It’s really disheartening to hear about consumers cutting back on spending when they should be, if anything, ramping up ridiculous, unnecessary, horrifically indulgent purchases, as if to say S a D, Nouriel Roubini. And yet they’re not, particularly in America because a. people here believe in this mythical “recession” and b. people here are pussies. Pussies that could learn a thing or two from the superwealthy in Eastern Europe, Russia, the Middle East, who currently snapping up not just yachts but thirty million dollar “megayachts” while John Devaney quietly weeps on his twenty-five foot power boat. I encourage every DealBreaker reader to get out there and pick up one of these things, whether or not you think 6,500 square feet of interior living space, 3,500 square of feet exterior space, and 15 bathrooms is a bit much. It’s not about you, it’s about the economy. If Jimmy “I’m Doing It For The Greater Good” Cayne can man up and start buying White Widow by the barrel, you can do this.
Related: When Hedge Fund Losses Hit Home
As Economy Slips, Yacht Sales Skyrocket [ABC]