I am still getting offers from wine merchants around the world for high end Bordeaux, Burgundies and other rarities, and I have to say that I hardly look at them any more. It just doesn’t seem relevant at the moment to what’s going on outside, with the economy continuing to melt down.
I just read in the International Herald Tribune that the top 20 US banks are going to go through "stress tests" which "will use computer-run 'what if' situations to estimate what would happen to each bank under Depression-like conditions, with unemployment surging to 10 or 12 percent, for example, or home prices dropping 20 percent further, Treasury and Federal Reserve officials said."
Just reading stuff like that makes me feel stressed! Some people say that we are already in a Depression, with real unemployment in two digits. Apparently, it depends on how you calculate unemployment. Some estimations do not take in to account part-time employees who can’t find full-time work and those who have just given up looking for a job.
But it all makes me just pass over the e-mails with offers of hyper-expensive rare wines. And I haven’t seen prices drop enough to make it enticing to buy them.
At one time, these wines were described as "investment quality." Maybe they will be worth investing in again, just like bank stocks? Who knows? Today, no.
But a good glass of wine is just what we need now with all the bad news. As I have written before, it's a drinkers' market, not an investors' market.
Matt Scott — Honolulu HI — February 23, 2009 11:55am ET
Morgan Dawson — Rochester, NY — February 23, 2009 12:36pm ET
John B Vlahos — Cupertino Ca. — February 23, 2009 1:16pm ET
Bradley Wright — Cincinnati, OH — February 23, 2009 2:09pm ET
Scott Cheney — February 23, 2009 4:04pm ET
Troy Peterson — Burbank, CA — February 23, 2009 5:09pm ET
Karl Mark — Geneva, IL. — February 23, 2009 6:30pm ET
Jeremy Matouk — Port of Spain, Trinidad — February 23, 2009 6:46pm ET
Jeffrey Ghi — New York — February 23, 2009 11:31pm ET
Laurence Bernes — London — February 24, 2009 3:20am ET
Jason Carey — willow, ny usa — February 24, 2009 3:15pm ET
James Rego — Redding, Ca., Shasta County — February 24, 2009 11:45pm ET
Laurence Bernes — London — February 25, 2009 3:12am ET
Michael Tracy — Corona, CA — February 25, 2009 7:14am ET
James Suckling — — February 25, 2009 8:08am ET
Ed Hendrycks — Ottawa, Canada — February 25, 2009 12:43pm ET
Tony Wood — Brighton U.K. — February 25, 2009 6:03pm ET
Lorenzo Erlic — victoria canada — February 28, 2009 4:26pm ET
Richard A Eckert — Encinitas, CA — March 4, 2009 6:15pm ET
Sips & Tips | Wine & Healthy Living
Video Theater | Collecting & Auctions