Byline: Lloyd Grove
Business is good for the legend behind Studio 54. What the hip hotelier thinks of the economy--and Obama's reelection prospects.
Four years ago, well before the financial meltdown, you said your gut instinct told you we were headed for an economic correction.
I didn't realize it would be a paradigm shift.
What does your gut tell you now?
Usually these cycles last two to three years. This time it's going to be five, six, or seven years. I hope it's not going to be like what happened in Japan, when they had a lost decade.
You recently opened a new hotel in Chicago, President Obama's hometown. Has he been good or bad for business?
I don't really know. I think his health-insurance plan was a worthy thing to do. I'm not sure it's good to do at a time when the economy is so weak.
Some are predicting that there will be record foreclosures on hotels next year. Will you be acquiring them at bargain-basement prices?
I'm waiting for that, but so far this avalanche of opportunities hasn't happened. Interest rates are so low, and …