What recession? We're spending!!

> Dolly Lenz of Prudential Douglas Elliman said the bidding this year was “hotter and heavier” than previous years. “There is a passion now in the market I haven’t seen in a while,” she said.

lmao, so cold instead of freezing?

Well all that stimulus money hitting the banking sector, has sloshed around Manhattan.

I always thought that the very wealthy were spending lots of money during the last few years, but not in a conspicuous way. Maybe these wealthy people are just more willing now to be more public about their spending. Do you see willingness on the part of upper middle class people to spend more freely on clothing, restaurants and the like or is it just the people who are incredibly wealthy who are doing this?

Well, this is great news. Now we don't have to spend $700 billion to give these rich people tax cuts.

Retailers across the board have done well this year. Even those selling aspirational products like Coach and Apple have done well.

Yeah, I can't figure out this economy. Rich get richer, poor get poorer & middle squeezed into non-existence? And how do we now define rich & middle?

Now we don't have to spend $700 billion to give these rich people tax cuts.

So you propose the government take steps to to weaken consumer demand?

I am rarely so crass, but have to say that if you take Dolly Lenz's words at face value you are an idiot.

If not true: this is just plain and simple brokering 101, suggest that there is scarcity and that if you don't act early you will "miss out".

If true... far more interesting implications: Most home owners go off of the traditional calendar -- that people start -- START -- looking for rentals in February. A ton of homes aren't even listed yet. The ones that are up are certainly not negotiable. So why look now? Anyone looking now is SUPER particular about what they want. Someone who is super particular and very wealthy ($400,000+/- to blow on a season) would be a buyer not a renter.... Unless homes were unrealistically priced. So, Dolly, why not talk about how still-crazy sales prices are driving people to the rental market. That would be more interesting.

> Well, this is great news. Now we don't have to spend $700 billion to give these rich people tax cuts.

second that!

> So you propose the government take steps to to weaken consumer demand?

Weaken stupid frivolous demand by transferring the funds to R&D, Infrastructure, Food Stamps, Health, Education, ... What's not to like? The job of "entertainer of the wealthy" is in general a crappy job in the service industry. A job in higher education and building infrastructure and especially in R&D are not only better jobs for the worker, but also good investments for every single taxpayer. Let's get it done! Taxing these fellows will give the taxpayer $ of the bailout back the easy way.

dwell, how to define "rich and middle" is an interesting question. To me, the wealthy are people who really do not have to worry about money even in difficult economic times. This category should exclude most people, probably 97% of all people, maybe higher than that. Everyone else worries about their jobs, saving money, how much to spend and how much to save. Good news to me if more middle class people are spending a little more freely, but I see plenty of people who are very concerned about their jobs and liquid and non-liquid assets retaining value.

correction - 99% of all people

correction - their jobs and their liquid and non-liquid assets retaining value

Notadmin, the government's done a terrific job of allocating capital. Just look at the tech and real estate bubbles, so why not give them a 3rd or 4th chance?

"So you propose the government take steps to to weaken consumer demand?"

Straw man argument. The rich know their taxes are going up, yet they are still buying.

I heard of a nude hairy apeish guy living on west 67th street who recently bought a new yacht. And he has a Platinum card that he gives to a 7 year old to buy puppies.

Yes, agree, lobster.