Take note historians of the future. When you set out to write your tome, The Rise and Fall of the American Empire, you might find the following three stories, all of them appearing in today’s New York Times, to be of interest. They are all symptoms of decadence run amok, the sure sign of a country in decline*:
1. Top Hedge Fund Managers Earn over $240 Million
Combined, the top 25 hedge fund managers last year earned $14 billion — enough to pay New York City’s 80,000 public school teachers for nearly three years.
2. Toyota Overtakes GM in Sales for First Time
Toyota sold more cars and trucks around the world in the first three months of 2007 than any other manufacturer, surpassing General Motors for the first time and ending one of the longest runs of dominance in all of global industry.
3. In Las Vegas, Too Many Hotels Are Never Enough
Even Las Vegas has never witnessed anything quite like what is going on today.
“This is the most outrageous, over-the-top expansion” ever, Mr. Wynn said.
*And I haven’t even mentioned our current account deficit.