Wow, what a day on the Indian equity markets…Sensex down 1070 points and the Nifty down 360 points. Currently the Sensex is EXACTLY where it was when I landed 3 years ago at 8,700. And the fun is only beginning the Dow Industrial Futures are down 550 points – limit down. I can honestly say I have NEVER seen this happen before. But that is not the reason I’m speechless, I read this NY Times article this morning and having a very tough time trying to sympathize with this family:
…Last month, Mrs. DeCicco, 32, was laid off from her $35,000-a-year job managing a hotel business center in Orlando, and the family moved north where Mr. DeCicco, 28, a security guard supervisor for SecurAmerica, could earn $13 an hour instead of $10.
…these include a four-piece marble and mahogany bedroom set for which they paid $8,000 after they refinanced their house two years ago.
WTF, are you kidding me? Mrs. DeCicco spent nearly 25% of her yearly salary on a marble and mahogany bedroom set. Dude, I can’t even begin to comprehend how you could justify this purchase, based on this logic everyone should be living in McMansions, driving leased cars and living beyond their means…oh wait…