How Depressing: Bankers’ Wives Having To Go Without |

Bankers’ Spouses Deprived Of Luxury Items During Downturn - Business on The Huffington Post

Rich people finally forced to tighten their belts and watch their expenditures:

Milton Pedraza, CEO of research firm Luxury Institute, said he had heard of people putting summer homes on sale right after the Bear Stearns news broke.

But spending on yachts, jets, watches and luxury apparel had been weak for a while, with bankers reluctant to open their wallets in fear of more layoffs and reduced expense accounts, Pedraza said.

This belt-tightening will lead to lost revenue for interior decorator’s and high-end nightclubs and restaurants. Caterers will also feel the pinch.

On an up-note, Luxury car dealers are not seeing their business decline.

Of course, this makes perfect sense. If these rich folks ever lose their McMansions, there is always plenty of room to camp out in their Hummers!

(cross-posted: Hypocrisy.com)