All the recent chatter about the Dow reaching 11,000 points made me recall a piece I wrote (but never published) about another American economic highwater mark, attained in December, 2003. Bon apps.
Bling Ipsa Loquitor
“The Dow Jones industrial average closed above 10,000 yesterday for the first time in more than 18 months, adding its own ratification to this year’s economic rebound.” — The New York Times, Dec. 12, 2003
Precisely five hours after the closing bell on Wall Street on Thursday the 12th, a formerly desolate block 28th Street between 10th and 11th Avenues made its case for a rebound, too. Here the leading economic indicator wasn’t the evanescent “Dow Ten Thou,” but the opening of Crobar, New York’s most opulent nightspot in decades — a massive, self-described “over-the-top megaclub”, a pleasure coliseum for the new era. In all, some 2,500 Chelsea clubbers, transvestites, dancers, wispy models—and an alarming number of bluehair Jersey matrons and Goombahs in dark glasses—were invited to cram into a wedding-tent covered line at 9pm, awaiting a peek at the new 25,000 square foot club, proof positive that The Good Times Are Back.
And back they were this night, or so it seemed, but there would be a few more minutes to wait. No one seemed to mind, because this, after all, was It. Measured in pure bang per square inch, Crobar promised an opening nothing short of Titanic, with traditional Japanese Butoh dancers, aerial ballerinas, famous DJ’s, original art, and a turgid list of celebrities (De Niro, Jay-Z, Beyoncé, The Donald…) The line buzzed and lurched; cell phones and cigars lit up. After about an hour, the line trundled ahead, berated by security: “Slowly, people! Slowly!” Each person in line held a black glossy ticket which read, on opposite sides, “Let me in, I’m fabulous!” and “Let me in, I’m hot!” Continue reading “Remember “Dow Ten Thou”? [Gross National Happiness]”