At least one banker experiencing the depression of the early 1930’s cites similar crises of 1893 and 1907 to calm his nerves. He knew that his worries would soon fade. Since then, however, Americans have found the wonder of credit and abused it to no end. (Debtors Anonymous first came to Beverly Hills in 1987.) Here is a look back at some excerpts and quotes originating from Beverly Hills during past times of economic downturn.
Monday, May 5, 1980, “At Bijan: $180 Shirts, No Recession Fears; At Bijan: $180 Shirts, No Recession Fears,” Pamela G. Hollie, Special to The New York Times:
Bijan Pakzad is a maverick. At a time when an estimated 35 percent of the $7 billion men’s wear industry faces a very difficult year, as the economy weakens and many men’s stores may close their doors, Mr. Pakzad has …
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Sunday, November 15, 1992, “Beverly Hills,” Carolyn Talbot Hoagland, East Lansing, Mich., NY Times:
To the Editor: The Beverly Hills Hotel was not always the glamorous spot that David Masello described in “Life Atop the Hills of Beverly” (Aug. 23).
In 1933 the Beverly Hills Hotel proper was closed. This was the Depression. Vacant, the large rambling hotel resembled a haunted house. Perhaps the tennis courts were kept up. I don’t remember a pool, at least not one filled with water. The grounds, however, were always beautiful. The management did rent its bungalows and maintained a staff to provide maid service.
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Wednesday, November 25, 1987, “Beverly Hills Listed As a Distressed Area,” AP:
This glamorous city whose boulevards are lined with luxury shops is down in the dumps over a Federal rating that defines it as economically distressed.
This glamorous city whose boulevards are lined with luxury shops is down in the dumps over a Federal rating that defines it as economically distressed.
Although the city’s residents take home an average of $38,000 a year, among the highest in California, the Federal Goverment says Beverly Hills is qualified to apply for $56 million a year in business development grants for small cities suffering ”physical and economic distress.”
”This has got to be the all-time example that there is something wrong with the method they use to determine eligible cities,” said Ronald Lindsey, assistant redevelopment director for Maywood, where the average resident makes about 60 percent less than a Beverly Hills resident.
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February 10, 2009, “Recession Etiquette,” Laura M. Holson, NY Times:
ON a recent Monday night, Christine Peters, a producer of “How to Lose a Guy in 10 Days,” tucked into a corner booth in the Polo Lounge at the Beverly Hills Hotel with a fellow producer and an actress. They chattered about a possible film for an hour or so before Ms. Peters excused herself to go to the ladies’ room. When she returned, she noticed a thin leather case sitting on the table, with the check inside.
“Did anybody get this?” she asked. Both women stared blankly, first at her, then the check. “We didn’t see it,” one finally said. When neither offered to pay the tab, nearly $100, Ms. Peters did what she has found herself doing more and more these days: she fished out her wallet and paid the check herself.
“They were polite,” she said. “But neither wanted to pay. It’s like you almost want to put them out of their misery.”
It used to be a common sight from Sparks to Spago — the boisterous scrum as diners wielding corporate cards dove for the lunch bill, crying “I’ll get it!” But since the economic downturn, the delicate social rituals of the bull market era, when executives tried to outdo one another in expense-account one-upmanship, have been upended.
Instead of dessert, many meals are ending with a cold, hard calculation of who is worth paying for and who isn’t. Often, the answers cause discomfort on both sides of the table.
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