Joy Ride: One Man's Recession-Era Spending Spree
Faced with the near-loss of his life savings, one New Yorker decided to use it or lose it.
These last few months, as others in the city have retrenched, and many on Wall Street and elsewhere have lost their jobs, Goldstein has finally cut loose. He moved from his studio apartment to one with 2 bedrooms, invested in a new restaurant chain, dined at fancy restaurants, and bought a new Maserati, one of the most expensive cars in the world.
It's been a wild ride, something that shocked his friends and surprised even him. Goldstein's been gobbling up those big-ticket items left behind by hedge-fund managers, investment bankers, and others in New York whose fortunes have suddenly collapsed.
Goldstein remembers the boom years this way: "You yourself are rich, and you're looking at them, and you're saying, I don't know how you're accomplishing that, I'm fucking rich, and I can't afford to spend that much."
He takes a good deal of satisfaction in being able to spend freely now. "To see it all come tumbling down on them, and to scoop up and harvest the things [my colleagues] have to give up… is something I feel proud of and enjoy the revenge of."
Goldstein's story may not be unique, but it runs counter to the perceived wisdom that this is a time for saving -- not for spending. Goldstein's experience offers a vantage on the differences, in both wealth and prudence, between 2 classes of the Manhattan wealthy in the latter part of the decade: the super-rich and the not-quite-rich-enough.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter