What Stock Market Crash? Bush has $$ in the Bank.

While everyone freaks out about the stock market crash and bailout negotiations, a certain someone is still sitting pretty…

Oh The Humanity! Economic Downturn Impacting Wives of Rich Asshole Bankers

It looks like we’re staring down the barrel of a pretty healthy recession and it’s important to remember the people truly being affected by the economic downturn- the wives of rich bankers. The NY Post reports that the spouses of some of the guys behinds the Bear Sterns meltdown are cutting back on basic necessities like high end interior decorating. They have it:

“We only had about $50,000 worth of final touches [to go], and the wife called me last week and said stop,” said interior designer Darren Henault, whose work has been featured in Vanity Fair and Elle Decor.

“She said they’re not poor, and are never going to be poor,” Henault said, “but their capacity for discretionary income for things like window valances just went out the window.”

It just reminds me how cold and cruel the world can be.

Link [New York Post]

The Oracle of Omaha Loves Him Some Railroad Stocks

Get this- railroads are hot again. CNN Money reports that Warren Buffett has been quietly buying up stock in railroad companies.- he got 18% of Burlington Northern Santa Fe in January. Railroads were deregulated in 1980 and the industry has been on an efficiency boosting tear since then. Productivity has more than doubled since 1990 and technological advancements have pushed fuel efficiency by more than 80% since 1980.

Railroads are a lot more efficient than trucks, emitting 65% less emissions than trucks alone on trips over 1,000 miles. Expanding capacity on the rail network is not easy and demand is rising so the railroads are able to raise prices. Railroad stocks have mostly been immune to the softening in the market and after word of Buffett’s buy got out the companies he bought into all saw boosted stock prices.

It’s good (for your bank account) to be green(er).

Link [CNN Money]