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Wining about the economy

Redwine2

How, you ask, is the economic recession treating wine fans? I saw a new study that tells you how. Back when things were booming, the trend had been that every year we were drinking less wine, but better, more expensive wine.
But with the recession in full bloom now, we’ve reversed that. We’re drinking cheaper wine, but more of it. I read about it in the Economix blog of The New York Times.
It’s not clear what this means. We may be drinking more to wash away our troubles – as we did after 9/11. Or we may be buying more wine to drink at home, because we can’t afford to drink it in restaurants these days.
And another thing: You’d expect that rich wine fans would be unfazed by the recession – able to continue drinking their fancy, expensive wines. But it’s not true, according to the Liv-Ex Fine Wine Exchange, a London barter house where rich folks buy, sell and trade expensive wines with each other. Prices there are down by 40 percent – but nearly twice as much wine is being traded.
So they’re acting just like us po’ folk.
It’s not clear what this means either. They may be drinking more to wash away their troubles, just like us. Or they may be having to sell their wines to make up for their stock market losses, with the increased sales driving down prices.
In any case, I’m going to go out and add to one of those stats.
I need a drink.

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