Stage 3: Moral Hazard

Many in attendance ponied up what they thought they could afford, not what they owed. They ate and drank whatever the hell they wanted, naturally, but when the moment of truth arrived, they sidestepped it with little, if any, discernible guilt.

Stage 4: Bailout

Clamoring to plug the leaks now, the birthday girl asked for handouts on behalf of revelers who were in over their heads. There were more than a couple of loans made to upside-down borrowers that night.

Stage 5: Rewarding Bad Behavior

Eventually, they got the bill straightened out. It just took the right combination of capital injection and stretched credit, the consequences of which wouldn't be fully realized until the booze wore off.

From there, they went to a nearby nightclub where they found a teat to suckle. You know, some dude who thinks: striped shirt + paying for bottle service = guaranteed hook up.

And suckle they did - until approximately 4:00 a.m., when they all stumbled into their ill-advised (but fabulous!) studio apartments that eat up 50% of their paychecks.

***

Thousands of the city's heavy hitters are out of work - or will be by the time the dust settles. In many instances, bonuses will be sacrificed to the PR gods - or just to the recognition that year-end windfalls should be an effect, not a cause. This will stamp out a good portion of the city's purchasing power. There simply aren't enough euros changing hands at Frette's Madison Avenue location to compensate.

Luckily, New York is full of refuseniks who, armed with dwindling savings, maxed-out credit cards and a lack of better judgment, will keep the engine of commerce churning.

Right.