Glen Pizzolorusso became a mortgage banker straight out of college, right when the housing market was exploding with ARM's and sub prime loans that were making many people temporarily rich. So how did he spend his money? By balling in New York City of course. In this clip, we hear Glen's heartwarming tale of living the high life, spending nights dropping thousands of dollars at Marquee with his friends.
Now we bet you are wondering - what does all of this really have to do with nightlife? Well, everything. You see, people like Glen fell ass backwards into jobs that paid him close to $75k a month for a job that any monkey could do. And when the monkey got paid, he decided to throw it around in nightclubs, which helped make others very rich. And now that monkey money is gone - but the successful clubs have paid a price. Some have seen declining business, others have dealt with rising rents they can't afford to pay anymore. Just proves that this credit crisis has an impact everywhere, in ways many haven't imagined.
Clip courtesy of This American Life.
Thursday, May 22, 2008
Marquee and the Mortgage Crisis
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21 comments:
Tool...this is what is wrong with NYC nightlife...
I love Ira Glass
Clubs needs to start discriminating again. Douche bags with money should only be allowed at home.
NYC nightlife is such a freaking joke. it's filled with finance dorks who drop cash, thinking they're cool and ugly girls who think they're hot because they're wearing $5,000 handbags. when it comes to fun and quality of women, chicago, LA, and Miami, are all far superior. NYC is a declining dirty third-tier city.
Ok, but dont lie - you all want a black card with your name on it.
Money's great. But everyone knows that where NYC nightlife is at is the places that you really have to be in the know to get to. Underground parties, lofts in Brooklyn, restaurants that shut the doors and draw the blinds closed after midnight. Better music, better crowd, no bullshit, no $15 drinks. Hell, I have more fun at east village roof parties than I do at Marquee.
The big clubs are businesses; that Goodnight Mr. Steve blog or whatever it is evidence of that. Those interviews with the douchbag club owners/promoters who talk about their "brand value" and the "global services they can provide their clients" make me want to vomit.
I'm SO happy I've never had the desire to drop even $50 on my share of a bottle, let alone thousands to get in these place - once every few months when a friend is having a party or there's some event I'm on the list for is good enough for me.
So is NYC in decline? Maybe, if you think these places are all there is. Live here for awhile, build a network, get to know where the cool parties are. There's still no city with energy like New York.
Uh, Chicago women?
Have you ever BEEN to chicago?
Fat girls in sweaters.
hHhAHAHAHA
he forgot to add about his buddies dicks ramming his ass after they spent all their money...
Marquee/tenjune are douche havens.... NYC nightlife is best mon-weds when the finance guys are home in bed and the BT crowd is working out and tanning. Chicago??? get real... good for milf hunting only.... so not fashion forward it hurts, with the coach purse and popped collar... Good Night Steve Lewis; this guy started a blog so he could still get into nightclubs. When Im 70 I better not be haning at fucking butter....
nyc nightlife is on the decline? chicago? haha hey julius you are obv not a guy who knows where to go here. if you did you wouldnt be hanging in clubs where finance guys get into and anyone is buying any bottles.
this is the greatest city in the world, the city that never sleeps. get the fuck outta here if you dont like it. we certainly dont need you here.
a lot of angry insecure responses to julius' post. i'm sorry guys. i live in NYC, and it's the most overrated city in the world. the weather stinks, the women are horribly unattractive, and the nightlife is mediocre. rooftop parties in east village? LOL! rooftop parties are such a joke, especially compared to the outdoor partying in L.A. and Miami, cities that have smoking hot chicks and an amazing nightlife. Chicago is pretty good too, definitely better than NYC.for those of you making fun of chicago, you definitely have never been there. the city is light years ahead of NYC in every way, and it's actually clean and livable.
hey mr. k why don't you move too. there are 10 million people here one less person is fine with me.
i heard there are vacancies in chitown. vamonos
I can understand why some people don't like NY (they'd rather have cars and houses at the expense of energy and convenience, which is fine, I guess, but not for me), but I don't understand why people stay if all they do is bitch about it.
But yeah, give me cool people on an east village roof over girls made of plastic and guys whose sense of worth is based on how many bottles they can buy any day...
seriously and there is no shortage of cool people and cool parties, fun things to do, best museums and restaurants on the planet. oh and did i mention there are 9000 places to drink. literally a bar on every block.
we're over crowded here julius and all the others that live here and complain move the hell out or shut the fuck up.
you guys crack me up. i never said there were NO cool people or parties in NYC. i just think the nightlife scene and women are mediocre compared to los angeles, chicago, and miami. if you guys don't believe me, just visit those cities, especially during the summer. the exclusive lounges in chicago, like stone lotus, y bar, rednofive, underground, are way better than anything NYC offers.
from rednofive's website:
"Designed with equal parts urban/industry chic crowd..."
"...a destination location for in-the-know people who crave a good time."
This tells be just about all I need to know...
"Being powerful is like being a lady. If you have to tell people you are, you aren’t." - Margaret Thatcher.
Think this applies equally well to nightlife spots.
Oh god, I should leave this alone but I just can't:
"Our door staff is constantly balancing the crowd so that you might end up talking to a student as to a sports figure, an [sic] CPA as to a movie star."
Vomit coming soon...
Um, yes, that east village roof is looking better by the minute...
jon,
don't worry dude. you won't be able to get into rednofive or any of the elite chicago nightlife venues. as i said, i've been to places in chicago and NYC, and the quality of women in chicago blow away anything i've seen in NYC.
The War on Drugs has often been used to suppress music and lifestyles disliked by the political establishment. Local, state, and federal drug laws give the government enormous power and this power has been used to exert control over emerging subcultures. Jazz in the 1940s. Rock and roll in the 1960s. Heavy metal and rap in the 1980s. Electronic music and Hip Hop today.
The RAVE Act which threatens to squash live music and free speech was passed in 2003 when it was tacked onto an unrelated child protection bill. In 2004 there were two additional pieces of legislation considered - the CLEAN-UP Act and the Ecstasy Awareness Act - that threatened to widen the laws to prosecute anyone who holds an event and fails to prevent illicit drug use.
Senator Joe Biden (D-DE) forced the controversial legislation commonly known as the "RAVE" Act through both houses of Congress as an attachment to an unrelated child abduction bill.
In 2004 there were two additional pieces of legislation considered - the CLEAN-UP Act and the Ecstasy Awareness Act - that threatened to widen the laws to prosecute anyone who holds an event and fails to prevent illicit drug use.
Senator Joe Biden (D-DE) forced the controversial legislation commonly known as the "RAVE" Act through both houses of Congress as an attachment to an unrelated child abduction bill. The "RAVE" Act, also referred to as the Illicit Drug Anti-Proliferation Act of 2003, was introduced as an addition to the Child Abduction Protect Act of 2003, widely recognized as the AMBER Alert bill (S151). The "RAVE" Act had not passed a single committee before being attached to the AMBER Alert bill. In addition, it was so controversial when it was introduced during the 107th Congress that two Senators withdrew their sponsorship.
The "RAVE" Act makes it easier for the federal government to prosecute innocent business owners for the drug offenses of their customers - even if they take steps to stop such activity. This is a threat to free speech and musical expression while placing at risk any hotel/motel owner, concert promoter, event organizer, nightclub owner or arena/stadium owner for the drug violations of third parties - real or alleged - regardless of whether or not the promoter and/or property owner made a good-faith effort to keep their event drug-free. It applies not only to electronic music parties, but any type of public gathering: theatrical productions, rock concerts, DJ nights at your local club or tavern, and political rallies. Moreover, it gives heightened powers and discretion to prosecutors who may use it to target events they personally don’t like, such as Hip-Hop events and gay and lesbian fundraisers.
The "RAVE" Act was passed despite the fact it did not have a public hearing, debate or vote in Congress. It is important to note that because of overwhelming opposition to the "RAVE" Act, legislators were forced to remove some of the most egregious language before it passed. For example, the word "rave" was removed from the version of the bill attached to the AMBER Alert. Eliminating such blatant discrimination is a victory for our continued freedom of speech. Also, the original bill suggested that prosecutors should view the sale of water and the presence of glowsticks or massage oil as evidence of drug use. These ludicrous "findings" were completely removed due in large part to activists who sent nearly 30,000 faxes in 2003 alone to their Senators urging them not to support the dangerous legislation.
When it was first introduced there was widespread belief that the "RAVE" Act would move through the legislative channels quickly with no revision. Instead, it took 10 months, a change of power in the United States Senate, backroom policymaking, and substantial changes to the bill before it was passed - and even then it did not pass via "normal" legislative procedures.
The "RAVE" Act gives the government even more power to harass and arrest innocent musicians, promoters, venue owners, and fans - all in the name of the War on Drugs. Law enforcement agencies already target certain types of musical and cultural events and the nightclubs that host them. The Drug Enforcement Administration is prosecuting nightclub owners and promoters that organize electronic dance music events and the military is using drugs as a pretext to close down gay nightclubs. In Michigan in March 2005, a nightclub was raided with some attendees reportedly being strip-searched and over 100 people being ticketed and slapped with a misdemeanor charge, just for being in proximity to people using drugs. A similar incident happened in 2002 in Wisconsin. In addition, drug laws are often enforced unevenly against African Americans and Latinos. Hip-Hop could easily become a target.
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