Tuesday, September 23, 2008

No One Covers the Travails of the Wealthy Like The NYT, Unless It's the Wall St. Journal. Cutting back on caviar

The Wall St. Journal keeps the pressure up on the New York Times in terms of coverage of the impact of economic problems on the super rich.

The latest installment: "As Times Turn Tough, New York's Wealthy Economize: Plastic Surgeons, Jewelers, Yacht Builders Brace for Leaner Times; Saying No to Caviar." One anecdote made the point that ostentatiousness is in decline -- even if actual amounts the wealthy spend is not. One person, throwing an elaborate dinner party, made some changes to the menu: "Out went the caviar and truffles and in came Wagyu beef instead. The new menu won't cost any less...but "it's less overt."

'Saying no to caviar"?

Is nothing sacred?

On the other hand, the Journal subsequently ran an article about the impact of the economy on health spending: "Consumers Cut Health Spending, As Economic Downturn Takes Toll."

That actually seems more relevant than people cutting back on caviar purchases.

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