How bad is the recession? So bad that it's 'eroding' the 'foundation' of real estate in the Hamptons! No seriously, a billionaire's beach house is literally sliding into the ocean. And it gets worse!
I mean, the fact that the Hamptons homes of Ron Lauder and Calvin Klein's daughter are both close to being reclaimed by the sea, because of beach erosion, could be taken as a sign that god is having his revenge. Nothing to worry about for us poors, right? But then the New York Times had to go out and talk to some New York economists about the economic future of NYC. Why must you remind us about the future?
—"Some people have compared this recession to the Great Depression. Mr. Marlin's view? It could turn out to be worse." How much worse, Mr. Marlin?
—"I'm concerned about people being so desperate that they lose the fear of losing their own lives and they become so desperate that they're willing to endanger other people's lives," he said.
Nice. Also nobody is shopping at malls any more so forget about your backup career at Foot Locker. Desperately shoveling sand onto a billionaire's beach house foundation is now the last ray of hope, employment-wise. [Pic via]