As the wealthy thrive, the ritzy Rainbow Room returns
The legendary Rockefeller Plaza restaurant shut down during the recession, but it'll soon be catering to the 1% again.
There are many quirky ways to gauge an economy's health, ranging from theater attendance to romance novel sales. But for a glimpse into the well-being of the rich, look no further than the Rainbow Room.
The glittery landmark restaurant, perched atop Rockefeller Plaza in midtown Manhattan, hit hard times with the financial crisis and closed its doors in 2009.
But now, the restaurant is slated to reopen in 2014, coinciding with better economic times for the country's upper income tiers. The Rainbow Room isn't for the hoi polloi: Even back in 2009, dinner for two would set you back $600, the Atlantic notes.
The new Rainbow Room, which real state firm Tishman Speyer will reopen, will include an outdoor terrace and a bar-lounge open to the public, although the main room will be available only for private diners, the Atlantic said.
The reopening comes amid a bifurcation in America's economic rebound. While the middle and lower classes continue to tread water or even lose ground, the wealthy just keep getting richer.
The income gap between the top 1% and the bottom 99% is the biggest it has been in almost a century, the Los Angeles Times reported earlier this month, citing a study from economists at the University of California at Berkeley, the Paris School of Economics and Oxford University.
While the top 1% (those families with incomes above $394,000 in 2012) saw steeper hits than other income groups during the recession, this group has also rebounded faster, the study found. Incomes of the top 1% leapfrogged by more than 31%, while the earnings for the rest of the country basically stagnated, rising less than half a percentage point.
Follow Aimee Picchi on Twitter at @aimeepicchi.
So what.... 99% wouldn't want to go there anyway.
Hater's gotta hate.
lol i see aimee deleted my comment! bwahaha whats the matter aimee? is the heat in the kitchen getting too hot for you? if so then do the world a favor and quit.
i cant believe msn pays to copy and paste all day. you are awful!
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
A strategist with Bank of America analyzes the currency in a 14-page note to clients -- and likes what he sees.
- Part-time workers hurt by on-call system
- 5 myths about late payments and your FICO scores
- Auto loan interest rates hit record low
- Should the US scrap the debt ceiling?
- Will new mortgage rules mean fewer lenders?
- Why GM, Chrysler are riding high
- Survey: Dashboard lights fail to send right message
- Can you opt out of Medicare?
- Student loan debt climbs for 5th year in a row
[BRIEFING.COM] The drive for five continued today and it was a success. For the fifth straight session, the S&P 500 ended lower. Like the previous four sessions, though, the losses were fairly modest in scope. The S&P 500 declined 0.4%, bringing its total loss for the five sessions to 22 points or 1.2%. All in all, that still qualifies as a pretty tame slide considering the S&P 500 had risen 150 points, or 9.1%, over the previous eight weeks.
Today's ... More
More Market News
The retailer labels the character's fake memoir as non-fiction. This comes weeks after it categorized the the Bible as fiction.