Marquee and the Mortgage Crisis

[cpnews]

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.

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