The economy may be in recession, but the Champagne flowed freely at Tuesday’s celebrations of the inauguration of Barack Obama — thanks in large part to donations from some movers and shakers on Wall Street.
Those figures don’t include the $124 million that federal, state and local governments are providing to pay for security and the official swearing-in ceremony.
The finance, insurance and real-estate industries have been at the center of the recent economic storm, but even so, people who work in those industries contributed at least $7.1 million to help fund the dozens of events and parties celebrating Mr. Obama’s official move into the White House, according to the Center for Responsive Politics, a Washington nonprofit group that studies money and politics.
That is more that a quarter of the $27 million of donations that have been disclosed so far by the Presidential Inauguration Committee, which estimates the festivities will cost about $45 million. That would make it the most expensive inauguration ever.
The market is below 8000 and the list of huge layoffs happening in industries around the country continues. But hey, we got the nation’s most expensive party ever according to today’s New York Times where the headline read: A Wounded Wall St. Helps Pay for Inauguration Bash. I’m beginning to sense the fall of the Roman empire with Nero in charge of the chaos. Of course, the top of the donor list included the the Uber Lord of the Under World, George Soros whose combined family donations came to $250,000. Given an average family of four in the US doesn’t even live off of $50,000 a year and the total is about the average price of an average home, I’d have to say there are a lot of people being shunted towards Obamaville and other tent cities that would really appreciate a donation of that size for something other than a big party in their honor.
Let’s just highlight reality a moment and forget about the cost of designer ballroom dresses that would feed entire families for months.