Last Updated: October 6, 2008 10:51am ET

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Party Like It's 1999

By Jonathan D. Miller
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Saturday night. Roof top 40th birthday party--Chrysler Building and assorted other skyscrapers shimmering over the cityscape in the distance. The host, a hedge fund guy, thanks everyone for coming "in spite of the tough week." Champagne is passed and a lemon scented birthday cake rolled in on a cart for his wife to blow out the the spritzing sparklers. The DJ played Prince's "1999" but most of the well-heeled crowd--mostly financial types--gathered around talking about what would happen next in stead of heading out on the dance floor.

Would the new condo project at 86th and West End sell out its multi-million dollar "pre-war" apartments. The word in the neighborhood is that sales are slow and slowing. The good news is a nearby project on the drawing boards won't block one partyier's views--it's been shelved. But she looked glum-faced anyway when she thought about how her own coop might lose 20% of its inflated value. And then there was her hubby's bonus--any chance he'd not get one?

It was a bit hush-hush but parent talk at the sushi table centered around how kids were being pulled from a top private school--at $41,000 the tuition and extras is hard to swallow when you've lost your job at one of the big banks.

A hedge fund marketing chief pondered all the hand-holding she'd face this week as Euro clients called for withdrawals. "We're very low leveraged, but it doesn't matter, everyone wants to pull their money out."

Nearby another hedge funder ("he's one of the most successful in the business") sat slumped in a chair, looking anything but festive. A woman bantered with his wife about going back to serving her son macaroni and cheese. "Maybe hold the cheese," she laughed after having one too many.

Indeed, the berried Persecos and peachy Bellinis went down awfully easily. A few couples started dancing to Nancy Sinatra's--"Boots." They mouthed the words "and one of these days these boots are going to walk all over you."

Indeed, "Party like it's 1999." Unfortunately, it's 2008.      

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Comments+ Add your comment

Posted by comment_user_455128

It is time for all the players to step back, take a deep breath and jump off any building over 3 stories. We all need a new start. Now is the time.

October 07, 2008 at 05:35 PM EDT #

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