Do these high powered corporate execs know something we don't? Hermes (-er-may) the French designer house opened their door to their killer sample sale!! Some carried a Birkin bag, that starts at about $6,000.00 in a consignment shop..with their pinstripe suits, briefcases and oversized sunglasses cool as a cucumber..
Hopping out of Escalades, for an invitation only sale that opened to the public later. Bargains start at $900.00 for a pair of boots. This sale was on 18th street in Manhattan about 20 blocks from Wall street.
What kinds of women would line up for a sale during a recession ? try an executive, whose office is in charge of preparing the Securites and Exchange Commission's filings to comply with hedge fund regulations that have just passed. Or another woman who preferred to buy Hermes stocks rather than Sirius.
With the Wall Street Journal tucked under their arm, the philosophy was buy something nice, if you look good you feel good. All of this gloom, and panic is not something we want to engage in. Be careful of all these scaremongers. Sure you may want to carpool, to afford groceries. But the rich are not sweating this one bit.
While the pundits are telling investors to not take their money out of the banks, it does sounds like the World Trade Center panic,where people were told not to leave the building.
In fact, Chase Manhattan is solvent and today I saw a commercial which invited depositors to apply for home equity loans; Wachovia which has $290 billion dollars in deposits, was bailed out by Citigroup to cover the mortgage portfolio losses.
The so called stunning defeat of the $700 dollar Congressional bailout,
is political posturing.
Posted By: Marta Fernandez
Monday, September 29th 2008 at 6:12PM
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