Affect of "Restrained Indulgence" on R.E.

The Wall Street Journal may have just trumped irrational exuberance in coming up with this one. Bottom line is I think a larger percentage of bonus dollars will be budgeted toward savings over consumption than in years past. ----------------------------------------------- Austerity is a relative concept on Wall Street, where year-end bonuses are measured in "bucks" (millions) and flying private is... [more]

The Wall Street Journal may have just trumped irrational exuberance in coming up with this one. Bottom line is I think a larger percentage of bonus dollars will be budgeted toward savings over consumption than in years past. ----------------------------------------------- Austerity is a relative concept on Wall Street, where year-end bonuses are measured in "bucks" (millions) and flying private is often considered a basic human need. Yet this year, amid the largest decline in bonuses since the onset of the financial crisis, the Street's big spenders are reining in their seasonal shopping spree in favor of more restrained indulgence. Brown-bag lunches aboard the Gulfstream are just the start. December is usually a time when bankers crowd the showrooms and aisles shopping for their next big bonus toys. But jewelers, sports-car dealers and yacht brokers say bankers this Christmas are hard to find. "We haven't seen them come in yet," says Jeff Drajin, looking out over a largely empty showroom at Manhattan Motorcars. Mr. Drajin, who sells Lamborghinis, Bentleys and Lotuses, says that in the good old days of 2007 and even 2009, December would see bankers start pouring in. "This year is different. It's a little quiet." http://online.wsj.com/article/SB10001424052748704681804576017710083109034.html?mod=WSJ_hp_LEFTTopStories [less]