's not about the fad...It's about the liquidity...

[StephenJK]

06:11 AM on 10/10/2008

Then why are you stupid enough to wear it on your ear to the club or outside your dwelling for that matter?

[gallery]

10:21 PM on 10/09/2008

let's hope so.

but I'm keeping my platinum grill cause it's in my face already.

[Trittydi]

08:21 PM on 10/09/2008

Not if you're in the egregiously rapacious top 2% of the population.
*

[GrainOSand]

10:37 PM on 10/09/2008

It is all economies of scale.