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With the recent turmoil in the financial markets including the collapse of Lehman Brothers and the federal bailout of AIG, will more wealthy New Yorkers look to move out of the city and head to Buenos Aires where the dollar is stronger?
While this may not happen (we certainly hope not), this week has certainly been an interesting one for the entire financial services sector and no one even thinks that it’s close to being over with. One of the more interesting things still to be seen is how this financial crisis affects other businesses that rely on Wall Street money. This is especially relevant in NYC where the luxury industry, real estate, plastic surgeons, restaurants and nightclubs heavily rely on Wall Street’s notoriously high bonuses. The Wall Street Journal published an interesting (and amusing) article about this today - As Times Turn Tough, New York’s Wealthy Economize: Plastic Surgeons, Jewelers, Yacht Builders Brace for Leaner Times; Saying No to Caviar. You can read the full article through the preceding link (or here if they require a subscription), but here’s some of the more entertaining quotes:
…A nose job in a hospital with a private nurse in attendance had been something of a rite of passage for Joan Asher’s children. But when her fourth and last child was ready for her own rhinoplasty recently, Ms. Asher asked her to postpone it. The financial markets were simply more out of whack than her 16-year-old’s proboscis…
…Patricia G. Hambrecht, who helps private clients buy and sell high-end jewelry, this week watched a client in the financial-services industry slash his budget for his wife’s wedding anniversary present to $20,000 to $25,000 from $50,000…
…On Thursday, a New York mother of two young children asked … whether she could find a good nanny willing to work for less than the $1,200 a week sought by a candidate she had found elsewhere…
Luckily, Ms. Asher’s 16-year-old was able to get the nose job when the plastic surgeon did the procedure in his office rather than the hospital, saving them $2500. Let’s hope they don’t decide to move to Buenos Aires next to try and save some money.
UPDATE (9.21.08): The Los Angeles Times just published a similar story today - Wall Street’s Pain is Acute for New Yorkers. And, New York Magazine has a similar article - How a Smaller Wall Street Will Affect the City.
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5 responses so far ↓
1 Hernan // Sep 22, 2008 at 4:18 am
I copied your idea of random observations… but in Idaho!!!!
2 DaVe // Sep 22, 2008 at 5:31 pm
I like it! It’s finny to see the two sides to cultural observances. But remember, Idaho is not the United States! Sounds like an interesting town you’re in. Best of luck.
3 Stan // Sep 23, 2008 at 2:02 pm
Doubt many will end up here. A lot of these people are used to being very highly paid without doing all that much. They are now being introduced to the real world.
The L.A. Times story talked about a woman who was making $240k on wall street but is now a bartender.
4 tom // Oct 2, 2008 at 4:59 pm
hopefully not..greedy NY’rs and global bankers stay away. Destroyers of nations and culture.
5 DaVe // Oct 3, 2008 at 2:34 pm
Tom - yeah, I was mostly kidding in this story… Most New Yorkers don’t fit the extreme examples theses articles cited.
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