The current economic downturn is taking its toll on the elites. This year, the 56th meeting of the Bildebergers was held at the Marriott Hotel in Chantilly, VA. 

 The previous meeting of the Bildebergers was  in Istanbul, Turkey at the Ritz-Carlton Hotel. The room rates at the Ritz are  $435 per night

The current $119 room rate at the Marriott in Chantilly is  72.5 % lower than the rate at the Ritz-Carlton, perhaps the clearest indicator yet that the wealth and power of the Bildebergers is not be what it used to be.

 One year ago, the Dow waas still rising, Bear Stearns had not yet collapsed and it looked like Blackstone had not overpaid for Sam Zell's real estate empire. But in August, the historic credit contraction shook the market and in January over$6 trillion of wealth was lost.That money had to come from somewhere and it's apparent some if it came from the wealthy as even the Bildebergers are now seeking cheaper accomodations.

 Last year,  the Bildebergers met at the Ritz-Carlton  in Istanbul where rooms are $435 a night. This year, they instead met at the Marriott  near the Dulles Airport where rooms are $119 pernight and a negotiated group rate probably brought the rate down below $99.

 If the markets don't improve, if  the Fed doesn't stop the contraction of credit markets,  next year the Bildebergers could be meeting at a Days Inn or Holiday Inn Express.

Darryl Robert Schoon

www.survivethecrisis.com

www.drschoon.com