The Bear Stearns Discount

This story in the Styles section of the New York Times this past Sunday summed up the mood here far better than I could:

"THE collapse of a major financial institution is usually an occasion for hand-wringing and tut-tutting over potential job losses, lower consumer spending and missed mortgage payments.

In New York City, it’s also seen as an opportunity.

For many of the city’s middle class, especially those in the creative class, who have felt sidelined as the city seemed to become a high-priced playground for Wall Street bankers, the implosion of the brokerage house Bear Stearns raises a tantalizing possibility: participation in an economy they have been largely shut out of."


Read the full story here:
http://www.nytimes.com/2008/03/23/fashion/23envy.html?_r=1&ref=style&oref=slogin


***Today marks my first anniversary of Ms Rubin Reports***