Despite the fact that some "regular" folks have been completely screwed by over extended banks pulling their mortgages at the last minute recently, the IHT reports that in the Hamptons, it's business as usual. Sure a broker or two may be crying in his Cristal over the bumpy market — one shrink tells the paper that "You lose half of what you've got in the bank and, to them, they've lost half their ego. The volatility in their mood tracks pretty evenly with the volatility in the market. There is a sense of things falling apart." And of course there's a local angle to all of this:
International Herald Tribune: Despite Market Turmoil, Wall Street Playground Still Flourishes: Janet Finkel, a Brooklyn Heights resident who owns V2K, a window treatment company, said she was selling her home in East Hampton for $1.7 million. The sale had been supposed to close in October, but Finkel said the buyers wanted to close this week because they were concerned that their financing might fall through if they waited.
"Banks have changed the criteria for lending," Finkel said while relaxing on the beach in Southampton. "This is the end of the easy-money boom."