From the Bad Timing Department: The Millionaire Fair

[DeSwiss]

From the Bad Timing Department: The Millionaire Fair


Robert Frank, Senior Writer | WSJ - The Wealth Report | December 1, 2008, 1:10 pm


Photo credit: miljonairfair.nl

The Millionaire Fair seemed like such a good idea when it was launched in 2002. Gather together all the companies that sell to the rich–watch makers, Bentley and Rolls Royce, furriers, jewelers, champagne makers, yacht builders, private jet brokers–and invite wealthy consumers for a night of conspicuous consuming. It is a kind of traveling flea market for billionaires, with free vodka.

These days, the Millionaire Fair doesn’t look so flush. At a http://www.guardian.co.uk/sport/feedarticle/8091682">Millionaire Fair held in Moscow, yachts were being offered at two-for-one discounts, and there still weren’t any takers, according to a Reuters article by Simon Schuster. Crowds were thin and a lot of the attendees were journalists, a sure sign of crisis.

The master of ceremonies, Ksenia Sobchak, put a brave face on the proceedings. She congratulated the attendees for having the courage to attend, this being Russia with its history of revolutions and all. “Everyone is a superhero for finding it in themselves to come here tonight to try to bask in the luxury,” she said. Willy Tokarev, a mustachioed singer dressed in a canary yellow suit and matching shoes was more philosophical: “The crisis will teach us discipline, to cherish what we forget to cherish.” Like, say, money.

Premier Yachts was selling 18-meter yachts and throwing in a 10-meter yacht for free. “Nobody has taken us up on it yet,” said a Premier rep. The Fair’s next stop is in Amsterdam, and the scene may be even grimmer. News reports say a coalition of socialists, anarchists and artists are planning http://www.nieuwsuitamsterdam.nl/English/2008/11/millionaire_fair.htm">Millionaire Fair protests. Their rallying cry: “Let the rich pay for the crisis.” Calling the Fair an “absurd contradiction” given the tough times for most consumers, the groups will wave banners, blow whistles and bang pots and pans–instilling certain fear in the hearts of pan-fearing, Dutch millionaires.

Of course, the protesters have every right to make their voices and whistles heard. But the demise of the Millionaire Fair won’t come from protesters–it will come from a lack of millionaires. And that would be bad for everybody.

http://blogs.wsj.com/wealth/2008/12/01/from-the-bad-timing-department-the-millionaire-fair/">LINK

- I'm afraid I'm going to have to consign this theory of Mr. Frank's where he believes that a lack of millionaires would be "bad for everybody" -- to the realm of Voo Doo Economics. Because we've already seen that a plethora of millionaires doesn't work out so well either.

Although I must say that the "Buy One Yacht, Get One Free" promotion seems kinda "middle-class" for such a Hoity-Toity affair. And I'm sure that it must have made the attendees feel embarrassed as well.

I mean, its almost like they were shopping at Wal-Marts or something....
==============================================================================
DeSwiss


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[BlueJazz]

1. I'm a proud member of my own exclusive "Fair" I doubt if you Peons could get in.