As Economy Slips, Yacht Sales Skyrocket

This ABC News story (http://abcnews.go.com/Business/BusinessTravel/story?id=4312308&page=1) gives a perfect glimpse at the priorities of the Chimperator's economic view. To Hell with the middle class as long as yacht sales go trough the roof. As numerous stories to date have note, the disparity in incomes is widening in the USA and in some cases looks more like what might be expected in a second rate banana republic. Meanwhile, most in the GOP appear oblivious - or uncaring - as to what is happening. No wonder 75% of the population believes the country is headed in the wrong direction. Here are some story highlights:

Forget all the talk about mortgage foreclosures and a looming recession. Instead, close your eyes and imaging yourself on a boat sailing the Caribbean. Not just any boat, but a megayacht that is two to three times the size of your house. On board is every luxury you could ever imaging. You can lounge in a Jacuzzi on the top deck while you or your crew barbecue. Prefer something less casual? No problem, a deck or two down is your formal dinning room with a table that seats 12. Your master suite is large enough to accommodate a king-size bed, walk-in closet and of course your own private bathroom with another Jacuzzi. Fine marble and woodworking adorn every corner of the yacht.

Ready to buy? It will cost you $30 million and up. And don't expect to get your yacht any time soon; there is such demand today for these over-the-top boats that it could take four years before you ever set sail. That's right, while the U.S. economy slows — if not enters a recession — the demand for these toys for the ultrarich has never been stronger. Several luxury shipyards have seen sales double in the last five years. The rich are not just buying more yachts, but larger and larger ones.

But everything is not perfect for the owner of today's megayacht. For one, Buckley said, while shipyards have been ramping up operations to meet the explosive growth, there has not been a similar growth in good crews. Many owners are having trouble finding the people to man their ship. Then there is the issue of where to put the yachts when in port. Buckley said that the popular ports in Monaco, Saint Tropez and Corsica simply don't have room for these ever-larger yachts. They could be anchored offshore and the owners could get to town on smaller tender boats. But Buckley points out that if you own one of these yachts, "you want to be seen."