“Incomes in “The OC” are 25% higher than average for the state and unemployment lower. But even here, the US recession is biting. House prices have fallen nearly 30% in a year and now about one home in every 250 is at risk of foreclosure, or repossession.America’s wealthy are hurting, so this is a get-together with a difference: a gold party.
Guests bring old unwanted jewellery and sell it. It is tupperware for tough times. Not so much a bring-and-buy as a bye-to-bling….”
And meanwhile, a vulture investors tells it like it is:
V: I heard this yesterday: The top five U.K. banks have $10 trillion of assets and their GDP is only $2.13 trillion. The whole country could fall into the ocean. The top five U.S. banks represent only about 60 percent of GDP by comparison. The other thing is a survey that I just read about in the Times. Over six in ten Americans think that someone in their household will lose their job in the next year. That means six in ten people won’t buy anything other than basics. The economy comes to a full halt even worse than now….