The Lane Train

News and Pop Culture for the Blog Generation

No! Not The Hamptons! Oh Shit…

Posted by thelanetrain on July 7, 2008

Our economy is in the crapper and the signs are all around us: the national average for gas is over $4 a gallon, Starbucks is closing 600 stores, the Dollar is shit compared to the Euro and the Pound, and our Presidential election is between George W. Bush’s third term and a guy who wants to dramatically raise our taxes.  But luckily for the rich, they don’t have to worry about a shitty economy, right?

Wrong.  According to Gawker and Vanity Fair, the sub-prime mortgage crisis is now affecting the ability of well-to-do families to buy summer homes in The Hamptons, and many properties listed for under 10 million are just not selling, or worse, being foreclosed upon.  It’s like Stockton happening in our own backyard!  Why can’t the marginally rich vacation just like the super-mega-rich (those few who can afford homes of $20 million or more, the only market sector unaffected thus far).

It’s clearly a sign of the apocalypse, as prices continue to go up, up, and up while most people can hardly afford basic necessities anymore.  Is this just a huge conspiracy to make all Americans homeless and poor?

Click on the article links above for the full stories.


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