Depending on what you read, the recession may or not be over. The business excesses of the current decade without a name are well documented - from LBOs to derivatives et al. And as the House of Representatives argues about the means to prevent a recurrence of our woes, let me take a moment to mourn the loss of excess. Will we ever see again such luxuries as once displayed in the Robb Report’s “Annual Ultimate Gift Guide?” www.allbusiness.com/retail-trade
Who among us will mourn the unavailability of a sterling silver tennis ball can for $1,750. Or covet the world’s most expensive bow tie in 24 karat gold with 22 karats of diamonds for $140,000. And gift giving has also taken a hit. Gone is the mink coat for a Cabbage Patch Kid doll that once sold for $400 or a working 24 karat-gold gumball machine set with 158 diamonds and jewels for a mere $100,000.
Some market corrections cannot get here soon enough.
By Sam DelPresto