The nanny bubble
economist.com
<< More recently, America's stockmarket bubble has started to affect property, jet time-sharing and wine. But the latest example of such madness, according to Barton Biggs, a veteran investment guru at Morgan Stanley Dean Witter, is the nanny bubble.
Rich investment bankers with lots of children are moving into huge mansions ("starter castles"), where they need not one, but often two live-in nannies. But there are not enough to go round. So the price of nannies in Greenwich, Connecticut, where Mr Biggs lives, has soared. The hourly baby-sitting rate is nudging towards $20, while a live-in nanny can cost up to $700 a week, not to mention the cost of essential perks, such as a car and tennis lessons.
Like all bubbles, warns Mr Biggs, America's current nanny bubble will eventually burst. Mary Poppins, the most famous nanny of all, was able to soar high, but even she eventually came down to earth. >>
Let's blame it on the nanny!
:-))
John |
