Thursday, October 8, 2009


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?”

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

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