I got a call from my friend Didi the other day. She was on hercell driving her kids to a concert and wanted to know whether thereal estate kingpin she is acquainted with is going to "lose it all-- it's been all over the papers." Didi was "scared." Shesaid she had just talked to her friend whose husband has made afortune at one of the big surviving investment banks, but isn'texpecting much of a bonus this year. Her friend told her "everyoneis real down in New York" and "no one knows what's going tohappen." Didi's hubby, meanwhile, is making ends meet consultingsince being squeezed out of his big ticket job in a financialmerger -- but job hunting has proved daunting and theirlaissez-faire lifestyle may need to go on hold. She says she wantsto sell her posh house to raise cash, but "whose going to buy rightnow. It's really scary."

I tried to get a word in edgewise. The real estate kingpin wasgoing to get taken down a few notches, I said, but would probablyend up much better off financially than most everyone else despitescrewing up and probably getting bounced. In the end that'sthe benefit of being a kingpin... As far as New York is concerned,I dittoed her friend's comments and suggested she should ease up onher spouse. With the financial industry in severe contraction,finding high pay work is a steep climb these days unless you're aworkout specialist or a bankruptcy attorney... Selling a propertyin the midst of the tailspin doesn't make a lot of sense, Ireminded her, unless you're willing to meet buyers' low ballexpectations. "Look," I told her. "It's time to put away the creditcard" and spend only on essentials. "Put the kids first, " Iadvised. She liked the sentiment "putting the kidsfirst."

Then Didi confided she was depressed and didn't get out of bedthe day before. Actually, she admitted she eventually got up andwent out and bought several expensive pairs of designer shoes. "Itmade me feel better," she said.